How in debt are you with your Tacoma?

Whats the interest rate?

 

Price went up

 

6.99% i had 2.99% on my last tacoma that got totalled and then my wifes 07 CRV is at 2.2%

 

Probably something computer related. My friend started at 70k and thats considered low.

 

LOL whats funny about that is i have been working on computers, building and fixing on the side for years but i dont have the focus anymore to go back to school to sit in a chair make it a career too for a certificate...

 

90k a year isn't that much anymore to be perfectly honest, and that's not abnormal in my group of friend for an income. Sure, some of my friends make 35K a year, but a couple make 150K too... which is really my point. Everyone has different financial situations and saying that it's always best to save for something like a vehicle is not necessarily the best option for everyone.

 

I should have been more specific, software development.

 

$90K CDN = $67K USD

just sayin

 

Yup. I forgot to mention that lol. Our dollar doesn't go as far up here. The average family I know with a house and truck payment makes at least 100K or they won't be making ends meet for long.

 

If you take into account the difference with PST that's over a 15% price increase over the span of one year. Crazy.
I guess you can blame the falling Canadian Loonie for that one.

 

And there are certainly those/some who can cut a check but, decide to leave the $$ invested when money is really cheap (0%).

I'd argue that's a good choice.

 

Such a Troll how is your 9er doing?


Why dump $30k from your pocket when that $30k can do better/make money somwhere else? Take advantage of low interest rates, it can't last too long.....in fact we are way overdue for the increase...God help us

 

Zero, zip, nada. Assuming debt on a depreciating asset is just not good financial sense. I realize, some people have to have reliable transportation, but they can get that easily with a new car under 5k. They don't have to have a more costly truck. My Tacoma was the first NEW (for me) vehicle I've purchased since 1975. I've bought a few for my wife, with cash, but not for me. I'm incredibly blessed that I can afford to stroke a check for one without any concern but it took a while for me to get to that position. Unfortunately for most people that isn't the case, and it is likely they have financing on their vehicle which is not in their favor. Paying it off early will still cost more in interest than a 'simple interest loan' because the note is likely written under the 'rules of 78'. My advice, if you have a vehicle loan pay it off as quickly as you can (even if under the rules of 78). Every dollar paid out in interest is a waste, and takes away from other things you can do with it.
Off my soap box now. I feel better.

 

No matter how much you may owe, I bet no one here owes more than their tacoma is worth.... unlike those who bought a new domestic truck off the lot.

 

Nothing wrong with people owing money on a vehicle. It's not an investment. It's an expense. It's pretty high and mighty to say people shouldn't take out vehicle loans to 'live beyond their means'. I bet buying a tacoma new and driving it for 15 years would cost you less than if you bought a few cheap vehicles during that time and had to do all the necessary repairs along the way.

 

I put $15k down and borrowed at 1.9% for four years. Inflation is 2% annually on average. I'll have it paid off in 36mos. I always borrow for more years and make a bigger payment. If shtf then I can go back at a 30yr mortgage payment and a 48mo truck payment. This frees up $1000/mo. Debt is the most powerful tool that we all have. Use it for good and you will prosper, use it for stupid and you will be beyond poor for eternity. I have never paid 1 penny of interest on a charge card. The bank is paying jack shit for interest, so it makes it hard to give them savings. The interest rates are low, but it can't keep going for ever. Inflation will be rampant in the coming years. I have positioned myself to reap the benefits rather than pay the price.

 

My 13 was paid off 9 months after I bought it. Like many other have said, I don't like having dept. everything I own, to include the credit card, the motorcycle and the wife's car is paid for. The only exception being the house, which will be well before the 20 years I took out a mortgage for.

I'm not against financing anything, it just blows my mind when people will take out loans to mod their trucks that they still owe 20k on. I've never considered taking out a loan to mod anything, let alone something that I truly don't "own" yet. Like other have said, live below your means.

 

It would have been $41,300 out the door for the sport premium as it stood.

I added on everything the dealer had available, big discounts on the upgrades (shopped around and I would have been around $53000 at other dealers) so I was happy with 47k out the door with the truck all dressed up by the dealer maintaing a full warranty. Spent another $1500 after I took it home on head lights AFE CAI and a TRD cat back (didn't void any warranties with those, yes I checked)...so all in as it stands now this taco cost just under $49,000..or $37,000 for our friends south of the boarder.

 

What if it's a business expense? In my case I would be stupid not to finance or lease a new car. The government rakes in plenty on income tax..I might as well enjoy a nice truck.