Let's break it down:
- You made no indication of the current truck having issues (which would hurt resale anyway).
- You made no indication that the current truck isn't suitable for you current trailer (which would indicate you should be looking at bigger trucks not another 1/2 ton).
- You made no indication that you are looking at a bigger trailer (which would again suggest a bigger truck anyway).
- A 2018 with 60k miles should be good for 150-200k more miles, so it's no where close to the end of it's reliable lifespan.
So you haven't demonstrated any "need" for the new truck.
Let's say you do really well and sell it for $25k.
After paying off the $7k, that will leave you $18k.
If the new truck is say $48k, you wind up increasing your debt from $7k to $30k.
Don't forget to include registration and sales tax which might add a few thousand before everything is done.
All while "money is tight".
If you were trying to sell me on this deal, what would your selling points be? Other than new car smell, I've got nothing.
