securityguy
Legendary member
The difference Speedy is that, if you sell your house, you really have no where to go but an apartment. However, selling your vehicle still leaves you with a ton of great choices on new vehicles that could easily get you by until the market normalizes. I bought my 2021 Subaru Forester Limited because it's practical, super safe, and retains its value better than any other "used" automobile. I also got a very fair price on it below factory invoice, as most all cars and midsize SUV's I was looking at as they are not nearly as impacted as the truck market. Interestingly enough, I have been in my house 4.5 years (built it from scratch with all the bells and whistles). I have been offered over $200K more than I could have sold it for just a year ago. Have I thought about it? Absolutely. Does it make the same sense as trading in a car to easily buy a replacement? No, it does not as a house and a "car or truck" are two totally different animals and cannot be compared as you attempted to above.OK, let's play this out: I presume you have already sold your house (in this amazing seller's market) and moved into a small apartment? In your words, it would absolutely be "the fiscally responsible thing to do" right now, and "to not seriously consider it is a big mistake". After all, this is a "...once in a lifetime event that we may never see again." I don't know about you, but I don't feel like moving just because I can get a great price.
Now, I'm not ignoring the market. KBB shows really good numbers for my truck, with a trade-in value of $59K and private party of $61K. I checked with Vroom and was not impressed ($54K). Carvana was a complete waste of time ($43K).
So...since I still need a vehicle, I'll keep my custom-ordered, loaded, and relatively problem-free (never to be taken for granted) Longhorn. I'll still have my Lifetime MaxCare warranty, too. The cost of me "doing nothing" over the next five years vs. any potential premium I'd collect in the present market and then turn around and spend on other vehicle(s) during that time frame is just as likely to work out in my favor as trying to "time the market" on selling and repurchasing.
Now we can both sit back and wait for EVs to go mainstream
I don't think I will ever buy a 100% EV...I would buy a hybrid truck, but not a fully EV based on infrastructure issues and poor range. In 10 years, or by 2030, with battery technology allowing for 500-600 mile range on an EV pickup and a charging station on every corner as we have gas stations, that may catch my attention. My sights are set for the 2023 model year and I certainly look forward to what's to come my friend
