Taco or....

Your asking "Tacoma World" what we'd do lol...j/k bud

I'd say get the Taco. The 200k in debt outta be there a while...

 

Keep in mind most people run low octane on the Tacomas too (I don't, I use premium lol). So that skews it a bit as well. Most here prefer Tacoma's for their size and such over the Tundra, it's just what we want, just like you want a Tundra.

Honestly though, you're starting out with more debt than even my house sets me back. I'd be looking into paying that debt off as fast as I could, especially with a high paying job like you have. If the Jeep is annoying/insufficient for your needs.... throw it on craigslist and get a first gen tacoma or an econo box for a few years while you focus on getting your financial straight. Once you're more in control of the debt, you know your job is steady for sure, ect ect... then look into getting your dream vehicle, and go all out then when you can also have some free cash for mods

 

x2 wedding and paying off loans should be first priority... the tundra will always be there

 

Lol, which is why I'm surprised by the Tundra recommendations!

I had a bit of a revelation last night. I was researching all wrong. It's been very difficult for me to really research prices for vehicles, because I get blinded by actual costs. $30k doesn't seem much cheaper than $33k for me.

Well, I decided to play with some numbers last night. I would ideally like to live on 1 weeks pay every month, and throw 3 weeks at loans. Not factoring tax returns, and figuring a 1/3 loss to taxes and benefits, I should be able to pay off the loans by myself in 4 years.

Now, buying a $700 a month truck really wouldn't work with my original plan. But, a $400-500 a month truck would fit very comfortably. Heck, I could even get the payment of a Tacoma TRD model down to $300 with a very modest down payment... something I couldn't do with the Tundra if I tried.

So, if I were to buy, really all I could afford would be a Tacoma. I've considered used, but really, I'd rather pay the extra 2 grand to get a brand new model (these things hold their value better than my wrangler!). When/if I decided to trade up to the Tundra, I really wouldn't be losing much at all, so it seems like a sound investment to me (given that the jeep is acting up again... a lick over 2 years old and the power steering pump is going on me... add that to the leaking top, faulty clutch, broken parking brake, etc etc that I'm still dealing with, and you may see why I'm eager to get out of it with the warranty expiration coming up).

 

All in all the Tundra isn't that much more than the Tacoma, the gas mileage isn't far off either. If it is what you want then why not? I would have one, but have no need for that size truck.

 

As a 46 year old, Mechanical Engineer, with a self funded education and I married my college girlfriend too (together 24 years) let me speak from experience.

1. Don't buy the Tundra yet. The extra debt and money stress will tarnish your dream. Been there!!

2. Wait a year or two and see how life shakes out. Number #1 reason for divorce is MONEY!!!

You set a goal and planned your education. Now, set your goals and plan your next ten years.

 

With all of that debt, I would avoid adding to it. Keep the jeep, its about paid off. Use that money to pay down your debt. Once you are comfortable with that, then go for what you want. The wedding is only going to create more debt, so not a good time to buy if getting married. Just mho

 

On one hand Consumer Reports says "ITS ALWAYS CHEAPER TO KEEP HER". On the other hand, they also say they don't recommend ANY Jeep/Chrysler product primarily due to poor reliability.

Therefore, I would suggest ditching the Jeep while it's still under warranty and buying an affordable & reliable used vehicle such as a Hyundai Elantra. You can get a relatively new model ('06-'07) with under 10k miles for less than $10k that's still under warranty (5 yr bumper to bumper) and has all the creature comforts (power windows, mirrors, a/c, etc).

Make due comfortably with this vehicle for the year or two while we see how the economy shakes out. Chances are you'll be able to buy that Tundra for far less then if sales continue slowing. Better yet, buy a pre-owned Tundra in 2011/2012 from some hapless soul who bought a new 2010 and has to take a substantial loss to compete with lower prices for new models.

Regarding your school loan, make the minimum payment possible, buy gold bullion with the difference and let inflation reduce your debt! As the dollar loses value, gold will increase, and your debt will be inflated away! (Ok, substantially reduced anyway...)

 

1 then 3 is your best bet...

 

I'd recommend ditching the Jeep (i hate jeeps ) and getting a first gen tacoma or even a tundra. ive seen some really good deals on tundras lately (2004 limited trd offroad w/ 60k for 13 grand). i think a first gen used tundra would be perfect for you. it will give you the power and bed space you want but since its used, its much cheaper.

the price difference between a tacoma and a tundra isnt really that big especially used. it costs about the same to build them. both need the same amount of a laber, tacoma just uses less raw materials.

i hate owing money so id advise you pay off first then go balls out. but i also know how much it sucks to not have the vehicle you wanted (i got a 2004 reg cab 4x2 tacoma 4cyl and its just not fun to drive, but its what i could afford)

 

Pay off your loans...period!

 

+1 on who recommended Dave Ramsey. He gives great advice and help a lot of people with debt issues. Sometimes he can be a little harsh and smash your dreams (or what you think are your dreams), but its a good slap in the face to bring you back into reality.

$200k in debt and you are considering a new vehicle? Not trying to come off negative but this is part of the reason this country is in its current crisis. America is built on debt, loans and credit cards.

What year is your Wrangler? If its got the 4.0 high inline 6 and anything but the six speed manual for a tranny it should be good to go for a long time. 4.0's are great engines and will run for ever. My last Cherokee had 150k on it and didnt leak or burn a drop. Trannys are good too. If you really need to haul some stuff get a utility trailer, jeep will tow at least 2500 lbs or so unless its the LWB Wrangler.

Keep the Jeep and learn how to work on it yourself when the warranty is up. They are pretty basic and easy to work on. If something breaks and its not really important (trim, etc) dont sweat it. Top leaks? Its not supposed to even be on there, its a Jeep.

You will be much happier in the long run if you get your current debt paid down and save up a healthy down for a new truck later on down the line. Wranglers generally hold there value pretty well after they initially get smacked with depreciation (which yours already has).

Imagine going into the Toyota dealer and sit down to discuss financing options and you wave them off as you get out your checkbook

 

It's an 07 with the crappy new V6. I DO try and keep the top off as often as possible, but this past summer was raining non-stop up here. And when you need to wear a shirt and tie to work... well... Getting soaked isn't an option.

The top leaks onto the driver's seat. In the winter this means I hop into a block of ice on the seat, and in the summer I'm stuck with a moldy-mildewy seat. Not fun.. On warm days after a rain, the puddles of water that accumulate (even with the drains pulled), can evaporate and have on multiple occasions left my gauge clusters and all the electronics (lights, wipers, turn signals) dead, until the jeep dries out.

The jeep is easy to work on in terms of suspension and such, but everything else is now all electronic, so it's mostly all dealer work now. Plus, I live in an apartment complex without a garage, so it's difficult to work on her as it is.

Since the warranty will expire this summer, I'm really considering trading it in while it's still worth something, and before something expensive breaks.

The 200k in Debt is quite a bit... But I'll also be making enough to pay it down fairly quickly. I do recognize it being substantial, but even buying a Tundra wouldn't be completely out of my means.

However, I did sit down with my much more financially sound fiance (has been working making a healthy salary for 2 years now, living at home with the parents, and debt free), and we both decided no matter what, I will only spend $450 a month on a car payment. It'll allow me to comfortably live on $1200 a month, while I throw 3600 a month at student loans. That should allow me to have my loans paid off in 5 years. We'll be marrying in late 2011, so 4 years after I marry, we can start home-shopping with a clean slate.

 

wait until your warranty is up then get the Tundra if that is really what you want

 

Whatever you do, DONT SETTLE. Nothing is worse than paying on something you dont LOVE. Either buy the Tundra already or wait til you can comfortably by it.

 

I'm with paying down some of your debts first, that's more important. Especially with that much in student loans. I was lucky to leave college with under $20k in loans.

 

Its a 2007 Wrangler? Bummer, 4 doors are cool but Jeep (Chrysler) had a brain fart when they put that cheezy V6 engine in it. Plus, its the first year of a brand new vehicle changed from the ground up so problems are almost expected.

Hmm... Thought about selling it on your own and buying used? Trade in on my old Cherokee was $1800, sold it on my own to the first looker for $3200. You will get way more money if you do it that way.

Find yourself a nice pre-owned first gen Tundra. Those are super nice rigs and tough as nails. I personally think they are built better than the current generation Tundra and look better. Find yourself one as new as possible and/or Certified and you will be good to go for a long time. Guy at work has a 98 Landcruiser with the same V8 and he has never had one problem with the truck in the 100k that he has had it.

Its ultimately your decision, but I have been in your position before and if I could do it over again I would avoided that nasty car payment. $450 car allowance is a lot of money, just think if you threw that at your loans too what kind of debt damage you could do.

 

Something else to think about if you're getting married.....you're wife might be thinking about wanting to get out of that apartment and into a house..... possibly have kids in a couple of years.....it's tough getting a loan when you owe twice as much as you make. It's all about priorities in life and you getting married and having a mass amout of debt, buying a new truck should be the least of your wants. If the Jeep is inconvenient, my recommendation is to sell it and get yourself into something like a used Honda Accord or Toyota Camry that will keep it's value when you go to get rid of it for that new Tundra. Keep that car a couple of years when you find out if your job is stable, then move into the truck of your dreams. Do you really need a truck, or just want a truck? YOu live in an apartment, how much stuff do you really need to haul? The job market is unpredictable due top the economy. You're lucky to be walking into a job out of college at $100K. I knew a couple of guys who left the military with high degrees of training into a 6 figure job, only to be laid off in less than a year due to downsizing. It's funny hearing all the young guys telling you to buy on impulse and the older guys telling you to think it over. Basically if you had to come here asking for advice the choice you need to make isn't the one you want to make. Good luck.

 

If the jeep is that bad and is going to affect your job...get something USED to replace it. New cars are great if you have money to burn. You can get a great low mileage second gen taco for 15k.
(cough <---)

Ride out some your marraige, pay off some debt, put some in the bank for a house or just let it earn interest for you.