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Old 11-11-2012, 06:26 AM   #1
ink junky [OP] ink junky is offline
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TacomaWorld!!! I need your opinion!

A little bit about my situation. I owe $14,500 on my truck, have paid half of it off. I really want to get out of this loan already, but I'm living off of the GI Bill (going to school full time) and living with my sister. (so atleast I'm not throwing away $500-$800 on rent every month in some stupid apartment)

My only payments are the truck: $400 and other monthly costs (gas, insurance, phone bill, groceries) and the total is roughly $1,100 monthly.

I make $1,700 monthly total with disability+GI bill, and not saving as much as I would like to. Ok so here is the real pickle...

I want to get out of my loan as fast as possible, but $14,500 is alot haha. I got my 2010 appraised and their third offer was at $23,500.00 for my truck as a trade in.

I found a used 2012 corolla for $15,999. (only has 14,000 miles) but with their offer on my truck and all the money down I would be able to bring down the total to ROUGHLY $6,000 on the car.

So their offer on my truck: $23,500
and I owe........................$14,500.
I get a total of ................. $9,000 for my truck

The corolla costs...............$15,999 (negotiable)
minus the .........................$9,000
I would then only owe....... =$6,999 ($7,000) instead of my current $14,000.

I know the payments would drop significantly and I'd be saving on gas like it's cool, oh and the look of the car doesn't bother me, it is one of the most reliable after all.

SO, if y'all were in my shoes, what would you do?!?!
I know this is tacomaworld, and there might be some bias towards the keeping the taco, but I would like to hear as many unbiased/honest opinions as possible!!!! Give me your opinion, ask your SOs, your friends, parents, neighbors, and give me their opinions!!

I really love my truck, and from the beginning the plan was to keep her until the wheels fall off or I kick the bucket and to hand the keys over my future son/daughter. The plan was to one day tour the country in my truck after graduation. If I could just win the lottery and pay her off, I could care less about my shitty mpg haha.

I was reading some of Dave Ramsey's stuff and it really opened my eyes to saving much more than I currently am.

A smarter person would trade it in for a cheaper car and get completely out of debt, but I would rather have something I know is very reliable with half of my current debt, but you opinions please!!
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Old 11-11-2012, 06:32 AM   #2
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sell it, then continue to make the same payment as you still had the tacoma (pay off the car and the remainder of the payments go to a mutual fund) Once the car is paid off continue to make car payments (same ammount) to the mutual fund. It will be tight but by the time the corrolla shits the bed you can but a truck in cash. Then repeat. Always make car payments, just to yourself, not the dealer
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Old 11-11-2012, 06:32 AM   #3
Yep
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If it was me I'd sell it and buy a 1st gen. I don't like corollas at all
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Old 11-11-2012, 06:33 AM   #4
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I would get a mid-2000 Toyota or Honda that would be paid off at the end of the day. Plus, the older the vehicle, the cheaper registration and insurance is.
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Old 11-11-2012, 06:34 AM   #5
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^ thats dumb, the first gen will be high milage the corrolla will last another ten years. Youre doing right man. No one looks back on life and counts the truck they had as the most important thing. Debt free is a diffrent strory
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Old 11-11-2012, 06:35 AM   #6
Yep
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Quote:
Originally Posted by j83soldier View Post
^ thats dumb, the first gen will be high milage the corrolla will last another ten years. Youre doing right man. No one looks back on life and counts the truck they had as the most important thing. Debt free is a diffrent strory
No that's not dumb. He asked what would we do. So I told him what I would do
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Old 11-11-2012, 06:48 AM   #7
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Quote:
Originally Posted by buzzard1992 View Post
No that's not dumb. He asked what would we do. So I told him what I would do

Ok, I am a blunt person and I mean no offense but yes that is infact the definition of dumb. He is going to loose on the trade in / selling of his truck no matter what. Why would he buy a 1st with 100k miles on it and in 5 years (optimistic) buy another car with a trade in (1st gen) not worth shit cause it has 200,000k on it. The corrolla is a good choice. Cut what he owes in half, pay it off quick then contiune to make a car payment to himeself. In 6 years he will have 25k in the mutual fund pulling 4-5% (if he doesnt cheat on making the payment to himself) and a corrolla with only 100k on the odomiter yeilding 5kish??? in trade in value that equals new care. I am not attacking you just suggesting that fincial advice from a 20 year old is probably not that sound.
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Old 11-11-2012, 06:52 AM   #8
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I also would go for a used low mileage Tacoma or Frontier. If you have no use for truck though, then I would go for a used low mileage Honda probably.

Why take the hit on a new car if you are trying to save money?
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Old 11-11-2012, 06:52 AM   #9
ink junky [OP] ink junky is offline
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Yea guys don't fight.

The thing is, if I do do the trade, wouldn't trade it in for another truck (even it it's completely paid off) that would defeat the purpose of saving money in every aspect possible. It would be nice to go to a fist gen, but I know I'd just start throwing money into it for mods and no no. haha

I want something that will last a long time like, and if i cuts my current loan in half and an almost brand new car it seems like a win win!!

but I asked for everybody's opinions, and any opinion!

Ahh the problems of a first world country. haha
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Old 11-11-2012, 06:55 AM   #10
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Quote:
Originally Posted by j83soldier View Post
Ok, I am a blunt person and I mean no offense but yes that is infact the definition of dumb. He is going to loose on the trade in / selling of his truck no matter what. Why would he buy a 1st with 100k miles on it and in 5 years (optimistic) buy another car with a trade in (1st gen) not worth shit cause it has 200,000k on it. The corrolla is a good choice. Cut what he owes in half, pay it off quick then contiune to make a car payment to himeself. In 6 years he will have 25k in the mutual fund pulling 4-5% (if he doesnt cheat on making the payment to himself) and a corrolla with only 100k on the odomiter yeilding 5kish??? in trade in value that equals new care. I am not attacking you just suggesting that fincial advice from a 20 year old is probably not that sound.
I never once said what he is planning to do is dumb. I think it's a great idea. In the op he asked what we would do, Which means our opinion(in case you didn't know) so I told him what I would do
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Old 11-11-2012, 06:55 AM   #11
ink junky [OP] ink junky is offline
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Quote:
Originally Posted by AeroCooper View Post
I also would go for a used Tacoma or Frontier. If you have no use for truck though, then I would go for a used Honda probably.

Yea see that's the thing, I NEVER use this truck as I would like to. I bought her when I was active duty and didn't give a $hit about gas. All I do now is go to school and back every day. That will be happening for the next 2 years.
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Old 11-11-2012, 07:02 AM   #12
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trade it in, the money you save in gas would pay for your insurance.
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Old 11-11-2012, 07:20 AM   #13
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IMO, it all depends on how in love you are with the truck. I did basically the same thing you're considering back in 2004. I regretted it for the longest time. Luckily I sold the truck to my dad. I bought it back three years later and ended up with two cars, which ended up costing more in the end than if I just stayed with the Taco. I'm one of the most frugal people out there but I have learned that at the end of the day, money isn't everything.
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Old 11-11-2012, 07:20 AM   #14
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Swap the taco for a relatively low mileage older car, looking for cost of acquisition, insurance, maintenance and repairs. Too old and parts may have wear from being unused and unmaintained. Too many miles and you may have a lot to replace.

The goal is to minimize liabilities while maximizing cash flow and assets. Pay the car off ASAP (400/mo to car still) so you can save the interest payments then after youre paid off, you can save the 400/mo and be in great financial shape (no debt, good savings).

While you will still be expending 400/mo on the car, you will have some addtl cash flow due to lower insurance and gas costs.

Good luck choosing the right bowl of soup Goldilocks!
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Old 11-11-2012, 07:39 AM   #16
ink junky [OP] ink junky is offline
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Quote:
Originally Posted by tacomatrd99 View Post
IMO, it all depends on how in love you are with the truck. I did basically the same thing you're considering back in 2004. I regretted it for the longest time. Luckily I sold the truck to my dad. I bought it back three years later and ended up with two cars, which ended up costing more in the end than if I just stayed with the Taco. I'm one of the most frugal people out there but I have learned that at the end of the day, money isn't everything.
Man you're absolutely right, money is not everything, but in this society, it's a necessity.
I absolutlely love my truck!!! I modded her to the poing where I'm extremely happy with her. She can go through places the majority of other vehicles can't,but at the end of the day I never put her through her paces due to being tied up with school and I'd still be $14,000 in the hole, and not saving as much as I could

Quote:
Originally Posted by slmgt View Post
Swap the taco for a relatively low mileage older car, looking for cost of acquisition, insurance, maintenance and repairs. Too old and parts may have wear from being unused and unmaintained. Too many miles and you may have a lot to replace.

The goal is to minimize liabilities while maximizing cash flow and assets. Pay the car off ASAP (400/mo to car still) so you can save the interest payments then after youre paid off, you can save the 400/mo and be in great financial shape (no debt, good savings).

While you will still be expending 400/mo on the car, you will have some addtl cash flow due to lower insurance and gas costs.

Good luck choosing the right bowl of soup Goldilocks!
That's why I have the this particular corolla in my sights. If I really try, I can have this car paid off in 4-6 months.

Yea, danke für die Hilfe!!!
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Old 11-11-2012, 07:42 AM   #17
ink junky [OP] ink junky is offline
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Quote:
Originally Posted by EATABULLETcom View Post
I don't think the corrolla will do as well as the taco at the next spi meet

Jesus, that is the second biggest hold back. As silly as it may sound!!! I got that ball rolling three years ago, and would hate to "hand it over" to someone else. It's an experience in it's self!!!

you got $14,000 I can like...have...? haha
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Old 11-11-2012, 07:43 AM   #18
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Ya gunna part out.. Trade it in and get something cheeper. Look for a 2011 or 2010 Camry or corolla. They might be cheeper.
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Old 11-11-2012, 08:19 AM   #20
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I just did this-- traded a truck i owed about half on for a car. Ended up getting a new 2012 Nissan car. It gets 40mgs and I no longer have a payment. Turns out I like the money savings more than I liked the truck, so I'm happy with my decision.
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