Financial Advice: would you keep or trade your current Tacoma?

Decision has been made.

 

Would I? No. But you know your situation. Do what makes you happy. Seems like this is what you want to do

 

There aren't many circumstances where trading in a perfectly fine vehicle for an identical one will make financial sense.

In this market it makes even less sense considering the cost of replacement.

For the 7500 you're looking to spend you could rebuy all your mods, wrap the truck you have in Army green, and still have plenty of money left over to buy a nice case of whiskey to drink while you contemplate why Toyota chose the gear ratios they did.

 

Put an army green wrap on the current truck... cost about the same.... 3500.

 

As my financial advisor likes to say "some financial decisions are emotional". If this is what you truly want and you can swing it, then what the hell! But go into it knowing your purchase probably is not the wisest thing you will ever do from a dollars and cents perspective.

 

He wants to “try” the manual though

 

Put it in "s" mode and pretend

 

Brand new truck zero miles and a manual, you won’t regret it.

 

What is dealership offering for trade vs Kelly/NADA trade in? How about retail? I considered trading my 16 limited in recently but changed my mind. Traded wife’s 09 Venza awd loaded for a limited RAV4. Initially they offered $5k, I demanded $8k and surprisingly they said “ok”. Another option is to buy outright and sell your truck to carvana…or another online dealership.

I like my truck too much. I am returning to dealership soon because a buddy of mine wants to buy new. If they offered me MORE than trade in, I may do it. New Tacoma’s have (I believe) remote start and locking tailgate (both options I installed). I also would like the power rear window. I’d keep my hard toyota tonneau and install bed lights later.

 

If you can afford to do it and it makes you happy go ahead and do the trade. I used to keep cars for several years but I'm an old guy and I'm going to do what you're considering since it would be fun to drive something new. I just got a 2021 Tacoma and will most likely trade it in for another one in a year or two. I can't take it with me so might as well have fun. A big plus would be going to the finance guy at the dealership and get to skip the hard sell on the extended warranty.

 

And he will probably most likely find that it is very much a "truck" manual transmission. Notchy and a throw so long you can open the rear window when you shift into second, just like God intended.

I was somewhat glad that I had the Auto chosen for me because Access Cab/Off Road were my priorities when buying. It's the first automatic I've driven daily for a decade, but during the test drive of a manual DCSB, I wasn't sure I would love it in 50,000 miles.

I don't know the OP's level of love is for manual transmissions, but I think you have to know you want one to love the Tacoma's.

You owe 3500. A new truck will reset that to 11,000. This results in 7500 of new debt you could theoretically throw at the truck you currently own and be in the same spot. (Not including mileage)

 

How long do you intend to drive a 3rd Gen tacoma? Fifteen years? Only five more? How desirable will a gasoline-engine truck that gets 15-20mpg be to buyers in five years? Fifteen? Do you own a house? Want one? Married? Kids someday?

You’re making payments instead of paying cash, which means you probably don’t have $20,000 cash in the bank (or equally liquid assets) to throw around.

Stick with the cool truck you already have the keys to. That’s the best financial choice.

 

How dare you sir

 

How can we tell you what to do man... you do you and I will do me. Last place I would ever ask advice is the internet.

 

Depends on your situation. If you can easily swing the new payment, then by all means do it. Going from 63k miles to 0 would be worth it to me for the 7500 difference. Just make sure you REALLY like the manual transmission. Its fun at first but alot of people get tired of them in short order. I like them and have owned multiple stick shift Toyota trucks(7 I think). I have also owned probably another 10 or so manual transmission vehicles so I tend to favor them.

 

Do it, brand new truck zero miles for additional $7500 more than you owe now. Others saying throw more money at your old truck, that foolish. You will never ever get that out of it. Used market is going to crash, sooner than later. Take advantage of it.

 

Well you’d be surprised, my bank account is not something I’m about to throw around on the internet, but I’m pretty good with my money and I’ll leave it at that. I will not pay cash considering the market and the low financing rates offered by my credit union.

 

I am keeping mine. I can't remember how I do all those modes....

 

Well shit, go big then!

It’s like asking if you should leave your cool girlfriend and listing her basic attributes but refusing to say if you have your one true love waiting patiently in the wings, and also not saying whether or not you even like monogamous relationships or heteronormative partnerships. Details make a difference if you really want advice.