Should I swap out my truck that is perfectly fine...?

[5thranger]

If the KR is mechanically the same truck the difference in mileage would be about where your truck was three years ago if you drive 18 to 20 thousand a year. If you can get them to come off the trade difference might not be a bad trade.

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[DNazzy’s2025]

Thank you for the advice everyone. No extended warranty on either truck.

Even with no extended warranty, most still say it will prove to be cheaper to make necessary repairs as opposed to being chained down to a $600-800 payment every single month. Hey thanks for asking for advice! Hopefully we all swayed you in the right direction.

 

[Kodiak]

While the KR may have lower miles, if it was traded in to get a bigger towing truck the KR must have done some towing. Maybe not an issue but who knows how and what this KR was treated for a towing vehicle. Probably not an issue, probably.

 

[Buyer2021]

I honestly won't miss the $4000, it's more the starting over on payments. I think everyone is right, keep the truck I have, and maybe even use that $4000 to make a lump payment at the end of payoff time.

Just curious (and wandering a bit off-topic) ....

What's the APR on your XLT financing note?

Are you earning more than that rate on the $4k you seem to have on-hand?

If not, and you decide to keep the XLT for the full term of that note, you might want to consider buying-down the principal on the current note now rather than later to reduce total lifetime interest paid. At the end of the payoff time you'll have already paid the vast majority of the interest, so there's not really much incentive to cut-off the last few payments.

Just for your consideration.

 

[Knobstr]

Lot of variables based on options, engine, prior owner actions or lack thereof. The devil you know is better than the one you don't.

Also, Dave Ramsey would not approve of 4000 dollars of new debt and 3 extra years of truck payments.

No

 

[dalt83]

Just curious (and wandering a bit off-topic) ....

What's the APR on your XLT financing note?

Are you earning more than that rate on the $4k you seem to have on-hand?

If not, and you decide to keep the XLT for the full term of that note, you might want to consider buying-down the principal on the current note now rather than later to reduce total lifetime interest paid. At the end of the payoff time you'll have already paid the vast majority of the interest, so there's not really much incentive to cut-off the last few payments.

Just for your consideration.

Lots of good advice in the thread, but this makes a lot of sense.

 

[FaaWrenchBndr]

Thank you for the advice everyone. No extended warranty on either truck.

I wouldn’t do it……not a chance.
Upgrade what you have if the creature comfort are what you are chasing

Buying a 2021 without an extended warranty is a VERY poor gamble

 

[sbi]

It was a trade in for a new GMC 2500. They had bought a new bigger travel trailer.

This is what the dealer tells you, can you prove it's true? I don't trust car dealers.

I would keep it, you know your vehicle and its history.

 

[tmark]

I have a 2021 F150 SCREW XLT 84,000 miles. Trucks been great, not a problem, looks good with some aggressive tires. A dealer has a 2021 King Ranch F150 with 25,000 miles. I can trade my truck and $4000 and keep the payments the same. The $4000 isn't a problem for me to pay, I just don't know if it's really the best decision versus keeping mine. I am half way through on the payments (have 3 more years). I put about 18,000 miles on my vehicles a year. If the KR was a 2023, I think it's a good deal. There's nothing my XLT won't do for me, and the extras in the KR would just be fun to have, and it's fully loaded with all the options. Just no factory warranty, and it's not Gold or blue certified as it's not at a Ford dealer. I guess the only thing is, is it worth resetting on payments, and in 6 years when the KR is paid for, would it be worth more than my XLT in 3 years. They would both have about the same miles at the end of their payments. Thoughts anyone? Swap or keep mine?

Keep what you have, invest the 4k you have to spare, pay yours off, keep putting the payment equivalent into investment until you have the cash to pay for your next one. Payments are a millstone around one’s neck that unnecessary to have for most people if they are diligent with their money management. I drove company cars for thirty years so didn’t have to buy one, After retirement I’ve had two trucks, financed both to get the deal, then paid them off in cash after a couple of moths. The payments I would have made go to my investment so when I need another truck, I will do the same again.

 

[DNazzy’s2025]

Keep what you have, invest the 4k you have to spare, pay yours off, keep putting the payment equivalent into investment until you have the cash to pay for your next one. Payments are a millstone around one’s neck that unnecessary to have for most people if they are diligent with their money management. I drove company cars for thirty years so didn’t have to buy one, After retirement I’ve had two trucks, financed both to get the deal, then paid them off in cash after a couple of moths. The payments I would have made go to my investment so when I need another truck, I will do the same again.

Sound advice.

 

[RLXXI]

I kept my old truck as it only has 30k miles on it in 12 years and it's paid for, bought a new one just the same. Motive being, having back up power when the grid drops out, plug the new one in to power the home and drive the old one.

The only one that can accurately answer your question is you, no one knows what kind of resources you have better than yourself. Crunch the numbers.

 

[bjl95mustang]

It was a trade in for a new GMC 2500. They had bought a new bigger travel trailer. I have also spent 30 mins on an auto loan calculator, and agree not a good financial swap vs keeping mine and paying it off.

Don’t believe everything the dealer tells you. I had one try telling me something similar. Then discovered it was a reject that the ford dealer unloaded because it had issues.

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