Buying a new truck with a trade in

Why trade it? 374k it's barely broke in. Keep running it and pay it off, then think about trade off.

 

The problem is that with the current glut of used trucks on the market, you probably won't get as much as you owe on your used truck as a trade-in. You still have a lot of life left in a truck with only 375k miles on it. Keep rolling, get it paid off, and build up a savings fund so you won't need to finance as much when you are ready for a new truck.

 

If that's your way of thinking now.

What's your thinking going to be on the new vehicle?

YOu do realize that 50k will be rolled over on to the new loan. Minus whatever the dealer will give you for yours. Which probably won't be enough to pay off the loan.

 

he's gonna look at what he has on the front line, then he already knows what's "out back" waiting to be prepped for sales. he's gonna know the used truck market, better than you.

if your truck needs just 1 ounce of work, like tires, brakes, anything, cha-ching goes his internal calculator...and he's going to low ball your trade in.

plus those PACCAR engines make the "big sucking sound", and he might have a few right now, he cannot even give away, to a 3rd world country..

 

I would definitely negotiate the new truck price before mentioning anything about a trade in. Get that price "set in stone" then mention a trade in...

 

For the same reason it's much better to sell a car yourself rather than trade it in to a dealer toward a new car. They will low ball the crap out of you, and won't give you anything close to book value on the truck.

 

How much more $ will that brand new shiny truck make you? Why have an even higher payment than you do now?

Pay that truck off and run the wheels off of it, get rid of the payment and reduce your debt.