Am I crazy? Thinking of trading in...

...to get a 2021 Sport in Army Green.

I had always planned on getting an AG Taco but found a killer deal on this Cav Blue one that I couldn't pass it up back in 2020. Ever since I bought it, I've had color envy and have always had an Auto Trader tab open on my phone for when I want to go search for AG Tacos.

Well, I found a local AG Sport, all the packages, totally stock, 15k miles for under $40k. So why did I call the dealership and set up an appointment for a test drive? Mainly, color envy, secondly, I drive 100 miles for my work commute, so I already have over 100k miles on my current truck. This doesn't really bother me that much as it's not even at its half-life, more like it's at the top of the mileage mark where I can get a good trade in amount back. I know I'll lose money on the mods, but I really had a good time researching mods on this forum and building my truck how I wanted it. So, I'm kinda excited at the thought about getting to build another truck?

I put a decent chunk down for a down payment on my current truck, so with the trade in value and the amount owed on my current loan, I'd have the same monthly payment on a 60-month loan for this new truck. I already did my prequalification financing through my credit union, so everything is in place to pull the trigger if I want to.

I love my truck and I close the tab and move on with my life only to open it back up in a few weeks. And then I think that it wouldn't be a bad thing to have a truck with 85k+ less miles on it with the same monthly payment amount, and if I put any cash down (which I can), it would actually be cheaper monthly.

Am I crazy?

 

Yes. Do it anyway.

 

I like your style.

 

yep your nuts actually but the cheaper payment sounds nice

 

What about his nuts?

 

I don't have any, so no issues there.

 

get rid of that blue thang

 

I believe the official rules of Tacomaworld state that we are to encourage you to spend money, not save it. So do it!

 

From a financial standpoint, no.

Payment chasing based on the whole "same payment" principle, on top of starting a new loan, you're paying interest all over again versus just finishing your current loan..which technically should be over soon.

 

Some people enjoy the journey of tinkering.

I contemplated this too. Instead I went a different direction when my commute changed to 80 miles. I garaged the truck and bought a cheap stick shift that gets 35 to the gallon, or it would if I was mentally capable of keeping my foot out of it. And now I'm building out a cheap stick shift.

No regerts.

 

It is, which is why I'm here because I wanted to get other opinions.

 

I'm so well aware of this, over half my build list are things I found on this forum that I "had to have because".

 

right but shes trying to close that chapter in her life and doesnt want buyer's remorse (because of color envy)

 

Like I said, just speaking from a financial standpoint

I won't say I haven't spent money on dumb stuff, but spending quite a bit of money all over again for a vehicle you already own is pushing it a bit

If you were switching to a 4Runner due to it's utility/cargo space, then it'd make more sense

 

Yeah that's fine

OP asked for an opinion; you and I have differing opinions that's all

I like my money going elsewhere

 

Current interest rate and term?
Proposed interest rate and term?

 

i didn't disagree, but if it makes op happy why not , amirite lol In the last 4 years I changed my vehicle three times , until I landed on the 3rd gen . I love my truck ! and if op loves jalapeño green who are we to stop her

 

I like where your head's at, but it's much more complicated than this.

Let's *assume* the OP took out a 60 month term at a low interest rate, with a total paid interest of $6,000 based on the minimum payment per month for the life of the loan.

If the OP has 1 year left, most of that interest has already been paid, with roughly $500 left to pay if the minimum payment was made for the remainder of that year.

Now, if the OP enters into a new loan, for 60 months, at whatever rate they offer now, and the total interest to pay is again $6,000, they're going to start over on that again.

On top of any loss of value for the current vehicle, mods installed, taxes/fees for the new vehicle, and immediate depreciation on the newer vehicle being purchased driving off the lot.

Again, strictly from a financial standpoint!

Was a finance director for almost 10 years

 

If current loan is 3.9% for 60 months and the proposed loan is 9.9% at 96 months, then it doesn't need to be any more complicated than that.

Consumer borrowing in June of 2024 is generally a horrific idea.