Trying to figure out how to sell my truck and get a different used truck instead.

Isn’t that just a rumor?

 

2022 for the new hybrid Tundra. Rumored 30mpg, 3.5TT V6 pushing 450HP. The current Tundra is a dinosaur in the full size truck world.

 

It is if what you have told us is accurate. It's simple math.

If by $890/month car allowance you mean you get $350/month allowance and fuel reimbursement, then yeah that's gonna cost you to trade.

Sometimes there isn't a good answer, you have to go with the one that sucks the least.

 

yeah they succ. they have the most shit gas mileage compared to other half tons

 

Ummmm, that's not exactly how it works... You just likely extended your loan term and kept the same payments. I just received a letter from toyota saying we can upgrade my wife's prius for an extra 15 bucks a month from what she's paying now. But the kicker is then I just added on 3 years of payments

 

BINGO!

 

I scratch my head when I see 3rd generation owners trading in their ‘16 through ‘18 Tacomas for a new ‘19 or ‘20. The all new 4th generation Taco is roughly 2.5 years away. You KNOW your going to want it. Focus on paying off your current truck if you haven’t already.

 

Ok

 

Just brainstorming here OP, but can you throw 100% of your car allowance onto the loan? Not sure what your monthly payment is but If you can fund the vehicle 100% out of your own funds and then take the full car allowance and toss it into the loan (which the $890 would include your monthly payment).

I don't think it's wise to stay in a vehicle you don't want and isn't working for you. It's one thing to keep it around for 6 months to a year to fix the negative equity (which shouldn't be THAT bad on a Tacoma).

Could you get yourself into an old beater truck after you sell the Tacoma for a little while and still get your car allowance? Or is your company forcing you to have a vehicle of a certain age?

I always hate it when companies basically force people to have auto loans out for newer vehicles the depreciate quickly. That's like an anti-benefit lol

 

Please explain how $890 amonth isn't enough to pay a taco note and some gas? Did you put 0 down and have negative equity in what you traded? Something is fucky here and OP doesn't seem willing to explain.

 

How does a company force anyone? No one was forced in this situation or any other. People make their own choices, they could buy a beater that gets them where they need to go and pocket 700 a month. This is a personal choice, and there are consequences to every choice you make.

People make mistakes and learn from them, OP seems younger, and it takes life experiences to make better decisions. I have personally made a lot of bad car choices in the past and only very recently have started to make ones I think are more responsible. So I'm not throwing stones here, I just don't like seeing what I consider a learning experience, to be turned into some sort of blame game and victim mentality.

 

I have friends who work for a bougie corporate company where they are required to have a certain car, usually a 3 year old car or newer, but also when a company has a specific requirement, they also give some sort of stipend for car allowance monthly. Just what i've seen so its not a bad situation to be in. Couple of my buddies get roughly 500 a month for car and they have just been leasing for years

 

Your last sentence nails it, they have a budget and they found a way to meet the requirements without issues . But also, when you take certain jobs, you know certain things come with it. I'm sure none of your buddies were surprised by those requirements and they were laid out in the job offer or descriptions.

 

IRS Fuel allowance is .58/mile. And there are a few apps out there that will track your mileage so you can have an audit trail just in case. For example, 25k miles is $14,500 in reimbursement.

 

As much as he drives leasing is not a good option. You are limited to how many miles you can drive without paying a penalty when you return them.

Jobs and their benefits change. He may not be getting the $890/month down the road. While getting that cash I'd use it to pay down the loan faster.

Used wisely there is nothing wrong with credit. In fact with some of the low interest loans on vehicles offered today you are better off financing and keeping your money in the bank even if you have enough to pay cash. But you should NEVER allow yourself to be upside down on a loan. Pay enough down at the start so that never happens even if you have to buy used.

Since you are already upside down my advice is to ride this one out, at least for a while. All vehicles take the biggest hit on value in the 1st 2-3 years, I strongly suggest keeping one a minimum of 5 years. But trucks tend to keep value better than cars and after a point the decline in value really slows down. Almost any truck 10 years old and/or 150,000 miles on it will bring 1/2 of what it initially sold for. Not 1/2 sticker price, but the price the original owner actually paid. And Tacoma's are better than average on that.

You may well hit 150,000 miles sooner than 10 years. But by that point you'll probably have it paid off and can get 1/2 of your investment back. And very few trucks will need any major repairs in the 1st 150,000 miles. Extended warranty's are a scam.

 

That's the key. You are already being helped more than most. And a Tundra will eat into your TCO.

Keep the truck, add more cash to prepay principal and get out of the equity hole.

 

What are you talking about man? How am I being unwilling to explain? I have other things going on in my life that me and my wife decided what finances need to go. Do you want me to lay out my whole financial situation to you. It's not funky my man.

Most my car allowance goes to the truck and what ever is left over goes to other things like debt we want to pay down because we are looking to buy another house. Didn't really feel like I needed to lay that out to you but there you go.

 

I disagree on the warranty.

 

I was thinking the same thing and then wondered if I should be the guy to try out a first year new platform truck ?

 

Nope, nor complaining when they get an additional 500 bucks to drive their Audi's and BMWs lol