The 1947 - Present Chevrolet & GMC Truck Message Board Network - View Single Post

tucsonjwt · 08-31-2011, 08:15 PM

You should be able to get a 2WD V6 Silverado or Sierra at model year end for about $17-$18K, plus TTL. You can get "payment saver" (or 2 to 5 year "balloon) loans with very low payments and interest rates now. (I get $262 monthly payment on $20K loan for 60 months.) At the end of the loan term your vehicle will be worth the balance of the loan, so you sell it and you walk away or you refinance it. Free GAP insurance covers any possible "upside down" situation.

I typically buy a new truck or SUV every 6 months, trading the "old one" in. In many cases, I can swap the old one for the new one and come out even, sometimes with a few $$ in my pocket. There are times when this does not work, and the trade loses $1000 -$1500 in bad markets. I lost $1500 in January of this year when I traded a 2010 Sierra Ext. Cab. for a 2011 Equinox LS for $21000, but I sensed that high gas prices would drop the value of the Sierra. You need to wait for the dealers to advertise a great price, and then jump on it. The best way to trade in and buy frequently is to pay cash - no opportunity for the dealer to play games with the loan on your trade in vehicle. I could write a book on buying a new vehicle now.

This requires keeping the new vehicle pristine - no door dings, ripped interior, etc., and keeping the miles low, so it doesn't work unless you have a careful family.
Upside - driving a new vehicle every 6 months for very few $$, no worry about
repairs, all the new safety and comfort features, save on gas
Downside - Cannot treat your truck like a truck, must be very careful and not
put very many miles on the truck - definitely need a second beater
truck, unless you don't use your truck like a truck.

I have always had a used truck (beater) and a new vehicle at the same time.
The used trucks always take $1000-$1500 per year in maintenance and repairs. I do keep the used truck in top shape, so that accounts for most of the $$ spent. If you drive your beater with bad tires, brakes, suspension, interior, etc., you can get away with $500 or less per year to keep the beater going. If I bought a new work truck I could eliminate the second truck, but I would take a big loss at trade in time.

08-31-2011, 08:15 PM	#5
tucsonjwt Registered User Join Date: Jul 2007 Location: Tucson, AZ Posts: 3,198	Re: New vs. building old one You should be able to get a 2WD V6 Silverado or Sierra at model year end for about $17-$18K, plus TTL. You can get "payment saver" (or 2 to 5 year "balloon) loans with very low payments and interest rates now. (I get $262 monthly payment on $20K loan for 60 months.) At the end of the loan term your vehicle will be worth the balance of the loan, so you sell it and you walk away or you refinance it. Free GAP insurance covers any possible "upside down" situation. I typically buy a new truck or SUV every 6 months, trading the "old one" in. In many cases, I can swap the old one for the new one and come out even, sometimes with a few $$ in my pocket. There are times when this does not work, and the trade loses $1000 -$1500 in bad markets. I lost $1500 in January of this year when I traded a 2010 Sierra Ext. Cab. for a 2011 Equinox LS for $21000, but I sensed that high gas prices would drop the value of the Sierra. You need to wait for the dealers to advertise a great price, and then jump on it. The best way to trade in and buy frequently is to pay cash - no opportunity for the dealer to play games with the loan on your trade in vehicle. I could write a book on buying a new vehicle now. This requires keeping the new vehicle pristine - no door dings, ripped interior, etc., and keeping the miles low, so it doesn't work unless you have a careful family. Upside - driving a new vehicle every 6 months for very few $$, no worry about repairs, all the new safety and comfort features, save on gas Downside - Cannot treat your truck like a truck, must be very careful and not put very many miles on the truck - definitely need a second beater truck, unless you don't use your truck like a truck. I have always had a used truck (beater) and a new vehicle at the same time. The used trucks always take $1000-$1500 per year in maintenance and repairs. I do keep the used truck in top shape, so that accounts for most of the $$ spent. If you drive your beater with bad tires, brakes, suspension, interior, etc., you can get away with $500 or less per year to keep the beater going. If I bought a new work truck I could eliminate the second truck, but I would take a big loss at trade in time.