c/car-payment-regret

Got told I'm throwing money away on my truck loan, now I'm second guessing the whole thing

I was at a cookout last Saturday in Austin and this guy I barely know starts going off about how leasing is the only smart move and financing a used truck is like setting cash on fire. He said my $487 a month payment on a 2019 F-150 is money I'll never see again, and I should dump it and lease something new. But I've got 14 months left on a 5 year note and the truck only has 52k miles on it, so I figured I'd own it outright soon. The other side is I could trade it in now, get maybe $24k for it, and use that as a down payment on a lease with way lower payments. My buddy who works at a dealership says holding onto a paid off truck is better than any lease deal, but another guy at the cookout said he's been leasing for 10 years and never had a repair bill over $200. So which is it, are we dumb for financing to own, or are lease guys just paying forever for something they'll never keep? Has anyone here actually run the numbers on both and felt good about their choice, or is it all just guesses?

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jana_miller31•4d ago

That $400 extended warranty actually paid off, now I feel weird about it

I bought a used SUV back in March and the finance guy pushed the extended warranty hard, like 400 bucks on top of the loan. I almost said no because everyone online says it's a scam, but the AC compressor went out at 40,000 miles and the repair estimate was 1,100 at a shop near Phoenix. The warranty covered everything except a 50 dollar deductible, so I basically came out ahead by 650 dollars. Now I'm sitting here wondering if I got lucky or if these things are worth it more often than people admit. Anyone else had one of these actually save them, or did I just hit the lottery on a bad compressor?

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-4

garcia.casey•5d ago

Vent: The dealer 'free oil changes' cost me $180 in extras

Stopped by the dealership in Phoenix for my 3rd free oil change and somehow walked out paying for a cabin filter and a 'multi-point inspection fee' that wasn't optional. Has anyone else hit this weird upsell wall, or do I just need to find an independent shop before the next one?

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hannah240•5d ago

Trade-in quote dropped $2,300 in one week, so I tried the bank trick

Dealer in Phoenix lowballed me on my old SUV last Thursday, then I got a cash offer from my credit union on Monday and suddenly they matched it plus $400. Has anyone else had luck using outside financing to shake a dealership's number before signing?

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joseph_hunt•7d ago

That $250 dealer add-on package I paid for without reading the fine print

Bought a used SUV back in March and the finance guy slid a protection package into the paperwork. I was too busy thinking about the monthly number to notice the extra $250 tacked on. Turns out it was just some spray-on fabric protector and a windshield treatment that wore off in a month. I could have bought the same stuff at an auto parts store for like $30. Anyone else get hit with those add-ons they never actually use? How do you spot them before signing?

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tessa_hill86•9d ago

The $600 extended warranty I bought at the finance desk, zero claims later

Bought a used hatchback in Austin back in March and let the finance guy talk me into the extended warranty. Cost me $600 on top of the loan, rolled into the payment. Truck needed nothing but tires and an oil change in those first 12 months, then I traded it in before the warranty would have ever kicked in. The dealership gave me zero back for the unused coverage, and the new loan didn't care about it either. Anyone else get talked into one of these and actually use it, or is this just the standard tax on being tired at the end of a purchase?

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wyattmitchell•9d ago

Rant: everyone quotes the monthly payment, nobody mentions the interest math

Bought a used truck in Austin back in March. Dealer kept pushing the $387 a month number. I asked about the rate and they said 7.9% like it was nothing. Did the math later. That's over $6,200 in interest on a 72 month loan. Nobody at the desk ever said that out loud. They just pointed at the smaller number. I get that it's on the paper but most folks don't add it up. My buddy just did the same thing last week on a Corolla. Same deal. He thought he was getting a deal. I told him to refinance through a credit union. Has anyone else found the real total cost only shows up after you sign?

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patricia_singh81•10d ago

Trading my $540 payment for a 2012 beater felt like a huge step down

I went from a 2023 SUV I couldn't really afford to a 2012 sedan I bought with cash at a used lot in Akron. The SUV payment was eating $540 a month plus insurance, and I was barely making rent. Now I pay $0 monthly but I just dropped $400 on a new alternator and the AC only works on the highway. My friends keep laughing at the car, but my savings account finally has breathing room for the first time since 2021. The trade-in gave me $8,000 toward the beater, which covered half the cost. Has anyone else downsized to a clunker and felt the stress lift even when the repair bills pop up?

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miles_perez•10d ago

Trade-in offer came in $4,200 under what I owe, now what?

Last Saturday I drove my 2019 Civic to the CarMax in Austin to see what they'd give me. The offer was $13,800 but I still owe $18,000 on the loan from that dealership on Lamar. I need out of this payment, but rolling negative equity into another loan feels like digging a deeper hole. Has anyone successfully negotiated a trade-in or used a private sale to close that gap?

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