Should I trade in?

Which is why the original comment about having a loan on a vehicle means you can't afford it was wrong. If someone wants to give you free money or money at an extremely low rate, you are dense to not take it.

 

On one hand, this thread is a blueprint for a life of financial ruin, on the other hand OP said his wife greenlit the idea.
That's a tough one.

 

I really appreciate the concern, but really this is just kind of an experiment to get some feedback about what others have done in similar situations. If there is too much loss to be had, I simply won't do anything. I like my truck a lot, and I'd be happy to keep it and mod away on it, but if I could step into something a little nicer without effecting my note much I would consider doing that too.

 

Obviously consider the financials and what you’re comfortable with. But there is something to be said for the big smile on your face every time you see your truck. Certified used could be a good compromise, as you suggested. Good luck!

 

Personally I don’t think there’s any point to a 4x2 truck unless you’re running parts for Napa, so I’d say go 4x4 or get a car instead.

 

Well, in my experience I always had a 2nd car. Life is much easier if you have at least two vehicles.

-If you need to fix something, you have a spare car.
-If you need to go get parts for one car, no problem take the 2nd car.
-If one car is low on fuel, and so is your wallet at the moment, take the other car as it will certainly have more fuel.
-If you need to sell a vehicle, you still have the 2nd one to get to work until a replacement for the sold one is secured.

Now, at some point I am sure having three fully operational 4x4 trucks and a car might be overkill, along with sharing commuter time with a buddy, I can tell you with certainty that not having a way to get somewhere is not even a thought in my mind right now.

Before selling your truck, go get a cheap reliable second vehicle. You can always sell it later if you can't afford to insure or maintain two vehicles.

 

Checked out your build on instagram a little bit. Very nice setup. I'm on the fence about getting an SSO low profile bumper like the one you have.

1) How do you like it so far
2) What was the install process like
3) What winch did you go with?

Mahalo

 

Uhh..because thats what people do?

 

This logic is not true. Did you pay cash for your house?

Just because someone has $30k in the bank doesn't mean that it would be financially smart to spend $15k of it on a vehicle.

Finance 101, use someone else's money and pay yourself first

 

That's the logic I used haha.

 

Lol what a ridiculous thing to say. A 4x2 truck has no added utility over a sedan? Now, an el Camino comes close, but you can't fit 5 people in the el Caminos cab, so still gotta disagree. 4x4s definitely cooler and more capable, and that's why I have friends and a brother in law with 4x4s who love nothing more than pulling out a 4x2 haha

 

You "love it" but want to trade it?

I think you should just pay it off and spend the money on something else. Maybe go do something fun.

 

So everyone should front cash for everything they buy? Sorry, but that is completely ridiculous to say that. Unless your loan is completely ridiculous, there's no reason to pay cash for it. There's a million and more things to do with your cash then dump it all into a vehicle. If you'd like---give me your money and I'll guarantee you 5x the return than the interest you would have paid.

 

Ok you’re right an El Camino would be a good alternative

 

+1
And to flat out pay cash for big ticket items also robs you the option to better your credit score, where you may need to borrow down the road.

Having the full cash in the bank or other investment form for a truck, and paying on a mid to short term low interest loan is actually a good thing.

However, putting half the cash down for the truck and then financing for 6+ years is not good money management.

 

Agreed, there's right and wrong ways to finance. If you have to drag out a 72 month loan to afford the note at 4-6% interest, then look for a different vehicle. But if interest on a 60 month is only 0-1.9%, then why not.

 

At the end of the day you have to decide what's best for you. I went from a 2wd to a 4wd and I have never been happier. The best part about only owing 12k you have a ton of positive equity due to it being a Tacoma. If you are going to do it I say at least do a 4wd if you plan on doing any off-roading its better to have it and not need it than need it and not have it.

 

Here's a question I have about 4x4 and I'd love some inpout on it. My family and friends don't really go off roading and my dad always told me to avoid 4x4 because it's just more stuff to break. Is there any truth to this at all? I intend to keep whatever I get for a long time and is the cost of maintenance on a 4x4 higher on the long run? Educate me

 

4x4 maintenance has come a long way from what it has been. Not much more maintenance compared to a 4x2. Just having to change out 2 more sets of fluids every 30-50k miles

 

It is more components to think about but like it was stated its just a few more fluids to change, yes cv axles do require replacement after some time but that's not that bad.