Interest rates

This scenario saved my health, and the new job introduced a drastically higher quality of life, highly recommended.

 

Pay off the one you have. We are about to hit a recession. Then you can buy a new one for even cheaper.

 

Interest rates are more about your credit history than what the fed is doing.

 

Wise words... except I’d say chill the fuck out for a couple months (minimum). Interest rates were already low, even at 0% vs current good credit rate what is one even saving

 

Another unique to Tacoma World thing... so many financial gurus
Don’t matter what forum I’m on Ford World, Jeep World, Drummer World, Bow Hunter World, How to grow your micro penis World none of em not one has so many members concerned with how a person spends their money

 

that is true as well so all of this points to having a balance in life. A little bit of interest won’t hurt you. The problem with a lot people is that they get so consumed in things like credit cards and these bullshit loans and the next thing you know they are way in over their heads and can’t get out. Credit cards are the absolute worse because all you are basically doing is paying on the interest every month. I knew a friend mines back several years ago who had 19 credit cards for a total of 75,000 in credit charges. How in the hell are you going to ever get out of that

 

If you are willing to go into debt for a few extra years just because of a low APR you likely are in a financial position where you should just keep your truck. My last car payment was 14 years ago and I used the extra money to pay off my 15 year mortgage in 7 years. Being in debt is like being a Slave.

 

You always lose when borrowing. That’s why the banks are in business. Use the money you will lose on the deal to get a better education or take a risk on a better job so you don’t need to borrow money to buy a shitbox Toyota.

 

Think about if everyone paid off then cancelled their credit cards. This country would be in huge trouble

 

The economy is pointing towards a recession, and you want to onboard new debt?

 

Go with the tundra, you will be MUCH happier.

 

Im in the same boat. Debating on doing the van thing, actually was in the process of about to sell my truck then all this mess hit. I am not a financial guru by any means. Im a 9-5 teacher and have a truck payment. In my opinion, I would hold off for a couple months and watch what happens. Jobs are gonna be lost and the economy is going to tank. As much as I want to build a van, you buy a tundra, it is a better idea to stay put in this situation and start getting back up plans in the works. Or down size and completely get rid of the payment. That would be the only wise decision I think. Anyways, goodluck.

 

You gotta know how to use credit cards right. I use an Amex for everyday purchases and pay it off every week. My check card got skimmed at a gas station a few years ago and my bank gave the me runaround about $400 that for spent. Banks don't care because it's your money. Credit cards care because it's their money. Plus I get cash back..6% on groceries and streaming services, 3% on gas and 1% on everything else. I have never paid interest on this card in 3 years. It has a $99 annual fee but I'm getting $60-80+ cash back 12 months of the year on money I'd already be spending anyway.

 

Until you wedge that bloated bitch between two trees.

Taco is for Taco things. Tundra does as Tundra does.

 

Unless there is a significant upgrade or you feel like you HAVE to have a new truck, I’d hold what you got.

I’ll contend that I follow Ramsey (also teach sessions on it) and it is a proven system to get out of debt and stay out of debt. HOWEVER, it doesn’t always work for everyone. Following his doctrine IS the most effective way, but as long as you understand that skipping or half-assing a step will effect your debt free timeline, do what you feel works for you.

I bought a new one because I knew I wanted a Tacoma when I wrecked mine. I also knew I’d keep it until it breaks. Used hold their value far to well (did give me a great insurance payout though) so I got new.

Since everyone else is giving financial advice, I will say a couple things.

-have an emergency fund if you don’t already.

-seriously consider 6 months worth of expenses saved up. The current corona scare and business shut downs should be enough reason to understand why.

-don’t get a loan that makes you truck or house poor. I’m sure you’ve seen tons of dudes on here asking about selling price because they got over their heads.


Based off your cc comments, I would imagine you have a decent head on your shoulders. It’s your choice to ignore any or all of us, but that’s just my two cents. In the end, do what you think you need or want to do. It will either work out or it won’t. I’d keep what I had if it was me though.

 

Credit cards are a wonderful tool if you have self control. You must understand your personal urges, and be self aware. I, like you, use credit cards to distance myself from fraud and ease purchases. I don’t run a balance.

 

Going into debt on the cusp of a recession is fucking stupid no matter what the interest rate

 

I have a gas card for this same reason. Had a debt card skimmed in PA when we lived in NJ and skimmed in WA when we lived there. Switched to gas cards after that.

 

Unless you believe it’s the end with this virus.

I have an uncle who’s mission in life is to die with as much non-transferable debt as possible. In his mind, there is no afterlife, so you might as well die with a couple million in debt that cannot be held against your next-of-kin. Then you have had $2,000,000 more fun in your life than those who skrimp and save.




Of course, you gotta get the timing right.

 

A lot of people think they won't be hurt and can keep the bounce up during a recession. Then maybe one day it's their turn, to get laid off.

I'm sure the toy sales will start later this summer. Wake boats, Tacomas, Raptors, Cessnas, Corvettes, 911s, Diesel trucks, Side by Sides, ATVs, guns, bass boats, campers, etc. There's always some dumbass that's levered to the hilt that was really 1-2 paychecks away from oh shit.

If I can score an early 80's 911 3.2 Carrera or 3000 Healey when this is all over i'd be stoked