Need some advice

Need some advice...currently have a 2011 Tacoma with a payment. There is an opportunity to pick up a 1992 Tacoma Manual Ex-Cab 4x4 original owner with 199K miles on it.

I'd love to be able to get out of debt completely but would have to pick up an older possibly less reliable truck that may need some repairs done to it. It hasn't ran in a bit either and has been sitting in a garage.

What do you all think... just keep my truck and knock out the payments or try and sell my truck and pick up an older Tacoma but be out of debt?

 

Asking in the 2nd gen forum if you should sell your 2nd gen is like asking the people at the liquor store if you should stop drinking.

I can appreciate your desire to get out of debt. However, it seems like you're possibly jumping into a project rig that could end up costing big bucks. Buying it as is, where is, in non running condition could be a big gamble.

However, here are a few things to consider about selling your present truck. What it's worth now, compared to what you still owe on it. What the interest rate is. How much you owe on credit cards and what the interest rate is on those. Whether you're renting a house, buying a house, or living with your parents.

Here is my personal opinion. Nobody needs a $20K vehicle if they have to finance $17K to be able to drive it. A $5K to $10K vehicle will do everything a $20K vehicle will do.

 

Make sure the 92' DOES NOT have a V6. The 3VZ 3.0 is junk in just about every regard. Definitely stick with the 2.4 22RE.

My opinion, they are a far superior truck in build quality. Downside, they are old. You will spend more time in repairs because it is 28 years old. Power output isn't great but my old rig would do 70mph getting 18-20mpg on 37's. If you are looking to build a Crawler it's a way cheaper platform.

If you are looking for a daily driver that is trouble free stick with your Taco.

I've owned many pre95 trucks and currently a 2nd gen. If I had a choice of going back in time and buying a new 92' or my current 2013...without question the 92'.

I don't know what you specifically want to do but I'd consider selling the Taco, getting a Civic or Corolla, then buying the 92'. Have a cheap commuter car and a real pickup to wheel.

 

Interest rates are as low as I’ve ever seen. Any significant savings if you can refi?

 

Is your '11 worth more in a private sale than you owe?

I admire the goal of ending debt. Most of the time (not all) it is the enemy.

And as dad espoused, financing a depreciating item just makes you a two time loser.

 

How many more payments on the 2011? Hopefully not many. I would hang onto it...

 

I hate payments, but I'd rather pay payments on something dependable than pay payments on something a lot less dependable i.e. 28 yr. automobile of any kind. I know it's hard, but I'd never buy that old unless paying cash.

 

Potential money pit, you a gamblin' man?

 

I'd keep the '11 for comfort an safety reasons among others. A 28 year old truck could be opening a real can of worms. You may end up pouring just as much money in it as your current payments.

 

If you are close to paying off the 2011, save enough and just pay cash for the '92 as a side project. It sounds like you have an itch for a new project but there's no way I would be replacing your current ride with one that currently doesn't run.

 

Thanks everyone for the input. Looks like some good advice. Looks like the 2011 will stay and just enjoy driving it and paying it off! Always appreciate the input from TW.

 

Good choice. I just sold a 94 4x4 with a 22re. Great truck but under powered and not nearly as comfortable as our tacos.

 

Sounds like the decision is made (a good one, too. Keep the 2011!). 2nd gens are hard to beat for comfort. And much safer in the event of an accident.

That said, there's something unique about every generation of Toyota pickup. For me, '80's and 90's trucks are a time warp back to a simpler time. They make for great toys and project trucks and not so great DD's if you're used to/spoiled by the modern comfort, power and smoothness that newer vehicles provide.