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Buying First Truck - Help?! - MOVED TO CORRECT THREAD

Discussion in 'Off-Topic Discussion' started by YoungTacoLover, Jul 7, 2011.

  1. Jul 7, 2011 at 11:40 PM

    YoungTacoLover [OP] Well-Known Member

    Jun 28, 2011
    First Name:
    Wish I had one </3
    Okay so when i graduate highschool ( 9 months from now ) i want to be able to buy a Tacoma. I would really like an 05-06 but i dont see it happening, Maybe im wrong. I will have to pay for this completely by myself.

    Now i am hoping to get a job within the next 3 weeks, and if every thing goes well then ill be making like $7.50 an hour at a Tacobell or fastfood place. Ive always wanted a Tacoma im completly obsessed with them, so ill be dumping a good 10-15k into the truck as the years go by.

    What im mainly trying to get at is im unsure what would be a healthy price for someone with a job like i said before. Like how much would the payments be and etc for XXXXX price??

    Is a $10,000 something you guys think i could handle? ( still having a job ) Id like a 02 TRD SR5 ... What would the payments be? What payments would be not easy but managable to handle?

    Keep in mind, id probably put like 2,000 downpayment... Im not really looking for an exact payment because theres websites i can do that with. Just wondering what payment is too high?

    For an 11,000 Tacoma in AZ i would pay about $240 a month is that bad or okay?

    Also how much would insurance be if im 18, with a 2002 4x4 xtracab 3.4 SR5

    Thanks a bunch!!!
  2. Jul 8, 2011 at 12:07 AM

    slmgt Well-Known Member

    Oct 19, 2010
    San Francisco Bay Area
    11 TRD Sport w/ JBL DCLB V6 AT
    Husky floor mats (Fr and Rr) Hose clamp securing tailgate
    Hey Man, love the ambition and desire to get a Tacoma! Depending on how your wage breaks down (# hours worked, taxes withheld, etc.), you are looking at anywhere from $75/week (10 hours worked) to $300/week (40 hours worked) gross pay.

    Vehicles are depreciating assets, so expect to put a lot more money in than you will get back. Take into account the price of the vehicle, taxes, fees (registration, et al), insurance (!!), and your income.

    Generally spend no more than half your income on any given thing. But the life you live dictates a lot (advice: save money and do not spend anywhere near to how much you earn!).

    (!!) If your driving record is devoid of accidents and tickets, your insurance will not be too bad. The more years driven without problems, the lower it will be. Since you are inexperienced, expect your rate to start off high and drop consistently.

    Check many car insurance companies because each have different underwriting techniques that change the premium amount for different risk level drivers. State Farm, Allstate, Farmers, Geico, etc.
  3. Jul 8, 2011 at 11:56 AM

    Joehs Okie!

    Apr 16, 2010
    First Name:
    Broken Arrow, OK
    12' Tacoma Sport
    Generally speaking, figure for every $10,000 financed, your monthly payment will be about $200 on a 5 year note. That's not an exact number, but ought to get you pretty close given todays financing rates.

    If you're buying new, with 2k down, you'll be in the neighborhood of $400+ a month.

    Buying use would put you in a better situation for sure, especially at a younger age.

    On an $11,000 tacoma from that year, you may have a hard time getting a loan for it depending on it's miles. It's a tough situation to be in.

    I know it's probably not what you wanted to hear, but that's the truth.

    I'm 25 now, had my taco for a year and a half. Monthly payments ~$128.xx. My insurance premiums are about $95 a month (~$570 ever 6 months). Depending on your commute you have to figure gas prices in. I go through at minimum one tank of gas a week is another $65-70 a week (~$240 a month). Not to mention the tags/title/licensing fees you have to pay upon buying a car.

    There's a lot more that goes in to total cost of ownership of a vehicle than strictly down payment and monthly payment.

    I'd say, if you're working full time, and you're making at least a thousand dollars a month, you're probably safe pending you don't have any outrageous spending habits, no rent, no cell phone bills etc. Those things just add up.

    It's a hard transition, but it's one we all make. Hold on and keep focused on what you want. Work towards it and it'll come to you eventually.
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