How in debt are you with your Tacoma?

Mine's been paid off for 4 years and I pay cash for all mods and accessories.

 

True to you but not to everyone. If you live in a major city you can just hop a bus or use a bicycle and never own a wasteful truck. It's all about the balance in your own life. My office, I work alone so it's sometimes from the field or home, is technically 20 miles away on undivided highway. Is my Tacoma necessary? Hell no, honestly I could walk that overnight. Okay, a little sarcasm there, but I could probably dig up an early 2000's Civic that would be reliable and decent on gas. However, I wouldn't be able to play with it in the mountains, I'd feel sketchy going out when there is a 60 kph wind blowing snow around, and I'd always being waiting for that day when something expensive on the Civic would break leaving me somewhere between home and wherever I'm going. I also wouldn't be able to use my Tacoma to cover my butt when my work truck is in the shop. My Tacoma gets rid of those issues and I can afford the payments. At 1.9% interest my debt isn't costing me much (about 1.5K over 5 years, or less than $25/month...) on the truck and I'll likely hang on to it to reap the benefits of no payments. That to me makes sense, but I'm sure to someone more miserly it seems like the worse purchase I could ever EVER make.

Do I need a Tacoma? No, and I never said I did so I'm wondering where you picked that out. In my own mind I can afford this vehicle and it fills some, reasonable to me, wants and needs.

 

Seems like this thread went from a poll to those of us making payments having to defend our decision from those who paid cash.

Owning a vehicle is almost always an eventual financial loss. Exceptions come in the form of a VW Jetta I bought years back for $900, drove for 2 years and sold for $1600.. Rare case. Otherwise, you're losing money on depreciation, interest, repairs or all of the above.

However, we (this forum) drive Tacomas. And tacomas in most cases pay for them selves eventually.. And then some.. So let's not cry over spilled milk.

 

I owe 10,994$ on mine still over the next 37 months.

Modification are never put on credit. If I dont have the money to do something, I am not going to do it.

 

$6,500 down and financed $31,500 on my 2015 dcsb off road. First new vehicle all worth it and if need be tacoma's are gold on the big Island! I pay cash for mods. and having a brand new truck makes the $488 a month plus $100 full coverage all worth it

 

3k down and financed just about 30k after TTL. Got it financed at 1.9% though, so interest is very minimal.

I've been considering selling my GTO since I never drive it anymore. If I do, I'll throw that money and my tax return toward the truck, which would just about have it all paid off.

No payments is a beautiful thing... then money for modifying comes much easier

 

This went from an input thread to an everyone-judging-everyone thread pretty quick. I voted, but I'll keep my info private to keep the dicks away.

 

Just bought mine for 30,000. in July, Paid 23,000 down, financed the last 7,000 left for 24 months, plan on it being payed off before this coming June. I have no idea how much I've already spent on fixing it up, but I'm sure it could already be payed off.

 

$0, life is good without the truck (money) payment. My truck payment gets paid every few weeks when I gotta crawl under to fix some random thing. This week it's that catalytic converter heat shield again. A few weeks before that I had to figure out how to lube the clutch fork while it's in the truck.

I go back and forth on if I want to trade up to something newer. Essentially pay with more $$$ and less time on my back. Last time I asked, the Toyota dealer flat-out refused to give more than $7k for my Tacoma. I can keep it for that so I walked out their door.

 

All these old guys are making me a little jealous. Wish i could have put over 20k+ down on my truck... oh well I guess.. I'm 24 so who's jealous now?? lol

 

24 was fun, but times have changed weed hopper. We were able to do cool things like drink and drive, drag race, all while not receiving life sentences in prison. Youth is on your side, but I wouldn't trade my position for anything.

 

I owe about 16500 on my 09 Prerunner that I bought in April. I got a letter from a dealer say in he'd give me a minimum of 19,900 for it if I traded it in on a 2016. Ain't gonna happen, hopefully this will be the last truck I have to buy.

 

Dude... go re-fi. What are you waiting for??

 

Currently owe $14,200 on my 2015 DCSB 4cyl Prerunner Convenience Package. It has 13,500 miles on it now. I had a nice chunk of equity that I carried into this. The problem with equity is I'm looking at a 2016 4x4 Tacoma Double Cab or a full size crew cab, my truck has barely depreciated in a year since I bought it so cheap. I need to learn to be happy with what I have. I'm in no hurry to pay this thing off though, it was a 60mo loan, I took it out 12 months ago and it's 1.9%. I can make more money than 1.9 pretty much anywhere.

 

I don't do car payments.....even on a truck. If I can't pay cash, I don't need it. HOWEVER.....After being involved in a wreck that destroyed my previous ride, my wife snuck out and bought a 2011 Tacoma that I was thinking seriously about buying. She took money out of her savings and bought the truck. Now I'm somewhat indebted to her if you know what I mean....

Some days I'd rather owe the bank.....

 

Bought my truck in 13. Got a little less than a year to pay and it will be mine. First vehicle that I have ever actually owned. I've had a car payment since I was 16. We would trade vehicles almost every year but this is the first vehicle I've had a emotional attachment too.

 

I'd rather make payments on 2.4% interest and leave what I could have paid in cash earning 7-10% on average. Paying cash is not always better.

And if you have the money to pay cash on a low interest rate loan for the truck, you could take that money and put it on your mortgage instead. Much smarter move to pay that down.

 

I got mine at 1.9% financing and I pay extra on my house payment each month so I agree with you.

 

Everyone's situation is different, but I see a lot of responsible people in this thread. Obviously owning your truck outright is a great place to be, but of all the posts I've read I don't think there is anyone that is in a horrible financial position with their truck. Some better than others but that's always going to be the case.

Pay it off as fast as you can but enjoy the ride along the way!

Go CBJ!!!