Paid off my 2021 today!

Paid off my 2021 Trd Sport today! I know, you’re probably wondering how/why I paid it off so quick. Long story short, I leased a 2020 SR5 (first ever truck so figured I’d lease in case I hated it). Well, I fell in love with it and wanted to finance/buy instead of lease it.

I’ve never outright owned any of my cars, except for my first clunker that I paid $600 for (1990 Honda Prelude). For the last 8 years or so I’ve leased my cars (I think 4 different ones in that timeframe). It feels great to completely own a vehicle I’m thrilled about!!

Figured if I’m going to be buying I might as well “get what I want”. So I traded it in on a 2021 TRD Sport Premium with Technology Package and LED Headlight Package.

Financed that through Toyota for 3 days to help out the dealership, then refinanced through a CU for 1.9% (no fees in either one). The CU has the owner handle adding them as a lien holder and sending the updated title to them. On the way to the tax office I decided I was going to just pay it off completely.

I got a good deal on my SR5, a great trade in value on it, and got an even better deal on my Sport, so, in the long run, I still got about 4500 off of MSRP. I know, it’s dumb to do the trade in game like I did, but I love the truck and I wanted what I wanted.

I’m sure there will be plenty of “you had a great interest rate, you should have kept financing and invested the money instead of paying it off”. Well, I’m not knowledgeable about investing so it’s not like I was just going to drop $30k in investing right off the bat. Plus, it’s not like I drained my savings, so I’m the near future, when I do start dabbling in investing (other than my 401k) I’ll have plenty reserve. Also, now that I don’t have a car payment, that’s ~$500 a month I can invest with to start out with (much rather lose $500 than $30k) or put back into savings.

Anywho, like I said, it’s a GREAT feeling to finally OWN my vehicle instead of leasing/financing!!!


Pics just because...I think I’ve done a couple small mods since these pictures were taken, but close enough!

 

Congrats and nice voodoo blue sport.

 

Great color

 

Congratulations

 

It is your cash, do with it as you like and congrats on the truck, it looks great.

 

Completely agree with the “my cash” thing. I see people post on here all of the time bascailly bashing people for doing what THEY want to with THEIR money. Comical. Haha.

Thanks for the compliment! I love the color!

 

TX?

Defrosted yet?

 

Lol. Yeah. All the snow was completely gone 3 days after it stopped. I’m not a native Texan so I can say this without shame; they need to get their shit together and fix their power grid. Ridiculous!!!

 

I was never a big fan of Voodoo Blue....but that Blue and Black scheme is looking real clean

Congrats on the new truck!

 

Got damn that is blue! I like it and congrats. On investing it’s pretty simple. Buy low cost index funds and dollar cost average in, so you are putting money in each month or so to level out the highs and lows. 500/mo is perfect to setup/max out a Roth IRA. Post tax investment money, can take out your principal investment if you needed to after 5 years and all of your earnings are tax free if you don’t draw until 59.5 years old.

 

Congrats, nice truck! It’s a great feeling, isn’t it?

I’ve had some pretty low monthly payments and paid a few loans off early, but I never thought I’d be in a position not to have to finance. After many years and being fiscally responsible it finally happened. I was able to buy my 2020 without requiring a loan.

 

EXTRA BLUE!!! Haha.

Income is too high for Roth IRA from what I read. :/

 

Good for you.

Debt free feels good doesnt it?

 

Yes! The blue and black looks great! Part of the reason I like it so much!

 

Congrats man must be an awesome feeling. I’m almost there with my 2019. Enjoy YOUR truck hope you have it for a long while.

 

Feels great! I audibly gulped when I clicked “submit payment” but it’s over and done with now. Haha

 

Then invest more in a tax advantaged plan to lower your income .

 

Haha I think anyone of us would. But I honestly think it’s a great decision. One less monthly payment, been putting most of my extra cash towards the truck note and will be extra relieved the day the title is mine. Can’t wait!

 

nice, you kept the better looking wheels too

 

Yup! They came on my SR5 and they’re 10 times better looking than the stock Sport wheels!