Need an opinion on trading

[Bandit1859]

I have to admit, I dont really care for these new rams; this Uconnect software that controls everything relevant to your vehicle - mirrors, hazards, air conditioning, radio...all it takes is just one thing to go bad and you lose everything. I dont like being forced to buy Mopar and have Mopar fix it when I know aftermarket stuff always comes out in better quality for the price. If I could lose Uconnect and replace it with something else, Id probably be ok with this truck 100%.

I have owned 4 of these over the years. Absolutely on uconect issues. I know some have. But all of mine including a Jeep trouble free

 

[nlambert182]

I've had 5 vehicles with UConnect and outside of my 2018 have the screen delamination issue they have all been trouble free. It's miles better than Ford's Sync system and Nissan/Infiniti's systems. I really like the 8.4 UConnect system in comparison to the others I've had. *knock on wood*

 

[utley]

Little update: took the truck to the dealership I bought it from a year ago. Just out of curiosity, asked how much they would offer to buy it from me. Their offer: you'd still owe us 2700 bucks. Best we can do is take it on trade, give you a discount or rebate towards the new vehicle and "see" about getting a better interest rate. So...after all was said and done, my truck lost almost half of its value in the year Ive had it. Im done with dealerships.

If I do anything, its either sell it 1st party cheaper than a dealership would or get the cash offer from Vroom. I knew I was going to get taken for a ride when I bought the truck, but had no idea it was THAT bad.

 

[utley]

What are your long term retirement goals? Living on 40k a year for the next 40 years doesn’t sound sustainable.

Its sustainable for me since its just me and the dogs. VA disability helps a lot, they cover all of my medical expenses, dental, stuff like that. You live like I do currently, all you have to pay is rent, utilities and food. The truck is basically the only bill I have thats excess for me.

 

[nlambert182]

Little update: took the truck to the dealership I bought it from a year ago. Just out of curiosity, asked how much they would offer to buy it from me. Their offer: you'd still owe us 2700 bucks. Best we can do is take it on trade, give you a discount or rebate towards the new vehicle and "see" about getting a better interest rate. So...after all was said and done, my truck lost almost half of its value in the year Ive had it. Im done with dealerships.

If I do anything, its either sell it 1st party cheaper than a dealership would or get the cash offer from Vroom. I knew I was going to get taken for a ride when I bought the truck, but had no idea it was THAT bad.

Of course it did.... that's always how it works with buying brand new vehicles and why I personally don't do it.

Your only hope is likely to sell it yourself but then you're back to square one. If you're planning to buy new from a dealership you should be planning to keep the vehicle past 5 years when the depreciation drops off. Most of that happens after the 5 year mark.

It's your decision so do as you wish, but if you're still wanting advice here I stand by everything I've said previously. Taking a cash offer, trading it, etc.. would be a worse financial decision than keeping it.

 

[Travelin Ram]

Its sustainable for me since its just me and the dogs. VA disability helps a lot, they cover all of my medical expenses, dental, stuff like that. You live like I do currently, all you have to pay is rent, utilities and food. The truck is basically the only bill I have thats excess for me.

Let me draw your thoughts to something I learned after retirement. Right now you spend 5 days a week making money. Probably a day on chores, maintenance, shopping, etc. The average person really only has one free day a week.

Today I have 6 days a week free, more or less. But they’re NOT free. Many “leisure” activities are expensive. Golf? Fishing? Road trips? Going out with friends for dinner or a show?

Just what are your plans to use that time? Retirement is GREAT when you can do things that you enjoy. If you don’t have the budget to enjoy things you like, it’s no way to live sitting in front of the TV watching cable news.

 

[HM_SanDiego]

Ive already spent 30k of my own money with down payments, taxes and upgrades towards the vehicle. Bought it for 55k'ish before the taxes.

Not intending to be a jerk, but you probably have some harsh life changes coming to your life, in your near and long term future - most significantly with money management/spending habits.

The only thing(s) you can count on is Death and Taxes……

In actuality, on a $60k truck purchase, you spent $16k in downpayment, $4800 in taxes = completely unavoidable when buying a vehicle, especially from a Dealership.

So the remaining $10k you spent on upgrades = money you probably should “not” have spent, and certainly you can simply no longer afford to spend, given the life story you provided - chalk that up to a $10k life lesson.

With that in mind, and given your impending probable medical retirement income of $40k/year, you are very likely going to “need” to move again, to a more affordable location for rent & living expenses. Suffice it to say that the cost of living has gone up everywhere….

Your ”I want(s)“ will become “what are my actual needs” in the very near future, unless of course you find a path to a new profession earning at or near your current earning potential, until “normal“ retirement age of 62, 65, 67……barring some golden parachute type early retirement offer.

Retiring at 45-46, you are literally and VERY significantly cutting off your statistically highest earning years, and the top 20+ years at that…..

RE: Given your desire to significantly reduce your vehicle financial obligations - In my humble opinion, the best choice you could make regarding your current vehicle(s) would be to: A) Take the Vroom cash-out offer on your 2022, and walk away, and drive your old Chrysler 300 until the doors fall off….or B) Sell your 2022 outright (private party) and hopefully take home a bit more cash than the Vroom offer…

Selling the 2022 truck to buy the 2018 truck is simply a bad choice/option at this point, as a previous contributor offered with great money evaluation and comparison.

If you absolutely “need” a truck, and here is where you MUST be honest about “need” versus “want”….. the only choice that would make sense “to me” would be for you to take the cash from the sale of the 2022 truck (to Vroom or otherwise), and buy a replacement truck with that cash, with no further or additional financial loan obligation - and yes, that would mean getting a truck you “need”, not what you “want”…..

$1200/month for a single truck payment and insurance is crazy to me, but in this day & age with vehicle prices as they are, this seems almost normal…..

The truck payment is what it is, unless your credit is so bad that you are getting clobbered with a ridiculously high interest rate…

If you have good credit and you initially took on a higher rate to buy the truck, or maybe you can simply lower the loan interest rate elsewhere - apply for refinancing at a lower rate (local Credit Union, whatever institution is offering the lowest industry auto loan rate(s) - check USAA, Navy Fed CU, etc….)

It sure sounds like you are paying WAY too much in vehicle insurance - SHOP AROUND for auto insurance! Do NOT be afraid to take your insurance business elsewhere….Over the years I have had vehicle insurance with = AAA, State Farm, Geico, Nationwide, & USAA, and every move saved me significant money. You mentioned VA benefits - Call USAA for a vehicle insurance quote!

*Take your 2022 truck in and get ALL of the issues fixed under warranty at a Dealership - get a loaner from the Dealer or get a rental car…..do what you gotta do.

Best of luck to you

 

[utley]

In actuality, on a $60k truck purchase, you spent $16k in downpayment, $4800 in taxes = completely unavoidable when buying a vehicle, especially from a Dealership.

So the remaining $10k you spent on upgrades = money you probably should “not” have spent, and certainly you can simply no longer afford to spend, given the life story you provided - chalk that up to a $10k life lesson.

Most places Ive shopped at put the taxes in the final price of the vehicle and put tags on the truck before I run out the door. That wasnt the case here and I thought it very well was when I went to go get tags the first time. Never had to pay that kind of money towards tags ever in my life up until now. I had already factored it in the cost of the truck when I bought it...nope, it wasnt. Was about a month or so later when I found THAT out.

So the 10k I put down on upgrades can yeah be written off on money not very well spent, but there was a budget for it. Whoever says leather seats increases the value of the truck is lying through their teeth. I can easily pay the truck off in the next year if I so desired, but if I do Ill be wasting quite possibly the last good year Ill ever have in life. Maybe its time to start looking for a new job; Im there physically, but mentally I checked out months ago. I just dont like the idea of searching for another job in another state and moving yet again (which is mostly why I bought the truck). The last mile is always the hardest, isnt it.....?

 

[nlambert182]

I think it simply boils down to this.... given what you just said above.

A lot of people hit a stage in their life when we mentally check out of work but we just push through it. Probably most of us here if we're all being honest. If that's the motivation to retire, it's not a good one. If it's medical then that's a little more understandable.

For the $10k in upgrades, if you're going to struggle to make ends meet financially when you retire the budget probably wasn't really there to begin with. That money might have been better spent on paying down the truck sooner. But as the other poster said, it's a $10k life lesson. Nothing that can be done about it now.

If you have the ability to pay off the truck in a year with one good year of work left in you then it would be a foolish decision not to. Buckle down and pay it off. In a year you'd have a new truck that's paid off and you would be out of the payment. Then it might make a little more sense to retire if you absolutely had to.

Otherwise whose to say you don't end up taking a loss on this truck, finding a used replacement with problems you're not aware of, moving, and then choosing another job that has more headaches than the one you have now? There are a lot of risks and unknowns that you might be signing up for. If you think getting surprised with taxes was the worst that could happen... trust me it's not. Right now you know what you have. A bird in the hand....

As an aside and slightly off topic.. but if you "can" still work past a year and choose not to what will you do when other surprises pop up down the road and you have no active income? Just a thought, but it always happens.

 

[BadHemi2014]

$11K cash offer is a rude joke, KBB value on your current truck is $35K give or take.
You're kind of screwed no matter which way you go, but that's how it is with vehicles and loans.
Me personally, I would sell the truck privately for at least what I owed on it, or as close as possible.
Then drive the beater and save up cash to get another small car if needed.

For anyone looking to make extra cash, this might sound nuts, but consider delivering pizza. You do need a economical car of course, but you can make a nice bit of money. I netted an average of $20/ hour which got me through school, twice, just working weekends.

To the OP, good luck, I hope it all works out for you regardless of your final decisions. And thank you for your service!