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#1 |
Resident of Here
Join Date: May 2008
Location: Wesley Chapel, FL, USA
Posts: 7,716
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Is this a fair trade?
I've been out of the truck game for a while so I'm rusty.
I put up my Mini for sale and got a hit within an hour or so. This is my car - http://tampa.craigslist.org/psc/sys/4583776574.html This is his truck - http://fortmyers.craigslist.org/lee/bar/4569764491.html He first offered an even trade. I told him I'd need some cash and the truck. He offered the truck plus $4500. I owe $24k on the car. I'm thinking the truck is only worth about $15k because it's an 250 I6/3-speed and has drums? Would it be fairly easy to resell the truck and not lose any money? Would it be wise to keep the truck and pay off the mini with the savings from having a less expensive vehicle? All thoughts appreciated. ![]()
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~Bradley~ 2004 Black GTO LS2/T56 too much to list ![]() Miss having a truck ![]() |
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#2 |
Registered User
Join Date: Apr 2014
Location: NOR-CAL
Posts: 1,134
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Re: Is this a fair trade?
That's a nice truck but how does someone do it up that nice and not finish it with disc brakes and a V8?
Plus it's a long bed. Again it looks good but I don't see any resale so unless you love it I wouldn't get too crazy |
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#3 |
RAT1968 '68 Cab/'71 Parts
Join Date: Feb 2002
Location: Coarsegold, CA
Posts: 2,375
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Re: Is this a fair trade?
If it's strictly arithmetic, keep (sell) the car.
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M17 Coarsegold, CA RAT's shiny now. But always a rat. |
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#4 |
Registered User
Join Date: Sep 2004
Location: Rancho Santa Margarita - SoCal
Posts: 1,432
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Re: Is this a fair trade?
Agree with Nitis ^^^
Plus, they shaved everything except the gas filler and didn't relocate the tank to the rear. Looks like a quickie build to me. Quick and cheap then flip. Could be wrong but it looks like it to me. For $15k you can find a clean shortbed |
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#5 |
Registered User
Join Date: Jun 2013
Location: West Virginia
Posts: 6,421
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Re: Is this a fair trade?
I'd pay off what I owed and get away from buying anything on payments. I sold cars for a living so I have a little inside info on that.
My parents taught me to keep my cars running as long as I could (and not buy on payments). My dad never traded anything so I am adverse to that as well. Of course, one must first find a lot's bottom line on a sell BEFORE one mentions "what is the trade in on this?," unless one likes the idea of giving the lot one's car for free. |
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#6 |
A day late and $1 short...
Join Date: Dec 2008
Location: Northwest FL
Posts: 3,870
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Re: Is this a fair trade?
I would NOT make that trade.
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Buck Instagram: C10_ustacould 1963 SWB Fleet Side 528 Desert Beige Milly 1967 SWB Step Side 506 Medium Blue The Old Girl 1968 SWB Fleet Side 503 Light Green Ellie SOLD 1965 SWB Fleet Side 507 Light Blue Prescription Strength SOLD 1971 SWB Fleet Side 521 White Shiro SOLD 1968 SWB Step Side 503 Light Green My Old Farm Truck SOLD |
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#7 |
Registered User
![]() Join Date: Oct 2012
Location: Texas
Posts: 567
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Re: Is this a fair trade?
No Trade!!! You can find better than that........
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1970 GMC Sierra Grande CST SWB Fleetside "Texas Touch" ![]() "An intellectual is a man who takes more words than necessary to tell more than he knows" |
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#8 |
Registered User
![]() Join Date: Jun 2012
Location: springfield mo
Posts: 3,075
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Re: Is this a fair trade?
Ive always thought, if you have to ask, just move on....pretty much applies to anythng. Not just vehicles
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United States Marine Corps 2000-2011 Iraq and Afghanistan veteran Just living life now and enjoying it and my wife, daughter and son ![]() |
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#9 |
Registered User
Join Date: Jan 2011
Location: Chattanooga, TN
Posts: 2,151
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Re: Is this a fair trade?
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'83 K20-TPI '73 C10 '79 C10-ex-diesel(SOLD) '07 Tahoe(Son driving) '14 Suburban-DD '71 C10-current project |
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#10 |
Senior Member
![]() Join Date: Dec 2013
Location: Gods country East,Tn
Posts: 8,545
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Re: Is this a fair trade?
You Asked so here's the cold hard truth ,There is NO WAY that truck is worth anywhere near what they are asking you would be hard pressed to even come close to $7,500.00 for a 6 with drum brakes and it's a long bed ! RUN AWAY from that trade FAST !
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#11 |
Registered User
Join Date: May 2012
Location: Hickory NC
Posts: 2,351
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Re: Is this a fair trade?
Personally I think $20k for that truck is a bit steep, of course I believe others feel that way as well. For $24k I'd sell you mine which has a lot more done to it them that one. Good luck with what ever you decide
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#12 |
Registered User
Join Date: Apr 2011
Location: Mustang, Oklahoma
Posts: 2,806
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Re: Is this a fair trade?
No way! Besides IF you trade, someone still has to pay off the loan. No way is someone going to trade you a vehicle and take on your debt. I doubt any bank will release or split the debt on a young man with a shiny new car unless the trade has significantly higher value or equity. I would value that truck around 10K anyway.
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Dan <---(my name) 67 SWB C10 project "GEORGIA"-59 Brookwood 2dr wag...Next project-03 Tahoe 4x4 5.3 family ride-07 Hondur Accord, commuter car |
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#13 |
Registered User
Join Date: Apr 2011
Location: formerly NY currentlyNC
Posts: 390
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Re: Is this a fair trade?
a slammed 40 yr old truck with drums and no a/c in florida is a toy, not a daily driver...and dont think that straight six will give good mileage...if it's your only vehicle i wouldnt do it
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1970 short step c10 leaf spring 454 |
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#14 |
Special Order
![]() ![]() Join Date: Nov 2004
Location: Mt Airy, MD
Posts: 85,859
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Re: Is this a fair trade?
Stay the course. Pay the Mini down before thinking to sell. You don't own enough of it to come out with anything but a pay-off
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"BUILDING A BETTER WAY TO SERVE THE USA"......67/72......"The New Breed" GMC '67 C1500 Wideside Super Custom SWB: 327/M22/3.42 posi.........."The '67" (project) GMC '72 K2500 Wideside Sierra Custom Camper: 350/TH350/4.10 Power-Lok..."The '72" (rolling) Tim "Don't call me a redneck. I'm a rough cut country gentleman" R.I.P. ~ East Side Low Life ~ El Jay ~ 72BLUZ ~ Fasteddie69 ~ Ron586 ~ 67ChevyRedneck ~ Grumpy Old Man ~ |
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#15 |
Registered User
![]() Join Date: Oct 2012
Location: Newhall CA
Posts: 1,195
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Re: Is this a fair trade?
a lot of good info posted above.......
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69 SWB 780hp Hellcat powered, manual 6 speed, currie 9 |
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#16 |
Registered User
Join Date: Sep 2008
Location: Mobile, Al.
Posts: 687
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Re: Is this a fair trade?
I have a 6 cyl. 3 speed floor shift and I'm bias I love mine; no I wouldn't make the trade.
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#17 |
Senior Member
![]() Join Date: Nov 2001
Location: Rapid City, SD
Posts: 2,281
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Re: Is this a fair trade?
NO... not a fair trade.
I would wait to find a done truck exactly how you want it. I agree with Nitis, no disc brakes? I don't see that truck as a $20,000 truck. he may have $20,000+ into it. but ??? I would be looking for a 71-72 SWB lowered V-8 Auto with nice paint and interior and no additional work needed. Then again I am biased to keeping the Mini Cooper until you find exactly what you want. I think it would be better to sell your Cooper for $20,000 and choice what you buy instead of trade for that truck.
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My Trucks: 1967 Chevrolet Short Wide Box 327 TH350 9" w/3.90 gears paint will be White - Current Project 1967 Chevrolet Custom LWB 283 TH400 3.73 Posi, no-AC, no-PS, no-PB, bench-seat, small-window - mostly orig driver 1967 Chevrolet CST LWB originally a 327 TH400 3.73 Posi AC PS PB, had Buddy Buckets, Small Window - parts truck 1967 Chevrolet CST LWB, 283 MT 3.73 had Buddy Buckets, Panoramic Window - parts truck 2001 Chevrolet 3500 2WD Crew Cab Dually 8.1L Allison White |
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#18 |
Senior Member
![]() Join Date: Dec 2013
Location: Gods country East,Tn
Posts: 8,545
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Re: Is this a fair trade?
Am I missing something ? He said in the first post HE OWES 24 k on the mini ? How exactly does he think any bank will loan money on the truck ? or will transfer the loan ? This deal is impossible to get done ! unless the truck guy has 24k to buy the mini and pay off the loan which leaves 0 dollars to purchase the truck with .A secured auto loan is just that No payoff No title ! He can't sell off the mini the bank still owns it
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#19 |
Registered User
![]() Join Date: Apr 2014
Location: Lafayette, LA.
Posts: 105
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Re: Is this a fair trade?
just what the old man said, you cant trade a car you still owe on unless the guy wants to buy the mini for 24k
OP pays off the loan then gives the new owner the title then he has to come up with the cash/loan to buy the truck @ 15k
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"They Don't write songs about Hondas " 1972 C10 "Ole Red--blood, sweet & beers" USMC 1989-1997 1st Anglico ![]() |
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#20 |
Registered User
Join Date: Apr 2011
Location: formerly NY currentlyNC
Posts: 390
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Re: Is this a fair trade?
thats what a "clear title" is...one without a lienholder
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1970 short step c10 leaf spring 454 |
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#21 |
Senior Member
![]() Join Date: Dec 2013
Location: Gods country East,Tn
Posts: 8,545
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Re: Is this a fair trade?
2013 mini probably right off the lot means he's upside down in equity ,Has hit the point of "why am I making payments all the time " I want a truck now . You can't sell what the bank owns ,Your only renting any car until that last payment ,Then you own it !
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#22 |
Registered User
![]() Join Date: Nov 2013
Location: Winnipeg, Mb
Posts: 1,115
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Re: Is this a fair trade?
sell the car and buy a truck you like
if you trade and take 5k cash basically you are taking out a 20k loan for that truck-I wouldn't |
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#23 |
Hittin E-Z Street on Mud Tires
![]() Join Date: Nov 2004
Location: Greenville, SC
Posts: 23,090
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Re: Is this a fair trade?
How are you planning to pay for the truck? You can't sell a car you don't own. You have to pay it off immediately to sell it. With your age and low credit history you'll likely be unable to get any kind of loan for the truck. If you do, the interest rate would be astronomical. You'll end up paying 25K+ for a 12K truck.
...and hells no. That's a 10-12K truck... tops, assuming it's as pretty as the pictures. It has power nothing, drum brakes, straight 6, and no air. To put it in "mustang terms" he wants V8 fastback money for a six cylinder coupe. Get the car SOLD. I'm assuming you'll only break even, so no real money to spend? Buy a 1-2K beater, drive it for a year. You'll be amazed at how much money you can save with no payments and much lower insurance. And the great thing about a beater is that in a year or two... you can sell it again for what you paid for it. I told you my story already... I drove two different $400 1986 Toyota truck for like 7 years. Killed the motor on first one, plus it was a rusted to death NY truck, bought a decent rust free South Carolina 2nd truck, with a motor from a 3rd and built one decent truck I drove to Clemson for 5 years. I still got ladies. You know a girl likes you when it's 104* out, you have no A/C and she wants to go for a ride in your rusty pile of crap... those are the good ones ![]() ...and another tip on life... if you have to impress a girl with that car to get her to go out with you... you'll NEVER have money, ever... again...
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Jesse James 1967 C10 SWB Stepside: 350/700R4/3.73 1965 Ford Mustang: 289/T5-5spd/3.25 Trac-Loc 1968 Pontiac Firebird: Project Fire Chicken! 2015 Silverado Double Cab 5.3L Z71 2001 Jeep Wrangler Sport 4.0L 5spd 2020 Chevrolet Equinox Premium 2.0L Turbo 2011 Mustang V6 ~ Wife's ride ![]() American Born, Country by the Grace of God ![]() 1967 CST Shop Truck Rebuild! My 1967 C-10 Build Thread My Vintage Air A/C Install Project "On a Dime" Trying my hand at Home Renovation! 1965 Mustang Modifications! Last edited by 67ChevyRedneck; 07-24-2014 at 01:30 PM. |
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#24 |
Senior Member
![]() Join Date: Dec 2013
Location: Gods country East,Tn
Posts: 8,545
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Re: Is this a fair trade?
I think what many young guys don't realize is that you have to have CASH IN HAND to buy these old trucks be it $2,000.00 fixer or $25,000.00 show truck ,Banks don't lend money on old trucks ! no matter how nice it is .
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#25 |
Frequent Flyer
Join Date: Aug 2009
Location: Tulsa, OK
Posts: 2,258
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Re: Is this a fair trade?
In my personal opinion...
No deal. Not a 20K truck. 20K in cash will buy a lot more truck than that. |
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