Trying to stay ahead of the game.
I have a 2010 Silverado LTZ Z-71 with 80,000 miles on it. trade in value is around 22k and
i think i can get 26k on a good day selling it out right. then I am going to get into a used
truck around 29k. is it better to sell and then put a large down payment? Or should I trade
in? I have heard that the tax incentive makes it a better deal to trade in versus selling and
starting over.. my current truck is pay off. What is your opinion?
Depending on how anxious you are to make this move you can get more money if you sell the truck yourself. But that can be a headache. You wait around for people who say that they're coming to look at it and they never show up. People trying to low ball you. Complete strangers coming to your house or job or wherever you decide to meet them, alone. People who want the truck but can't get the money or financing to get it asking you to "hold it for a day or two". Wondering if the bank draft is real (BTW don't EVER take a personal check from a stranger). Having to deal with the chucklehead who bought the truck and two weeks later blew it up and expect you to fix it or refund them. On the other hand I've sold cars and had good experiences too. The young guy who bought my '66 Cadillac and couldn't wait to get it home so he and his buddy could get to working on it. The guy who bought my '70 Catalina Station Wagon because it was just like the one his parents had when he was a kid. Then finally the guy from work who really needed a car because he has a young family and bought my '93 Caprice for $500. Trading in a vehicle is good too if you want to be rid of the vehicle now or the vehicle is a junker that you wouldn't unload on your worst enemy! In your case I'd wait until after the holidays and start shopping for the new truck that you want. Put a for sale sign in your old one and make it known that you're selling it. If you get a buyer great. If not, trade it in. HTH. -Jim
The question is if you come ahead after taxes. Subtract the taxes so if u pay 7% 24500 would be a break even for trad vs if sold it for 26000. Does this make sense? Because you dont pay tax on the traded vehicle, u have ro pay tax on the full amount if you pay cash. Ill guess if you want 26k the dealer will give 21k. So do some math and find what is right for u.
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