Tldr: stuck with 2023 Nissan rogue(35k miles). Would it make sense to trade in for an older, cheaper, more worn truck simply for the sake that it’s a much more useful vehicle that I can make money off as well
I’m not sure where else to ask this but I need advice. Also would like to preface with the fact that I come from a family that has never dealt with dealerships. Have bought all their vehicles from private sellers cash.
We have had a 2023 Nissan rogue for about a year now. My fiance and her mom went and bought this car for the sole purpose of having her drive a newer vehicle that’s more reliable especially with our 2 kids. Everything is under her mom’s name and she was going to be entirely responsible for the payments because I didn’t really think we were ready for a brand new car.
Time goes by, her mom gets laid off and now I’m responsible for the payments. Also my little ‘99 truck was totaled so we only have the one car. It is what it is, I’ve accepted the responsibility of taking over the payments so no point going back to that. We’re past that.
So now we get to my issue. I really need a truck. I used to do side work on the weekends. Anything I could get. Mainly involved being able to put stuff in the bed. But since my old truck got totaled I haven’t been able to do anything like that in the tiny suv.
I’m paying $670/mo for this rogue with 100% negative equity. I figure if I’m stuck making these payments could I just trade it in for a truck? My goal would be at worst, to have the same payment amount. I wish I could knock off maybe $100 if possible. I don’t even want to be picky about it either. All I’d need is for it to have seats in the back for the kids. I understand and am completely ok with it being an older truck with more miles. Something in the range of $15-20k
I don’t have the cash to buy from a private seller (anywhere from $7-10k maybe?) and also don’t think we can financially maintain two cars either at the moment.
Please let me know what you guys think especially those who have more experience with dealerships
Posted by Big_Sound_2164
5 Comments
What is the car worth? How much do you owe?
> I’m paying $670/mo for this rogue with 100% negative equity
This is pretty much the only numerical financial data you have provided.
Base on these sparse details, I can still fairly confidently say:
* Give up the truck dreams (for now; it doesn’t mean forever, but right now is not the right time).
* Write out an actual budget.
* Shift your focus from monthly payments (this will keep you poor). Rethink your entire approach. Consider thinking in terms of “how do I be *least poor over my lifetime*?”
* A hitch + trailer would be far far far more financially efficient than a truck. Beware of being stuck with a one track mind.
Having done a fair amount of hauling with a trailer: I’d put a hitch on the Rogue and get a small utility trailer. For what I can find, a 2023 Nissan Rogue is only rated to tow 1500 pounds – but that’s far more usable capacity than the interior of the Rogue.
According to your reply to another question, you owe $31,000. You cannot magically eliminate that debt. The only way out of that debt is to pay the $31,000. Paying the $31,000 can either happen month by month, or the Nissan can be sold to a dealership for some amount of money, as part of the purchase of a different vehicle. In that case you would likely end up with another loan to cover the original $31,000 debt.
The alternative is you come up with $31,000 cash, pay off the loan in full, obtain the title to the Nissan, sell it, and then buy whatever other vehicle your require.
If the Nissan is worth $21,000 and you owe $31,000 on the loan, then you lose $10,000 on the deal if you sell the Nissan. Gone.
This all underscores the problem with borrowing money for a car and then wanting to sell that car to get something different.
Just because your MIL lost her job doesn’t absolve her of being the signer of the loan. Did she never get employment again?
By rolling over like you have you’re building resentment towards her and signaling you’ll always be there to take over her poor decisions. Personally, I’d have a serious discussion that this vehicle doesn’t work for you, sell it and split the cost to pay it off, and then buy a used truck out of pocket.