If he's like a lot of Americans, he's "upside down" on the truck - as in, he still owes more on the loan than he could realistically sell the truck for. That would leave him still in debt, but now without a vehicle, even if he could be content with a 10 year old Civic or Corolla.

The wisdom of having purchased such a large vehicle on credit to begin with is another discussion entirely. Americans are, on average, far more relaxed about owing a lot of money on a vehicle than, say, Germans. I grew up assuming a car payment was just part of adult life; my husband, a German, was raised to believe that borrowing for anything other than property was foolish. I've since come around to his point of view, and am the reasonably content co-owner of a 12 year old Fiesta, though considering our upgrade options as we have a baby on the way.

Why a large truck in the first place? A lot of American men, especially in the South (where this guy is), consider small sedans to be unmanly. If they're overweight like most Americans, they also think they're going to sit more comfortably in a larger vehicle. Plus, SUVs and trucks are less expensive in the US than they are over here - for what I'd have to pay for a new Corolla hybrid station wagon (my current coveted car) in Germany, I could get a Toyota Highlander mid-sized SUV in the US, which Toyota doesn't even bother trying to sell here.