It’s a no go.

Used truck market is nuts. I traded in my 2021 TRD OR with 25,000 miles on it and got within $3K of what I paid for it 2 years beforehand. The even more messed up part is they put it on the lot for more than what I paid for it December 2020. The 22' TRD OR that I bought was $750ish more than sticker. Crazy ass times...

 

With low miles, thats possible. I got 50k miles, i was offered $39k a year back but i haven't checked lately. I think i paid $39k new.

 

As they say in the real-estate business.... you marry the home and date the rate.

Rates will go down. Period. You can always refi at a better rate.

 

lease it and buy it in 3 years

 

Smart then, don’t dig a deeper hole.

 

I think you will be just fine.
You know the difference between a want and a need.
And seem to also have the ability to not make excuses to justify a purchase.
You’re already doing better than most

 

How did you get such a great rate??? I bought in January 1989 and the best I could get at the time was 12.6%. The rate went up several weeks later for new purchases to somewhere in the 13s.

Kids these days are spoiled, lol.

OP, 5% for 60 months is actually "good" right now believe it or not. Doesn't mean that you have to take it though. Want v. Need!!

 

My first new car was a 1989 Dodge Daytona. I think the rate was 10.99% on a 5 year loan. 1st and last Dodge. Pos just barely lasted right up until I paid it off. 1st house APR in 1994 was over 8%. An entire generation got used to cheap money for alot of years.

 

You are correct, an entire generation of consumers have known nothing but reasonably [and unreasonably] low interest rates and have never had to realize borrowing money actually costs money.

There is a very good reason why salesmen ask ''what do you want your monthly payment to be?" and not tell you the OTD cost of the vehicle you are looking to buy when interest is figured in.

Pretty soon, it wont be a loan payment, it'll be a mortgage payment.

I have never had a house/mortgage payment as large as what the typical car payment is now.

This is what happens when your dollars are worth less and less each year due to inflation.

 

i got much better rates at local banks than i ever could at dealerships (same situation 800+ credit score). This was also when rates were substantially better than today. I also didnt go for a TRD OR i went with a SR 4x4 because it had less of what i didnt want and paying it off in 6 months was a bonus.

 

Sounds like someone lived through the jimmy carter era.

 

I was friends with the finance manager otherwise is was low 12% at the time.

 

Ha!!!
That’s what mine was, an 89 Daytona Shelby Z. I paid 3990.00 dollars to insure it for the first year, no tickets no accidents 18 years old. Boy, was I was stupid?
Mine held up pretty good surprisingly cause I drive it like an a-hole.

 

When I started as a mortgage banker back when dinosaurs roamed the earth, the first conventional loan I closed was at 18%. People think rates are high now...

 

Do a lease and refi later, most likely interest rates will be down in 3 years!!
That’s if you really want the OR.

 

LOL @ 5%, meanwhile I got 9% from the dealer.

 

I don't know where you are in life, but your 800 credit score says a lot about your decisions. Years ago when all my friends were getting Mustang GTs, Camaro SSs, 300ZXs, etc. I was rolling around in my CRX si. Now I had to build a get garage to house my latest purchases. Being responsible is hard, but it pays off in the end.

 

go to a credit union