What are you paying for 2020 Tacomas?

I remember NJ was like that when I was stationed at McGuire, reason I had roomates in my 30's lol.

 

Congrats! and weird, both my 2019's with premium had homelink. I noticed the design changed though and the mirror now has arrows indicating opening/closing of the garage door with my 2020.

 

It is insane. But I am looking to go further north.

I don't think that I high monthly car payment ($500 and above) is entirely a bad thing. Depends on the context of your finances. And, I know plenty of guys who use their vehicles as part of the business so they have to have a new, capable, reliable asset / tool to get the job done. They can't be mucking around with constant visits to the shop, etc.

But I will say this ... a lot of people are writing about the coming auto loan crisis. With Covid and its financial impact (unemployment, etc.) things could get ugly and we could have an auto loan trigged financial crisis.

 

Agreed, have a few buddies in the auto industry one in finance specifically, its coming, they've just been mitigating the inevitable and now COVID/unemployment may add snow to the snowball rolling currently.

I dont' think $500 a month is anything for a car payment, Ive heard stories of people paying close to $1000 a month.

$39k, 20% down, $7800, puts you at $31.2k,financed@0% 60 months is $520 a month, not a crazy picture to paint, things cost more, everyone likes to think in terms of the past, which ya a $40k midsize truck would be ridiculous in 2004, times have changed.

 

I am with you. It is going to be interesting to watch -- and terrifying to see -- all at the same time. This article from Forbes was at the beginning of the year -- very prescient. And that didn't factor in COVID:
https://fortune.com/2020/01/16/car-loans-default-us-economy-subprime-dangers/

I agree with you that $500 or more in context may be totally fine. Sure it sounds bad at face value but there are a lot of factors at play. You own any kind of contracting business you have a really expensive truck and you need it new. You can't afford breakdowns, issues, etc.

 

Oh, one other thing to add that I remembered that's not directly related to the sale, but timing worked out well for me to save some $$$... My license tab renewal on the old truck had just come in the mail earlier this week to the tune of ~$450. Had the new truck taken much longer I would have had to pay the renewal on them, which would have sucked had I just renewed them at that cost and then traded in a month or two later if there were more delays.

 

Hey man, to each their own. Everyone's situation is different but I want to throw a couple of things out there.

The 401k is a retirement fund. It's structured to work over time. If you withdraw $20k and pay yourself back with interest over the next 5-years, you're missing out on the full compound interest of that $20k until you reach retirement age/distribution. The bank doesn't get interest, but they'll survive. One more thing, the interest you pay yourself is typically lower than the interest earned on investments.

Money used/deducted from your paycheck to pay back the 401k loan is post tax. The pre tax advantage is lost when replenishing funds. But the fun doesn't stop there, you'll be taxed again upon retirement distribution. The amount of income tax you'll pay on that $20k will ultimately be close to double (depending on your tax bracket(s) before & after retirement) of what would normally be paid.

Another strategy might be to leave the 401k alone until you lose your job and tap it only as a last resort (emergency)?

Again, everyone's situation, strategy, and goals are different. I'm not a financial guru and honestly it's been awhile since I researched this stuff. I don't want to open up a financial discussion Pandora's box. Maybe it will provoke some thought...take it with a grain of salt.

 

I can find you a place to rent for no more than $600 a month if you want

 

Hey guys, newbie here. Live near Denver CO and the market sucks here. Been searching for a month or two for a Tacoma. Price has gone up recently it seems on all models and used is out of the question because those are going for the exact same as new :/ Finally got what seems to be a decent deal through costco auto program. Looking at ordering from factory a 2020 SR5 (4WD, Double Cab, V6 automatic, no addons) in Quicksand/Black alloy rims.

Quoted at $34,618 (plus tax, all fee are included otherwise), and IF there is a rebate going on when it finally comes in I could get another $1000 off if lucky. (If it was on the lot today in what i wanted i could have got it for $33,618.)

Took that quote to another dealer and asked if he could beat it, and closest he could come was $700 over that ($35,300).

Seems like a decent deal in the current market (at least out in CO here). Thoughts?

 

Congrats man. Glad it finally worked out for you and as well as it did!

 

another thing. Depending when you take it out you sell what ever mutual funds/bonds/ stocks etc at current prices. As you pay your self back it buys those investments at current prices which could be higher than when you sold. So I’d say dipping into a 401k unless it’s an emergency is a bad idea.

 

Most sensible people keep 25% or so of their retirement funds in a Money Market aka guaranteed return fund for safety. Which arent paying jack squat now anyway. Thats where you draw the loan from. Also when the market takes a huge shit like it did in 2008 and 2009 is a good time to take a loan to pay down debt and put the loan psyments into things that are sure to grow. Saving 5.7% on a car loan by paying yourself the interest is like making 5.7% in the market anyway.

 

Looking at a 2020 SR5 4cyl cement with MSRP reduced to $27k before trade, fees, TTL. They had to ship it in as they’re nine here in Tampa. Is that a good deal?

 

If you get one of the nine that are there it might save you some money, then no shipping or are none of the nine the color you want? Other than that, more specifics needed - double cab or access cab. 2wd or 4wd? Even though you said before trade, would the price be the same if they weren't getting your trade?

 

Sorry typo (fat fingers) none not nine.

 

It’s a 2wd double cab.

 

Cheers @Chastaco

 

Picked up a 2020 TRD sport, double cab with long bed, w/technology package, tonneau cover in PA last week.
OTD was 38K (taxes and fees included).
The electronic quote i received included LED lights however the truck on the lot lacked them. I was told it was a mistake.

 

I don’t know if what you’re saying holds water or not but if your fiscally responsible then you should be paying no where near 5.7% interest. More like 2.5-3.5%.

 

Let us know if you buy it , sounds decent for today's market . Good luck .