Wondering thoughts

So I got a 2016 Tacoma SR5 Access Cab 4 cylinder, got it at 160k-ish miles, traded in my Lancer for the bigger car at a ripe age of 19. Got it at 5% surprisingly, paying it off and it seems I have like 13k left on the loan cause I rolled over the Shit box of a Lancers loan over. So I have some thoughts of what to do, I took the Access Cabs seats out and made a bench seat outta wood. For the cross country trip of FL-CA via Military for my dogs to get comfy enough to not be slipping. I wanted to fix my situation a little, the situation being the high mileage of 227,657 miles is amazing cause ALMOST QUARTER MILLY but it’s scary. I’m not a car type of guy, I’m down to learn if I have some time, but I changed the oxygen sensor as a I have a check engine light and I believe since I still have it, it’s the catalytic converter and being in Cali needing it to be SMOGGED as a regulation for military standard is like me dodging the feds while being a federal employee.. it’s not fun to say the least. I just can’t get pulled over.. anywaysssss, yeah so I’m a little worried for the mileage and the usage of the pieces in the car, I wish I can just get rid of it and get some motorcycles for the time being as I’m here and my
Moving has stopped for a while. I don’t want to roll over the loan as my cars worth maybe $5-7k so that’s almost $10k rolling over. That’s crazy irresponsible so what would you think is gonna break next, so I can hopefully save up for it. And what do you think the car can last to. So I’m thinking getting goosegear for the back seats so it looks better then just a custom wood piece but it’s $4k in total for it and that’s a crazy amount when I made it for like less then $100. I’m thinking of just helping it last longer and hoping to hit that 500k? Different seats if I wanna keep it as they’re not that comfy and maybe some more minor changes but would you even invest a little into it? I also got new brake pads, and two or three more fixes that I can’t recall. It cost like a 1k for all the fixes from a local mechanic that was a nice guy, hoping he didn’t rape me for the prices but.

 

Put $0 into it (other than required maintenance) and pay off the loan. Pay more than minimum payment when you can. Spending $4k on something you don't even want to further increase your debt is beyond irresponsible. Why not put that $4k on the loan? Please don't say the $4k would've gone on a credit card.

 

I read this twice and I'm still not sure what problems you are trying to solve. But I'll say this, quit rolling crap loans on crap cars into other crap loans. You are a TitleMax dream client!

 

Sorry bud, I had to rewrite that word salad so that my old brain can understand it. I think this is the gist of what you are saying:

In order of priority:

a) repair it, get the emissions fixed, make sure it is running clean.

b) Any extra money you have, pay that MF down. Make a budget if you have to. Get it down so that it is worth more than you owe. Preferably, pay it off.

c) Rebuild savings so that you have a right-side up truck AND a down payment for the next one.

d) Trade the truck for something low milage. Dont buy anything that has more than 75k on the clock. Preferably, keep it under 50k.

e) Pay down that new car so that you aren't negative. In fact, don't buy another car until you can buy it and NOT be negative. Preferably, pay it off.

f)Toys, mods, and fun things go here.

 

I don’t have a problem, i always read these forums and I wondered what yall older folks would recommend. My life is getting better with the steady paycheck and the truck has down it’s due diligence, going up and down the east coast and cross country now. I wanted some advice nonetheless, i appreciate the insight. Once I pay off the debt that I had with a prior apartment default, I guess it would make sense to spearhead the loan to make it not upside down. I’ll keep that in mind.

what I really wanted was just some words, to help me fix up my future and what to do next. I feel like I’m heading the right way, appreciate the advice so far!

 

Sounds like youre headed in the right direction then. I'm probably twice your age. I'm still not smart with money.

 

Get some cheap automotive carpet and staple it over your current piece of wood, pay off your loan, keep driving the truck. It's a 2.7 - it'll run for hundreds of thousands of more miles if you're attentive to routine maintenance.

 

Minus the part about putting $4k in to mods, you are the right path. Just maintain it and keep paying it down.
The good news is- you figured this out at 19! I went well over another decade before I figured this out. While I didn't have any other debts or issues, I did modify my vehicle and/or consistently trade shitbox after shitbox, rolling over the upside down portion.

 

And I'll add.
g) Start saving for retirement as soon as possible. Even though you may pull 20 or 30 years in your current position and draw retirement.

 

If you can learn to do your own maintenance, a quarter million miles is a lot less scary. At least you can do preventative maintenance and not have to worry about simple things (for example change the serpentine belt so it doesn't break and leave you stranded). And then if moderate unexpected problems come up you can probably figure out how to fix them. Even when I have to buy new tools to do a job it's usually cheaper than having a shop do it, and then I have the tools for next time. Sure there's always a chance something major will unexpectedly break but it doesn't seem too common with these trucks.

I didn't know how to work on cars when I started out, and no one ever taught me. I just started doing lots of research, watching videos, and trying stuff. Start with basics like oil changes. The hardest things I've done are the timing belt and wheel bearings on my 4runner (all done in my driveway or a friend's garage). Emissions and O2 sensors and stuff are still a mystery to me because thankfully I haven't had to deal with them yet. But I'm sure you can get more specific help from this forum.

I've saved thousands on maintenance over the years, and thousands more being willing to own higher mileage cars.

 

I think realistically, someone drove your truck 160kish miles before you added on an additional 70kish miles, and while it has made it this far, you're kinda in the territory of small repairs turning into major repairs to keep it road-worthy. The 4-cyl is a workhorse of an engine, and it may very well go many many many more miles. The transmission may or may not. But the way I see it, if you're deep in debt, you have no other (logical) choice but to continue paying down the debt, driving the truck until it drives no more, and reassessing when you're debt free, or at least preferably close to it. Stay on top of the maintenance and fix what needs to be fixed, and you may very well go another 200k problem free miles; but try to prepare for it only going another 10k miles. You might consider sticking that $4k in an emergency savings fund, and it being devoted to a 1990's Honda Accord to keep you on the road getting to a job if your truck fails you.

 

Okay OP, you want the best financial advice you will ever receive? Here you go:

1. LIVE WITHIN YOUR MEANS!!!
2. Get out of debt and stay that way!
3. If you cannot pay cash for what you want, then don't buy it.
4. Save, save, save!!!!

You starting to sense a pattern here? Lastly, if you have multiple credit cards, pay them all off and close every account except one, to be used for emergencies only. Trust me young Jedi, do all of the above and it will set you free!

 

i have a headache now

 

My 1992 Toyota Pickup had 199,999 miles on it and it still had the original tires on it ( ha ha ).

But seriously, all I ever did was change the oil, tune ups every other year, and throw some tires on it.
Original clutch too.

Sold it for nothing and I know for a fact it was still running 5 years after I sold it.

160k on the 2.7 is nothing. Even if you have to drop $100 or $200 every other month that's way cheaper than a newer payment
for years and years at $400+ a month.

Drive that thing another 3 years and bank some money.

 

Think of it this way from a person who drove three Volvo's to 300,000+ miles.. and sold them to happy new owners. I have three of their medallions they used to give away for this: you are in the "quarter-million-mile" club now. Reality is that the 2.7L Tacoma will run a long time and likely without a catastrophic failure, but it (truck) will cost money now to keep it going. That's just how it is. Things just wear out eventually. I personally would not spend money on so-called "pro-active/preventative maintenance". Fix things as they go/come up. Call AAA, tow it to a trusted local guy if you have one and address the issues as they come up. (My guy told me when it was time to let them go... It was always the electricals that closed the book) The engines and the transmissions (Aisin BTW) are probably still running as a transplant somewhere) They might last another 20 years out there.. but....

Spend any extra money you get paying down your debt.

Welcome to TacomaWorld!

 

OP, a few things about life and cars. If you are indeed 20ish, pay attention to what older responsible folks are telling you - like some of the nuggets above. Do the right things that help secure your future and not the easy things. In my mind, there is nothing really wrong with 227K miles. What is more important is the current mechanical condition and maintaining it. If you want to really save money, you need to educate yourself on how to maintain the vehicle, keep the fluids clean and changed, and look/listen for potential issues. This is true with a vehicle with 50K or 500K miles. There are folks who have run similar 4 cylinder trucks to 500K + miles.

 

Thank you all for the advice! I’m in the military, so retirement is good for right now. Once I get this debt taken care of, I’ll open some more IRAs (Roth and Trad), High Yield Savings, and brokerage accounts. Nonetheless I’ll head all your advice, and the little things to consider, I would not put the 4k into the truck. It was a consideration of me cause it’s “a cleaner look” but then I put in the work and built a wood bench into the access cab after I gutted the back seats. It was worth the trip but maybe the idea of the carpet and stapling it would make it look a little cleaner.

Thanks again. But yeah ima look into getting that AAA membership just in case, like my grandpa said, better to have it and not need it then need it and not have it. I’ll definitely learn a thing or two of basic things, and ride out the baby truck I got. It’s work like a charm so far, and hauled a trailer cross country. I’ve appreciated it, a little scary to be in the quarter million but nonetheless a great feeling. It’s cementing that Toyota Is GREAT feeling in me.

 

I don't know how much AAA costs, but my auto insurance has an option to add roadside assistance for around $1/month. Definitely worth it at that price.