Dilemma

sell the scion and refinance for 60 months. 1.7% apr will not be much finance charges and you'll have a brand new truck that is under warranty, babied by yourself and your wife, peace of mind knowing its history, and its a badass truck!!!!!

 

thanks for the replies. looks like refinancing isn't really an option - it would lower my payments, but not by that much, and in the end i'm spending more money.

at this point, the options are either keep the truck, or trade it for a used tundra for around $22k.

so what do you think - a certified 2010 2wd tundra with the 5.7 and 6 seats for $22k - payments would be around $430 a month - truck only has 15,000 miles on it

 

The tundra doesn't get much worse gas mileage than the Tacoma. My 5.7 4x4 double cab gets 14 all city, 16 mixed and 18 all highway. This is pretty consistent too. I've gotten 20 all highway when keeping it under 65. I always drive with several hundred lbs of tools in the back and the cap which is another couple hundred lbs. Does the Tundra have the towing package? 6 seats is a bench up front, does that make it a non SR5?

 

well it turns out that tundra has been sold. but we want the 6 seater.

 

well guys, i've got an update. so it turns out even after selling the scion, getting rid of the current tacoma still might be the best thing for our family. i've actually found a 2008 prerunner off road (baja i think) with 50,000 miles for $20,000. sound like a decent deal?

after my trade and everything, i qualify for $412 for 60 months or $355 for 72 months - much better than the current $764 for 48 months.

what do you think?

here's the link on autotrader if it will work link

 

sounds good to me, imean unless you use the 4x4 alot than go with that. but if it were me get the 09. aux input and better taillights lol

 

well i don't use the 4x4 that much. yeah the tail lights aren't as good, but i can live with the old ones.

does that price sound good?

 

I don't mean to be negative, but this thread makes me uneasy thinking about how far thin you seem to be stretching yourself, and how much emphasis you seem to be putting on monthly payment over total cost. Typically you qualify for more than you can realistically afford.

How expensive of a vehicle can you afford to pay cash for? Have you even considered that option or are you set on having a car payment? Have you factored in how much you'll actually save after the loss you're going to take on the Tacoma?

 

This. No offense intended OP.

 

With the 72 month Tundra loan, you'll be paying on the truck with 122,000 miles on it if you average 12K/yr, or 140,000 miles on it if you average 15K/yr! That's crazy to me.

If you put the $8500 into your truck with a 60-month refi, your payment would be like $450/month and your truck would have great mileage when paid off, and you'd be in a truck that's a few years newer than the tundra. It'll only cost you like $2500 more in the long run. In 5 years you could be in a paid off 2010 Tacoma with 65K miles on it, or a paid off 2008 Tundra with 130,000 miles on it and $2500 in your pocket.




So to recap:

• The 72-month loan on the Tundra is stupid
• The 60-month loan on the Tundra is reasonable
• The 60-month refi after the $8500 payment on the Taco is best.

Only my opinion - I'm not a debt counselor.

 

alright guys, here's what i've got going for me. as far as total cost, that's how much money that's coming out of my pocket until the truck is paid off.

if i keep my current truck, i will pay a total of $36,000 (give or take, depending on how much i pay per month).

if i get this other prerunner tacoma with 50k miles, and i go for the 72 month option, i'll pay a total of $25,560. that's a savings of $10,440. again, this is including the loss of my current truck.

granted, if i drag out this thing for 72 months then yes, it will have around 140k miles on it when i get it paid off. i will most likely pay off my current truck with about 50k miles.

i know it seems like i'm mainly focusing on monthly payment, but i have always considering total cost. they go hand in hand.

am i missing something? does what i'm saying make sense to anyone? basically, i bought a truck just after having a kid, and my wife's not working anymore. things are tight, the truck payment needs to get lower, and if i refinance i'm putting even more money into an already $36k truck. i'd rather get a used one and save over $10k.

 

brother cars are money pits and are a quick way for you to be car poor. sell the car payment so you can have money to take your kid to disneyland some day!

 

If you already know what you need to do, then do it. Not for sure why you are asking for opinions and then arguing why your opinion is better. I pay $475/month on my 2010, have had it almost exactly a year and have put about 11k miles on it. I'm set to have it paid off in 4 years with less than 60k on the odo. Some folks would have a stroke at the thought of a $500 payment, and others are doing 7, 8, even 900/month. Cars and finances are pretty unique to each of us, and our opinions are easy to give when it doesn't cost us anything. Hope it all works out for you.

 

OP, I just discovered something that has me even more perplexed. You started another thread 2 weeks ago talking about your new lift, wheels and tires. Which would be 2 weeks after you started this thread. And 1 week after you sold the Scion.

Now you're back to talking about being strapped again because of the Tacoma. Did you use money from the Scion to pay for the lift/wheels/tires?

Obviously you don't have to answer to any of us, but you asked for advice and it doesn't seem like we're getting the full story, which makes it hard to help.

 

thanks for the reply. i know everyone's finances are different, and i'm not trying to argue that mine option i'm thinking about is better. i'm trying to get others' opinions on it, before i go thru with it, to make sure i'm thinking this thing through.

yes i did buy wheels/tires not that long ago. those will go on my wife's 4runner or this other truck if i get it. i'm keeping the wheels and tires, i love them.

the original plan when i bought this truck was to add a few things, like most on here. i got a great deal on those wheels and the tires, so i went ahead and got them - knowing i would keep them even if i sold this truck.

i'm still not set on trading the truck. was anyone able to actually look at the truck i might be getting? link

am i thinking about this the wrong way? including the loss on my truck, i'd pay $355 for 72 months for a truck that already has 50k miles. or i can continue to pay $764 for 48 months on my truck that i bought brand new. if i trade, i'd save over $10k for the length of the term. what do y'all think about this truck compared to mine?

 

KBB puts the price around 21K for a PP buyer. 20K seems like a good price from a dealer...but in my experience a dealer will STILL take more money off from an internet ad. They would likely take 19K if you were serious I bet. You would likely get hosed on the trade though. I would just look into refing your current truck and save the hassle and loss of trade value. A lot of credit unions offer 3% on used vehicles. Put the scion money down and refi and you would likely be farther ahead.

 

thanks for the reply. we are still considering refinancing as an option. but at this point we are getting tired of worrying about this whole thing. if i refinance, i'm looking at even more money in the total cost of this vehicle (most likely), which i don't want to do.

but that may just be the best thing. i'm really not sure. but it's good to get others' opinions on the matter so i don't make a decision without thinking it through

 

Sounds like you really need to stick with the 4Runner and public transportation. You have a child, which is a huge commitment, and that's where your money should probably be going. This bouncing around cars will end up hurting you in the long-run, not to mention gas prices and maintenance on used cars. Save for the day you two can truly afford something else rather than just spending money. Just my $.02. Good luck!

 

thanks for the reply. well i do make enough money to afford a car payment. just not one that's $764. but your right, we need to decide on one vehicle and stick with it