To sell or not to sell?

So I'm kind of stuck here and would like some ideas and/or guidance.

 

I have my 2010 GT and I love the car but it is an extra vehicle at this time. I Have 3 vehicles to my name and my lady has 1 has well. We don't need 4 vehicles. And both of my other cars are paid for. On my Gt I owe roughly 17k. I bought it used a few years back and was upside down on a vehicle that was falling apart and didn't have much of a choice but to ditch it. So I ended up having to put a little negative equity onto the car. Anyways, I'm at a point now where I enjoy the car but it's not really necessary anymore. My family is starting to get back into motorcycle riding and camping so we would like to get a truck within the next year. I can't decide whether or not to try and sell the car as is for a little bit more than I owe. Doubtful but possible. Or sell all my aftermarket parts and put as much back to stock as I can and try to sell that way and just get close to what I owe. Or get rid of all my aftermarket stuff, pocket that and see what the dealership might offer me when it's stock. Or another possibility is to put the car back to stock use the money that I make and put it towards my car payment and just keep the car for a while, then trade it in when we find a truck we want. Any ideas?

It does help that if I do part it out almost everything has been spoken for. So that shouldn't be too hard.

IMO aftermarket parts are a bit of a deterrent to potential buyers and for trade in value, it is an issue of finding the right buyer at the right time. I would say put it back to stock and then put it up for sale, while simultaneously looking for a truck and see which avenue gets a bite first, outright sale or trading it in.

 

I don't think anyone is deluded about potential sales price vs trade in value, but the hassle of showing a car gets old real quick...

In general you will get more money from bring it back to stock and selling it privately vs trading it in. I don't know what you have for mods, miles or condition of your vehicle, but it sounds like you basically trying to break even.

 

One nice thing about cars older than 5 years old, the steepest portion of depreciation usually has already happened, but that doesn't help you get rid of the $17k you owe on it.

Just like the last post asking the same thing. My advice sell the go fast parts, put that toward the loan and keep driving it unitl you're ready for a truck.

 

Don't rush to get the truck, otherwise you'll go into that upside down as well and just keep digging a deeper hole.

 

I did that once when I was younger and never again. I currently have a 2014 Flex that has somethings that are driving me nuts, oh well suck it up and deal, not going upside down on a car.

 

FYI if you do go upside down on a new truck or even keeping the GT, make sure you have gap insurance- people forget this when they are upside and you are really screwed if it gets totaled, even by someone else.

FYI if you do go upside down on a new truck or even keeping the GT, make sure you have gap insurance- people forget this when they are upside and you are really screwed if it gets totaled, even by someone else.

 

I had always thought gap insurance was for leases, but I can see how that would be valuable on a purchase if you were upside down ....

 

Great tip.

I'll cast another vote for not going upside down on a vehicle.... as much as possible anyways. Been there, done that.

Obviously, new vehicles take a massive hit the second you sign the papers.

 

Take it back to stock.

I know I shy away from modded vehicles and will not pay market for one that has been modded. Truck, car or otherwise.

If it has been modded, I must assume it has been beat. Especially at a car lot.

If I knew or met the owner and knew he/she was a maintenance nut and cared for his/her stuff, then maybe...

I had always thought gap insurance was for leases, but I can see how that would be valuable on a purchase if you were upside down ....

 

Great tip.

 

I have it on any new vehicle I purchase. I only keep it until the value matches the loan.

 

I really don't think people understand how insurance works. That one commercial might be helping some.

 

Drive of the lot, a week later it's totaled- you're screwed, insurance isn't giving you the loan value on a total.

 

In my teenage years I also learned about insurancing classic cars. Friend had a his beautiful 65 Mustang total. Just regular insurance doesn't take into account market worth of a restored classic- he got screwed and lost a lot of money.

 

After that I got my 69 appraised and insured for that amount.

I'd say sell off the aftermarket parts and save till you find the right truck. Another option is just buy a beater truck for hauling the bikes, or get a small bike trailer for your car. There is always u-haul pickups, or rent an RV for the weekend.

You didn t say what the other three cars are? My answer depends on that. Maybe dump one of them and just payoff and keep the Subi if you like it.

I ve always found that driving a truck full time was not the answer IMO.

What are the other two cars that will factor into giving an honest opinion ?

Well I have a 2003 Subaru Legacy L. My wife has a 2013 2.5i and I have a 95 Grand Cherokee. I use the 03 to commute back and forth to work. My commute is about 200 miles each way and I do that about once or twice a week. And I keep my jeep at my other office and use it to drive back and forth to home. Both of those are paid for. My ladies car has about half the miles that I have. Although it is not as fun, it's still going to be staying with us as its a good size family car that doesn't require as much maintenance and is easier to work on than my GT. Plus the payment is lower on hers than mine and she has a hard time driving my car. (Lightweight flyweel and tough clutch).

200 miles each way, and I thought I traveled a lot with my former business lol. I definitely say take off the mods and sell them off. Take that capital and put it aside. Continue paying off your current loan and research the crap out of exactly what you want / need with the best deal possible. I personally prefer as much as possible to own my vehicles as I never know what tomorrow will bring.

I have a solution for you.

 

Tell your lady to get rid of her car and she can drive one of yours. Problem solved.

Taking your subie to stock would solve the problem with her driving it. The jeep should be able to tow a bike or two so there is your truck.

Is the 03 in good enough shape that it will hold up to a year or two of 400 miles a week?

Selling the GT to get rid of the payment sounds great but then spending even more on a truck makes less sense.

Well what we are looking to do is get the truck and tow a toy hauler. The jeep won't even come close to doing that. I thought about getting rid of the Jeep but since it's paid for and runs fine I see no reason plus it would only sell for about 1500. The truck payment would be about what I pay for my car plus insurance.

I have a solution for you.

 

Tell your lady to get rid of her car and she can drive one of yours. Problem solved.

Oh trust me we thought about it. She had a Honda civic that needed a little bit of work but still ran fine. But she wanted a nicer car. Looking back she wishes she would have just bought a truck and kept her civic but too late now and if she got rid of her car she would definitely be upside down. On My car I can still break even and pocket the change from all my aftermarket parts.

So it seems that the decision is clear then correct sir ?