Buying a new truck with a trade in

Apparently you don't know how the game is played.

My car is 3 years old. I've owned it new for 2 years. It has a market value of 17. The dealer will give me 10 on trade in. But sell it for 19 because of low miles.

I owe 15. I'll take a 5 hit.

Dealers want to make money. Not lose money.

 

Heck dont get rid of it unless it has given you plenty of problems under warranty but if it has been good keep rolling my 379 just rolled over 900k and just done regular maintenance and wear and tear items yes it will cost you a bit more out of pocket but you dont have payments so you make more money at the end of the day and I have no plans of getting rid of mine even when I need to overhaul the motor I know what I have and will still be cheaper than a new truck and with this market and industry you need to lower your expenses anyway you can and a payed for truck is the best way but keep making those payments to your savings account

 

With the current decline in rates I would be very nervous taking on brand new debt.

Pay off this truck ASAP and ride out the downturn stress free.
Impeachment. ....Election year..... The natural swing of the pendulum in the economy.......

Hoard your money, take the longer view.

 

If you trade it in, the dealer MIGHT be able to sell it at $50,000....if they found a world class sucker who only sees the pretty red oval on the hood. In reality, the dealer's sale.price is going to be closer to $35,000-$38,000.

This does NOT mean the dealer is going to give YOU $35,000-$38,000 for the truck!

370,000 miles plus a PACCAR? $13,000 in trade in value IF the dealer is feeling generous. Based on the maintenance averages, your truck coming up on a lot of very expensive service requirements. The DPF/SCR system is going to need a deep clean, the EGR as well. Gaskets are nearing the end of their lifespans. The sensors and wiring harnesses have taken 379,000 miles of abuse on our ever-so-wonderful highway system.

Dealers are businesses. Buy low, sell high. It's how they stay in business.

 

A quick look at the Truckpaper shows 2016 579’s with MX13 selling for $45-55k. So that means you won’t get what you owe on yours if you trade. And without cash to go along with the trade you will be upside down in your new truck and this cycle will continue.

Has the truck given you problems? Any reason why you’re concerned with driving it out of warranty? If it were me I’d drive it and put as much money in the bank as you can and then buy a truck in a year or so. Save up $40-50k and then you’ll only be financing about $100k on a new one.

 

That said, a dealer isn’t going to give retail for a trade in, maybe as much as 30% off the retail so that would mean that if the truck is worth $50k on the open market then you may get a trade in value as low as $35k.

My advice is to take care of it, proactive repairs and maintenance and run it.

 

Just a fwiw..be ready at trade in time to be told “Having a Paccar makes it less desirable”. They’ll likely tell you that the Paccar drives the price down 10% or more.

I own a Paccar engine myself and wouldn’t hesitate to buy another one..

Honestly, If it was me wanting a new truck I’d wait until the end of winter. Let the old truck take the abuse of winter driving one last time.

 

This is what some loose research around DFW has told me. That's a 16-20K truck. Aero, out of warranty, PACCAR engine - the dealer has you over a barrel, especially with the glut of used trucks.

 

I was going by local prices. Obviously, I need to look in your area when (and if) I decide to buy another.

 

My advice is, if the truck is running good now just keep it but don’t skimp on the preventative maintenance!
I’m not up on Paccar engines but if it needs a overhead at say 500k miles then do it. A lot cheaper than a new truck.
And as others said, finish paying it off then hoard the money!

 

If your truck has proven itself to be dependable, keep running it. Pay if off. Nothing beats having the title in only your name.