Keep or Trade? – One year later…

Might as well get a new wife while you're at it!

 

Getting a new model at his age would just turn into a money pit...

 

Looking at it as a cash flow in retirement question more just a new truck, I see taking debt into retirement as something to avoid. If I were in OP’s situation I would keep the truck OR go with used if his is going to turn into a money pit. An option the Dave Ramseys of the world would say is to pay off the other debt out of savings then relook at retirement goals and what’s left for replacing the truck.

Granted I’m not as close to retirement as OP so he may be better versed in planning in the homestretch. However, I do have two retirements locked in and am working on a third so more than a little thought has gone into retirement planning.

 

Yeah those newer models need a rack and pinion too

 

I am in the same boat at least as far as retirement goes. I plan to retire at the end of 2024. I actually am eligible in a few weeks, but I want to hit retirement debt free. House is paid for, I am hoping my daughter finishes college as planned this spring. We are paying as we go for her college. She is in state and as we said, you go out of state you pay the difference. Did that for the older two kids as well, but they have been out of college now for more than ten years. Older daughter went to med school, but she borrowed for that. I started a college account when the youngest was born and we pay most expenses out of that, with the exception of the rent which we pay monthly. Over saved for college so I too a chunk and paid off my wife's car a few weeks back. Our plan was just a regular investment, not a 529 so we can do that. Just bought a new car (hybrid) two weeks ago and are tripling up on payments and will retire as soon as it is paid off. I have two small IRA's started years ago that I count as separate from our joint investmetn accounts and those will be for a new truck years down the road.

When I get the bug, unfortunately a new vehicle does show up in my driveway (not sure how that happens). If it were me though, I would wait another year and see what the 2024 Tacoma's look like. Could be you might like them better. If at that time you think the 2023 was better, pick up a year end model and hopefully at a discount by then. My truck is only five years old so it will be a bit before I get a new one, but I like the idea of a small turbo or hybrid just because of the gas mileage, not to mention the low end torque you get with the turbo and hybid.

 

Sounds like you've already made a decision, stick with it.

 

You can keep changing parts again and again.
There comes a time when its better to change the whole truck.
I drove my 08 for 14 years. Extremely happy with my 2022 Sport.

 

I’m an old man but I’ve noticed a trend, seems trivial but why is it that a high percentage of Chevrolet Camaro owners cannot spell Camaro? Despite possibly seeing the emblem every day.