Hi guys so money is pretty tight for me right now. I've got a 2018 Ford F150 with about 60,000 miles that I'm financing with about 7 grand left to pay off. I'm tossing around the idea of selling the truck privately and have seen similar used 2018 F150s selling online for 25 to 30k, realistically in a private sale I expect could maybe get 20 to 22k. Then I would pay off the 7k remaining on the 2018 F150 and use the remaining cash from the private sale to put a 4 or 5k down payment on a 2022 F150, hopefully NET'ing 10k+ from the sale after all is said and done, although of course I would then have a whole new truck to pay off.My question is: have any of you done something like this and is it worth the trouble? I've seen a lot of headlines that the used car market bubble has "popped" whatever that means. Are people having trouble selling their used trucks right now? I know that selling a vehicle privately can be a challenge and times are kinda crazy right now so I'm definitely not sure about doing this, but really need the cash. Appreciate any feedback/thoughts/experiences on this.

Money is tight? Don't even think about it. The net effect is you are spending a sizable bucket of money.Focus on eliminating the $7k and see how it goes with no payment.

Trying to raise cash by moving up to a newer vehicle is a losing proposition. I'm not trying to be preachy, it's just that I've been there and done that and it ends up costing you big time in the long run. IMO, switching from a 2018 to a 2022 isn't really much of an upgrade, the increase in capability is minimal at best.

Given money is tight, pay off the 7K and be happy for no payment till you get through your "money is tight" issue. Remember your loan rate on the '22 will be considerably higher than what you paid on the truck you have. Money aside, what will the '22 do for you that your existing truck wont do? Other than increase the time it will take to actually own the truck. Seems like bad timing financially, but beyond that, I am not sure what the benefit is other owning a new truck. That new truck smell goes away but the payment wont for a long time.

Don’t do it, even if money wasn’t tight. Going into more debt is not the way to get out of debt. A 4 year old truck with 60k miles is good for another 12-15 years. Pay off that $7k, then keep making the payment but to a savings or investment account, then pay cash for the next truck. Flip the cycle one time and you’ll never worry about a car payment again. I was in your shoes 16 years ago. Trust me having no payments is the way to go.That old truck in my signature is getting to retire in about a month after hauling me around for 20 years. A new F350 is being built next week, but I’ve already made the payments for it and more over the years.

Presuming your current truck is a base model 2wd or something? Not the typical crew cab 4x4, hence the low value?RegArdless, it’s a good thing you asked, as milking cash out of equity is rarely a good financial decision, unless you are playing the system like folks do with houses.

Selling 2018 F150 to upgrade to 2022 F150 - worth it or not?

RetiredRealtorR
Explorer
Jul 27, 2022
If money is tight, there's only one answer, however . . .

What's the price of the '22?

Let's say it's $60,000, and you get $20,000 for your '18.

Ask yourself: Sure, the '22 is a nicer truck, but is it really TRIPLE the truck your '18 is? Maybe it's 20% nicer, maybe 50% nicer, but is it 300% nicer?? I think you know the answer to that.
Grit_dog
Navigator
Jul 27, 2022
Presuming your current truck is a base model 2wd or something? Not the typical crew cab 4x4, hence the low value?
RegArdless, it’s a good thing you asked, as milking cash out of equity is rarely a good financial decision, unless you are playing the system like folks do with houses.
wowens79
Explorer III
Jul 27, 2022
Don’t do it, even if money wasn’t tight. Going into more debt is not the way to get out of debt.
A 4 year old truck with 60k miles is good for another 12-15 years. Pay off that $7k, then keep making the payment but to a savings or investment account, then pay cash for the next truck. Flip the cycle one time and you’ll never worry about a car payment again.
I was in your shoes 16 years ago. Trust me having no payments is the way to go.

That old truck in my signature is getting to retire in about a month after hauling me around for 20 years. A new F350 is being built next week, but I’ve already made the payments for it and more over the years.
ksss
Explorer
Jul 27, 2022
Given money is tight, pay off the 7K and be happy for no payment till you get through your "money is tight" issue. Remember your loan rate on the '22 will be considerably higher than what you paid on the truck you have. Money aside, what will the '22 do for you that your existing truck wont do? Other than increase the time it will take to actually own the truck. Seems like bad timing financially, but beyond that, I am not sure what the benefit is other owning a new truck. That new truck smell goes away but the payment wont for a long time.
rjstractor
Nomad
Jul 27, 2022
Trying to raise cash by moving up to a newer vehicle is a losing proposition. I'm not trying to be preachy, it's just that I've been there and done that and it ends up costing you big time in the long run. IMO, switching from a 2018 to a 2022 isn't really much of an upgrade, the increase in capability is minimal at best.
time2roll
Nomad
Jul 27, 2022
Money is tight? Don't even think about it. The net effect is you are spending a sizable bucket of money.
Focus on eliminating the $7k and see how it goes with no payment.

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Selling 2018 F150 to upgrade to 2022 F150 - worth it or not?

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