How did you save for your Tacoma?

Bought my first Taco in high school after starting a home recording studio. Sold that Taco for another. Briefly dabbled in a Grand Cherokee, then made it back to a 3rd Tacoma. Each time, what I've made on the sale has financed the next vehicle. And now, I'm in the exact viscous cycle they wanted me in .

 

Ask a good financial advisor(preferably certified fiduciary) what putting just $100(which isn’t even close to maxing it annually)bucks a month into an ira(Roth if you don’t exceed earnings limit) earning 10% turns into in 40 years, I’ll assume your 22-25. You won’t even think about a new truck when you see the #s. Then imaging if you max it out each year. You’ll being to buy whatever you wish. Just glad a young person is thinking about it smartly. Congrats on finishing school!!!

 

HP12C was high tech in 1985, instant street cred in 2020. Found one at work and gave it to a new guy, told him he didn’t have to know how to use it, just leave it on his desk for credibility.

 

I cut out my 2 for $4 monster energy habit =$120 month
Fast food lunch $5 everyday =$150 month
Dish network=$100 month
=$370 a month savings and I already could swing the payment.

Financial freedom is all in your everyday spending!!!!!

 

It is more for the perspective, but quite a few of the advice on here have been pretty informational. I wanted the sample size to be actual buyers

 

My taco was my first ever new car purchase this year. I’m 33 years old. Pay off all of your debt, save for a house and then go for it! Not the answer you want to hear but it’s the one you need to hear!

 

I went a different route on this one. I negotiated a free supply of Monsters as a condition to accepting my current job. Instant savings.

 

Well for me, someone crashed into my car and totaled it. So I had to go get another car whether I ready or not. I say drive your Honda until someone smashes it then get a Tacoma.

 

Budget it out.

 

I moved to Idaho where cost living is less than California, then got a new job where I make 30% more than I made in Cali, so had the funds. Probably not a helpful answer, though

 

An excel spreadsheet works, too and 2nd the certified fiduciary comment; they HAVE to look out for your best interests (punny). There are LOTS of snakes out there. My dad got bit hard by one...

 

its amazing how much common sense sells for now a days. cliff notes of his books: pay off your debt early, buy only what you need, keep your car for 10 years.

 

Have my own business, good old American Capitalism

 

You forgot; make a budget and never spend more then you bring in.

 

if truly buying only what you need a budget is a waste of time. (but then again some people "need" things that they really just want)

 

I paid off debts, and busted my ass for 3 years.. I sit here with a new to me (in 2018) 2016 tacoma TRD OR DCSB, KBvoodoo rack, ARB simpson III RTT, 265/70/17 goodyear wrangler duratracs, on method Racing MR305NV 17x8.5" rims. on stock suspension... winch bumper from SSO is ordered, and I have less than $2k in debt atm... my only bills are utilities, cell phones, mortgage, and truck payment....

I also have a portion of my income going into a 456k (I'm a state employee, so i get state retirement/pension, when i reach retirement age in 17 years, i will be at 58% of my best 3 years, and as of now its looking like $50k for retirement/year, plus whatever i happen to roll into my 456k program, and whatever that gains in the markets...) so sitting on my ass at age 55+ I will be getting just over 60k/year, and my mortgage will be paid off in less than 20 years..

my philosophy on life is, you only live once, something can happen that will take all that away in short order (medical, health, family, etc), so, be cautious, and plan for the future (financially), but also take some time, and money, and invest in something you love to do. there's only so much saving you can do, that may in the end not be worth it if you don't enjoy the life you have now. as a tattoo once read "no regerts"

 

I setup a monthly transfer from one account to another for my 'car payment'. Every couple years I adjust the amount up. I make this payment even when I have my title in hand. Then, when I want a new vehicle I'm already used to the payment and I have a significant down payment. Then I just kept a car I liked for 10 years before buying the Tacoma. Now I'm back to making payments to myself again.

I'm a firm believer in training yourself for the payment you want to undertake. Moving from $1200 rent to a $2200 mortgage? Start making the $2200 monthly payments. Treat the payments as mandatory and don't touch the savings. If you can do it for a year you now have saved for your purchase and proven you can make the monthly budget work.

 

Thats an excellent idea.. looking into building a new house, current one has no garage, but the size is adequate for me and my wife, and daughter. I might try to squirrel away whatever i can each paycheck, and see whats feasible.. I might even be able to save away enough for the downpayment/payoff on a lot, and a chunk of a construction loan downpayment... we shall see....

 

After college and getting a good job, I saved for about 3 years to have a $15k down payment (in addition to other savings for emergencies...) for a new WRX and financing the remaining $18k.
4 years later after the WRX was paid off, I'll be using it as a trade-in on a new Tacoma and financing the remaining ~$20k.

 

See but you’ve gotten yourself used to having a car payment. I never buy new and always pay cash. Let someone else pay the depreciation on the first 3-4 years.