Dilemma

So mostly due to my own error the transmission on my 2014 Silverado went out Friday. Estimates to fix are between 3500 and 4700. It’s not covered by any warranty so I am stuck. I am roughly 5k ahead on the loan versus what dealer trade maybe. Talking to my neighbor he suggested i trade in, get a new truck and start back at square one with a loan. He said he worked for a dealership and said the new tranny may or may not have trouble down the road. What would you do?

A.Pay for the fix and move hopeful mo other issues arise?

B. Trade it for a new vehicle around the same payment but resetting the clock on the loan?

Thanks for the advice

What’s trade value on a truck that needs a transmission?

What’s trade value if truck is repaired?

How many miles on it?

You may find that replacing the transmission puts you money ahead. But, you need concrete numbers to make a wise decision.

88k, owe 15k. If the tranny was fixed I could get 20ish on a trade 22ish for private party.

The whole “owe $xxxx” is a moot point unless it’ wortth less than $15k in its current state. If trade value of an inoperable truck is $15k and it costs $5k to repair in order to gross $20k…not worth your time. It really hinges on trade value in its current shape.

If trade is below what you owe…fix it.
Heck, if if you can get the work done for $3500 in rhe same scenario…fix it. You’d be getting $1500 more for your trade vs not fixing it.

Put in a used trans should be way cheaper.

I wouldn’t have the dealership do any work on it. Look for a smaller shop to swap trannys. Buy used tranny from a wrecked truck.

How’d you cause yours to go bad

Bearcat89 wrote:

How’d you cause yours to go bad

Put a new ac condenser in and I guess one clips for the lines failed and it popped draining the system and frying the tranny

Resetting your payments and starting over is far worse decision. You’d be buying a vehicle that’s going to depreciate 25% in the first year. You’ll be behind until it’s 75% paid at which point you’ll be even again. Then you’ll have given the bank a new transmission in interest charges. So that puts you behind $10k because you had to pay for the transmission you wrecked (lost value on your trade in) and had to pay interest to the bank.

The numbers add up fast don’t they?

Keep it and fix it unless you can pay off a new truck in 3-4 years.

I would have a private business do it. In my opinion they will do a better job and it will be better than factory

Justin, where are you located at?

Centerville,mn truck is in Minneapolis now

Is the truck in good condition other wise, rust I mean? If so yup suck it up and get a new tranny for it.

Not a hard job to do on a Chevy. Just about any competent repair shop could do it for you. Plus Chevy transmissions are a dime a dozen, so finding a decent used one is “cheap”.

If it has a 5.3 AFM motor in it, I’d get rid of it. I just replaced that at 100K.

Give Bonded Transmission a call. They are on University Ave and Fairview in St Paul and did a great job on mine. I have a Ford F150 and they did mine and it runs fine. They get all of my work now. Cheaper than buying another and paying the interest.

Ralph Wiggum wrote:

If it has a 5.3 AFM motor in it, I’d get rid of it. I just replaced that at 100K.

My FIL very lightly used his truck (2011?) as he has farm trucks for towing and work, and he still only got ~60k on his before he had to replace the whole motor in 2016 because of the AFM. Seems some are just bad from the get-go.

Well decision made and a newer truck was purchased. Have same payment as before but added 2 years to the loan. Basically a payment plan on the repair with 60k less miles and 2 years of bumper to bumper warranty. Maybe not the best decision but I did not want to drain 4k in to a question mark.

what is the new truck?

2016 silverado 1500, 26k miles

Congrats.

Thank you! Hope I made the best of a bad situation