Dilemma

so i recently bought a 2011 double cab 4x4 tacoma, and i financed it for 48 months with the 1.99% apr. that puts my payments over $750 per month.

it turns out that we are barely able to make that payment. we can afford it, but are really having to cut corners everywhere, and aren't able to save money.

we also have 2 other vehicles: 2011 SR5 4runner and 2005 scion tC. both are paid off.

so i decided to make this poll and get some other opinions. basically, i am married and have a 6 month old son. as much as i'd love to keep my tacoma, i'm beginning to think the best decision for my family might be to get something used, and trade it in and trade in the scion. but maybe i'm crazy.

the things i'm considering right now:

2008 Tundra DBL CAB 5.7L SR5 with 64,446 miles - asking $24,998

2008 FJ Cruiser 4x4 SUV 6-speed with 66,168 miles - asking $21,988

get new or used 4-door car - maybe jetta diesel - or open to suggestions here

keep the tacoma and sell the scion, and try to make ends meet.

other - give me your suggestions.

thanks

 

which vehicles do you NEED most?
like do you need the fuel econ. of a small car?
or do you need the bed space?

 

I would keep the Tacoma and trade in the Scion since it's just you and your wife that are able to drive.

 

well it would be nice to have a truck around the house. we don't necessarily need either one. i don't use the bed a lot, but i do occasionally. we love camping, but the 4runner is a 4x4.

thanks. we are considering this. we know something needs to change, and at least this will happen.

 

I'd have just stayed with the two that are paid off or trade the 4Runner in on the Tacoma. That's a lot of cash that could go into that baby's college fund.

 

+1..I was just about to say the same thing

 

well the 4runner is here to stay. my wife loves it, and we have put too much into it to get rid of it now. that's why we are debating letting the tacoma go now, when we haven't paid that much on it yet.

and you are right, that it a lot of money that we could be saving. as much as i want to keep my tacoma, i gotta think about what's best for my family

 

Dump the big payment!!! Or sell the 4runner and pay down the Tacoma note and refi.

 

so just give the truck back basically? the 4runner is here to stay.

 

sell scion use money to refinance taco....

 

Stretch out the loan for a few more years.

 

Pick 2 of the three

 

Do whatever you have to make sure you can afford your endeavors now and in the future (short and long term) through mindful saving for you and your family. If that means sacrificing a little comfort now (say having the 4Runner + a commute car), then so be it, because your family will thank you for planning.

 

X2, TC's are pretty small for a family car. Not a lot of room in the trunk for much at all

 

thanks for the replies. yeah i think the scion will go. it's not a good family car, but we have it now bc my wife wanted to keep it, so we had something that got good mpg.

the only way i can refinance is going through a bank, and that interest rate would go way up. not sure if more money on this truck is the best thing

 

This

And that.

 

Yeah, get rid of the truck if you can. I think you're already pretty far upside down on it though... Without financing charges, you're paying 36k for that Tacoma plus whatever you put down at the dealer. If you can get rid of the Tacoma and come out clean, I'd dump it, then trade the TC for something more family friendly. Maybe you can trade the Tacoma and TC together and get a better deal on the trade.

 

put that foot down and get rid of the 4-runner imo

 

Thanks. That's what I was thinking. Maybe trade both in together.

I would lose more money that way. I've put too much money into the 4runner to get rid of it now.

 

Always you can throw you-re hands in the air and declare bankruptcy, and blame in Obama.