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Old 09-03-2010, 08:42 PM   #1
RoyB [OP] RoyB is offline
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Trade the Tacoma?

Looking for some suggestions here. I need to knock some of my monthly debt down. Figured trading my 2009 in on an older vehicle would be a good start. Well, used toyotas are not cheap. Looked at a 2006 4 runner. Nice vehicle and the v6 felt more powerful than mine for some reason. Seems kinda big for what I need, although way more comfortable.

I priced out some new off road models. Looks like 2k off sticker is what they will do. OR stickers around 30k, so I'm looking at 28k before trade. I owe a little over 17 on my trd sport with 37,000 miles. Trade in is roughly 23,000-24,000. I have to get my quarter panels fixed to get the full trade though.

At any rate, I'm looking at a minimum of 5k equity I think. With that equity I could roll into a new offroad model with 1.9% financing for roughly 400/mo over 5 years or 340/mo over 6 years ($200 extra toward interest for the last year). I'm currently at 2.9%. Starting over would add 200 towards total interest paid if I stick with 5 years. Not bad IMO.

Looks like 2011 models are pretty much the same. Really wish they would had gotten the 4runner engines for better towing. Prolly next year.

Would I be better off waiting for 2011s to come out for bigger rebates on 2010s? May lose the 1.9% financing though. I'm paying almost $500/mo now. Getting a new model financed over 6 years (that last year is small on interest) would be saving me at least $150/mo which is pretty substantial IMO.

So what would you all do?
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Old 09-03-2010, 08:57 PM   #2
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If you're really just looking to get your monthly payments down, your best bet might be refinancing the truck you have. If you did a 6 year refi, it would reduce your monthly payments by whatever you have payed to this point.

I don't know if you'd really make out in the long run trading a truck so new.
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Old 09-03-2010, 09:15 PM   #3
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either that or getting something considerably cheaper
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Old 09-03-2010, 09:15 PM   #4
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If I refi 5 years @6% I would save 150/mo. However, I would also be paying an extra 2,000 extra towards interest on top of what I would normally be paying. Rather putthat $2000 on the loss of trade value and end up with a new vehicle out of the deal for $50/mo more.
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Old 09-03-2010, 09:18 PM   #5
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RoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shed
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Quote:
Originally Posted by mattleegee View Post
either that or getting something considerably cheaper
Suggestions? Must be able to tow 5000# and 4wd if my primary vehicle.
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Old 09-03-2010, 09:22 PM   #6
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Quote:
Originally Posted by RoyB View Post
If I refi 5 years @6% I would save 150/mo. However, I would also be paying an extra 2,000 extra towards interest on top of what I would normally be paying. Rather putthat $2000 on the loss of trade value and end up with a new vehicle out of the deal for $50/mo more.
Yes but you said you were trying to save monthly. If you buy a new one you'll be paying $50 dollars more. So you'd go in the wrong direction of what you wanted to do.
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Old 09-03-2010, 09:24 PM   #7
What is this "search" you speak of?
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Get yourself a H3. They are great vehicles and everyone on this site loves them. So be sure to stick around and post lots of photos of it here after you get it.
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Old 09-03-2010, 09:27 PM   #8
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Equity Hit

Oh man.

Even nice trucks like ours lose *so* much money the minute you drive 'em off the lot and in that first year.

You've already absorbed the hit once.

Monthly payments is only part of the equation - the other part is how soon you can get that debt paid down and own the truck outright.

With the 500 monthly payment - you're going to have your current truck paid off in less than two years. Isn't there some other way you can manage until then?
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Old 09-03-2010, 09:30 PM   #9
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Quote:
Originally Posted by Andrew H View Post
Get yourself a H3. They are great vehicles and everyone on this site loves them. So be sure to stick around and post lots of photos of it here after you get it.
X2. I hear the 2007 Tactical H3 are the siznit! And they have a faux front and rear lockers....
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Old 09-03-2010, 09:43 PM   #10
RoyB [OP] RoyB is offline
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Quote:
Originally Posted by Mr. Brown View Post
Yes but you said you were trying to save monthly. If you buy a new one you'll be paying $50 dollars more. So you'd go in the wrong direction of what you wanted to do.
I agree. I don't think I could stand losing another 2000 towards interest though.

Quote:
Originally Posted by bjmoose View Post
Oh man.

Even nice trucks like ours lose *so* much money the minute you drive 'em off the lot and in that first year.

You've already absorbed the hit once.

Monthly payments is only part of the equation - the other part is how soon you can get that debt paid down and own the truck outright.

With the 500 monthly payment - you're going to have your current truck paid off in less than two years. Isn't there some other way you can manage until then?
More like 3 years. I owe $17500. That's about 36 payments. I will lose roughly $6,000 over 2 years of ownership, or 15 cents a mile. That's not bad IMO. Even if I lose $8000, that's 20 cents a mile. Still less than typical vehicle depreciation by a lot.
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Old 09-03-2010, 09:52 PM   #12
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RoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shedRoyB is one of the sharper tools in the shed
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Holy hell those h3s are expensive!
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Old 09-03-2010, 09:53 PM   #13
BECAUSE INTERNETS!!
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Holy hell those h3s are expensive!
you misspelled lame
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Old 09-03-2010, 09:53 PM   #14
What is this "search" you speak of?
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you misspelled lame

haha. funny.
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Old 09-03-2010, 10:19 PM   #16
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wait they are fake lockers?
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Old 09-03-2010, 10:24 PM   #17
What is this "search" you speak of?
Andrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shedAndrew H is one of the sharper tools in the shed
 
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wait they are fake lockers?
Can't be fake if they aren't even on the vehicle.
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Old 09-03-2010, 10:31 PM   #18
BECAUSE INTERNETS!!
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theyre "imaginary"

way better than a tacoma
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