So back in October, I entered the Truckload of Prizes giveaway, sponsored by Bridgestone/Firestone and Interstate Batteries. To spare you the details of how I found out, it's definitely not a scam. I've been in contact with the Senior Account Executive from Interstate (based here in Dallas) and I should be getting the truck next week. My question is this: should I sell the truck and pay off some debt, save some, and maybe spend a little to celebrate? Or keep the truck? I have the feeling the answer will be to sell it because honestly I don't have a lot of use for a truck, but it's not every day that you're given a brand new vehicle. The MSRP on the truck I picked out at a local dealership is $39,000 before rebates, and if we can finalize the sale before the end of the month, it will be around $35,000 after rebates (tax, title, license, fees included). I know I wouldn't get that much for it if I sold it, but I'm just curious what you guys think. The debts that my wife and I currently have are as follows:
- Wife's car loan - $11,000
- Credit card debt - ~$6,000
- Recent medical bills - ~$4,500
Total: ~$21,500 (not including student loan debt which is collectively over $80K)
We only make around $35,000 a year, so selling the truck makes more sense to me. My current vehicle is kind of junky, so I'd be trading that in with the truck. If I sell the truck, then I'd obviously have to buy a used car, so I'm willing to take advice in that area as well. Thanks for reading!
Edit: I should add that my wife makes $25K with a good chance of getting a job reclassification this year and making more like $35-$40K. I'm working part time while finishing my IT degree and bring in ~$10K but there's a chance that I'll get a full time position in the IT department this Fall (around $40K per year). If these things happen, we may be less strained financially and this could impact the decision.
Submitted January 27, 2017 at 10:57PM by vondrook4 http://ift.tt/2jyUFAU
