question from a youngster about trading in

hey guys i hope all is well with you, but I'm only 18 and haven't had much experience with buying cars and my dad put the down payment on the tacoma that i own. I own the "mini" tacoma, and I wanted to know how the process would go if I would like to trade in my tacoma for a Prerunner double cab sb.(I need room for friends and family and whatnot, and i only need a short bed only because i play the drums and they don't take up enough space for a long bed). But anyhow, since we haven't paid off the whole truck yet, am i still allowed to trade it in and renegotiate a new deal for a prerunner dbl cab? also, do you think thats a wise decision or should i wait for when i'm able to buy my "own" truck? sorry if this is in the wrong forum but i thought i'd get more feedback from you doodes. thx a lot guys!

 

In my opinion...keep your access cab until it's paid off. As I gather (from your post) you are the one making payments (?) and (if so), building your credit. Finish this, then get something bigger. There's enough room for two extra passengers in an access cab...it may not be comfortable, but it's enough.

Just my opinion. But then again, I'm the first person to say "Do what you want."

 

Drive what you NEED. More than that is just throwing money away. Take the money you save on and invest it. If I had been smart enough to listen to similiar advice in 1980 I'd be set to retire by age 55

 

The truck doesn't have to be paid for to trade it in on a different one. Trading is never a good idea. You can always negotiate a better deal on a new vehicle if you don't have a trade in.
Tacomas are easy to sell so that is the way to go.
What year is your current truck? If it's only a year or two old the dealer will never give you enough on a trade in to pay off the loan.
Find out exactly how much money you need to pay off the truck you have. If you can't sell it for that amount plus your Father's down payment or more or get at least that much for a trade in then you should keep it. Ex: Say you owe $9,000 and the dealer offers you $8,000 on a trade in. You would have to come up with $1,000 to pay off your truck.
Put the truck up for sale and keep driving it. Just put a sign in the window and advertise it in free places like kijiji and craig's list. If you get an offer that will pay the truck off and give you enough for a down payment on a new one then sell it. If not, keep it until it's paid for.

 

always sell instead of trade. you can almost always get moremoney privately than froma dealer

 

http://www.carbuyingtips.com/
Read every sentence on that website if you insist on getting a new truck.

Personally, I would stick with everyone else's advice and keep the truck you own right now. From another angle, the time your almost out of college the truck will be paid for and you will be so glad not to have another monthly. School ain't cheap. Assuming of course your going to college.

 

thx for the responses everyone. seems like you guys know what you are talking about and i'll take your word for it. i guess my future plan is to keep this truck untill its paid off and maybe let my father keep it then i'll purchase another truck. I guess this desire to own a prerunner is driven by seeing so many prerunners on the road and wanting to fit in. lol by the way i was just wondering how many of you guys are still paying for your trucks monthly?

 

btw yes i'm going to college! education rocks! haha

 

sounds like a good plan. i'm stillmaking payments.... it sucks

 

all the more reason to drive what you have and save as much money as possible. i'd be so much happier if i didnt have to pay back college loans every month....

 

As an older wiser friend always reminds me "want in one hand, shit in the other, see which one fills up first"

Be happy with the rig you have. I loved having a truck at 18, it meant I didn't have enough room to drive everybody. Maybe I was selfish, but I am not a chauffeur.

In the end you will end up trading in your truck, losing money and 12 months down the road realize what a horrible mistake you made.

 

Good choice dude, stick with what you have. Eventually you will look back and be happy you didn't upgrade at this point. Take your time in upgrading, I spent over a year looking for a replacement, your truck will last as long as you need to choose what to get and when to get it. Don't rush it just because you think the PreRunner looks cooler.

 

yeah man. good choice stick with your current ride. i drove "free" cars for 8 years before i i finally bought one, cars that were so crappy people gave them to me. even still, though, i'm making payments. it really sucks. at the going rate the truck will cost me three grand in interest more than the price at sale.

 

Hey aaron, sounds like you've got a great truck and you've gotten some good advice here and it sounds as though you've made the right decision.

As others have stated, you can trade in a vehicle that isn't yet paid for on a new one, but the result isn't pretty. An acquaintance of mine a few years back got real "upside down" in a truck doing that, kept trying to find that perfect combo and ended up with a truck worth about $12K and owing the bank nearly $30K. Took him about seven years to get out from under that mess.

 

It depends on the equity you have in it. I trade in vehicles every 2-3 years and I am never upside down. I also do a 48 or 60 month loan with a couple thousand down and I've never carried negative equity. Of course, I always walk into the dealership with a low interest loan from my credit union so that helps. I think you'll find that if you did decide to trade it in that the resale value on Tacoma's is quite high.

BUT, since you're in college, stick with what you have for now (been there, done that). A bigger payment is not something you need right now. Get what you want after you're out of school and making the big bucks.

 

haha could we be anymore alike? i as well got the truck you got and immediately wanted a prerunner (man, we have it so hard.. huh ) .. however, i've come to terms with it because of the great gas mileage i get, it's power especially after removing the 2ndary air filter, and the fact that it fits me and my style. i will be getting a lift on it as soon as i can and bigger tires.. once i do that i think i'll be perfectly content with my free ride.

p.s. young ppl unite!.. /poke all you old people

 

Good choice. I'm making monthly payments (and paying off student loans).

 

"Experienced wisdom will almost always beat youthful exuberance"
But we expect you to keep trying

 

Nothing at all wrong with the 5 luggers. Hey, I still have a subscription to Sport Truck and I see them in there all the time. Of course, I'm someone who sort of "crossed over" from the mini truck thing so I still appreciate that.

 

Good choice.
Why would you want to be just like everyone else anyway?

I had a Corolla for 13 years. That will probably be the last vehicle I ever pay off.