I may not be able to afford my 2017 Tacoma TRD OR LB

$45k out the door! Did he roll $5-6k worth of negative equity from another car into that purchase or does it contain a $3k extended warranty and $750 gap insurance rolled into the loan.
The latter would shave $4k off the principal if that's the case.

The OP only posted one time so we didn't get all the details about his monthly payment, term, and if he put any money down. If he financed the full $45k those payments are huge. About $800 a month for 60 months or $684 a month for 72 months at 3%. Ouch! That is rent on a really nice ampartment or a small cottage/house in my area.

If he owes Close to $45k and there are no dealer add ons rolled into the loan he is about $10k upside down on that truck. He will take a serious beating trying to sell it and if he doesn't have any savings to pay off the $10k in negative equity, he would have to take out a $10k personal loan to get the truck sold because he can't sell the truck if he can find a way to get the $10k difference up.

If he gets denied the personal loan he is basically stuck with that truck until he gets right side up on the truck.

Get ready to eat rice/beans and 1.00 packs of starkist tuna for lunch and dinner every single day, no going out to eat, no going out on dates, no vacations, and nothing but going to work and sitting at home until this negative equity is gone.

He is going to have to ride it out for a least 18 months before he can get in an equity position to sell that truck.

 

Which is why lots of people are leaving California.

 

Which is why you kinda need to run the numbers BEFORE you start shopping and actually buy something.

 

I live near this guy and you can't get much for $800. It has nothing to do with you. Don't worry about what other people say they spend and blah blah.

Do what it take to keep the truck. You may need to sell some mods to keep up initially but your going to end up with it in the end.

You go take a bath now, you going to be in a POS vehicle after you factor in your negative equity to have any payment cheaper.

Stick it out.

 

cool, will bring the property prices down

 

he posted a second time with details 60 months at @ 2%, loan includes bed cap, tax and title.

 

With the new apple building going in prices are getting a little rediculous.

$800 a month won't get you anything around here at all.

 

https://www.toyota.com/configurator...olor/FD15/packages/option61/accessories/R6-R4
His truck is $41,598 MSRP with delivery fee.
With 7% tax is $44,510 + Title fees.

If he got the cap included in the price, then he actually got a decent deal... (free $2500 cap).

His purchase price for that model is not too bad. His ability to be able to afford it is a diffrent question.

 

its unbelievable that these trucks are stickering for just is much as 3 series BMWs and Audi A3s.

My truck MSRP for $36,930 for a stripped down TRD off road with no premium and tech package and just tow package and side steps as the only options and I thought that was a lot of money. I paid $34,800 before taxes and fees. $36,233 out the door. Put $10k down and financed $26,233 with $492 truck payments for 60 months.

I am not financially responsible either since I make $60k a year and bought a truck that is 60% of what I make in a year but I have $29k in savings from saving for the past 4 years since I graduated college.

The op is young so he will bounce back from this but he is going to have to make a lot of sacrifices to pay off that truck.

 

Only the poor people, the rest of us are buying their homes and having families.

 

*humblebrag*

 

There is a lot to love about California. Cost of living isn't one of them unless you make so much you don't feel it.

 

Funny thing is, I'm in the same boat as you are. I bought my Taco a little less than 2 years after graduating. $10k down with a similar loan for 36 months my payments are $750. I make around $80k a year, even in my case, this purchase is not financually responsible.

 

Wow that is pretty crazy. Honestly as others have said sell the mods or return them. Stop now until you are financially secure. $800 a month on a depreciating asset plus mods really isn't worth it.

I firmly believe in not living beyond your means because if you say lose your job or have some sort of emergency expense you could be SOL.

If I was in that position I would just stop modding, keep the truck since you're gonna lose your shirt on it either way and just wait for better times. Or if things are super tight... sell it and downgrade.

 

The title of your post should actually be,

I don't know a damn thing about how to manage my cash flow or living within my means, and because of this I now realize that I can't afford my 2017 Tacoma TRD OR LB

 

877-CASH-NOW

 

Truth is they don't have to. A brand new 2017 base model 4x4 Tacoma is ~25k and with a mere $4k in mods it will blow a $45k TRD PRO out of the water on the trail and have just about the exact same capabilities in nearly all situations, the only real exception being towing heavy (over 3000 lb) loads. People get so caught up in that sticker on the bedside and a laundry list of unnecessary gadgets that they are willing to damn near starve for it.

 

Not bragging. I just said I am no better than the OP.

I don't even own a house. I'm still renting my 900 sq ft duplex for $675 a month.

 

OP- from reading your posts, sounds like you can make it work. I would not sell the truck, I would cut off all ties with TW and any other truck/modding forum/magazine or commercial. If things stay like they have been in the past, this truck will be worth it when it comes time to trade for another ride.

800 bucks a month is a big auto payment, but I would be careful refinancing, as your at 2% now, and that's pretty dam good. If you can refinance at that same rate, then ya it's worth it now, but is the extra interest over the extended time wort it?

 

Not really doubled, you factor inflation and you'll see you're getting almost twice the truck for a just a little more money.

Here's a sticker from a 2003 AC 4X4 that was $25,800.


I remember my brand new 04 4X4 DCAB being right around 30K for MSRP. Put 2004 dollars into 2016 and you'll see you're much closer in price.

My 2016 DCLB OR 4X4 MSRP was 36K.

Fyi, $30K in 2004 equates to about $38k in 2016.