Pulling cash out of the Raptor

[GCATX]

I know it's a crazy idea, mostly just putting it up for discussion.

Round numbers, purchased the 2018 for 68k, I currently see at least one for sale in the area for 68k with same mileage, 70,000. If the loan value ever actually hits 68k on the truck, who's to say you wouldn't want to cash out the equity in the truck at the current low interest rates? lol. Put 68k in the bank to use for a 25% downpayment on a rental house, let's say.

I don't remember the exact numbers, but I think total interest paid on the original note was around 3-4k. Cheap money.

If things keep going like they are, you could probably sell or trade in the Raptor next year and still owe less than the truck is worth.

It would be a lot quicker and easier than taking cash out of another property, and the auto loan rate would be lower than a signature loan, I thnk.

Anyway, just my random thought for the day. Feel free to shoot it full of holes.

We have other real estate to pull equity from if we want, just curious if this is on anyone's radar.

 

[CoronaRaptor]

If there's ever a time to sell your used raptor, it is now, the market is insane. It will probably be 6 months or longer til the stealerships have any sort of stock on the lot. I drove by the Ford dealer near here today and everything is spaced out so far, trying to make their lot look full, but you could park a semi between every vehicle on the lot, lol.

 

[10SpdsOfFury]

That’s all the innovatory my dealer has.

 

[GCATX]

If there's ever a time to sell your used raptor, it is now, the market is insane. It will probably be 6 months or longer til the stealerships have any sort of stock on the lot. I drove by the Ford dealer near here today and everything is spaced out so far, trying to make their lot look full, but you could park a semi between every vehicle on the lot, lol.

I get that, but then I would have to find another Raptor to drive. No difference. I am talking about the bank paying me to keep driving the one I have. lol

 

[CoronaRaptor]

I get that, but then I would have to find another Raptor to drive. No difference. I am talking about the bank paying me to keep driving the one I have. lol

I guess that depends on your finance charges by your bank, up here, they like to get your interest early on in the payments and then half way through the term to the end, you're basically paying the principal only. That's the only HOLE i can shoot through, lol.

 

[JohnyPython]

It’s a good time to sell for sure. I’ve contemplated selling.

Around here motos, boats, atvs, guns/ammo prices are nuts also. That said, the real estate market is incomprehensible too. Don’t know where everyone is getting the $ to buy this shit.

I’ve taken a bit of a hit in my rental but I have a good feeling that it’s gonna turn around soon. In terms of investment, real estate has always been good to me. Gold and silver ain’t bad either

 

[GCATX]

It’s a good time to sell for sure. I’ve contemplated selling.

Around here motos, boats, atvs, guns/ammo prices are nuts also. That said, the real estate market is incomprehensible too. Don’t know where everyone is getting the $ to buy this shit.

I’ve taken a bit of a hit in my rental but I have a good feeling that it’s gonna turn around soon. In terms of investment, real estate has always been good to me. Gold and silver ain’t bad either

I had a bit of a silver buying issue up until a month ago. I had to stop and take a breath. Under contract for a 2nd rental (new build), about an hour out of town where prices are reasonable. Our existing rental is in Austin, was valued at 260-270ish at election time. Same floor plan in the hood listed for 320, sold for 360 in January. Another one popped up, listed for 360 at end of Feb, just closed at 430 something.

Since it's all play money at this point, why not take a note on the truck.

 

[Idaho]

I was very close to selling as I was offered $70k for my truck that I paid $60k to buy. The only issue is, there isn't anything else I'd drive in the meantime. I initially was looking at a diesel rebel, but after further inspection, the raptor just is in a class of it's own and I wouldn't enjoy driving it every day to pocket a few extra thousand.

I have to live where I do for my job and I have about 5 years until I retire and can move. One of the reasons I bought my raptor was that it makes me smile everyday to drive it and makes this place suck less. Losing my raptor to make some cash would just send me back to where I was before.

If you have a lot of equity in the truck and don't mind driving something else, as others have said, now is the time.

 

[JohnyPython]

I have to live where I do for my job and I have about 5 years until I retire and can move. One of the reasons I bought my raptor was that it makes me smile everyday to drive it and makes this place suck less. Losing my raptor to make some cash would just send me back to where I was before.

We're in the same boat-retiring in the next few years. Want to get out of suburbia and maybe move to the country/waterfront.

Lots of smiles to the miles so I'd miss that feeling. Really wouldn't want to drive anything else except a Bronco. Maybe the wife will get one.

 

[GordoJay]

Inflation is starting to take off. CPI is "adjusted" for tech improvements and is lower, but the rate on housing, food, and transportation is running 8-10%. If inflation accelerates, you really want to be a borrower and not sitting on cash. The way our gummint is printing money, it's hard to see how inflation won't happen. Borrow every penny you can today while rates are low and buy something with lasting value. Pay it back later with devalued dollars.