To keep or not to keep?

I don't see why you wouldn't keep it, you got 70k left on the warranty.

 

Now that I see your edit, I still would go after Toyota for a Toyota warranty. I would even push to have them pay you back for the one you got. Dealer admitted they did not properly fix your truck. I would ask them to stand behind the product and their work.

 

Where does it say the OP took out a 10 year loan? As a scientist, I can say your statement about never financing would be true if life were in a vacuum, just like a feather and a rock would fall at the same rate of speed. But this is the real world and paying cash is not always the smartest move or possible. If you have $500,000 in the bank and you need to buy a $500,000 home; sure you could pay cash, but then you have no cash. I'd rather keep the cash and finance. Same with a car, you may have enough to pay cash for a $35,000 truck, but why do so if you can finance, especially at 0% or close to APR?

 

Keep the truck for as long as it is under warranty.

Here is a tip that Document Guy gave when I bought my 2019: He said, "I shouldn't be telling you this (I knew right then that he was lying) but take your truck to our service department for a mechanical inspection about a month before the warranty expires so they can find any developing problems while still under warranty".

This is not a bad plan but is only beneficial in the event that they actually find something that needs fixing under warranty. However this is an outstanding plan for the service department as they get paid for the inspection even if they don't find any problems and they make even more $ if they find something to fix, warranty covered or not. So not only is Document Guy supposed to tell me to get the inspection, he might be getting a commission for every Warranty Expiration Inspection that the service dept. performs.

 

I definitely dont agree with the businessman that says if you can't afford to pay cash for your truck you cant afford it. Think they been listening to Dave Ramsey to much he should of added you need at least a million in the bank. Question is that's unrealistic point of view. Did you pay cash for a home or do you rent, paid cash? Getting off topic thou. If it were me I think they just did a bad job the 1st time and when it's fixed for the 2nd time maybe you should find a different dealer to work on it next time but there work is warranted so u will b fine

 

Since the dealer admitted fault, I'd push for an extended warranty from the dealer.

 

Dave's general target audience doesn't do either (at least initially) of the things you mentioned (investing/saving) so he really cuts their spending down. A lot of people try to apply his advice across the board on here and other places. I try to live by his advice, but I also don't have kids and I have a decent job. I also once leased a Mazda 4x4 for 5 years with 12k mile limit per year. I was 24 and fresh out of the military. The dumbest mistake I ever made and vowed to never to make such a mistake again. I have to bite my tongue a lot on here, but I know most people on here aren't looking for financial advice and will do what they want regardless.

 

TW is the worst place to discuss financials. Go to an actual financial site.

 

Dave Ramsey talks a lot about paying off debt, yet he declared bankruptcy. I like his ideas and follow a lot of them. Truck is not one. Finance a truck with good credit and you are looking at 4% or under. Now what does Dave say I can make in the stock market? (12%...). I’ll finance and take my 8% interest.

 

@In2Ndo , think about how much that leak will bother you. Small leak, or big? Small leak, get it fixed, keep the truck. Pretty much every car I’ve owned but my M3 leaked oil from someplace.

My buddy just had his timing cover fixed for the 5th time and the truck was lemon lawed. From what I have read on here, it’s not the first tacoma with this issue and it probably won’t be the last.

For me personally, a small leak is not a deal breaker. I’ll keep the truck and enjoy it. It’ll run forever, so I get the joy of wiping off oil for a half million miles or so

 

Watch a proper mechanic and you’ll see it’s a specific part that fails which in this case is either a seal or a seal surface. It’s not that the vehicle as a whole is unreliable.

 

I no how he feels about having 2 repairs for the same thing but you do have 100k mile warranty and makes since to keep it as long as warranty is going to cover you.noone here knows his financial situation also I see many in these forums that only keep there truck for a year or 18 months and those people dont care that they are losing money by doing that so early but personally it's there choice. We all have the right as an adult to do stupid things that dont make good financial judgements even people that are inside down by say 6k on a trade in and tack that onto a new truck payment that really doesnt make sense. But if your not happy keeping it and you want a new 1 then only you can decide on that but to play devil's advocate let's say you do trade it in on another.then forbid you have a major problem with that 1 then your still in the same boat except now you owe alot more now than you did with other 1. Just my .2cents worth

 

I say keep it. You are only 17K from having it paid off and do have a 100K warranty. If you trade/sell and buy new you start your payment cycle again. With CV around I would not rush into a large purchase for the foreseeable future.

 

Random thoughts off the top of my head:

A small oil leak is not in general a reliability issue. It is quite annoying however. I would probably not bother having it fixed unless the fix was simple. I’ve heard that the front cover gasket replacement is quite complex. It might not be worth the cost and the risk of breaking something else. I would still debate it hard though.

I have not visited a Toyota factory but I am pretty sure that robotics is only used for a small number of tasks. The rest is handled by humans much like the techs at your shop.

Humans make mistakes and mistakes can lead to reliability issues. Removing and installing an engine can be a complex process with many opportunities for mistakes.

Mistakes can be made by humans at the factory as well as at your shop. The difference is (someone correct me if I am wrong), the factory has a formalized quality assurance process that your shop probably lacks. For example, there are people at the factory who’s primary job is to inspect the vehicle for defects.

it’s possible your truck has other unnoticed defects that might get noticed during the oil leak fix.

it might be a convenient time to do some cool
upgrade while the engine is out.

I would be tempted to ask the shop/Toyota to give me cash equal to the repair cost and then buy a cool upgrade for the truck. (Probably not an option, but neat thought)

 

Financed my college education; medical school; and my Tacoma. I think he can handle it.

 

and when you get it back, you beat the tarnation out of that thing

 

i was just guessing obviously mr scientist how tf would ik the numbers? Obviously if you have 10$ you dont go spending the whole 10$

 

As a "business man, investor and person with money" I would assume you had the facts and figures and not just throw out a blanket statement about the OP like you did. The fact that you used "omg" should have been a clue that you weren't a very credible business man.

 

They owe less than the truck is worth, that's not under.

 

damn yall got some debt huh lol not me