The dealership keeps callig.

So I’m getting calls from the dealership trying to buy my truck. It isn’t even paid off but they want to put me in a new Tacoma and promise a lower payment. I brushed it off initially but seeing as I’ll be making vehicle payments one way or the other when I’m ready to buy a house, I’m starting to consider it if I get exactly what I want out of the deal. So my question to the community is this. How much do you reckon the manual transmission would add to the value of my truck in a private sale? The right person would love this truck in a manual I think.

 

New trucks are readily available now at every dealer pretty much. The market is not what it used to be 6 months ago… I’d keep what you have. Dealership is not in the business to “lower your payments” that sort of mentality keeps you in debt forever.

also I wouldn’t fucking touch a house with a 10 foot pole right now

 

Dealership is in business to make money. Ignore the calls, keep driving your truck.

 

^

 

They LIE

 

Lowering payments = You will be paying more. Don't do them any favors.

 

I used to get the same calls before the market went nuts. It's just BS advertising.

 

I agree that they are in the business of making money. I wouldn’t even consider it unless they met certain terms:
1) cash in my pocket
2) put me in a relatively new Tundra and keep my payments under $600.
And I am waiting on the housing market but I still have about 3 years of payments on my Tacoma so either way I’ll have a vehicle payment when I am ready to buy a house.
Appreciate the advice, btw!

 

You prob won't get into a new tundra for less than $600/ month unless you have about 25k to put towards the deal.

 

They get you a lower payment buy financing you for a longer period of time. Meaning they'll max you out at 84 months. For the same payment you probably have for 48 - 60 months.

 

My brother made out well on the Labor Day sale trading in a used 2020 for new. He lowered his interest rate and went from an SR5 to a sport. Not sure of the numbers but I know they worked due to my brother being a tight ass. You also have to take in the two-year warranty and service. I would swing by and see what they have to offer.

 

Your monthly payment right now is $600?

 

That's not always the case. Dealer knows the OP has some equity in the truck and are prob basing it off that. Essentially using the equity in the truck as a down payment for a more expensive truck.

84-month interest rates right now are SUPER high. Like 7-10% high even with stellar credit. Trying to stretch loans out right now isn't easy.

2020 truck at $600 dollar payment. I would say he has around 7-10k in positive equity in the truck as used prices are still pretty high.

Sounds like a good deal to get into a new truck for around the same payment but at the same time you are flushing almost 10k down the toilet.

 

How do you expect to get cash in your pocket by doubling down on a
1. More expensive vehicle
2. Taxes
3. Fees

you will lose money period. Monthly payments are irrelevant. Your actual expenses aren’t.
You can stretch your payments to 96 months and you sure as hell aren’t “saving money”.

a tundra is also 20-50k more expensive than a Tacoma depending on trim. No way in hell will it have a 3 digit payment

 

No. My payment is $825. Going into next year it would be nice to have a lower vehicle payment as I’m saving and preparing for home ownership.

 

Amazeballs … care to break this one out for us?

what’s your interest rate, term, outstanding balance and what was the purchase of the truck?

 

$825 damn!

How long is your loan and what's the interest rate?

How much do you owe on the truck?

 

So out the door with financing was around 50k. Didn’t put anything down. Have excellent credit hit got hosed with a 4.5% apr. I owe 29k on it still. I believe it was a 72 month term. And after looking at it my payment is actually $810 and change. I pay 850/month.

 

would be interesting to see how they lower payments when 6 months ago rates were 2% and now they are 6 plus and trade in value is down at least 10%.