What is your monthly payment? Please read.

Yup!

 

LOL so true. I talked myself out of so many deals when I was 20 that I signed on later anyways.

I'll be honest, I still do overspend from time to time but I make enough money that I can always cover my bills. I never put myself in a situation where I am left asking myself how to pay a bill. That's always the key thing.

The wealth part or easy living at 50 is different for everyone. Some people want that goal others don't. I'm having kids right now. At 50 I plan to have a healthy retirement fund but almost no savings because I want to help my kids through college. Not pay everything but I don't want them worrying about 50K in student debt either because in Canada we are heading down the same road as you guys are with crazy tuition costs.

 

If you buy a Third gen Tacoma at 50 years old, your midlife crisis will be complete.

 

some crazy numbers in this thread.....

i will say, for those borrowing... instead of paying it once per month, pay it every time you get paid. lets say you get paid every other week... take your payment cut it in half and pay that amount every check.. the impact on the time to pay it off and the interest paid is amazing.

 

Save your cash! Life is stressful enough without having to worry about a truck payment. Like anything mechanical sooner or later it will break down. All this new stuff is amazing when it works, but hella expensive when you need to repair it. Other incedentals like insurance is also a consideration. Your day will come it's just not now.

 

Got mine at 46, and put a bunch of Captain America shit on it. The Wife says I'm the world's oldest teenager.

Don't care.

 

Im almost 25 and still live at home although I'm looking at apartments now. I had a 12.5k down payment. My payments are 425 a month but like you I got a great job at a bio-pharmaceutical company making more than high teens/hour.. I had good credit though too.. Depending where I get an apartment it may become overwhelming to make a payment like that on my truck in which I may have to trade it in for something less expensive... But I absolutely love my '16 TRD Sport DCSB 6 speed.

 

I have a firm belief that you should never have unsecured debt (CCs, Student Loans, etc.) if it is more than your liquid assets. In addition to that, if at all possible you should never have negative equity in a house or vehicle.

This is easy with a Tacoma because they hold their value so well. Put a decent amount down and you're fine. If you feel you need gap coverage, you probably shouldn't be making the purchase to begin with.

 

Did you remind her she's married to Capt America? You can do whatever you want!

 

I've seen this movie! Is it the sequel?

 

You could get creative as well, look at kijiji BC. The US dollar kills the Canadian dollar and if you are buying something from 2012 or later it won't have a warranty anyway. Just buy from somewhere that has minimal winter.
If its made in North America its easy to import vehicles back and forth.

 

I didn't read all 7 pages, but OP good on you for being thoughtful about your finances. Don't buy new and bury yourself in debt for depreciating metal. I'd drive your current truck in the ground. In my early 20's I drove an old Pathfinder and old Ranger both purchased for under $3k. Then I bought a Honda Fit brand new for like $17K. Drove it 4-5 years. During this time I worked hard, spent a little, lived, and saved a bit. I'm now 35 and my truck payment is Zero and mortgage is under $1K. Couldn't be happier.

I do not regret the time I spent saving and driving old trucks.

 

Old trucks have character! Thank you for the response

 

This is not a bad plan. Buy from anywhere in Canada though. At only 3-5 years old rust won't be an issue. Just make sure you get pics of the frame.

IIRC the Highways in BC uses more salt in an average winter then Alberta does lol. BC is not itself safe since the temperature often hovers just above or below zero with tons of moisture.

 

I think you could pull off a new Tacoma if it's what you want. It's not the best financial decision but it's also not the worst. What you need to watch out for is how much you will pay in interest. You may need to decide up front what it's worth in interest alone to have it now instead of later. If you can only manage a 6+year loan with a high interest rate you will end up paying thousands in interest. That being said if you can get a good interest rate and pay it off in a reasonable amount of time you won't pay that much in interest.

Here's how I sit currently at age 23 with a 17 trd or dcsb 6mt.
Financed 35k over 4 years at 1.8**. $760/month payment. Made a near $10k payment the day the loan went live. Should have it paid off in roughly 2 years instead of 4 by putting extra income into the loan. I did the math before purchasing and total interest paid shouldn't be more than $1000, less if I'm diligent about putting all extra income into the loan. I determined that amount in interest to be worth getting it now instead of 2-3 years from now.

**: I had help with this. When I attempted to get the loan by myself I was offered 4.5 or something. I would not have done it at that rate. My parents offered to cosign the loan with me and that's how I got 1.8

 

I would say if you need the truck, and use it for what it can do and for where it can take you, then its fine to go after it, as long as you dont empty your checking account doing it. I would love to own a house where i live in southern california, but the average "low" price starts at 700,000 dollars and goes up to 1 million. Being 32 now, i wish i had money saved up for a house. But with the wife and 2 kids, a jetski, 2 atvs, boat, dog, etc....i just dont have it. Having too much fun with all of our toys and family trips and trips to the lake to save to buy a house, for now. You also need to see what is most important and what makes you happy. For me, my family time and our trips together are just that. They are called memories and we have a ton of them. But, thats me. it is extremely sound advice to save your money, it will benefit you later on as well

 

OP, I was in the same boat as you a about a year ago 21, had a job out of college aligned and a stable income at college (Desk Job at dorms...). I had a 2009 Mazda speed (1st car bought on own) but wanted the brand new 2016 3rd gen Tacoma fully loaded however, with my trade/sell out right plus other offers I would of put down about 17k total against it leaving about 18k left @48 months/monthly payments 375$ dollars or so. I decided to go used and a 2011 TX Pro (fully loaded more options than the 2016) with just under 50k miles for 25.5k. Took out a 48 month at 1.9% payments are $200 have not looked back at getting a 3rd gen. I was able to save more on this truck and pay it off faster I only have a few months due to actually working full time now. I live on my own as well and have the same expenses: Rent, Insurance, Ect. It a tough decision although in my opinion "used is like new to you" if you have not driven it before. GL Man let us know what you do!

 

You need to look in Victoria, or lower mainland. Most winters are not like this one. It is bad this year no doubt !

 

I live in Berta man but drive through BC a lot. I agree that the lower mainland is better for winter conditions but I'd hate to see someone limit there search when there is less tax here and more dealers willing to move trucks because of the shitty economy. Again, at 3 years old, what does OP have to lose by buying from the rust belt if the frame looks good?

 

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