Would you trade in for better interest rate?

He probably got a Toyota because HE WANTED A TOYOTA!

 

Correct, every year. Regardless if you own or lease you must pay this property tax in Va.

So for 6 years of ownership my 2018 SR will play out something like this:

Note: Estimated 6% depreciation.

2018 SR DCSB 4x4

Appraisal Year 1: $28,000
Appraisal Year 2: $26,320
Appraisal Year 3: $24,740
Appraisal Year 4: $23,256
Appraisal Year 5: $21,860
Appraisal Year 6: $20,548

Tax Year 1: $719.20
Tax Year 2: $652.00
Tax Year 3: $588.80
Tax Year 4: $529.44
Tax Year 5: $473.60
Tax Year 6: $421.12

= $3,384.16 in taxes over 6 years.


2018 TRD PRO 4x4

Appraisal Year 1: $40,000
Appraisal Year 2: $37,600
Appraisal Year 3: $35,344
Appraisal Year 4: $33,223
Appraisal Year 5: $31,229
Appraisal Year 6: $29,356

Tax Year 1: $1,199.20
Tax Year 1: $1,103.20
Tax Year 1: $1,012.96
Tax Year 1: $928.12
Tax Year 1: $848.36
Tax Year 1: $773.44

= $5,865.28 in taxes over 6 years.


So my estimation of the tax difference over a period of 6 years was high.. but $2,481 is a suspension upgrade plus.

So Virginia knocks you over the head with sales tax and then again every year afterwards.

Fixed the math error on 10Mar2020 5:30 pm ET.

 

This, if it's about saving money. You'll get plenty of refinancing opportunities in the near and not so near future. And a little birdie told me that we're heading towards times where you'd want to have the least amount of personal debt possible.

 

Don’t do it. If you owe so much you would even consider this you are on your way to a life of debt and misery. Pay off your truck, then when you trade it in you won’t be n the same predicament. Or keep your truck for 10 years and buy a house or simply live debt free.

 

If you go this route...Negotiate via email. Get an out the door price, then use a car loan calculator, put in your terms, and you won’t be blind going in.

All you’ll have to negotiate is your trade in. Even then, check out KBB, or other like sites, and put down info on your current truck, and get an offer on it. You could sell for that, or at least have that in your pocket. Take a breath, car fever is real. If the time isn’t right, don’t do it. You don’t have to use that dealer. I got 4 offers of over $4K off of the MSRP when I purchased my truck recently.

 

If you are trading in a vehicle to buy a new vehicle at a dealership, you will be losing money.

 

If theirs nothing wrong with your current truck and you like it, I'd just refi through a bank or credit union at a better rate for the same time period you have left on your current note or less. Debt sucks, dealers suck and I prefer not to expose myself to more of either than I need to.