A reader made a comment about the loan we have on our truck so I decided to make a post about it. About a year and a half ago, my wife and I bought a 2007 Chevy Tahoe. At the time we needed the extra seating and we did not consider the rising cost of gas prices.

We are paying 528 per month on an 84 month loan at 8.49% Given our debt situation, this probably was not the wisest purchase, but we cannot dwell on what already happened. It is not possible to sell it without taking a big loss. According to Kelley Blue Book, the current Private Party value is $23,435. Our current payoff is $29,383. If we were able to sell it for $23,435, we would be upside down nearly $6000. Given the current gas prices and state of our economy, I doubt we would get $20,000.

Right now, it is just something we have to live with. We also have a 2005 Pontiac Vibe that is paid off. We have been driving that a lot more because of gas prices. We get between 25 and 32 MPG with the vibe and we get between 13 and 18 with the tahoe.