New to me wood hauler!

[Gasifier]

I sold my 07 Tundra Crewmax. It had only 81,500 miles on it. But I had a good amount of equity built into it and decided to free that up and get a good price for it while mileage was still low. I then found, after a long search, a 2005 Tundra Double cab with only 10,900 miles on it. A small dealer in MA had bought it at an estate auction. It obviously had been driven very little and sat a lot. So the tires were all cracked and it had some scratches in different spots around the body. But other than that she is a beauty. Here is a few shots being loaded on the trailer to be shipped to my house. And then a shot of it with the new, a, larger tires and a 2-1/2 inch lift kit. What? I need that extra ground clearance for hauling wood out of the woods you know. LOL So I took the equity and paid off another bill and got a very low mileage truck.

 

[bogydave]

!Sweet!

Picture of the "wood hauler" hauling wood?
Gonna add side boards & cab protector ?

 

[Gasifier]

Will add some pics of hauling wood in the future Dave. Not doing any processing right now. Will be going to see an Amish gentleman this week sometime to pick up some slab wood I ordered several weeks ago. We will see if he has it cut to length yet. If he does, I will snap some picks. Haven't decided on the side steps yet. I usually put up some sheet material like OSB to protect the cab.

 

[MasterMech]

. But I had a good amount of equity built into it

How does one build equity in a vehicle?

 

[mattjm1017]

How does one build equity in a vehicle?

You beat me to it Im reading this and wondering the exact same thing. I wonder if I have any equity in my jeep maybe I could get a truck. But seriously how do you do that??

 

[MarkinNC]

How does one build equity in a vehicle?

I think he means he will not be upside down.

 

[Danno77]

It was a 5 year old vehicle and you didn't outright own it?

 

[Gasifier]

How does one build equity in a vehicle?

Just one of the definitions of equity. Equity- the money value of a property or of an interest in a property in excess of claims or liens against it.

It is just like owing $120,000 on your house and the house being worth $180,000. You have $60,000 in equity.

When I sold my truck I had $6,800 in equity, or more than what I owed on it after I paid it off. I used that money to pay off another bill I had, pay the taxes and buy the new tires on the next truck. Worked out pretty well. I wanted to have another crew cab but did not want to spend a ton of money on upgrading. I found a slightly older model which has way less miles on it and am a happy camper.

 

[Gasifier]

It was a 5 year old vehicle and you didn't outright own it?

That is right. Let me tell you Danno. These types of trucks are expensive. You probably already know this already but. A Tundra Crewmax like the one I owned is about $40,000 brand new. Maybe high thirties. Of course I do not buy new trucks. I always try to find a truck that is low mileage and several years old so that I can buy it for about half of what it cost new. Two years and 3 months ago I bought the 07 Tundra Crewmax and it still booked for $25-$27,000 depending on if you were looking at NADA or KBB. Can you believe that? That was January of 2011. So it was really 4 years old at the time. I paid $22,900 for it at the time. Mileage was at 67,000 when I bought it. And borrowed that for 5 years through Toyota. I paid a little extra on it each month for 2 years and 3 months. I only put about 14,500 miles on it in a little over two years. That helps in keeping the value a little bit. I am fortunate that I live very close to where I work. Anywho, I sold the truck for $20,000, it still booked for $22,000-$23,000, again depending on NADA or KBB. NADA is usually closer to true market value. KBB is usually a 1 to 2 thousand or so high.

 

[Freeheat]

How does one build equity in a vehicle?

Put 10 k down and take out a 2 year loan!

 

[Danno77]

I leave the expensive trucks for the guys with more money. I'd drive my 97 Ram anywhere in the country, it's got AC, 4x4 power windows, the seats look great, seating for 5 plus a driver, and best of all I own it.

I totally understand where you are coming from, though. We just bought my wife a new car and are making payments on it. I hate being in that position, though, hadn't had a car payment in years. Kills me to see all these fancy accoutrements that it has that are pretty much unneeded, but undeniably nice to have. Oh well, need to support the finance industry as best as I can...

 

[Gasifier]

I leave the expensive trucks for the guys with more money. I'd drive my 97 Ram anywhere in the country, it's got AC, 4x4 power windows, the seats look great, seating for 5 plus a driver, and best of all I own it.

I totally understand where you are coming from, though. We just bought my wife a new car and are making payments on it. I hate being in that position, though, hadn't had a car payment in years. Kills me to see all these fancy accoutrements that it has that are pretty much unneeded, but undeniably nice to have. Oh well, need to support the finance industry as best as I can...

I hear you Danno. Glad your truck is serving you well. I have been there a few times, where I(we) did not have a payment on one of our vehicles. It was nice. We are almost there again. My wife's vehicle is almost paid off. About another year and she has said many times she is going to drive it for a long time. She wants that money from the monthly payment for other things. (Long weekend/short vacations, things for the house, etc.) But, I just plan on haveing a truck payment. I do a lot of my own work on the house, heat with wood, and occasionally do a job on the side. I also won't pay to have my garbage hauled to the dump. Just taking my own trash to the dump I save about $30/month compared to paying someone to haul it. The money I save when I do a small improvement project to the house is unreal. Contractors are expensive. So the truck is a must and it saves me money to have it. So to have a payment of $350-$400/month is acceptable to me. I am fortunate to have a good job. I could afford a little more expensive truck, but don't need it. With four kids, wait a minute. I can't afford a little more expensive truck! I have to be smarter with all of my money for the future. But, I also believe you have to live a little while you are here. One of the things I like to do is drive a nice truck. Can't save it all, life is short and you need to enjoy yourself to a certain extent. It is a balancing act. Everything in moderation and nothing in excess. Especially with your money. A new crew cab can cost you anywhere from 30-50,000. I now have an older one, but with this low of miles it is like new, for a smidge over 20. I'm okay with that.

 

[mattjm1017]

I see what your saying and in that case I do have equity in my Jeep and I really want to get a pickup truck but I cant quite talk myself into selling my Jeep.

 

[Gasifier]

Matt,

You can almost always get more for your vehicle if you sell it yourself. But before you do, do your research on KBB, NADA, etc., on your Jeep and potential trucks you may be interested in. One good thing right now is interest rates are low. I was able to get 3.2% and a five year loan on this 05. I will start paying a little more each month again, or pay more on a higher interest loan. Have one at 8 % I need to pay off.

 

[mikefrommaine]

Have you ever heard of Dave Ramsey? He's become a bit of a huckster but his basic message is still relevant.

 

[Gasifier]

?

 

[Danno77]

Total Money Makeover, Financial Peace University, etc. Dave has this stuff down, IMO. I don't have the character to follow his plans 100%, but I definitely try to do what I can with my limited abilities.

 

[ScotO]

Nice looking truck, Gassy....and the mileage, well that makes it KICK AZZ!!

I'll soon be looking for a mid to moderate-mileage 2000-04 Ford F-250 Quad cab with an 8 foot bed with the 7.3L diesel. I have been WAITING AND WAITING to find the right one. I want to be able to run bio-fuel (which I have a good friend who has TWO of those trucks and has a great system down for biodiesel), but I'm waiting for the right deal. He bought his latest one ('03) off of ebay a couple years back, it had around 110,000 miles on it, was in beautiful mechanical and cosmetic shape, for 12,000 bucks!

 

[Gasifier]

Thanks Scotty. I am happy with the truck so far. I considered a 3/4 ton with a gas engine but decided against it. Most times I don't need something that heavy duty. Are you done with all your house projects for now?

 

[ScotO]

Thanks Scotty. I am happy with the truck so far. I considered a 3/4 ton with a gas engine but decided against it. Most times I don't need something that heavy duty. Are you done with all your house projects for now?

HELL, NO!! Almost done with the living room, but then I got the garage to be poured mid-summer, insulate the walls out there and install metal roofing on the ceiling.....all kinds of projects. But, when the living room's done, we have a TON of tree jobs lined up. We'll be cutting almost every other day for a month and a half til we get caught up......

 

[adrpga498]

I was lucky to find this f150 with 48k miles . New to me 2000 I hope this will last a long time. My old 1997 ranger had 114000 miles and I really liked it but I couldn't pass this up with such low miles and in very very good shape. 1 owner prior to me.

 

[Danno77]

That's nice looking!

 

[Highbeam]

Equity. It's a glass is half full idea. Me, I'd still be focusing on the debt part.