Taco crossroads

With a growing family the 2016 OR access cab is no longer cutting it.

I just put a deposit on a 2022 Tundra Limited OR package and have a hard decision to make:

On one hand, my truck with only 57k miles is paid off and I have 2 years left on my warranty. I’ve taken great care of it and have no doubt this will be a 500k+ vehicle that I can pass on to the kids, and in the meantime use as a work truck to haul junk; odds and ends, hobbies, off-roading. The dealer I’m buying the tundra from was also willing to give me 28k for the truck which matches the best offer from carvana, carmax ect…

On the other hand, we have a two car garage shared with my wifes VW. If I kept it, it would be in the yard somewhere exposed to the elements and potential critters here in the northeast. Not looking forward to a new car payment, we can swing it but not a financially savvy move in this economic climate.

I’m likely leaning toward just having the three vehicles for flexibility. SWMBO supports it, so one less obstacle.

im going to have a few beers and just flip a coin later today.

 

You could always buy a similar truck back when the market cools off (it'll be a while). While almost always a good idea, I am staying light and paying debt down and saving extra money for the impending crash. I don't know your situation, just sharing mine, but I would think most people should at least consider it.

 

Sell it now at a better price. Otherwise you'll still have to insure it, keep tires on it, other maintenance, and it will continue to depreciate. If the kids are 2-3 years away from driving it that's a different consideration. If more than that it's all a guess but I suspect the economy (worldwide) will improve and things will settle down, meaning a good used Corolla for the kids will be easier to find for less money.

 

My 2 cents…take the offer… the Taco will still need to be maintained and insured.

 

Just have both

and take your two hands and clap them together

 

I vote that you sell it. Then, in 10 - 14 months when the market has really gone to shit (repo's are already surging), buy a used truck just like it for (maybe) less than what you sold it for.

Start putting aside a few hundred each month to prepare for the upcoming cost to buy it.

 

Just to add to the financial considerations is your local tax rate and tax laws. I’ve read that some states offset the sales tax on the new vehicle by the trade-in amount. My local tax rate is around 10% so sales tax on a new Tacoma is $3000 to $5000 depending on the trim and accessories. If your state allowed offsetting the trade-in value (which unfortunately mine doesn’t), then you could be saving $2800 in taxes (assuming a 10% tax rate) on your Tundra in addition to getting top dollar for your Tacoma. You can also cancel your extended warranty and get a prorated refund.

 

My grandpa had one truck for movie night and one truck to haul to the dump. That being said, at least your black truck will blend well with the environment, because that Tundy Premium is nice.

 

Trade it. If you leave a vehicle outside in the NE (even in the summer months) in a short time the brakes (among other things) will likely need work as the rotors will be a rusted mess. If you are set on keeping drive it at least every other day. Vehicles NEED to be driven or stored in a reasonably dry and controlled environment.