When to trade in?

[Mighty Hd]

So I have a 13 Tahoe Z71 4wd with all the options and sitting at 83k; purchased when it had 3 miles.

I am really itchy to get a Yukon AT4 or a Sierra AT4, although not needed. Apparently the used car market is NUTS and I can easily get 20-23k as the vehicle is absolute mint.

20k is a nice downpayment on a new vehicle, but that car payment of $600/month...oough. I can afford it, but not that I want to.

Curious as to what others do in this situation with a vehicle that has been paid off and retains good equity.

 

[wsteele]

So I have a 13 Tahoe Z71 4wd with all the options and sitting at 83k; purchased when it had 3 miles.

I am really itchy to get a Yukon AT4 or a Sierra AT4, although not needed. Apparently the used car market is NUTS and I can easily get 20-23k as the vehicle is absolute mint.

20k is a nice downpayment on a new vehicle, but that car payment of $600/month...oough. I can afford it, but not that I want to.

Curious as to what others do in this situation with a vehicle that has been paid off and retains good equity.

Not sure about good equity, given mine is a 2007 Yukon, but I recently went through a brain seizure where I started looking closely at a new AT4. Absolutely stunning truck, perfect for how I use our Yukon, save the not minding it gets really dirty using it (with a new one, that would be a mental problem for a while), but the real fiscal (not mental) problem is the $5K a year in depreciation.

My Yukon has been paid for since new and has been a really inexpensive truck to keep, after the major depreciation was over. Truth be told, there just isn't a reason for me to sell/trade for a new truck, none. I recovered from my seizure before I brought my checkbook with me...

 

[petethepug]

GM has committed a huge portion of their tooling to electric vehicles. They have a huge contract to resupply Federal, State and local gov't with those vehicles. Incentives are going to make EV Burbs, Yukon & Escalade crazy cheap. The petrol powered vehicles CMV will fiercely swing back and soon. Imagine stuff like GM bringing back a hybrid, but full size, powered by the 3.0 turbo diesel with 30 MPG. It would shave off 250-$300H a month off fuel costs for commuters and draw an entirely new crowd into full size SUV's.

GM quietly discontinued the flex fuel option on the 6.2L full size SUV after 2014. They also completely disappeared flex fuel option on all full size SUV after 2020.

 

[Bill 1960]

I’ll give you my answer based on finances. If you’re in wealth accumulation mode, AKA working and saving, don’t buy something you don’t need. Save that money and retire early.

Alternately, if you’re already set for retirement, or have retired to spend the kid’s inheritance, then it becomes a different set of choices. This indulgence vs another.

To steal a phrase from Dave Ramsey, be intentional with your money. Have a plan and stick to it.

 

[Joseph Garcia]

It really boils down to 2 things. (1) Can you easily afford the new truck (without sacrificing other wants and needs), and (2) are the new features on the new truck so appealing that you would fully justify spending that kind of money to achieve?

Your current truck is in mint condition, and it appears to be fully fulfilling your current needs. And, if you continue the same level of care of your truck going forward, it will last for 200k-300k miles.

Tough decisions (sometimes).

 

[avalonandl]

83k is LOW miles. Keep it and drive it.

 

[Bigkevschopshop]

New gadgets and gizmos always lure folks to new. End of the day, its your money...

You can upgrade yours to perform better for alot less than a payment every month, or you can do what I do with paid off vehicles. Put the payment in savings every month, let it gain some interest for you. Buy one outright and not finance anything again. But Id say never buy a first year.

 

[cardude2000]

So I have a 13 Tahoe Z71 4wd with all the options and sitting at 83k; purchased when it had 3 miles.

I am really itchy to get a Yukon AT4 or a Sierra AT4, although not needed. Apparently the used car market is NUTS and I can easily get 20-23k as the vehicle is absolute mint.

20k is a nice downpayment on a new vehicle, but that car payment of $600/month...oough. I can afford it, but not that I want to.

Curious as to what others do in this situation with a vehicle that has been paid off and retains good equity.

If $600 hurts, don’t do it. If $600 won’t even change what you invest/save let alone what you spend, go for it.

You’re now two gens from the new model and your 2013 will bottom out over the next couple of years. If you want some decent cash for it I’d dump it before all the moms see the new suburban at the grocery store and go buy one for themselves.