A little advise needed

[machinemover]

I don't think I could have done much better then I did. I had my wife call my cell phone while I was at the dealer and I pretended to be shopping with another deal in front of the salesman. Kind of a mind game at work there. I don't know if it helped but it sure didn't hurt. He said to me after I hung up the phone" your not shopping this out anywhere else, I'm not going to let this deal go". Had to keep my poker face, I figure with the games they play I can have some of my own. also, My old lone sucked I was at year 4 on a 7 year loan at 3. 9%, I got this at 0% 5 year loan, so it costs me $100 more a month I add about 14 months on my loan and come out with a new truck. I think I did well on this one.

 

[Cattletrkr]

On tax issues I thought it made no difference whether or not you did the whol;e trans with a dealer.



I don't understand the difference from a tax standpoint.



Please enlighten me!!

In MN you only pay sales tax on the "boot" price. Not sure about other states.



If the depreciated value of the truck is $10K and you sell it for $16K, that's $6K worth of income that's subject to capital gains taxes. Don't ask me for more detail, there's a reason I pay someone else to do my taxes. I just do what I'm told when someone with more knowledge tells me the financially correct way to do something.

 

[cojhl2]

Thank you Cattletrkr,



The depreciate value setting the basis for the new vehicle I think I understand would be the same for both instances, but you have a good point on the sales tax. I really never gave that a thought cause I've never traded anything in. I better make sure I understand that the next time.



Of course I dont buy many vehicles. I drive em forever. The last one I bought was in 2004 and it was a lease conversion.



In fact a lot of this stuff is easier in a lease situation. It's not always as bad as some would think if you take everything into consideration, including time value of money and the offset what your money can make on other investments.



Come to think of it I lost my tail the last time I did that!!



Thank you again Cattletrkr.



. .

 

[Grizzly]

I don't think I could have done much better then I did. I had my wife call my cell phone while I was at the dealer and I pretended to be shopping with another deal in front of the salesman. Kind of a mind game at work there. I don't know if it helped but it sure didn't hurt. He said to me after I hung up the phone" your not shopping this out anywhere else, I'm not going to let this deal go". Had to keep my poker face, I figure with the games they play I can have some of my own. also, My old lone sucked I was at year 4 on a 7 year loan at 3. 9%, I got this at 0% 5 year loan, so it costs me $100 more a month I add about 14 months on my loan and come out with a new truck. I think I did well on this one.

You done did good man. I don't know if Dave Smith would have done much better. Congratulations on the new ride.

 

[machinemover]

I do enjoy it, I would have done a few things different. I let my TST box go with the truck and I didn't know it would have fit on my new one. Now I have to go for the $850 all over again. I let my MAG-HYtech cover go, I probably won't buy another but they sure look nice. I could have pulled my AFE air-filter too and didn't. I don't think the trade in would have been affected. That's all that I can think of, I was just to lazy to pull the chip and now I pay for it so I'm dissaponted with myself there. SO I've got some stuff to buy before I'm up and around with this truck. It's going to take a little time, I'm broke for awhile.

 

[Grizzly]

I do enjoy it, I would have done a few things different. I let my TST box go with the truck and I didn't know it would have fit on my new one. Now I have to go for the $850 all over again. I let my MAG-HYtech cover go, I probably won't buy another but they sure look nice. I could have pulled my AFE air-filter too and didn't. I don't think the trade in would have been affected. That's all that I can think of, I was just to lazy to pull the chip and now I pay for it so I'm dissaponted with myself there. SO I've got some stuff to buy before I'm up and around with this truck. It's going to take a little time, I'm broke for awhile.

Don't be so hard on yourself. You'll get new and better stuff for the new truck. Enjoy it.