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Keep the truck?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by rdp5008, Jun 22, 2011.

?

Should I keep my truck or sell it to pay down debt?

Poll closed Jul 22, 2011.
  1. Sell truck

    3 vote(s)
    3.4%
  2. Keep truck and pay debt ASAP

    75 vote(s)
    84.3%
  3. Keep truck and pay minimum payments

    11 vote(s)
    12.4%
  1. Jun 22, 2011 at 6:13 PM
    #1
    rdp5008

    rdp5008 [OP] Well-Known Member

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    My 2010 Tacoma SR5 Reg Cab 4x4 is paid off.

    I have almost $10,000 in debt at a mere 2% interest that I would like to get rid of. I have about 2.5 years left at minimum payments.

    Is it silly to sell the truck to pay off my debt and then spend the remaining $8k or so on a used vehicle? Or should I keep the truck and hopefully clear this debt away in about a year of aggressive payments?

    Has anyone been in this situation? What did you do?

    Yes, I realize I should have kept my 1999 Honda instead of purchasing a new truck but hindsight is 20/20 as they say.
     
  2. Jun 22, 2011 at 6:28 PM
    #2
    hookedontronics

    hookedontronics Well-Known Member

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    ^agree

    All depends how much you like your truck I guess
     
  3. Jun 22, 2011 at 6:34 PM
    #3
    odomandr

    odomandr Well-Known Member

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    if the truck is paid off then it would reason there is money to be put towards other debt. debt is not always a bad thing. means your credit is good enough to be a safe loan...
     
  4. Jun 22, 2011 at 6:37 PM
    #4
    BrokenTusk

    BrokenTusk I support a velociraptor free workplace.

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    I bought my truck with 16 grand in debt, both truck n debt are now half paid off. Aggressive payments are the way to go
     
  5. Jun 22, 2011 at 6:39 PM
    #5
    rdp5008

    rdp5008 [OP] Well-Known Member

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    One of my motivating factors is that in early 2012 I'll be taking a big risk on a new job.

    I'm probably going to leave my position as a military officer and finally utilize my degrees in geology. The job I have secured for next year is a seasonal position (although I'll make about as much as I make at my current full-time position). If I perform well I'll likely get offered a full-time position.

    Long story short, if something goes wrong I'd hate to be unemployed and in debt with a fancy new car that I don't really need.
     
  6. Jun 22, 2011 at 6:45 PM
    #6
    TacoSport

    TacoSport opinions are like assholes; everyones got one.

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    If the debt is causing hardship then check to see if you can sell it on CL for close to what your bought if for, if you can do that then sell it and pay off the debt and buy a used truck. If you can't get close to what you paid for it then keep it and pay off the debt over time. Otherwise you will be adding the money lost on the bad sale of your truck to your debt. Good Luck with your decision!
     
  7. Jun 22, 2011 at 6:45 PM
    #7
    krimson

    krimson Nothin

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    Keep the truck man, pay off the debt.. If push comes to shove and you have to sell the Tacoma, you will get your moneys worth. The Tacoma has the highest resale value truck wise.
     
  8. Jun 22, 2011 at 6:46 PM
    #8
    rdp5008

    rdp5008 [OP] Well-Known Member

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    Good point. It's nice to have some outside opinions on this! Thanks guys.

    Some days I love my truck and other days I wish I was free of all debt. I have two retirement accounts and contribute 20% to a TSP and a Roth IRA. Maybe I'll pause that until all the debt is clear?
     
  9. Jun 22, 2011 at 6:48 PM
    #9
    jgwheeler17

    jgwheeler17 I'm a zit. Get it?

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    tint, dents, scratches, two blown speakers and trying to pay her off...
    sell the '10 and get a decent first gen. . . . as much as i would love to tell you "hell no don't sell your truck!" im just a man that hates being in debt, and understand the position you're in. unless you're old as shit, hopefully some day in the future you'll be able to buy a nice new truck again.
     
  10. Jun 22, 2011 at 6:49 PM
    #10
    Maticuno

    Maticuno Resident Pine Swine

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    Keep the truck. Better to have at least one thing you own outright then to have nothing at all. If it all goes to shit, you can always sleep in the truck.
     
  11. Jun 22, 2011 at 7:09 PM
    #11
    Steves104x4

    Steves104x4 Well-Known Member

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    BUCKLE UP! It makes it harder for Aliens to pull you out of your Truck.
    I'm in the same dilemma. I've come to the conclusion that by the time you screw around with an old wreck at the end of the day and especially many years down the road you (me) are better off to just keep the truck. I've decided I'm just going to ride it out. I beleive it will much better in 10 years to own a vehicle I bought new. How long do you think you can drive a wreck for without replacing it....and replacing it...


    Steve
     
  12. Jun 22, 2011 at 7:21 PM
    #12
    LBCdan

    LBCdan I got tiger blood.. WINNING

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    I say keep it. Usually being is debt is a stressful situation but also having a car that might, or might not, need repairs is too. If you keep it you will have a good dependable truck that you dont have to worry about dumping money into to keep running. I say use any mod money toward paying off your debt.
     
  13. Jun 22, 2011 at 7:22 PM
    #13
    zul

    zul Professional Goofball

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    Keep it, and make aggressive payments to pay it off ASAP. It's what I did on my current car and it's likely what I will do with the tacoma I buy this summer. Being in debt stresses me out too. But working towards and owning something you love is totally worth it.

    It feels absolutely AMAZING to pay off a car and have it be 100% yours. If you sell it now, pay off the debt, then buy some ho-hum car, you still may not be happy - you'll just be debt-free. Imagine being debt-free AND having the car/truck of your dreams!

    And if push comes to shove, you can always sell the truck at a later date if the job falls through. The tacoma will still be worth plenty. Few other cars on the planet have better resale values than the Toyota Tacoma.

    I also agree with others here - it gets tough but if you are good with your money the decisions should be clear - spend all the would-be "fun" truck money on advance payments. Once it is 100% yours you can mod away :)
     
  14. Jun 22, 2011 at 7:30 PM
    #14
    fajitas21

    fajitas21 XMF - Extreme Mexican Food fo Life!

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    You don't want to be stuck with an older vehicle and repair bills.

    I used to work for Merril Lynch as a Financial Advisor. For what that's worth, I saw people all the time wanting to sell a car to buy a brand new one, go upside down, just to get 2 or 3 MPG better cause "Gas is so expensive."

    I realize this scenario doesn't pertain to you, but the concept does. Do you know what 8K will buy you? It won't be that truck, so you're looking at a major downgrade.

    2% interest is pretty much free, depending on the length of your term. My best guess is that's a college loan.

    I assure you keeping the truck and working down the 10k debt is a much wiser choice, considering @ 2% your interest is almost insignificant, so let them shoulder the debt, not you. That debt will long be paid off while your truck is still providing you a valuable service.

    Also, final note, never leverage a vehicle as any means to better yourself in a financial situation. They are a depreciating asset, never an investment (unless we are talking classic cars and such). So really, take the truck out the picture and find another way to get rid of the debt.
     
  15. Jun 22, 2011 at 7:41 PM
    #15
    zul

    zul Professional Goofball

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    Yeah 2% is great. You'd be crazy to give up a great truck with such a cheap loan for some 8k beater.
     
  16. Jun 22, 2011 at 7:49 PM
    #16
    kd8awe

    kd8awe Well-Known Member

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    Keep truck. Burn ALL your credit cards. Do everything you can to reduce your debit. Do not buy anything because you "THINK" you need it. Only buy thing that you really need with CASH. Cut back on entertainment expence. You must learn to "Do Without" some of the things that we all overlook. Don't eat out, cook at home. Write down EVERYTHING that you spend money on for a month. You must include EVERYTHING. Pack of gum...Write it down. After a month look at what you buy and how much you have spent. You will be shocked and you will also see a bunch of stuff that you can "Do Without". Good luck. It's a bitch but you can do it.
     
  17. Jun 22, 2011 at 7:49 PM
    #17
    Snowman11

    Snowman11 Supreme Ruler

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    I'm with the rest of these guys and frankly you need to be bitch slapped for even thinking about it. What's 8K of debt? Pay it off as you can, 2% WTF that's nothing. If you sell your truck, you'll loose 3 or 4K just in depreciation anyway. Throw some cold water on your face the next time you think of something so dumb.
     
  18. Jun 22, 2011 at 7:54 PM
    #18
    rdp5008

    rdp5008 [OP] Well-Known Member

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    It's a personal loan from the lovely folks at USAA. And yes, a good chunk went to covering some incurred costs during grad school.

    No credit cards and no other debt. I pay cash now and no more vacations for awhile!
     
  19. Jun 22, 2011 at 7:54 PM
    #19
    rdp5008

    rdp5008 [OP] Well-Known Member

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    TW is my cold water...
     
  20. Jun 22, 2011 at 8:01 PM
    #20
    WMDtech

    WMDtech Well-Known Member

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    None... sigh
    I agree with just about everyone else. Keep the truck and pay off the debt.
     
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