Bad news guys, made my first payment

My father in law pays cash for his vehicle too which I think is a great decision. Problem is, a majority of people do not have the 30k just sitting around waiting to be spent. Hopefully, when I hit 40 or so I will be able to do what you did, but throughout my 20's there was just no way I could do that. Hell even now I would be hard pressed to put that much down.

But if you got it, flaunt it!

 

....wow..thats what i pay for mortgage!!!

 

.......this is very thought provoking

 

But that's the point, in order to get out from under you have to save up for 3, 4, 5 years such that you can pay cash. What that means is up to you, but most are not willing to give up the "have-it-now syndrome" in order to get ahead.

I know I wasn't either at the time.

 

paying cash isn't alwasy the best move....where else could that money go? can you make more than 5% in investment income? or do you borrow agaist your house and deduct the intrest payments and invest the money on side as well.

just sayin.

but i do like having mine paid off.

 

My first payment of 360 is in July. 25500 for my 08 DC OR. 5.8 for 60 months. I feel like there is always a better deal to be found, but you have to look at all the angles. Mine was bought,serviced,and traded in at the same dealership. I have all the paper work. That is worth paying a little more for than 22000 for a truck from Ralph in the classifieds.

 

hahha i know right, my six month insurance started at 1300 now its 1100 which isnt much better and yes to anyone who wants to poke fun at me i do still live at home but i am of course 18 its not like im 24 and doing this haha

 

dont let it bother you, you bought a toyota not a chevy, if you ever need to sell it you wont take as big of a hit. welcome to the site

 

Don't feel bad buddy, I've been paying $592.00 since 06 + $200 insurance + $400 gas a month thats more than my house payment right now.

FML!

 

holy macaroni thats a lot for insurance and gas

 

Thank you sir and i did research that and im union and toyota is one of the only union built car companies, my UA built all the toyota factories in america i thought that was prety cool

 

Dude don't sweat livin at home with the folks...as long as you're on good terms with them take full advantage of the situation while you can. Save up any extra cash you can from staying with them, make all of your payments on time and build up a good credit history. You're only 18 and you were able to score 4.5% APR? That's pretty damn good I'd say. Shit when I bought my '05 600RR I had limited credit so I was given 14% for 5 years, but I didn't care because I had also saved up a bunch of money from living at home with my folks. By the end of the year I had already paid it in full.

Enjoy your new truck!

 

this guy is right. at 18, why the need for a new truck with payment? even buying used is a better option.

to be honest, i did it all wrong for a while. it catches up quick, on you. i learned my lesson. car payments SUCK!

whoever mentioned using home equity to buy a truck..no-no. never tie anymore loans..(unless the loan is to fix the actual home) to the house. house is sacred, protect the house.

 

You're right, there are always personal aspects to this. For me, leaving money in place and getting a loan doesn't make enough money to work out. In order to make up the loan interest you'd have to invest in riskier items to make up for the, alledged, earnings and taxes on those earnings.

I've actually followed this path once. Low loan rates usually happen when money market and bond earnings are very low, meaning the need to move into riskier investment to try and make that back. Delta ended up being a few bucks a month,,, not worth it, IMHO.

 

my first pmt was $290.00, ....2008 dbl cab BEAUTIFUL truck. indigo ink, paid 16400 befor tax. truck is worth 24k!!!
I looked around for DAYS!! before i found this good deal.

 

Woah!

Hey its your baby, if you can live with it, do it to it.

 

Just wondering, if your 18 how on earth can you afford to pay that? Do you not go to school? Not pay rent? Just curious cause I'm paying 220 and struggling with that haha? Do you have an insanely well paying job? Whats your secret haha?

 

Just wondering cause I'm about the same age as ya.

 

Man! prices have gone up a lot over the years for a couple more airbags and an aux plug. Walked way with an 06 sport in December 2005 for 26K even.

i financed the entire amount and I'll own it next month

 

Im planning on doing this also. My 06 will be paid off next month and since im used to losing $450 a month I will continue to put that money off into my savings and mutual funds. My truck is 5 years old and still looks(inside) and drives like new so I know it will last another 5+. Five to six years from now I will buy new, but it will most likely be for the wife and I'll still be driving the tacoma