How did you save for your Tacoma?

I am graduating from university soon into a field that should pay slightly above-average for entry-level students, and ever since I was a freshman in high school I have dreamed of getting a TRD-style Tacoma.

My question to you all..is how did you save for these beautiful trucks? Did you save for years and paid for it with cash? Did you finance it? What goals did you use to say, "Okay, now is the time."

I have a Honda that I will be using for a long time, but I would like to know some of your guys and gals steps on starting to save and any advice you can give someone like me who will eventually buy one.

 

Save for a house. Buy a new vehicle later

 

Well, I guess it's like saving for anything else important. Prioritize.

Drive that Honda into the ground, learn to eat cheap, don't but a new phone every year, etc.

Keep your eye on the prize.

 

Bicycle commuted to work for a year.

 

Best advice right here. It's not fun, but the fact that you build equity (think of it as investing in real estate) and can write off interest/taxes at the end of the year makes this MUCH more important than a new car. Plus, the benefits can help you get a new/used car at a lower interest rate later on if you desire. I HIGHLY recommend looking into how you can make your savings work for you now rather than later in life thinking back to how well off you could have been if you'd been smarter with your money.

 

I was 43 when I bought my first new truck . As far as saving for it I could afford it then . I think it's a great idea for you to get a second hand Tacoma because it will last you a long time and you will love it . Make sure to have a reputable mechanic check it out good before buying , GL .

 

If you can pay all your bills, put money away for important things like retirement and have some squirreled away for when life throws you curve balls, and you still have enough to make the payment on a vehicle, and that’s what you want to do, go for it. If not, save up until you can. Having what you want is great, but not so much if it makes you stress out about money or puts you in a pinch.

 

If you have any student loans pay them off first. Get Dave Ramsey's book

 

I took out low amount of student loans.. so my monthly student loan payments are rather low. After I was working for a quick bit (3 months...) I established my budget and what I could afford and therefore knew how much I needed for a down payment to afford a new taco. I didn’t want new initially— was gonna buy used but the price was so close I went new.

just don’t forget to factor in the cost of your insurance every month, your gas, and obviously the truck payment.

I only pulled the trigger on a new car so soon because my 03 s10 was crapping out and needed major work. Otherwise I would have happily been driving that a lot longer to save up much more to put down for a lower monthly payment.

 

Fully fund your 401k first, save for a house, buy one, get by on less costly vehicles, live smart, anything you buy, shoes, phones, latest video game, ask yourself do I really need it. It will come to you.

 

I love it.
First post on TW and OP is asking for financial advice.

 

I asked my wife if i could get one in 2017. And in 2018. And in 2019. She finally said yes.

So how did i save? I didnt. I got married and had to ask permission

 

Best way to buy a new truck... spend $150 bucks, on a Tesla. Impress your friends for the next few years telling them you’re going straight from a Honda to the “top”. When they start actually making them, sell your spot. Get new friends. Lol

 

OP - I'm 57 years of age and I'm telling you right now there's some solid advice on this first 10 or so answers! 401K, retirement plan, house. I had a guy tell me one time you'll never have anything (as far as money) until you fully take advantage of and understand all the tax breaks.

 

Got $6k for my totaled Corolla and added another $6k for a down payment and 1.9% APR. Company covers gas and my insurance only went up $15 a month so I said why the hell not, and bought the truck I've always wanted.

My truck isn't all that expensive comparatively so there's that too lol

 

OH And Welcome to TW!

 

We always bought new cars and it was dumb. We also didn’t have student loans or a house/rent to worry about. Paid off my 08’ Tacoma early and would’ve kept it If it hadn’t gotten totaled. Focus on those student loans first. The cost on those is a complete racket.

Get a decent priced 2nd gen if you really want something and are willing to sacrifice living paycheck to paycheck.

 

First off, what's the interest rate on the student loans?

 

If you are making enough to cover your housing, bills, and savings and still have money left over for entertainment then maybe earmark a portion of that for a truck fund. New vehicles can be pricey so factor in more insurance costs, potentially higher fuel costs, and a modification cost (if you decide to go that path with your truck) also a new vehicle payment plus interest if you finance. While Tacomas hold their value well it will depreciate as it ages.

I decided it was time to get my truck when my Jeep "quirks" started to look like major expenses and I figured it was time to trade it in. I also felt comfortable that if there was some type of financial emergency I could pay my truck off and still have a decent savings buffer. I also wanted to be a position to pay my truck off in a little over a year which might happen before the end of this calendar year (maybe sooner I hate vehicle payments). I had a large down payment, decent trade in, negotiated a good price with rebates, and a decent interest rate through my credit union. I went this route so I could make the truck my own (mods) over time without negatively affecting housing, bills, entertainment, and savings.

Don't leave yourself in a financial bind if this new job doesn't work out. If you haven't done so make a budget, life is pretty expensive these days so give yourself a nice buffer in case of emergencies.

 

what field is your degree and I personally would focus on the already student debt loan build up before adding more to it, assuming you have debt. Paid off my student loans 4-5 years after graduation. 3 years into my trucks debt and saving for a house now.

EDIT: also just know buying the truck is one thing...the many many mods and "uneccessary" accessories is another