Upside Down

[Josh123]

I have an '02 Chevy Silverado regular cab that I still owe $13,000 on and Kelly Blue Book has it worth about half that. Is there an easy way of getting out of being upside down sooooo much? I've had the truck for about a year and a half.

 

[vi edit]

You've got two kidneys....

Besides that your only real option is to look at current incentives that have insanely high rebates (Nissan is offering $5,000 back on Titans) to apply to the negative equity.

But then you just turn around and are in the same situation and with an even bigger loan, so you really aren't helping yourself.

 

[Demon-Xanth]

Best real way out is to start adding some bucks to the payments.

 

[Josh123]

Originally posted by: Demon-Xanth
Best real way out is to start adding some bucks to the payments.

Thats what I was afraid of .

 

[SilthDraeth]

I was in a similar situation once Josh. I has an 02 Dodge Stratus, I think I had about 5k negative equity. I bought an 05 Toyota Corolla, ended up financing it for 19k. Talk about being upside down. I added the extra payments to my Corolla, and traded it in a year later on an 06 Tacoma Prerunner. I got the prerunner after rebates and everything else, financed for 25k. The Tacoma has held its value, I now owe less on it than KBB says it is worth, but I want to keep the Tacoma so it doesn't really matter. At least I don't owe an extra 5k on a vehicle I don't like, that is having mechanical problems.

 

[boomerang]

You've got high miles and/or in poor condition? That sounds awful low. But I could be wrong.

 

[ElFenix]

leave it and the keys at the dealer and hope they don't bother doing anything else.

 

[nweaver]

keep it for a few more years is the best option

 

[nweaver]

Originally posted by: boomerang
You've got high miles and/or in poor condition? That sounds awful low. But I could be wrong.

you are right, that does sound low. I know my '93 with 178K on the clock is around 5-6K KBB

 

[Pliablemoose]

If you're a cheap bastard, your last trip with your car should be the one to the salvage yard.

Pay the damn thing off & don't make things worse by trading it on something else & financing the difference. You feel trapped now, just wait till you owe 2X as much on a car you don't like/want after a few years.

 

[IronWing]

Yep, gut it out. Then when it's paid off drive it for several more years. When you get the new car bug again look in the mirror and repeat "I will not borrow money to buy a depreciating asset" as many times as it takes to get over it.

 

[bctbct]

KBB sounds very low.

 

[Pacfanweb]

You've had it 1 1/2 years. So you got it in late 2005. Truck was 3 years old. And it's only supposedly worth 6-7k now?

A quick NADA estimate showed a base, no options, Silverado with 80k had an 8550 trade in value, and 10,700 clean retail.

So you're certainly a bit upside down, as you should be after only a year and a half, but not that bad...unless the particulars of your truck would drop the value significantly.

Bottom line is, lose the "I wants". You need to keep that truck at least another year and a half, maybe more, to get even. And you might never be even in trade-in value until it's paid for. Never trade....always sell it yourself.

 

[Josh123]

Originally posted by: Pacfanweb
You've had it 1 1/2 years. So you got it in late 2005. Truck was 3 years old. And it's only supposedly worth 6-7k now?

A quick NADA estimate showed a base, no options, Silverado with 80k had an 8550 trade in value, and 10,700 clean retail.

So you're certainly a bit upside down, as you should be after only a year and a half, but not that bad...unless the particulars of your truck would drop the value significantly.

Bottom line is, lose the "I wants". You need to keep that truck at least another year and a half, maybe more, to get even. And you might never be even in trade-in value until it's paid for. Never trade....always sell it yourself.

I actually got it early 2006, I believe March of '06. I'll keep your advice in mind about selling though. I appreciate it.