Should I trade in my 15 for a 17?

Looking through 3 pages of comments all I could do is laugh at the comments, because I already knew what the comments would say and who most of the posts would be made by

OP

My suggestion is, don`t listen to those that are pissed because the Taco was changed and they can no longer say that they have the latest and greatest, I will not suggest for you to keep it nor sell it, do what makes YOU happy.

 

Agreeded, the only one who truly knows the OP's financials is the OP. If he can swing the payment and that's why he wants, do what you think is best, or you want. everyone has a different perspective on things and in life in general. Everyone here is going to has some type of different opinion or reasons, even if there answers are the same. Just take some of the responses and weight the positive and negatives, and make your own decision. Best of luck to you

 

Look for several threads of people who regret trading a good 2nd generation for a problematic 3rd generation, this should help you decide.

 

Keep the 2015. I know I wish I did. I sold my 15 for what I paid for it right before I PCS'd to Korea. I wish I would have put mine in storage to wait on me. Now I'm heading to Anchorage AK in February and I have no clue what 4x4 I will get when leave Korea. I like the new interior. But that's it. I wish they would have put the 4Runner engine in the new one. Not a smaller low torque fuel economy motor with poor gearing.

 

This is hilarious.

Back in 2005, I bought one of the very first second gens and proudly posted pics of it offroad on TTORA.

And I got an unbelievable amount of the same shit I'm seeing here.

They trashed the second gen because it's too big, and the electric transfer case was unreliable, and the new motor had too much extra crap on it, and the first gens were just BETTER.

Carry on gentlemen. I'm enjoying this.

 

I have to agree with this, I spent a good amount of time in a 2nd gen and can truly say that the 3rd is a much better platform in many ways. I think people are not giving it much credit because of the problems it has, give Toyota some time and this truck will have everything worked out. The reliability is great on the 2nd gen and I will never argue that but let's be real here for a few minutes, the 3rd gen is a much better all around truck. The power is better, the drive is better, and the options are way better for a 30k plus truck.

 

OP- I don't care what truck is "Better", you are trying to rebuild your credit, that tells me that you more than likely have no savings. If it was me in this situation, and I was once there, first explore what your options are as far as getting the truck loan in just your name, and Wells Fargo may not be your only solution. Check other places. ONLY change over if the rate is the same of less, you will not gain that much (credit score) by removing the cosigner. Pay off the 2015, sounds like you only drive about 5k a year, so you will have what 30k on the truck once its paid off? Shit she is just getting going and then if you want to trade, you will be looking at a very nice trade in and a better interest rate. I would be more concerned about getting a few credit cards open and NOT USE THEM!!! DON'T CLOSE the accounts, that hurts your credit rating. When I was buying a house, I closed a bunch of credit cards and other accounts, my Credit score tanked and my loan officer explained why to me. Took an extra year to get back to where we needed to be.

Now from a banks and Toyota perspective, Trade that thing in, come check out the NEW 2017s with all the gadgets and new ELECTRONIC features, and yes we will find you a bank that will get you a new loan. Don't worry about the 8% rate, thats just the going rate. (See my point, sure they will take your money)

 

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PS... OP since you don't drive much, can you sell the 2015 and buy a cheaper beater until you save up for a large down payment with a lower interest rate from a credit union (not a bank).

If you can sell the 2015 and break even and use that cash flow on an older truck .. that would be my vote.

 

tl;dr version: Hell no!

My advice:

Start thinking with your head and make sound financial decisions. Generally speaking, trading in an otherwise great 2015 model for a new 2017 model is a poor financial decision.

Forget Well Fargo. Refinance the 2015 with a credit union.

5% interest rate on a 30k note? That's over $100 a month in interest for the first year. A five year $30k note at 5% will cost you nearly $4000 in interest, a seven year $30k note at 5% will cost you over $5600 in interest. Going towards something that's constantly decreasing in value. Contrast to my four year $30k note at 1.3%, paying ~$30/mo interest to start, and a total of $803 in interest overall. With your history you may not get that kind of rate, but I'm sure you can do better than 5%

Work on paying off the 2015 as soon as you can, and use any extra money each month to pay against principle and shorten the life of the loan.

Once it's paid off, keep making the same monthly payments into a savings account. So many don't do this and then find it's a big deal when they suddenly have a car payment again. Better to just keep that "car payment" in the monthly budget always, whether it's to pay against a loan or to save for the down payment on the next one. (and I'll pay for repairs out of the car payment savings)

Continue to work on improving your credit, don't step backwards by increasing your debt load for no good reason.

 

Just evaluate if the truck you already have meets your needs, if so, keep it and don't make any unnecessary financial moves. Keep rebuilding your credit, and shop around for the best refi deal on the truck. Consider a credit union, they often have better rates. Do what is best for your financial health, not the latest trend or wants.

 

That is the in my opinion some of the most valuable advice ever. I have it set up so 150 bucks a week goes directly to my credit union, once the car loan was paid off, i never changed a thing, now its going to the savings until the the truck loan comes into play. I will always have a car payment, or maintenance savings as I call it. Once my wife's car was paid off, I started truck shopping. Once the truck is paid, we will start shopping for her replacement. This way no matter what we always have one vehicle free and clear so if something happens we have something.

 

Yeah, I wish I'd learned it when I was younger. Suddenly having a car payment when you've been living without one sucks hard. It's so much nicer when a car purchase doesn't make a big impact on your lifestyle.

Also, my personal rule of thumb is if I can't afford to pay off a vehicle loan in four years, I'm looking at too much vehicle.

So few people look at total cost of the interest and so forth. I heard a car dealer radio advert this morning touting their "upgrade event" for people to come in and trade their current car for a nicer new one for the same or lower payment. Now instead of being right side up and a year or two from being paid off, they're upside down and seven years away from being paid off. SMH

It's unfortunate how uncommon it is these days for people to actually save money up for rainy days. My family's only debt is our home and loans on two vehicles. We have more equity than debt on our home, and have savings sufficient to cover payments and insurance and utilities for all of them for a couple years. It's amazing how much that reduces one's general stress level.

 

A 2015 is still a new truck in my book... I'd keep it.

 

Frank

Some of it`s jealousy, some of it is from the mine is better crowd, some of it is from the not liking change crowd because they wanted to be able to say that they have the latest and greatest and they can no longer say it, regardless, it`s idiotic and childish, I hope you laughed at the idiots back in 2005 and didn't let it bother you.

 

I would keep it, the new trucks with the tech packages are nice, but there is little difference in the trucks otherwise, I traded my 09 on a new 16 only because I was concerned about the amount of rust on the frame and didn't want to be having frame issues in a couple of years. Mechanically, my 09 SR5 DC LB was fine, I bought it certified used, paid $25,000 for it, 20k miles in 2012 and traded it in August for the 16 and got 20,500 on trade and it had almost 76k miles on it. The older truck had better low end power, the new truck runs better as long as you know you have to rev it to access the power. If I thought that the frame wouldn't be an issue, I would have kept it, the new truck, I will be more diligent in keeping it clean and protected through the winter driving months. The truck you own now was built at the end of a design cycle and should have little if any problems, the newer ones I didn't realize the issues that folks were having until I started subscribing to this forum, but on any forum you will hear complaints louder than praise, but it still sucks for someone having issues who put down hard earned money for a new vehicle that touts reliability as a selling point. As others have stated, about building up your credit and reducing debt load, that may benifit you more than a new vehicle right now, I don't know your situation. It is always tempting to want the latest and greatest, I'm like that with motorcycles to a certain extent, but as I have aged and somewhat matured, enjoying what I have has become better than worrying that I don't have the latest greatest motorcycle, as long as the bike gets me to and from my adventure, I'm content.

 

Maybe it's from the some people don't feel like money is burning a hole in their pockets. Maybe they think refinancing something only to turn around and sell it is also silly. Sometimes the responsible and smart thing to do isn't the most "fun". If it's still so new why not continue to build positive equity and a better credit score?

I dont think most of them care what anybody does with their money but he asked for people's opinions on it so they gave it. Just because you don't agree doesn't make somebody jealous, mad they don't have the newest thing, idotic or childish. It seems you are the childish one who only thinks you are right. You were the same way with the android vs iPhone argument.

If you look at the posters trucks a lot of them have 3rd gens saying to keep the like new 15'

 

Sounds like you can't even afford the '15 so why would you consider upgrading to a '17?

My advice - live within your means!

 

Agreed but watch out someone might disagree and say you're jealous or idiotic.

 

Keep the 15. Most people are going to tell you that the gen 2 4.0 is a better overall truck engine. Not saying the 3.5 doesn't have it's perks but the 4.0 is a more satisfying motor to drive.

 

stop giving logical advice. He is not Japanese, he is American.

We need the American consumerism to keep on going. People like him are what makes our economy the way it is.