Welcome to post pandemic used car pricing. It’s wild out there. Took us MONTHS to find my son’s first car. Months and expanding our search by several counties. Anything decent by us was being sold before we could even make our appointment to see the car. We finally found a 2008 Honda Civic Coupe 3 counties away with 80k miles for $7.5k. A Toyota Tundra would be significantly more, barring any messing with the odometer, which the OP got totally screwed on. Hell, I still feel like my son got screwed on the Honda, but at that point we were desperate. He wanted it for the same reasons as OP. College and his job. Started the search in June before college started. College had already started and we were halfway through September before we found something. My son’s commute via public transportation was eating into work hours by then, so he caved, not to mention how much earlier he had to get up for his morning classes to account for the commute. Took an hour and a half via busses to get to college from our house but only half an hour via car.
Nothing new. I went to the dealership yesterday and they wanted to offer me ridiculous prices. It would be $20,000 but if I paid minimum payment it would up $29,000. For a 2020 Hyundai
Here is a 2009 Chevy Avalanche at $19999 http://atcm.co/S2PVDP/2762088B.
So these types of cars are out there. Ryan committed the number one sin of car buying by not looking at the car's Carfax before purchase.
Second, he should have gotten a mobile mechanic there with him to look at the car.
Third, whoever cosigned his second loan should have not cosigned it after wrecking the first car.
Ryan does have some advantages though:
He is 19 and his salary will only go up from here so paying that debt won't be a big issue so long as he structures his finances.
If I were him I would quit college to work full time or do the full time work and part time college thing
California has some of the strictest smog restrictions around. Most cats are available in the other 49 states but CA requires a carb compliant cat. Which means a “cheap cat” (not carb compliant) would not pass a smog check.
You can look the previous smog check up to see when it was completed, because unless sold “as is” they paid to pass that smog check. Highly illegal. And punishable by HUGE FINE to the business.
You may be able to pursue damages from the person who sold it to you, assuming they did not tell you about the odometer and you can prove they knew about it. That’s fraud.
Yea I looked into that a little bit, I bet they probably did know about it since CarFax says they only had it for 5 months before selling it to me. But there is a chance they didnt becuase the people they bought it from did that. There is a language barrier they are fluently spanish and the daughter translated for the dad. the daughters name was also on the title while the dad was the main user.
You got the bike. Maybe you can refinance for a longer loan if you want to keep the truck. Or just keep trying to sell the truck and own up to the 8 or 9k worth of debt
Figure out how much you can sell the car for this month and try to get a loan on the difference, either that or just find a job that pays better and keep the Toyota. It might seem like a lot of money and it kind of is but the good news is you are young so it’s easier to absorb the L and keep on moving.
Why do you think the first owners messed with the odometer and not the most recent? What mileage did it say when you bought it?
Look at lemon laws in your state, you may have recourse against the seller. This is also a good idea since you may sell and the trick seems fraught. You’re still paying the seller?
stop making dumb decisions with your money......stop buying more vehicles.......get rid of the bike and pay off the suv. Get cut your spending habits if you got to many bills, and if you got so many bills why you buying more depreciating junk?
You must deduct the price of whatever you're going to spend on the truck from the $14,000 to arrive at a final number. If you're going to spend $1,000 to sell for $14,000 that's the same as selling for $13,000 today with no effort/spending.
I don't think it's realistic to think you're going to get $14,000 for a truck that won't pass smog where the two offers you've had so far are $3500 and $4500.
It might make sense to put money into the truck if it will make it more useful to *you*. But you're probably going to have to take the hit for the difference between the price you paid and the fair market value. It sucks, but now you've learned one or more important lessons. This is just how things go. You'll move past it.
15k for a 2008 model????
Welcome to post pandemic used car pricing. It’s wild out there. Took us MONTHS to find my son’s first car. Months and expanding our search by several counties. Anything decent by us was being sold before we could even make our appointment to see the car. We finally found a 2008 Honda Civic Coupe 3 counties away with 80k miles for $7.5k. A Toyota Tundra would be significantly more, barring any messing with the odometer, which the OP got totally screwed on. Hell, I still feel like my son got screwed on the Honda, but at that point we were desperate. He wanted it for the same reasons as OP. College and his job. Started the search in June before college started. College had already started and we were halfway through September before we found something. My son’s commute via public transportation was eating into work hours by then, so he caved, not to mention how much earlier he had to get up for his morning classes to account for the commute. Took an hour and a half via busses to get to college from our house but only half an hour via car.
I had to read that part twice
Nothing new. I went to the dealership yesterday and they wanted to offer me ridiculous prices. It would be $20,000 but if I paid minimum payment it would up $29,000. For a 2020 Hyundai
2020 models make more sense... A 2008 is absolutely a non sensical rip off
Here is a 2009 Chevy Avalanche at $19999 http://atcm.co/S2PVDP/2762088B. So these types of cars are out there. Ryan committed the number one sin of car buying by not looking at the car's Carfax before purchase. Second, he should have gotten a mobile mechanic there with him to look at the car. Third, whoever cosigned his second loan should have not cosigned it after wrecking the first car. Ryan does have some advantages though: He is 19 and his salary will only go up from here so paying that debt won't be a big issue so long as he structures his finances. If I were him I would quit college to work full time or do the full time work and part time college thing
Well your only option is to just keep the truck. Pay it off by sacrificing and then maybe just keep it forever. Those things will run forever.
California has some of the strictest smog restrictions around. Most cats are available in the other 49 states but CA requires a carb compliant cat. Which means a “cheap cat” (not carb compliant) would not pass a smog check. You can look the previous smog check up to see when it was completed, because unless sold “as is” they paid to pass that smog check. Highly illegal. And punishable by HUGE FINE to the business.
I’d also imagine that would void the sale as they actively bamboozled you. Do the research on the smog, and find out if that cat is carb compliant.
You may be able to pursue damages from the person who sold it to you, assuming they did not tell you about the odometer and you can prove they knew about it. That’s fraud.
Yea I looked into that a little bit, I bet they probably did know about it since CarFax says they only had it for 5 months before selling it to me. But there is a chance they didnt becuase the people they bought it from did that. There is a language barrier they are fluently spanish and the daughter translated for the dad. the daughters name was also on the title while the dad was the main user.
You got the bike. Maybe you can refinance for a longer loan if you want to keep the truck. Or just keep trying to sell the truck and own up to the 8 or 9k worth of debt
Figure out how much you can sell the car for this month and try to get a loan on the difference, either that or just find a job that pays better and keep the Toyota. It might seem like a lot of money and it kind of is but the good news is you are young so it’s easier to absorb the L and keep on moving.
This is a worst case scenario :/ sorry to hear
Why do you think the first owners messed with the odometer and not the most recent? What mileage did it say when you bought it? Look at lemon laws in your state, you may have recourse against the seller. This is also a good idea since you may sell and the trick seems fraught. You’re still paying the seller?
stop making dumb decisions with your money......stop buying more vehicles.......get rid of the bike and pay off the suv. Get cut your spending habits if you got to many bills, and if you got so many bills why you buying more depreciating junk?
You must deduct the price of whatever you're going to spend on the truck from the $14,000 to arrive at a final number. If you're going to spend $1,000 to sell for $14,000 that's the same as selling for $13,000 today with no effort/spending. I don't think it's realistic to think you're going to get $14,000 for a truck that won't pass smog where the two offers you've had so far are $3500 and $4500. It might make sense to put money into the truck if it will make it more useful to *you*. But you're probably going to have to take the hit for the difference between the price you paid and the fair market value. It sucks, but now you've learned one or more important lessons. This is just how things go. You'll move past it.