How did you save for your Tacoma?

I bought mine as a junior in high school by saving for 3 years as an oil change and tire guy after school.

 

I believe last year the sign on bonus for infantry was $20,000

 

One of the worst things you can do as a young adult is saddle yourself with tens of thousands of dollars of debt. It's incredibly limiting and removes a lot of choices you'll have in life. You want to switch jobs? Move cities? Switch apartments? The calculus changes when you are spending 30% of your income on a car payment.

Do you have student loans? Do you have other debts? If I were you, I would work my ass off to pay off all of those debts as fast as possible.

As you start your life, eliminating debt and starting to save up your cash / investing your cash will seem tough. Especially when so many of your peers will be doing the opposite. BUT IT WILL PAY DIVIDENDS down the road. Imagine being able to pay cash for a Tacoma by the time you are 26.

 

No debt, but the idea of paying with cash is very therapeutic

 

Well I'm 46 and saving for a new Tacoma. it will be the first new vehicle I have ever owned when I get it. That may sound pathetic to many people but I only ever bought used in the past. I got nicer cars every time though. I bought my first house when I was 25, then had to take in displaced family for sometime as well as going back to school at 26. I had student loans then to pay. I am now at a place where the student loans have been paid off for years, my Jeep has been paid off for years too. I have an emergency fund of 3+ months expenditures in the bank now too and that is one thing I think you should consider before buying a new vehicle. Most americans can't cover an unexpected $450 expense that are living paycheck to paycheck. Living that way is no fun and makes life's pitfalls so much harder than they have to be. An example I can give is co worker recently had a house fire, I heard he may not have even had cash to cover his insurance deductible.
You really don't want to live your life stressed by every single unexpected thing and have it made worse because you’re basically broke because you spend every nickel and don’t save anything for the future or the unexpected. Save at least $1000 for an emergency and get a good budget going once you are working first before buying a new car. Have paying those student loans off part of that budget.

My personal savings for a new truck is to put away what I can each month. I usually save $600-700 a month for about a year so far. last month I put back over $1000. I don't plan the buy until I have enough money for put down more than 25% and am shooting for monthly payments of $400 or less for 60 months. Sure I could afford more car payments per month but it's important to me to have room in my budget for trips, emergency things, mods to the truck and of course more savings too.

Yeah I look like a chump in a 14 year old vehicle to many of my friends who have nice new ones.. so what. they are way in debt for their cars, some with negative equity. I will wait get mine and they will be mad cus I have something new without a $700 car payment and I still have money in the bank and to go do things.

 

I took a walk-a-bout through the mountains of Utah and Colorado, selling all of my belongings and became one with MOAB. When the money ran out, I sold myself on the streets and stashed away whatever money I could in an old red cedar by a short brick wall. I met a farmer, his name was Dan, who said to me "Boy, you gone an ran out of them shoes." He was right. Dan leaned forward and gave me his perfectly sized 10.5 Mossy Oak camo Crocs he picked up from the local Wal-Mart last wintertide to use as his pig slop shoes. I brushed em up real good with a trusty bottle of CLP and my only toothbrush. I took to walkin, but never did forget the tall husky giant I now call my friend.

Sometime later, Dan's favorite calf passes in the night from a freak coyote mating ritual. He was devastated. So Daniel took to the bottle, like his father done many moons past, and had that 10 gauge at his side. After many nights without the solace of his calf, Randy, and a run in with the men in the fancy suits sent from the local Ogatohkee Credit Union (OCU) who wanted to foreclose on his family's land due to some financial squabbles way back when with his Pop-Pop, was brought to end it all.

I awoke in a cold sweat. The wind howled like a wolf who's gruff appearance was a reflection of the life she lead. I knew then, my friend needed me and the bucket of chicken I acquired from the local Denny's the night before. I slipped back into my old ways I suppose you could say.

I set out to that man's house on a mission to do the Lord's work. I had to get there! I had to save him like he saved those Crocs. 'Fore he ended up like o'le Randy. I double-timed, only stopping to drink in the sweet mountain air to which my lungs had become quite accustomed to.

He was before me, 10 gauge in mouth and thumb on trigger. He hadn't seen me yet, thanks to that trusty Mossy Oak pattern and the greased up soles which has become well worn. Though, not as worn as Dan's soul. I managed to snatch that 10 gauge right out his hand. I gave him a what-for. I also gave him the chicken which soothed the spirits spiraling out of control in his belly. After all, that's what friends do.

He told me that the insurance man had gave him between $34,000 and $38,000 for his dead calf. The money meant nothin to him, not like it was gonna bring Randy back. he said that aught to be enough for the new 2019 Toyota Tacoma TRD Off Road 4x4, but that he needed a few hundred of it to pay some dues around town. He told me that he owed me a life that a Toyota truck could bring after turning his head straight. To be clear, I refused. Dan wan't no party for arguments. It simply was as he stated.

I got the truck. It brought me back to civilization. It brought me everything I've ever wanted. Except for my friend Dan in the passenger seat. That bastard had the nerve to shake hands with our Lord when he got my post card from the Smokys. I've not gone a day since without his memory in my rear view.

 

I saved up for like 3 years and just ate out less..cooked more at home and didn't make unnecessary purchases. I waited until I saved well over the total amount of the truck to have that extra cushion of money to be comfortable even after purchase. So worth it. I love my taco

 

that's the only way! Love it!

 

Had some money saved for a house, then my expedition broke. figured i could have bought a used car cheap, drove it for a frustrating 5 years or so, then after i buy a house get a taco. but i took out a loan for the remainder and am juggling paying it off and saving for a house at the same time. graduated dec 2016 with a STEM degree. debt over regret

 

Is less a member of TW?

 

Nothing wrong with some debt used wisely. I currently have a loan on one vehicle and some CC debt. I have more than enough assets to pay off everything and be dept free, but I'd lose money. The truck loan on my Ford is at 2%, the money I have invested is earning more money each month than I'll pay in interest over the life of the loan. The interest on a bank loan in most cases to drive a newer truck is cheaper than paying a mechanic to keep an older one running.

Don't become emotionally attached to vehicles. Buy them, get your money's worth out of them, then sell or trade before you spend money on repairs and while they are worth something. Throwing money at accessories and modifications is flushing it down the toilet, the truck is worth as much, often more, without them.

Save up enough to make a substantial down payment and set up the loan for a longer term and lower payments than you think you really need. This way you can overpay during the months when you can afford it, and during those months when money is tight you won't be hurting to make the minimum payment. If you get a 5 year loan set a goal to pay it off in 3. You NEVER, EVER, want to be upside down on value. You may have to settle for an older used truck at first.

When you can do better use the current truck as trade bait and move up to something better. Repeat as necessary.

 

Honestly, you are in one of the best positions you can be starting out. I'd do what others have said and run that other car into the ground. The average cost of a Tacoma is 30-$35k (its about $100/mo for each $5k financed). Make yourself a pretend payment each month of $600/mo and see how quickly you can stash away cash.

Honestly, I'd stick with a used vehicle until you are wealthy. Vehicles are the biggest reason most people can never build wealth.

 

A $30K+ down payment on a house or condo would be very therapeutic.

I'm 62 and my Tacoma was the second brand new car/truck I've ever bought.

 

Some debt is ok. The suggestion to put away some money each month like it was a car payment is golden. That's pretty much what I do now. Run what you have until it's not economic to fix it up for you and take that savings and buy a Tacoma or put it down on one. Just keep your car payment including insurance around 10-15% of your take home pay. don't fall for those 72 to 96 month loan schemes. Those are just to get you to buy more car than you actually can really afford. Pay it off on a loan no more than 60 months. Buying to much car and other consumer goods is what keeps people broke. If you can't fit that car payment in to that amount of your monthly income and all your other living expenses while still saving for emergencies and retirement you can't buy it.
Yes even if you are younger once you are on your own you should have something saved for retirement even if it's in a mandatory employer program. It's never to early or late to start.

 

A few decades of living well below my means, and selling two vehicles.

The best way to see how your financial sacrifices, e.g. 'living below your means' can add up, check out an interest calculator for a mere 15 minutes, I promise it'll be worth the time!
https://www.investor.gov/additional...l-planning-tools/compound-interest-calculator

 

A degree in Finance? And you are asking these clowns about financial matters? I would sue the University you attended and get my money back.

I'll presume you know how to handle an HP12C....If not, buy one and learn what it can do for you. There are dozens of variables you need to consider, the HP will do them for you. https://www.amazon.com/HP-HP12C-12C-Financial-Calculator/dp/B00000JBLH

When you finally do purchase the Taco of your dreams make sure to bring the 12C to the dealership. Watch the F&I guy wet his pants when you bring it out and start rocking that Polish Reverse Notation that only HP nerds can decipher...

 

You guys are too smart LMAO

 

I bet there are numerous people on TW that are making $600 a month truck payments, and have their credit cards maxed out on mall mods they had to have.

And they live in an apartment... or at home.

 

Its not about saving for the things you want. Its about not wasting money on the stuff you dont need. Focus on that and you will have more than enough for a tacoma. I was blessed with good opportunities and was able to pay for my house in 6 years (3yrs saving + 3yrs paying as much as i could every year) and had extra money to pay cash for tacoma. Everything now is just gravy

 

^^^ This bear wrestling hee-haw hero earned this Taco.