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Anonymous
My husband wants to buy a used truck, but does not want to take out a loan. We have 2 vehicles; we own one car in excellent condition, which we is paid off. The other vehicle we do not own & we we have a monthly loan payment. My husband wants to trade the car we own to purchase a truck. My concern is that a truck will cost much more & a lower paying truck may require more maintenance. My primary concern: What if we sell the car we own & my husband can’t find a truck for the right price? We would only have one vehicle, which would pose a major inconvenience. What are your thoughts & what would you do if you were in my shoes?
Do you want to drive a truck all the time? What is the rationale for owning two trucks and no car? If you need money and want to sell your car for a cheaper vehicle, why not a another car?
Unless you live in a very small area population-wise, I don’t think you’ll have any trouble finding lots of used vehicles for sale, but why not look into it this weekend? Find out what is available.
Please don’t sell your car unless you both agree it’s the right decision.
Tell your husband to take a flying jump. No point getting rid of something that is paid for.
Tulip
I deal with car loans every day. You need to see what your debt/income ratio is as far as getting the loan. Personally I would not take on another car loan right now. If you have one car paid for that is in good shape.....KEEP IT. With the economy the way it is right now I would not take on anymore debt than I absolutely had to. Unless it’s a do or die situation that you need that truck...DON‘T DO IT. Pay the existing loan you have off and then look at a truck. And since he thinks you can take on two vehicle loan payments...the amount you would be paying for that second vehicle...put that money toward the existing loan and pay it off quicker.
I think you‘re making a HUGE mistake by trading the car!!
I’d keep the car, it’s going to get better gas mileage than a truck. I’m hoping to trade my truck (paid off) for a car that is equal in insurance and DMV costs of my truck, but is less expensive to fill up. I think a car and a truck that you already have is better than 2 trucks.
Cathie
We are in the same boat..a truck that is paid off and a car that we are paying on and will be paid off next year...in our case though, our son will take over the car and it’s upkeep once the loan is paid off, so my issue will be looking for another car that is used that possibly we can pay cash for or a very small loan...always something with these vehicles.
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