Is this a fair trade?

[thirdstreettito]

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.

[Nitis]

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

[magwakeenercew2jh]

If it's strictly arithmetic, keep (sell) the car.

[BigMike]

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

[In The Ten Ring]

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.

[C10_ustacould]

I would NOT make that trade.

[SuperC10Tex]

No Trade!!! You can find better than that........

[tommys72]

Ive always thought, if you have to ask, just move on....pretty much applies to anythng. Not just vehicles

[MARKDTN]

Originally Posted by SuperC10Tex

No Trade!!! You can find better than that........

I agree.

[Grumpy old man]

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 !

[Bhelton]

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

[67c10rustbuket]

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.

[volksworld]

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

[special-K]

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

[70blackfish]

a lot of good info posted above.......

[R.L.]

I have a 6 cyl. 3 speed floor shift and I'm bias I love mine; no I wouldn't make the trade.

[67 cst swb]

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.

[Grumpy old man]

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

[No8Easy2]

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

[volksworld]

thats what a "clear title" is...one without a lienholder

[Grumpy old man]

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 !

[ho70]

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

[67ChevyRedneck]

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...

[Grumpy old man]

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 .

[JWall]

In my personal opinion...

No deal. Not a 20K truck.
20K in cash will buy a lot more truck than that.