Is buying a new 2023 TRD OR in this economy smart?

I initially bought a Ranger instead of a Tacoma because I was trying to be financially responsible, at the time the Tacoma was expensive and the Ranger wasn't. In the end the Ranger did what it was supposed to in a very generic vanilla kind of way. I even kept it for 5 years, again being responsible. After buying a tacoma I kick myself for wasting 5 years on one of the most uninspiring trucks ever made (ranger). You've obviously have given this allot of thought and found one at a decent price, plus that truck has a great resale value. If you can get a decent interest rate I think there's allot worse financial decisions you could make.

 

I bought my first new truck at 27. Go for it.

 

In that light, it's hard to put a price on starting up that new 23 OR and heading wherever you want. Can't do that in a Corolla.

disclaimer:
written from a pit stop on a road trip in new 23 OR.

 

I can afford just about anything I want. But I typically only buy what I need. Hence, I can afford just about anything I want.

 

Main thing is you can afford the truck without sacrificing financial responsibility. It sounds like you are a being finanically responsible and can afford the truck. Buy it and enjoy it. Or don't. But if you put off something like this, you may not have the opportunity later.

If you're paying cash, I'm not sure why you'd worry about buying a truck "in this economy" as the main concern would be high interest rates.

One thing to think about: cash may not be the best idea if you can find a low interest rate. If you can invest the money at a higher earning than you are paying then you should take out a loan.

I got a 2% loan on my truck. I could have paid cash but why not invest that money at 5%+ and make a little bit and slowly pay off truck at a lower rate than I am earning?

 

That is the question everyone has to answer when considering "keep existing or buy another". For me, it was "buy a Tacoma". If I was not in AZ, the loose accessory belt would have been repaired and I would have run the Corolla longer.

 

Huh, I did an online calculator and if you put in 40k into an IRA ( I know you can't in a single year) and don't add anything to it for 30 years, you'll have 400K....

 

yolo - treat yourself my friend

Not an advisor, just playing around with some thoughts..
you could pay off the car loan off any time, but you cant get a refund if you buy it cash

so why not just put like 15-20k down, and take a loan?
after some time you could decide and feel how the economy is and make a decision then?
for the record, the cash i have in my high yield savings basically washes off the interest i'm paying on my car loan
(only diff is that the cash is accessible for me, and i prefer it this way)

 

This will really piss off the Dave Ramsey nut riders:

Lease a Tacoma. In 3 years if the economy tanks give that shit right back to Toyota with no burden to you. If the economy stays good buy it out at the end. These trucks typically have very reasonable buyouts at the end of their term. Yea you pay about 5k more for the truck over all, but you get the option to buy or return in 3 years.
My buddy just leased a 23 TRD. MSRP was 45k. He pays $540/ month with a buyout of 32k in 3 years. Toyota cost if he buys it out is around 51,500. Similar if you were to finance at a 6% interest rate.

 

Two problems with lease

1. you’re not supposed to mod it (or at least let them find out).
2. CPO is a big business these days so they are super anal when you’re returning it and you’ll wind up with bullshit fees for swirled paint, door dings, creased seats, or tires with less than 50% tread.

 

People should look into lease inspections first. For example here is Ford's allowable wear for a lease turn in:
https://www.ford.com/finance/content/dam/ford64/us/pdf/lease-end/wear_use_evaluator_card.pdf

Exterior Body Panels Includes dings, dents, scratches (excludes holes)
No charge:
¡ Up to three (3) per panel with diameters up to 4 inches ¡ Up to fifteen (15) paint chips per panel

They aren't expecting perfection.

 

Buy it unless you want all those fancy doodads that will just distract you driving. Its still a truck unlike some competitors that are glamming things up with a big screen tv.

 

I've leased several cars in my lifetime, as has all my friends.. when turning in - they do a quick once over and that's it. They are not looking for paint swirls or creased seats lol

People have tuned, slammed, and modified lease cars since leasing began. As long as you turn it in stock, they don't care.

 

Toyota financial is pretty lenient with returns. It's written into the lease exactly what is allowed for wear in tear. They aren't looking for swirled paint or seat creases lol.

I've leased many cars from Chevy to Toyota. All have been turned in with a few dings and scratches and seats that have some wear. Never been charged. They even send someone out for a pre inspection to tell you if there will be any issues on return.

Also keep in mind a 3-year-old well packaged TRD with 40k miles will most likely fetch more than 32k trade in. Don't like the truck at the end of the lease, trade it in for more than 32k, pocket the extra money and move on to another vehicle.

 

lol someone didn’t have to go truck shopping during the chip shortage/pandemic I see…in all seriousness, this statement is highly dependent on region and was certainly not the case in my region. Tacomas with 30-40k miles were selling for thousands of dollars more than new because there were no news ones on the lot and new ones were a 3-6 month wait. Supply and demand. Definitely an anomaly, but buying new can be the better financial decision in more than one situation

 

If you are buying it in cash, youre doing better than 99% of people. If you dont have a home yet, i would suggest you use that for a home down payment instead and get the truck later.

 

To the OP, you sound like a pretty responsible person - and you should get the truck! People will often give financial advice on what they personally should have done, but as we all know, everyone's situation is different.

 

That is one way to estimate the cost after inflation of the Tacoma in 30 yrs.

 

Buying a house right now is a terrible decision.

 

I actually wanted to lease my current truck, and have leased many times before. It’s a great option for people who commonly swap vehicles. That being said, the rates right now SUCK. 100% you’ll loose big money vs buying and selling in 3 years.