What is your payment?

JTFC. That's more then my mortgage payment every month and it includes the mortgage, PMI, homeowners insurance, and property taxes!

 

Yeah...hahaha. I would love to be able to afford some of those payments...hahahahaha


Good ole trusty dusty 1st Gen just sitting there costing me nothing to drive but gas, insurance and oil changes.

 

lol this is me. Trusty 1st gen still only has 156k on the clock. I want a new truck my old Taco just keeps going.

 

yeah I do this, 72m but usually I pay extra each month depending on other things (honey do lists kill me the most during summer). usually I pay around $575/600 a month on the Tacoma (this isn't my monthly payment, just what I pay including extra). so far ahead now on payments that we only owe 18k on the truck after 3 yrs and I can skip payments if I wanted. I am skipping Octobers payment to save for the drone mobile install and do the trade in mid/late October. truck is valued at around 28k and only paid 35k for it.

well you could say the same for a house, no point in buying a house if you cant afford it

 

I've known I wanted a Tacoma of some variety since last October. I figured roughly that it would cost in the mid-30s to get what I wanted, so I decided to put away $3,000 per month so I'd have $36k ready to pay a year later. The new 4x4 Limited, which I am buying, is almost $40k, but I have enough in reserve to pay the extra 6-7k and make up the difference by saving for another 2 months after I get the truck.

Unlike others, I can wait for delayed gratification and not have to buy something right away. That's how I do it.

 

$0.00

 

Who knows. You could roll over tomorrow.

 

If one has the cash to buy a Tacoma, it is likely they have 5-10X times that amount in capital. Few smart people will blow the majority of their savings on a vehicle.

One can buy the 16 Tacoma AND still sell it and buy the 18. No need to wait. The actual cost to drive the 16 is the lowest of any vehicle given Tacoma's resale. If it were a Chevy I would agree, A 36,000 Tacoma ($33,500 discounted) will cost around $10,000 to own for three years BEFORE the discount!!!...Less when taking the initial capital cost reduction (which is why it is so important to get a discount up front)


Alos one has to assume if one is paying $1000 a month for truck, that is likely not an overly significant portion of their income. Like a home would be.

A $1000 note Is like paying cash. Just stretching it over 30 months. The cash value of the Tacoma in 30 months will make a huge dent i the cost of an 18. Its not either/or. One can do both.

If I die..the wife has instant equity and can sell the truck easily and pay off the note.

I don't expect many bugs. Little is new about this truck except the body. Drive train has been used in other Toyota vehicles. Crawl control is not new, the 3.5 is not new.....

 

whEW.....I couldn't imagine buying a new vehicle every 2 years.....

 

Not quite the same thing. A house normally appreciates in value, a vehicle depreciates (even Tacomas). The thing about vehicles is that there are cheaper alternatives to buying new. I'm not criticizing anyone who finances a purchase--I know there are good reasons to do so. I financed my education and graduated 170K in debt (and that was almost 30 years ago), so I have not avoided using credit big time. But a new vehicle, especially one costing over 30K, is to some extent an exercise in self-gratification. I'm just more comfortable not owing money on that kind of purchase.

 

That's crazy to me.. Putting $27,000 down on a Tacoma and then having a payment for 5 1/2 years. Don't get offended, but that's crazy to me.

 

I should have made better choices in my younger years....lol

 

well I know about the house issue that's why I put a smiley face behind it, was suppose to be a fun jab at the issue

cars and a house is like comparing a model T to a Veyron, not even in the same century.

in the end, each person views a purchase differently and how they go about getting a vehicle, justifying the purchase and living with it. some have a very low/low/med/high tolerance for buying a vehicle and what burdens it puts on them.

in your case, you have a very low threshold for burden. nothing wrong with that.

 

Carpe diem!

 

Debt is just a financial tool, mismanaged debt is a problem. I wish I could pay cash but the wife wants a house.

 

It seems that a car payment or lack of seems to be relative to your gross income. For a family that makes more than $150,000 a year , a one thousand dollar monthly payment is a small percent of the net pay. Other things one has to consider are family, age, pension, 403b, and whether one feels secure in our jobs/careers. There seems to be a lot of factors besides the monthly allotment.

 

I felt that way until I turned 42 and paid my first house.(15 year note) Paid cash for homes since...Small 3 bedroom homes.. I found all this new money every month to invest and save. I NEVER even had a new car until a few years ago Hell I never had a car under five years old. Always bought well used and paid cash. Now that all the saving paid off ,Youth today wants it all. NOW..My father said I can spend my life paying interest or collecting it. The latter is far better,

I hear the "Well I may die tomorrow so what the hell" or "You only live once" Problem is people who go into debt with that idea DON'T "die tomorrow, or the next day and next day...

I have no issue paying cash for large purchases and only finance with free or cheap money. My HELOC is 3% but still too much to use and pay interest on.

Of course a new vehicle is self gratification!!! What else would it be. no one NEEDs a new car with today's reliability. But when we sacrifice for 30 or more years scrimping and saving to become financially solvent within middle class standards. We did not buy the big home many in our position did as they got older. (Some did very well buying up, Many lost a ton in the housing crisis buying up) My wife's kids are putting themselves through school like we did. No free rides to party schools. I had to join the Military to get out of the house and learn something and go to school.

It's time we can and should reward ourselves for all the years we sacrificed while our friends had new cool cars and the best of name brand clothing and nice watches and then huge homes. Now that I am 60 I am rewarding myself and spending money I would have never thought to spend on "stuff" Some of it not logical......but that's the reward for a lifetime of sacrifice.

 

I agree with self gratification mark mostly. The way a large number of businesses operate is via credit. They would rather pay future debt with future revenue and not touch their hoard. Apple does this and they ~170 B in cash alone.

 

I'm a little older than you, and pretty much doing the same thing. My only new vehicle was a Honda Accord bought in 1999, and I'm still driving it. Before that it was used cars all the way. Only reason to get something different now is because I recently moved to an area with major hills and dirt roads where I need a 4 wheel drive to get back and forth. Of course, I don't need a new Tacoma for that, but I'm getting one precisely to gratify myself before I'm too old to enjoy it. But if I couldn't afford to pay cash, I'd be back to my old practice of buying used.

 

I got a warning last time I said what I'd pay for a 2016...