It’s a no go.

I really wanted to upgrade my 2wd sr5 to a trd off road 4x4. I got a decent deal on mine plus msrp pricing on a new one BUT I would have to finance around 29k. I currently have my sr5 at 1.95% and the best I could do right now(800 credit score) is 5%. Seems like too much money for a want. Sorry just venting, thanks interest rates!!!

 

Thanks for the update….

 

All's well.. you'd have to change your username anyways

 

well if you were to switch to a trd OR 4x4, what would you do with your name? You'd be a liar and a fake.

 

It is nuts, when I bought mine I asked just for shits and giggles. I have perfect credit low mortgage and no other debt. Work full-time for the government so they know what I make. The dealer said I'd be about the same as u. I asked what it would be with bad credit he said 1-3 % more. High rates always were for high risk people, not anymore. If you wanted it buy it. It's not going to get better in the coming years bailout after bailout.

 

Is the proposed purchase a '23? And you have a '22?

A delta of 29k says there's not much equity in the '22.

Maybe hustling up those payments would get you to where you want to be sooner.

Good on you for having the guts to walk.

Dear old Dad said payments on a depreciating item made you a two time loser. And regardless of what folks around here will shout about, even a Tacoma is a depreciating item.

 

Your right on the low equity. I have about 13k in equity at the moment. Reason being since int rates were so low back then I decided to invest the money in something that yielded better return than a 1.95.

 

That would be ideal but unfortunately I don’t have all the funds needed.

 

I decided to not trade in my vehicle for the sole reason that I don’t want to change my username

 

Assuming that was with Toyota's incentive rates at 60 months? 2.99 for 36, 3.99 for 48, and 4.99 for 60. You think that is nuts then try to finance a TRD pro. When I looked in to it what I was seeing was 8% and that's with a 800 plus credit score as well. No way will I do that. All the guys wanting the gen 4 are going to have a harsh awakening if they try to finance the upper trim levels. No way Toyota throws any rate incentive's on the new one either.

 

Its not a bad thing to have some self control.

 

I bought my first new car back in 1989 and the rate was 11% with perfect credit. Rates have been low for a long time and are still low compared to what I have seen in my half a century.
I commend you for recognizing the difference between a want and a need. A car is not an investment, it's a liability (to me). Hang in there and save some down payment money, something good will come along.

 

I was looking at carvana the other day. They are asking more for used vehicles than what the original sticker price was. It's insane and finance rates just make it worse. Unless I get rich overnight I'll be hanging on to my taco for many years.

 

yeah man, that would be a no go for me too.

 

I did the math.
29k at 5% vs 1.9% is a difference of $2400 over 5 years

 

But the math (In my situation) is 20k at 1.95 or 29k at 5-6%.

 

Oh sorry
and I guess also matters how many years you are into the 20k loan

 

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Smart man.