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.