Looking for serious advice.. Should I sell my Truck? Struggling.....

I have a strict no minivan policy in my household

 

Or soccer moms

 

Taco or minivan? Like those are the only option? You guys...

I say try to get into a lease. You always have the option to buy at the end of the term anyway but this way you're payments are cheaper now and you have spend the next 5 years thinking about whether you want to buy the truck out or trade it for a new lease again.

 

What you could do if you want is you could get rid of your truck but get another one that can qualify for a lease. Lease for 2-3 years so the monthly payments for when you go to buy it out will be down at least $100 from what they would be if you outright bought the truck. I would personally try that approach with a 4runner because it's more family friendly but is still pretty similar to a tacoma

 

never ever never ever cancel your 401K, esp if your company matches. this is essentially free money. please do not do that.

 

Unless you’re looking for a tax write off, leases are a terrible idea. The money you pay up front goes into the dealerships pockets just for “selling” you the lease,you make payments towards a vehicle you’re essentially renting long term and you’re limited on mileage. Then, you can buy it out at the end but by then you’ve over payed for a vehicle in the name of low payments fear of commitment lol. Literally everyone I know that’s leased a vehicle in the last 5 years has gone over on mileage so they either pay the overage or park it in the garage and almostnever drive it.

 

with the right financial discipline, if sounds like you could keep the truck. but with 3 kids, is a truck really the right choice?

 

+1

unless you are rich and intend to keep a car for short term, or have a small biz and can expense the lease.... leasing is a terrible financial decision for most people.

 

carrying debt is not necessarily a bad thing now, since rates are very low. I assume your truck loan is prob under 5%, which is low. under 3% is super low. same with student loan. I would not advise using cash to pay down debt that is so cheap. using cash to pay off credit cards (which is typically much higher) is generally a good idea.

cash is king. with a third child coming I'd make sure you have an adequate reserve.

in terms of dumping your truck now and eating the financial loss... lemme think about that a little and i'll chime back in.

good luck either way.

 

I say keep truck. You sound like you are in good shape money wise for your age. Sit down a look at stuff that can be cut to help off set truck payment. Look at what you can cut an add up what you can cut. I would work on any loans that can be paid off in reasonable amount of time. Work on them. Truck payment is kind of steep. But if you can cut from other areas it can off set it.

 

Are you kidding me. I thought everyone bought Double Cabs because of said kids.

 

@DoubleRGirl care to chime in?

 

Resume contribution to your 401k. Even $200 will balloon. That should be the constant. I kick myself for staring late.

It would sell the truck. Family and your future first. You won’t even remember the truck when you are retired.

 

It's all about debt load to income. Only you know the income so figure it out from there.

Do not use your 401 K and if all possible continue contributing.

Get a true vehicle made for three little ones. When my children were small i sucked it up and got an AWD Sienna. Perfect for little ones and all the crap that goes with it.

 

My 2 pennies and take it for what it's worth...

Family is "forever" things (truck) come and go. Do what is best for your family and do what you can within your means to keep yourself happy.

FWIW: I do not have a family so I cannot relate. No regrets, I just have not walked in your shoes.

Oh, and retirement matches are awesome and try to take as much advantage of them as much as possible. Market crashes will happen, but you're in it for the long haul.

One more thing, vehicles typically only decrease in value, making your kids/family happy is priceless. I learned this from my brother, he has two daughters.

 

Condoms prevent minivans

 

You can lease a tacoma for $250 a month?

 

Have you considered getting your wife a job that will cover the day care and still bring in some income to the household..?

Maybe a "work @ home" type job..??

Gotta consider ALL options....

 

I like where your head is at!

 

Depending on region, yup