I was just offered $51,500 by a dealer...

[Thunderjet]

Vroom just offered me $49,300 for my 21 JL Rubicon. Which is almost $3,000 more than what I paid for it (including sales tax) 9 months ago. I plan on going with their offer. Be interesting to see how long it takes for them to pick it up and deliver payment.

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[Whaler27]

I have a 2019 Mojito JLUR with 31,500 miles on it, https://givemethevin.com/ offered me $51,500 for it as a straight out purchase (or I can work with one of their dealerships on a trade)...

<<snip>>

Right now I have enough equity in the Jeep to trade it for a $12,000 car and I could completely eliminate my payment and save myself the $800+/mo that I pay on it... (I overpay my bi-weekly payments)

Yup. And you can save yourself all that unnecessary fun and enjoyment too. Just kidding. I think your idea is smart.

My dad grew up during the depression. He called borrowing to buy a car “buying on the excitement plan” (instead of the “installment plan”.) He didn’t believe in financing anything unless you were going to live in it or it was going to make you money. He said, “If you can’t afford to buy something, save your money until you can.” I ignored his advice as a young adult, borrowing money to buy all sorts of stuff. Looking back, I’d be WAY ahead if I’d followed his advice — so I see the wisdom of your idea. I just wasn’t smart enough to get away from car payments until I was almost fifty years old.

 

[Carlton]

Try replying to the email they sent you with “decline“.

I did and haven't heard a peep since.

 

[Carlton]

Vroom just offered me $49,300 for my 21 JL Rubicon. Which is almost $3,000 more than what I paid for it (including sales tax) 9 months ago. I plan on going with their offer. Be interesting to see how long it takes for them to pick it up and deliver payment.

Keep us posted.

 

[alksion]

Don't know who Dave Ramsey is, but I would say that statement is only sort of right.
You should definitely avoid high interest debt.
If you can borrow a lot of money at a low rate, then it is pretty dumb not to.
For example, my wife and I could have paid cash for our house. But why they hell would we do that? We have a very low interest rate and that additional capital goes towards invest properties (the income of which pays all the mortgages) and other items in our portfolio, which would be impossible if we decided we must be debt free.
Debt, when managed properly is a wealth builder.

This 100%, especially if you own a business. I’ve wasted so much money in my short 31 years of life. Some I regret and other dollars while wasted, were loads of fun.

Focus on income growth my friends. So many people are penny pinching each month, trying to save a few hundred dollars when you could be focused on making 20K, 50K or more in income each month.

And yes, I’ve had stupid consumer debt in my life at one time. Many principals of Dave Ramsey I still live by today, but there are ways to leverage debt and he is not someone who’s every word spoken I treat like a god.

But for anyone who doesn’t have a written budget, do it now. It’s at the very core of everything you do financially. Personally I love YNAB and still manually enter all my personal purchases/transactions. It is connected to my bank, but links the transactions I entered when they clear.

Why did I share all of this? Who knows haha. Hopefully it helps someone!

 

[gsbrockman]

Right now I have enough equity in the Jeep to trade it for a $12,000 car and I could completely eliminate my payment and save myself the $800+/mo that I pay on it... (I overpay my bi-weekly payments)

not sure there really is a question other than just trying to determine in my own mind if I really want to unload my jeep to save on monthly payments at this time… Actually, they’re kind of was a question but got it deleted by a moderator LOL

To me....with the verbiage used that I highlighted above, it seems very apparent that you’ve made your mind up, and are essentially looking for corroboration from some of the other forum members.

At the end of the day......it’s no big deal if you want to “unload” it and go on about your life.

 

[JHTS]

Opportunity cost the dollar value you place on something (not it’s real value your value). If the Jeep is worth whatever you pay keep it. If the extra money and driving the 12k car is more valuable your decision is easy. Conversely you could keep the Jeep and stop paying extra and have more money and the Jeep. Any way you look at it cost versus your personal values will make the decision for you easy. Me I have 2 Jeeps they are worth the money to me but that is my opportunity cost.

 

[Kyanche]

Vroom just offered me $49,300 for my 21 JL Rubicon. Which is almost $3,000 more than what I paid for it (including sales tax) 9 months ago. I plan on going with their offer. Be interesting to see how long it takes for them to pick it up and deliver payment.

When I bought my 2020, I sold my 2015 to them - IIRC they sent the check the same day their flatbed picked my jeep up. It arrived a couple of days later. Then I saw them turn around and sell it for like $4k more on their website with new tires lol. Good for them!

It was pretty trouble-free though. I'd totally do that again. It did take a week or so to get the truck to come pick up the jeep.

Looking at carvana/vroom for lols right now, carvana is about $4k lower than they offered me 6 months ago. Vroom is actually about $100 more than it was in may.

To answer the OP: It's up to you. You'll probably get more $$ selling your jeep now than you ever would otherwise. However, you'll be without that jeep! After all, you can't have your cake and eat it too.

Personally, I don't think I want to sell mine. I did consider trading up for a 4xe, but the price delta is still a decent amount of money.

 

[Hennessey17]

I developed a system where I have a automatic transfers set up every Monday from my checking account to my four savings accounts to cover all my large bills. I have a fulltime job that covers that. I have income from my family's business that covers other expenses and investments... and I just got a second job at the bar across the street to pay for the Wrangler. I had enough cash for a large downpayment, but decided to put half of it in the stock market and I've already made 25%. I've got excellent credit, so I use my credit cards to get cash back, and when I have extra cash, it goes straight to investing. My father is an accountant and he's always said to let your money make money for you. He also allows himself to always have a fun car.

So having no idea of your finances, I can't really say much... but I would recommend you to balance fun VS future money.... make sure you're thinking about both.

 

[TallDude]

I wouldn’t focus on monthly payments either. There’s many variables such as credit score, loan rate/length, down payment…a $600/month payment on a 36month loan versus a $600/month payment on a 84month loan is very different…

To the OP, if you don’t mind, sell your Jeep for a profit while you can and then search for a new one at thousands under invoice and then bam, do it again in a few years.

I’ve been able to drive new cars for “free” (still gotta pay insurance and fuel and etc.) for a few years in a row. Just have to buy smart.

 

[Deleted member 59498]

Just going to trade mine for a different one. Because I want to and I drove the current one for free basically. 2.2% interest is not bad, if I had 50k cash laying around I would invest it instead of paying cash, I can get better than 2.2% even in a very conservative investment. If you have to pay high interest then well still the persons choice.

Enjoy a bit of life, as long as it doesn't bring unneeded stress.

 

[Luxy60]

If having no car payment is more important to you than driving a Jeep, then it's probably a good time to get rid of it and pay cash for a vehicle that will meet your basic needs. The flip side is that $12K will not get you very much. I know, as I've been looking for a car for my 18 yo son for the last 6 - 8 months (he's gonna get my Subaru). Getting out from under a heavy loan payment is a great feeling, especially if you have other more important priorities and a tight budget. I chose to have a high monthly payment but only because I'm financing through FCA at 0% for 36 months and hanging onto my cash.

 

[Deleted member 59498]

If having no car payment is more important to you than driving a Jeep, then it's probably a good time to get rid of it and pay cash for a vehicle that will meet your basic needs. The flip side is that $12K will not get you very much. I know, as I've been looking for a car for my 18 yo son for the last 6 - 8 months (he's gonna get my Subaru). Getting out from under a heavy loan payment is a great feeling, especially if you have other more important priorities and a tight budget. I chose to have a high monthly payment but only because I'm financing through FCA at 0% for 36 months and hanging onto my cash.

Haha got my son a 1993 Sub Legacy in 2016. It was a little rough but that thing was a monster in snow and such! Well spend 1300 bucks!

 

[Luxy60]

Haha got my son a 1993 Sub Legacy in 2016. It was a little rough but that thing was a monster in snow and such! Well spend 1300 bucks!

I've owned three Subaru's. Sold two with over 150K miles and they were still going strong. The Crosstrek has 80K - just broken in . Great vehicles, especially anywhere there's snow.

 

[multicam]

What car are you going to drive for $12k? A 2004 Corolla with 140,000 miles? $12k will buy you a lot less now than it would a few years ago. While that $600-$800 a month is going to a depreciating asset, yes, once you’ve paid off the jeep you’ll have a vehicle that’s in the top 10 as far as resale value goes. And you’ll be enjoying those mods you poured money into. I guarantee you won’t be getting money back for those.

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