New Tacoma Buyer, Advice Needed

Throw that 15K into Bit coin, next week buy the Tacoma outright.

 

hahaha!

 

Bought a 2021 in CO recently and used Costco pricing which was the best deal that I could find. Good luck!

 

Hot take: life is short. Buy the damn truck if it fits your monthly budget. COULD you spend it on something you'd own? Probably. But if it makes you happy and you can live with it, go for it. Colorado is fun and it's even more fun when you can get to places. I know it's not the old school dave ramsey method, but like I said, life is short and you saved your money for what you want. My 2 cents...

 

Another alternative to consider is Leasehackr - there is a broker on the east coast that advertises about $350/mo w/$2500 DAS 36/10 for same config. There are lease transfers available for a bit less too. Shipping would add about $30/mo effective if you don’t want to drive from origination point. Discounts aren’t great but residuals are sky high making leasing attractive and would get you through the next few years.

 

Very valid. I obviously haven’t been needing to watch new taco prices lately

My yolo (sorry) take: have fun while you can. And putting that much down means you’ll basically never be under water on the truck fwiw.

 

There are hardly any 2021s on lots, much less 2020

The way the supply chain is going, production for new 2022s will almost certainly be delayed (I'd be shocked if not).

 

If you're going to keep it and can afford it then go for it. I'd just like to ask you to consider the SR5 (and possibly the SR) trims to potentially pocket another $5k.

Since you're going with the V6 auto transmission.. the engine and transmission are the exact same model throughout the entire line up. Crawl control is an expensive gimmick and the auto LSD [SR/SR5/Sport] will power all wheels..

 

Buy a first or second gen and save your money. A truck that expensive is ridiculous and you could use the money you spend every month for doing things you enjoy, not financing a truck for years. I made that mistake in college, bit me in the ass. Like others have suggested, use that money to invest or spend on experiences, not things.

Just my $.02. Good luck!

 

My thought check out two dealers I've dealt with or possibly 3 corwin in Fargo, quality toyota, Fergus falls, mn. And billon toyota in Sioux falls SD. All have given pretty good numbers. All dealers have to service the truck whare ever you get it. If you buy out of a different state make sure you get the "MSO" transferred to your residents state DMV. That's what the dealer sends to the DMV to get title.
The one thing I would add is for now they hold value better than most cars.meaning less chance of being really far upsidedown if you have to sell. But that's why they sell Gap insurance.

 

I just talked to maybe a dozen or so dealerships in WA, OR and CA and the best I saw was $1750 off, but that included a regional $1000 cash back in WA/OR. $2000 off seems solid these days, I’d be really happy with that. One dealer offered more off but never replied to my emails. Good luck!

 

I say go for it for the off-road, agree that life is short and if you can afford it then great. School is paid for so that's not a concern.

 

$3,000 off MSRP is still possible in Idaho & New Mexico. And perhaps Arizona and Las Vegas

 

curious as to your 2 doctorial studies , what fields if I may ask ?

 

As others have said, this is an unusual time given the impact of the shortage of components fueled by the pandemic which, in turn, has severely reduced vehicle production. Deals you could get 6 months or a year ago are not to be found now. You "may" be lucky enough to look around the country and find a slightly better deal...but your time and travel costs are also something to figure into the equation. In terms of the total cost of the vehicle...if it's the truck you want and you are "comfortable" with the price then go for it.

As I read through the thread the bells and whistles of my time in higher education were going off. Then I hit the point where I saw you were in a doctoral program and that eased my mind.

I watched way too many undergraduate students take their full financial aid/loans when they really didn't need it and plop the extra down on a new car/truck or trips to Florida and the Bahamas...and then struggle to pay their student loans later. In reading your comments, you've clearly worked hard and earned where you are now - and you seem to have looked at the long-term implications of the loan.

Consumer loans can't, I don't believe, legally penalize you for early payment so I would save where you can and make an extra payment when possible to reduce the term and interest costs.

If I can offer any advice it would be to ensure you've included insurance, maintenance and fuel costs to your financial calculations for monthly payments. If you do/did and it still works that you are comfortable with the remaining amount for room, board and personal expenses...than go for it!

And, congratulations on your achievements!! You've obviously worked hard...enjoy the benefits.

 

There's not a lot of negotiating room in a new Tacoma, and you won't save much getting a used one. It sounds like that's about the best deal you're going to get. There may be better financing offers, but 2.9% is pretty damn good, so even paying it off early isn't going to save you a ton of money. BUT, you still should.
Typically, vehicles are horrible investments. Tacomas are one of the few exceptions. They hold their value and run forever.
JUST DON'T GET WHITE. Huge paint issues.

 

I would say maybe wait and save more till the supply issues resolve or by a less expensive trim like SR5.
I did that. I'm not a student I'm an old fart (47) sr5 had everything I had to have. Price was better. I do make a good modest income and I had saved about as much as you to put down plus have a nice emergency fund saved too.
I put 14k down and financed the rest of it for 60 months at 3.49%. its about $425 a month with extented warranty included as well as the tax and tag fees on a $33,600 purchase price in July 2020

I had a paid off vehicle already that I sold and paid $2500 in to my new loan and I pay half of my payment every two weeks when I get paid from work. Now I'm paid up ahead and have half of june's payment in and it's only April. My loan balance is going down faster than I thought.
This is kind of how you should do it. I would never borrow more than 60 months on a vehicle ever. 36 or 48 would be even better but stay away from 72 and 84 month loans those are bad in many ways. Most likely people want to trade or something before those long loans are paid down and find they have negative equity on the thing.

 

Hey, as a guy who lucked out financially during college age, here’s my advice: invest early.

That’s it. It’s that simple. Since I got my license I drove nothing but BMW, Mercedes, Lexus all because I could afford to because I didn’t have to pay other bills. Do I regret it? No but sometimes I look back and ask myself if it was worth it. I’m better off today but I recently started investing and that’s what made me question my past decisions. Money needs time to grow as well.

That aside, I’m sure you’re excited and most likely going to buy a Tacoma so here’s the more helpful advice: TrueCar offer.

Tacoma is in demand without enough supply these days, dealers can sell at MSRP and the truck will be gone within days. During these times it helps to use TrueCar which skips negotiation, usually in favor of the dealership but right now you’ll be the winner. I contacted a dealership and they said best they can do is MSRP, I found TrueCar showing that the same dealership participates. Of course I applied for offer... $2300 off MSRP plus Toyota $1000 rebate for $3200 discount total. Sent the dealer the picture and they agreed to honor it but the offer didn’t include dealer documentation fee($200-400). Still well worth it. I was getting MSRP quote from several dealerships then one TrueCar account saved me money and time.

Makes sure you check Toyota National incentives. Depends on state but they often do either rebate or incentivized loan rate; $1000 rebate or 1.9% for up to 60 months. Can’t pick both, choose one that fits better for you. Personally I qualified for loan at near 2% and usually pay off early so I went with the $1000 rebate.

 

Agreed.

Other advice I didn't see casually reading through this thread: Take it for a long test drive in the higher elevation areas of Colorado and see if you still want it. I know there are higher elevation areas of CA so maybe you already have a feel for it, but if you're in one of the more sea-level areas of the state, it's going to feel like a completely different vehicle at a mile. Not unique to Tacomas obviously, but make sure you like the power it offers at the elevations you'll be driving it in.