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opinions.....what would you do

Discussion in '2nd Gen. Tacomas (2005-2015)' started by bt08231, Apr 13, 2011.

  1. Apr 13, 2011 at 8:43 AM
    #1
    bt08231

    bt08231 [OP] Well-Known Member

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    now i know this is coming from a very biased source lol, but i have come to realize that there are some very smart, educated and financially savvy toyota enthusiasts on this site. This is my question, i own a 2009 tacoma, I am exactly halfway thru the life of the loan, 30 months. My interest rate is 2.9%, low enough to the point where i makes little sense to pay off early, i can earn more with that money else where.

    I bought a house, granted when i bought the tacoma i was living at home with very little expenses. I can afford the tacoma but it amounts to about $526 a month to own (payment and insurance). This doesn't count fuel.

    Here is the other side of the issue, I got a promotion at work. I now have a company vehicle so i very rarely drive the truck. It sits. Its a wonderful truck and i love the reliability and knowing that i can drive this truck anywhere, across the US 10 times with no issues, thats why i bought it. As of now, i hate to say but i dont need it. I am about to get a brand new company pickup (not a tacoma) which i can pretty much use for whatever i want.

    Would you keep it beings that your halfway through the life of the loan?

    Would you sell it, recoup the equity you have built, and eliminate a $526/month expense. That amount of money would go very far right now just getting a house.

    I am going to inevitably need a reliable vehicle in the future, i guess i could always buy one then.

    Advice please
     
  2. Apr 13, 2011 at 8:45 AM
    #2
    brettb

    brettb Well-Known Member

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    I would probably sell it and buy a cheaper car since you only really use the company truck.
     
  3. Apr 13, 2011 at 8:48 AM
    #3
    Koov

    Koov MonStar

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    Sad to say.... I would probably sell the truck. $500+ a month is a good chunk of change you can use for other things. Good luck with decision.
     
  4. Apr 13, 2011 at 8:55 AM
    #4
    Kingfrog

    Kingfrog Well-Known Member

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    I would sell it, eliminate the expense no question. The elimination of that debt will go along way towards getting a good rate on the home. Not to mention make part or most of the mortgage payment. My truck sits most of the year becasue I use the bike when its warm. That is why I buy used. A new truck would just leak money going unused.
     
  5. Apr 13, 2011 at 8:57 AM
    #5
    bt08231

    bt08231 [OP] Well-Known Member

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    All very true, you guys are just confirming the decision i need to make, but reluctant to make, such an awesome truck. I did get an excellent rate on the house, and my credit is excellent no doubt due in part to buying the truck. Another 30 payments is a lonnngggg time. Maybe i could get a cheap first gen.
     
  6. Apr 13, 2011 at 9:05 AM
    #6
    Hardscrabble

    Hardscrabble Well-Known Member

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    I also agree that selling your awesome Tacoma is the wise financial decision.
    Good luck.
     
  7. Apr 13, 2011 at 9:06 AM
    #7
    fvtalon

    fvtalon Well-Known Member

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    If you're sure the job will work out (you like it, are good at it and will keep it, and you can actually use the work truck for whatever) then I'd sell the Tacoma. You may not be paying much interest on it but don't forget it is still depreciating and the longer it sits unused the more it depreciates, meanwhile you are paying for it the whole time. Also the insurance is a no return expense, you will get nothing back on another year or years of insurance premiums.

    I'd say either sell it now if you're sure about the job or wait a couple months to make sure the job is going to work out and sell it then. When you do sell because you can afford to just have it sit there and already have a new set of wheels you can wait for your price too rather than fire-sale it.
     
  8. Apr 13, 2011 at 9:11 AM
    #8
    thinkingman

    thinkingman Well-Known Member

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    Sell it...it will never be worth more than it is today....you can't say that about a house.
    Congrats on a mature decision.
     
  9. Apr 13, 2011 at 9:32 AM
    #9
    Janster

    Janster Old & Forgetful

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    Selling the truck makes more financial sense. But I would make sure you know all the fine print in terms of using the company vehicle as your personal vehicle.

    Having another vehicle as a back-up is a good idea.

    Is this company vehicle YOURS ONLY? Or - say for instance - they have an emergency situation and that vehicle suddenly becomes ON CALL to be used by anyone at anytime when needed?

    The idea that dhk brought up is a good one having the company reimburse you - however - I'd be concerned about how/what the truck will end up looking like (mileage, wear/tear and resale value) using it HARD for work & home. Might not be worth it. Use the company vehicle and let them take the hit on resale value.
     
  10. Apr 13, 2011 at 9:46 AM
    #10
    TacoTabe

    TacoTabe Well-Known Member

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    A lot of this depends on your circumstances. You said you just bought a house- are going to be having kids in the near future?

    I ask this cuz you have to make sure you understand the policies regarding personal use of your company vehicle, and if it will fit your lifestlye.
    My girlfriend, for example can use her 'company' car (police car) anytime she wants off duty, but with a few stipulations- she cant leave the county, cant have any passengers, and she cant tow anything with it (its a 2011 Tahoe- effin sweet ride!) and she has to pay about $25 for additional insurance coverage for when shes off duty... So in our case, we still need a personal vehicle.

    Just make sure you know what kind of limitations there are regarding your personal use of the vehicle.
     
  11. Apr 13, 2011 at 11:36 AM
    #11
    Kingfrog

    Kingfrog Well-Known Member

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    Another 30 paymensts is $15,000!! Can you get out of the truck without using any of the remaining payments to get rightside up? If so, in effect you rented a truck for $500 a month minus any equity you might have. You already paid $15K so i would guess you can add another $6000 Minimum if you wholesale it. That gives you over $20,000 in pocket tax free LOL. for a truck that may not be worth that much i another 30 months.

    No Brainer here. Do not pass go do not collect $200......Sell it now.. Put that money away and add $500 a month to that fund for the "someday replacement and you will be able to pay cash and never pay a bank interest again and KEEP paying yourself the $500 a month......for the next one after that on and on..Or buy a new or late model easy MPG small 10K "family car " There are plenty of those around.

    The idea iin life is to be a collector of interest not a payer of interest.
     
  12. Apr 13, 2011 at 1:29 PM
    #12
    bt08231

    bt08231 [OP] Well-Known Member

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    wow! great responses, very much appreciated! all very good ideas as well, yes 30 payments left at 436 a month. The job is a done deal, ive been doing it well for the past 6 months and plan on continuing it until i get hired on with a police department. My job is with a small business, i would rate it as very secure, i work side by side with the owner and the only limitations on the vehicle is no use after 9pm, and no out of territory. I would definitely need another personnel ride, just figured since i use it so rarely i could get one much cheaper than what i am paying now, ideally no payments at all other than insurance. My girl friend has a small 4 door car i can use as well. I just feel as if i am so far into this payment process, i kind of want to finish it up and walk away with one hell of a nice truck that intend to own for the next 20 years, or until its dead.
     
  13. Apr 13, 2011 at 1:31 PM
    #13
    bt08231

    bt08231 [OP] Well-Known Member

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  14. Apr 13, 2011 at 1:42 PM
    #14
    Leggo

    Leggo slow is smooth, and smooth is fast.

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    So you payed the first half,... the part where you lost the most, and you want to sell it now when it will lose the least. I say if you really need the $436 per month than ok, but if you can swing it, keep it until it's paid off. Then sell it if you need to, or maybe keep it because things changed and you need it and it's paid for. Things change all the time and we never see it coming.
     
  15. Apr 13, 2011 at 1:45 PM
    #15
    Leggo

    Leggo slow is smooth, and smooth is fast.

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    I don't get it. Fuzzy math.
     
  16. Apr 13, 2011 at 1:45 PM
    #16
    MountainEarth

    MountainEarth Well-Known Member

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    Hell dude .... SELL. You'll take some loss on the truck overall, but you'll gain back a whole lot of freedom month-to-month. $526/mo is a lot of money you can be putting towards home improvements, a retirement account, or just plain savings. So sell .. and congratulations on the new home and the promotion. Well done!

    :)
     
  17. Apr 13, 2011 at 1:45 PM
    #17
    bt08231

    bt08231 [OP] Well-Known Member

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    how muc do you really think it lost? I see used tacomas all the time for what i would consider down right expensive, i mean thats why u bought new to begin with. I payed 28.5 for it.....not sure ow much i could sell it for, 31k miles on it now
     
  18. Apr 13, 2011 at 1:48 PM
    #18
    bt08231

    bt08231 [OP] Well-Known Member

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    Thanks! i couldnt agree more, i think the decision is becoming clearer....i always used to see guys on here selling their trucks and thought to myself how could they do that!?!? i will never sell lol.....things change i guess, i need a cheap 1st gen
     
  19. Apr 13, 2011 at 1:50 PM
    #19
    97yota4wd

    97yota4wd Well-Known Member

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    x2
     
  20. Apr 13, 2011 at 2:06 PM
    #20
    Sawick

    Sawick Still not worthy!

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    I would sell. Invest your money elsewhere for now, your home or investments ect.. Later, when you need another vehicle, you can always get another Taco!
     
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