new truck options poll

I am looking to save money monthly. I am currently paying about 480/mo for my truck. 3 years left on it. I have been new tacoma shopping and I can save roughly 40 bucks/mo by going into a 2010 offroad model.

Here are some other thoughts-
I owe 17,500 for my truck. It is worth about 21,500-22,000 as a trade per a couple appraisals. I can get an older truck- tacoma, for around 13K for a decent first gen. Would get roughly 4K for mine so I would have to finance 9K at a higher rate than I am now. But, still, financing 9,000 @ 7% will cost me 277/mo over 3 years. A savings of 200/mo and not extending my loan.

Other idea is to get an older 4-runner- year 2000 type. I had one and it was great. They are going for around 10K with close to 100K or just over. I would probably have to put it on my CC cause I don't think I can get financing for something that old. But still, I would be financing about 6K= $185/mo for 3 years for a savings of 300/mo! Only concern is something going south on the vehicle and I am stuck borrowing my parents car till I fix it.

Or, they are giving crazy deals on new tundras, 3500 cash back. Sticker on a new 4wd 5.7 tundra is around 33K. Invoice would be around 30K and 3500 off of that would be roughly 26,500. If that is possible, it would be cheaper to go with the tundra, even if its 27,500 cause the cheapest I can get a freakin 2010 tacoma is 29,000! So, financing @ 4% would be roughly 420/mo, saving me $60/mo.

Or I can do nothing and continue paying 380 for another 3 years.

 

Do whatever reduces you total debt liabilities. Including selling the motorcycles and any other toys you may have.

Long term...it's not about monthly payment amounts...it's about your total debt.

 

I've had the honda for sale all year. Just put the harley up a couple weeks ago. nothing but low ball offers :-/ FWIW the harley is paid off. truck and honda are not.

 

What about refinancing your current truck for a lower rate? I refinanced with my credit union. Saved me some money per month. You could also extend it out a bit if monthly cash flow is a problem (48 months). You have equity in the truck so they should give you a pretty good rate. You'd pay more in the long run but it might ease your burden in the short run.

With the Tundra, figure in any other costs you would incur such as extra gas, insurance, etc. Those numbers might make the 1st gen more attractive.

 

THIS.

Do NOT car shop by payment! That's how you get screwed! ALL debts should only be priced by TOTAL DEBT AMOUNT, because THAT is how much money you end up spending. You save money by SPENDING LESS, not by having a smaller payment for more months.

If your current truck only has 3 years left on it, stay with it. That's the deal that will cost you the LEAST in the long run - especially since it's a Toyota and will not need to be replaced for a long time after it's paid off.

 

Well, my current rate is 2.9%. I am not shopping only by payments. I am taking into account purchase price and trade value as well.

I test drove a tundra today and I really liked it. Would be a lot for towing my camper with, thats for sure. 20" longer than my current truck though. Seemed liked a mile!

 

Think I am going to go with the tundra. I have gotten a couple quotes of 29K for a well optioned tundra that lists around 35,500. 5.7 v8, 4wd, double cab, etc. That is just way more vehicle for the money than the tacoma is . If they had put the 4runner v6 or the 4.6 v8 in the tacomas it would probably be enough to sway me. Hopefully by the time I get sick of the Tundra the new tacomas will be out and awesome. Meanwhile, I can't wheel a tundra, so I will be keeping an eye out for a cheap 4runner or 1st gen tacoma!