buying a used Tacoma

Hey everyone, i have been a member of this thread for a couple years. I am going to school about 100 miles round trip twice a week. I had a 2003 Tacoma and loved it, but i sold it because i was commuting to school. I have owned a 2012 Honda Accord for about 8 months now since i sold my truck. I hate this car, I will be done with school in December and I wanted to buy another Tacoma next year. I owe $18,000 now on the car. My parents co-signed with excellent credit and I got a 2.9% Interest rate. My payments for 72 months are $275 a month and insurance is around $150. So I am paying about $410 a month for this car. My question is, Can I trade my car in, for say $15,000 and be $3,000 under water and still get a truck? How does that work? will the $3,000 just be added onto the new loan? I am okay with that. I just want a Tacoma again. I miss mine so much. I am looking at 08-12' Years. Do you guys think i can afford one? The most i could probably afford a month would be $320 for the payment. Thank you for your help. I am kind of lost with this loan stuff.

 

This is a terrible idea, unless your parents are willing to shoulder the cost. You're talking about paying an additional $3000, (sounds like) basically paycheck-to-paycheck, to drive a truck that has worse gas mileage and arguably less practical for commuting than the accord you already have.

If you really want a Tacoma, get a first gen. Or even a 22re if you find a good one.

 

Keep your accord until youre not upside down on your vehicle loan or just wait until youre out of school and can afford to purchase whichever vehicle you'd like. My .02

 

x2 - hopefully your schooling will be the ticket to a better paying job and career. If so, dedicate yourself to improving your financial circumstances, don't do anything to compromise your parents credit standing and don't live beyond your means! "Short term sacrifice for the long term gain"!

 

He speaketh the trutheth.

 

Sorry, not practical at this time. Suck it up and pay off your car ASAP. Instead of trading now, put an extra $50/month on the car. You'll pay it off sooner and be in a better position to trade later.

 

You should have stuck with the Tacoma, but I'm sure you realize that now.

On the flip side the Accord is a good car. Keep it and get out from under water on it, or just pay it off and have something that gets decent gas mileage for when gas is $4+ a gallon again.

 

You'd be Digging yourself into a hole.

 

Yeah, just keep the Accord.

 

I do regret selling my truck as you guys can see. and i have done some looking around and mostly everyone has told me not to do anything until i am no longer upside down on the loan. So until then I will just work my butt off and try to pay off as much of it as I can. I miss my Tacoma so much though.....I even miss being around on this forum. This is the best Tacoma forum out there.

 

Don't roll negative equity into a car ever!

 

Yeah I am learning that..no matter how much I want to get out of it, it would be stupid for me to do.

 

I did it and I regretted it.
Stick with your car as much as you don't like it.
Down the road you'll be happier.

 

If I were you, keep the car. You will get overall better mileage and consider it your daily commuter. Pay off the car asap. Pay off whatever student loans you have and w/e you have. Save money then buy a truck.

That's what I did. Best choice I made, only difference. I love driving my car.

Side note: don't ever mod till you own either. Never understood ppl who mod when they still have loan on vehicle.

 

Yeah I'll keep the car until it is paid off. I would like to save more money to put down on the truck also. It would be stupid for me to get a truck soon anyways, as much as i want too.