Should I sell my tacoma? Need advice!

He's gone guys. Flew the coup, probably off to buy a new Tacoma.

 

If anyone (OP or other) finds any of my advice helpful, it was worth the effort.

 

It's never too late to respond to a post like this...

Stop by and visit a local Credit Union in your area.

I have belonged to the same credit union for years. They have a team that does nothing else but car financing. They don't make a commission: their money comes from the finance interest. They can be counted on to give you an honest value for your trade from 2-3 sources and they know the interest rate at all of the other main banks in the area. If you are approved and borrow money from them, they will give you a check for: "up to "x" amount" to take with you and fill out with the interest rate printed right on it. (Pre-approved credit) No dealer has ever turned one down with me for use on a new or used vehicle I was interested in even after they locked in the price. Even if the dealer matched the terms, (rare: and it's going to cost you somewhere else if you don't pay attention) I would still politely decline. At times they (CU) have looked at my finances/credit and advised me I was offered either a bad deal, had too much debt or just plain couldn't afford it. (and documented the reason.) You will probably have to join the CU to get the loan and agree to automatic payments but it's worth it.

Good luck! and Welcome to TacomaWorld.

 

Take an off-road trip with your truck on a easy to moderate trail to a popular destination with stunning views. Sit there and seriously think about your situation and see if it's really worth it to keep your truck.

 

With the LA fires and vehicle losses, this may be a VG time to dump the Tacoma as long as you can find a decent price on what you actually need.

 

Make your daughter do the math of $1 today, growing 10% per year for 50 years (1 x 1.1 x 1.1 x 1.1 ...). Might help convince her, in addition to the fact you can buy a Mustang now and still have so much money.

 

People always need money. Learning how to manipulate/manage it is one of the best paths to financial freedom.

Just do not run afoul of the SEC ...

 

Credit unions are the way to go - better interest rates on savings accounts and loans, and lower fees, if any, for cashier's checks and other services.

 

you keep saying to get a second job... now i've really got to know. what do you expect is typical occupied working-hours for most people to be working every single day?

because i'm at 12 hours per day occupied by work[10hrs paid], down from 14-20 hours/day at my last job, including travel to/from, and it took me 2 full years of job hunting to find something that paid this well (80k/yr, modestly-well for the area) with the time commitment. i've got another 2-4 daily hours of running my house/newfangled human body, and taking care of my dog like a responsible pet owner, leaving me 8-10 hours of sleep to do it all over again. in all respects, i actually have less responsibilities because i'm single without the hassle of a significant other, or kids to deal with, which take up even more time...

i'm just genuinely baffled by the idea that anyone is making an equivalent pay with far less time commitment than i have that they can physically afford work somewhere else for another 4-8 hours without spontaneously combusting within a few weeks from a serious lack of sleep...

 

He means to get an "Only Fans" account going! lol

Just kidding.

He's going by the numbers...and more income is needed to support the debt.

I know I wouldn't want to have a second job...I'd rather have my sanity and rest in-between my one-job assignment.

 

I wasn't always heeding it but I did at least listen to my parents' advice with money matters..they are very frugal folks. Ye Olde Banker's Secret, one extra payment per year knocks 7 yrs off a 30 yr. Even in the lean years we at least managed that, $75-100 a month depending on the month still came a little over one extra. Since getting caught up on projects (have to not want to stuffs mostly) we've basically made a double principal payment every month for at least 5-6 yrs now. Especially important as we are older.

I took my sweet ass time paying off my Tacoma, $201/60/0.9 percent. Rather drop extra $$ on my mortgage. We paid off her Rav4 in a tad less than 4 yrs on a $275/60, I want to say 4-5%. Both times we got almost new with very low miles (under 7K and 16K respectively) so we at least parried the cost by having no repair bills.

I think trading now would only help if OP bought something outright or similar situation..my friend did something like this long ago and bought his girlfriend another vehicle, but they inherited her dad's truck so my friend kept that instead. I've only bought 2 vehicles new/nearly new and I've always said the goal is keep them for double the life of the loan I took for it. Plus in OP's case that Tacoma is going to retain value very well especially if not being driven much.

The fuel mileage thing only works if one has a true fuel pig of a vehicle and has to drive often as a requirement, as I see it.

 

Says he who has no 401K thanks to TW

THIS. I joined the Telephone Worker's Credit Union 25 yrs ago (my dad worked for the phone company). Cost a whole $5 to apply. My one credit card is through them, $2500 limit and 8 percent. I know I could get a huge limit increase anytime but I've never wanted to, my wife has a $15K card if something insane happened (which did one time in the 22 yrs we've been together).

I financed my Colorado in 2007 with them..the salesman as soon as he heard I had that option said he knew he couldn't beat their rate before I told him what I was given. I was going to finance my Tacoma there too but here's what happened:

Salesman: I ran your credit already.
Me: (thinks I didn't tell you to but whatever) I see.
Salesman: I don't have to tell you your credit is excellent.
Me: My parents always told me "guard your credit with your life, in many ways it IS your life".
Salesman: We're doing a special on the used financing for the CPO
Me: (thinking I'll let him rap for a bit as I set the hook and reel him in) Interesting, I didn't know that.
Salesman: There is a 0 percent but it's for new only, for instance
Me: (thinking one last pull and I'll smash him with my news) Ahhh, I did like this used one though honestly.
Salesman: You got the loan approved already and it's 0.9 percent interest. That's the best we can do on CPO
Me: (knowing I got about 4% on the TWCU) OK that sounds great, let's do it.

My example is not typical I'll admit.

I was on the Board of Directors of a nonprofit darts league for 15 yrs. I got paid $1000 a season, which about 6 yrs ago went up to $2000 a season. Two seasons per year. I could expense a few things but mostly it was just my straight salary plus $35 and a meager dinner per Board meeting (roughly 4-6 weeks and about 70 miles round trip).

I did well over 100 hrs a season, probably 125-140. Not making mega money but it was the vehicle payment money. I did have a few scheduled things but Board meetings were after my day job (so yes, late night getting home) and the captain's meetings which were close to home..most things were deadline driven, and there was ebb/flow to the hecticness but it could be planned for. I could also stay up late and work during the week so I could have a mostly freed up weekend still.

I can relate, the one I speak of above was also a labour of love. I saw a great league that the prior people in charge were screwing up and screwing the membership plus others, and felt that I and some friends could do a better job. Curse the darkness or light a candle type thing.

In general, it's a choice. Either cut back on expenses or consider increasing income.

 

I pay with a credit card for absolutely everything I can. It's stupid not to, provided you have the discipline to keep the card paid off each month.

When you pay with a CC, you're paying with the bank's money. When you pay debit or cash, it's your money. CC gets you points, perks, and fraud assistance. You can charge back a bad purchase on a CC and it comes out of the bank's pocket, not yours.

There is zero reason to pay for anything aside from on a credit card. (certain cash purchases excepted, which is why I always carry a few hundred bucks on me)

 

That's just it, there are some things I'll always use the card for..but paying it off in full that month isn't incurring debt, that's using their money for a month at no cost to you. If I ever go to a parking garage that isn't attended and have to swipe a card, no way in hell I'm using my debit card due to the possibility of a skim. Yes that can happen either way but if my credit card gets nailed it means I call and cancel/reissue. My debit is hitting my personal actual money.

 

Real question here is where the fuck is OP!

 

They offered u 39k for a truck that has 77k miles .. um ya I would trade it in a heart beat .

 

The worst part is that I already work a second job, it pays for the truck payments. My rent absolutely sucks living in the Bay area yet it's the cheapest I could find. I have the ability to keep the truck with the second job but it's a slowww process(putting the money first to the truck then into the CC). I just don't use this truck anymore. I believe I have some bad attachment issues that I really need to overcome and get rid of. I haven't been using the truck for what it's made for.

 

Haha, a guy who makes poor financial decisions with attachment issues