Is your Tacoma worth more than you are?

Lots of people driving more vehicle than they can really afford. Been going on for a long time.
http://www.caranddriver.com/compari...n-titan-vs-2004-toyota-tundra-comparison-test

 

That's excellent. But does not answer the OP question.

 

I think so, no one would pay high blue book for me, they might for my Baja!

 

I'll be honest it is. Wayyyy more. I graduated college and had a guaranteed job lined up so I dropped 80% of my savings into the down payment and still owe quite a bit. I'm also 22 years old

 

My Tacoma has been paid off for a year and a half but still paying off credit card debt from my younger stupid days. Still have a retirement savings and a 401k that I started this year with my new job.

 

Mortgage and Truck payment. Pay cash for everything else. Trade/Down paid about 1/3 of the truck's price IIRC.

If the economy keeps going well I'll probably look at making larger payments on the truck to get it paid off much more quickly. Super low interest rate on that loan too.

Credit Cards are a death sentence. Had big CC debt once in the past. No intention on going there again.

 

Simple answer no.

 

No

No

 

No No Debt other than normal monthly bills....learned long ago that if I couldn't afford to buy it I didn't need it (the one exception being my house....gotta have a place to live and a bit pricey to pay cash for, though it has been paid off for over 20 years).

No Not even close.................

 

I wish I could say I had more money than debt but I don't.

Owe 10k on my truck, 15k on my wifes car, and 42k on my house. That's my only debt. But I have only 10k in my savings atm. Although my house is valued at 110,000.00. I'll have both cars paid off before long, maybe 2 years.

 

i hate owing money. I am super OCD about paying stuff off fast. The truck is my only debt though. This will be my last auto loan. I'm driving this truck until it dies, and paying cash for any other vehicles. I do consider the Tacoma a wise investment though. Yes it was expensive, and they get less mpg than some people would like. But in the long run, I have a vehicle that will be extremely reliable, and probably wont nickle and dime me to death, so it will pay off. I bet by the time I get rid of this truck, It wont owe me a dime. If I cant pay cash for a vehicle in the future, then im not getting the damn thing.

 

(not knowing the value of the truck & car)...

You have more net worth than the Tacoma is worth. Appears you have 68K in the equity in the home, plus the cash and any equity in the vehicles.

 

please clarify for me, is equity basically how much more something is worth than what you owe? in other words, if you owe 10k on something worth 20k, you have 10k in equity?

 

Correct. That is known as "positive equity".

 

The '11 Taco AC is fully paid off and has been for a while. While I don't discuss my finances on line, the value of the truck or even the purchase price, is not a significant representation of my value. To translate, if my taco got wrecked into a little ball, I would simply take the insurance payout, go to my favorite Toyota dealership in Asheville and get another one. No fuss, no worry. It is only a pickup truck.

Howard

 

2 years and a few months and you'll be able to do an extra 6k b4 tax if you choose.

 

Mine should be paid for by the New Year.
But, it should be noted that the only reason I bought it in the first place was because Toyota bought my '99 back. If it hadn't been for that check I'd still be driving an older vehicle, as had been my habit for my entire driving career. Prior to this I had always paid cash for older used cars, driven them for a few years, and replaced them. I hate having a car payment, lol.

 

Nope. I will be 54 in 2 weeks and retired at 43 in '05. I bought my Tacoma 1 year ago today and will make my last payment 8/14, my birthday. I would have paid cash but needed to have some credit activity.

 

how did you retire at 43 if you don't mind me asking? You don't have to get into specifics, just curious. That's awesome.

 

Only debt is a truck loan (rent currently - will buy a house next year). Just turned 29, have about $100k in 401k/Roth IRA and $20k liquid savings. Also about $50k equity in personal property assets.