Upside down Negative Equity, possible to upgrade?

I have been in this situation when I was younger. A series of terrible decisions left me upside down on a truck. I racked up MANY miles in the 3 years I had owned it. It was to the point it was wore out. over 200k miles. I bit the bullet, made double payments, paid it off a lot sooner.

That was the only responsible choice to make. You roll vehicle after vehicle and before long you owe 20k on a 10k vehicle.

Keep your truck till you are in a situation of positive cash.

 

Can you upgrade? Yes. Should you? Absolutely not. If you can't get right side up on this truck, you will just be literally digging yourself into a hole with a new one.

 

This x10. I just so happen to fall in the younger folks finally having a steady paycheck category. I realized my mistake after about 6 months and luckily was able to fix my situation for the better.

 

^this

Never roll negative equity into a depreciating asset, that's a bad use of capital.

 

Amen.

I leased my truck, with option to buy. Screw the high payments. The one thing I did though, was put a shit load down. And after the lease is up, I'll have saved up for the residual. I buy the truck at the end of the lease, and put the equity into a brand new 2018 Taco. Works for me. Do what the hell you want to.

 

Guessing the OP is long gone but give the guy a break. I doubt he's "paid his dues" like some of us have with the negative equity and honestly I have done it... stupid deals from the stealership. A country that thinks 20 year olds should drive brand new cars with a new house and banks that once gave credit if you kind of looked like you could make 10 bucks an hour. A lot of us even a bit older got burnt in 08 09 so yes I get the hard line "don't do it you can't afford it" but with such limited information I won't be judgemental for sure.

 

It's all about tough love.

 

Had a soldier do an 84 month term on a vehicle for 30 gr

I don't think anyone was giving him a hard time just the nasty truth. Things I wish I would of heard before my mistakes. Of course nobody wants to hear it.

 

I read a couple of comments referring to the OP as stupid and other insults on the first page about his previous purchase even up to this point. That's not the nasty truth. That's just insulting. Not saying that you did it but it's pretty disappointing to see members hurl insults at a guy just asking a question. OP probably already knew the answer was not to do it, but wanted someone to tell him his concerns were right. There are plenty of ways to tell someone somethings a bad idea without insulting there intelligence.

Negative equity puts you in a hole that can be hard to get out of. It also wastes money by placing interest payments on your previous payments. Don't do it unless you absolutely have to. Needs before wants. Right now you want a 4x4 but you probably really don't need a 4x4. See how I made my point and didn't insult the OP at all?

 

I saw a few of those post I was referring to the ones that were honest and not sugar coated. Lets just hope the OP disregards the insults and considers the good advise.

 

Ya know, an automotive forum is not the place to hang your laundry. No surprises here. I would NEVER ask for an "opinion" on a forum, unless I was somewhat masochistic!

 

What color truck should I get?

 

Buy a used 4.0, swap 2.7's clean parts over, surrender 2.7. Lol!

 

Let's start a poll = what's your favorite Tacoma color? LOL

 

One thing I've seen here lately are ridiculous loan terms. I got a flyer in the mail a few days ago offering 120 month fiancing on a car loan. No way I would pay on a car that long.

 

310 a month at a 4.5 interest rate on a 30 grand tacoma not too shabby lol. Only takes 10 years to pay it off.

 

$7,309.83 in interest

 

WHAT!?!?!?!?!?!?!

 

who cares your payments are ONLY 310 a month!! Thats what the dealers always say anyways

 

I heard someone say that the average car loan is approaching 7 years long. Crazy. I remember my folks talking about how crazy it was to borrow money over 5 years in the 90's. By the time my kid grows up you'll be able to mortgage a car...