What is the Kelly Blue Book Wholesale Trade in value (the amount the dealer would give you)? Add 2-3%, and that’s what you could expect in a private sale. I wonder how much you would come out ahead selling the truck. It would have been better to buy a 2-3 year old vehicle. Most of the depreciation of the vehicle is in the first 2 years.
What are your other liabilities? You rent, right? Are your expenses low enough that you can afford the truck and boat, and still save for retirement, save for a rainy day? You have health insurance, a will/trust and term life insurance for any dependents? If everything else is lined up, probably you can afford your toys. I think toys are great for people who don’t have to leverage their futures to obtain them. My husband bought a 5-year-old 911 Porsche Carerra, cash, and neither of us felt guilty about it. It’s okay to spend money now and then.
On the other hand, every dollar you get out of that truck could double over the next few years if invested in some oil and commodity stocks. I’m looking over the Zeal recommendations, and Chris Johnston’s trading service, and realize that I want more money to invest. Cut back on spending for a few years, and leverage my money. I could pay cash for that trip to Europe, off the gains on my investments, so why take the cash for that now?
I once read that Warren Buffett (who is too frugal, it’s kind of an addiction with him to hoard his wealth), refused to buy a TV when he was younger. He kept thinking the $500 “wasted” on a TV, could compound in an investment.