Who has their truck Paid off?

Wish I still had it! Sold it in the late 90's for about $7,000 to put towards another build

 

Paid cash for my 09 last year. Paid off the 5th gen T4r and my wife’s bmw in a year which was a good feeling to get rid of both of those payments.

 

Email came through this morning that my loan has been paid in full! Took 1 year and 2 months. Paid less than $1k in interest. Destructive mods can begin

 

Congratulations, enjoy it!! Now

 

Done... and Doner. Exit Offroad Black Friday Sale Splurge a Comin

 

Very blessed to say my 2014 Limited 4x4 has about 67k miles on it and paid it off last year while graduating college. It’s a nice feeling.

 

Got my 2015 Tacoma in July 2018 and paid off the 5 year loan in 2 years.

 

I bought my 2013 Tacoma in 2018 and just paid it off last November when I sold my house. Took some of the equity money and paid off the balance. It feels so good to have a paid off vehicle again.

I love my Tacoma but never should have bought it when I did. I had a 2006 F250 that was way too much truck for my needs at the time and had been itching for a Yota for a long time. I made the mistake of going to test drive one and then my wife and the salesman colluded against me each of the 3 times I tried walking out of there. Then I made it worse by rolling negative equity from the F250 into the loan for the Tacoma. Very expensive lesson learned. I would have been $10k or more ahead by just keeping the F250, fixing the things that were wrong with it, and finishing paying it off. I figure if I keep this tacoma for the next 10+ years then it will all have been worth it.

 

I paid cash for my 2014 in 2020. I then started putting back $200 per month so that when the '14 retires I will have the next vehicle paid for or will have a huge down payment if prices continue on their upward trajectory.

 

Smart man with a good plan.

 

When I got my Tacoma friends and aquaintences told me to EXPECT to get 300,000 miles out of it. If that's the case it may be the last vehicle I'll ever buy! However I might decide to hang on to it and buy a Tundra to go with it in a couple years. Gonna try talking my wife into getting a 4 Runner as she's in the market for a new vehicle.

 

I would like to point out that if instead of focusing on putting down a large down payment and or paying off your loan early you take that money and invest it (ETFs) there is a good chance that you will end up with more money after the loan is payed off. For example the S&P 500 has returned an average of 10% annually so assuming you got a good rate on your loan you can earn more annually on your investment than you are paying in interest. Of course some years you may loose money but the idea is that over the life of you loan you will be green. Then you leave that money invested and in 20 years you do the same thing with an electric/self driving Tacoma.

I totally understand the benefit/feeling of owning your vehicle outright etc. and I would never bash on someone for paying off a loan early or buying with cash. I just wanted to mention this here because I think it is interesting to think about. This is my plan with my current vehicle so in 4 more years we will see how close my spreadsheet was to reality.

 

I posted this spreadsheet in another thread where this question came up. It does make sense to borrow to invest (that's essentially what you're doing if you delay payoff of your loan), but only if the loan interest rate is very low. Rates are so low now it pretty much always makes sense, but there is some risk that the stock market could crash, etc.

 

Paid off my 2015 last year. Yes what a feeling it is still!

 

I guess maybe it's a case of 6 of one and half dozen of another. There may not be a right or wrong answer. In my case my being retired I wanted to pay the truck off sooner so that if anything happened to me my son would inherit the truck. Also once it was paid off what was the monthly payments stays in my savings account, should any big emergencies come up it's only a matter of going to the bank to take the money out. With the economy being as it is the sooner the vehicle is paid off it's a relief knowing if one loses their job they don't have a truck payment among other bills each month. Again it may be whatever works for a person is the right answer for THEM.

 

Paid off my '15 last month.

Feels damn good I have to say.





This truck is more fun that I ever imagined it would be.

One of my fav pics from this winters snow wheeling adventures.

 

Agreed, it’s not simply a mathematical question, there are personal preferences for risk appetite that come into play as well. I actually paid cash for my truck instead of investing the money in stocks, no regrets.