Paid off my 2021 today!

evotacoma · Feb 26, 2021

Congrats!!

ICU1 · Feb 26, 2021

mwrood[OP] initial post: ↑

Paid off my 2021 Trd Sport today! I know, you’re probably wondering how/why I paid it off so quick. Long story short, I leased a 2020 SR5 (first ever truck so figured I’d lease in case I hated it). Well, I fell in love with it and wanted to finance/buy instead of lease it.

I’ve never outright owned any of my cars, except for my first clunker that I paid $600 for (1990 Honda Prelude). For the last 8 years or so I’ve leased my cars (I think 4 different ones in that timeframe). It feels great to completely own a vehicle I’m thrilled about!!

Figured if I’m going to be buying I might as well “get what I want”. So I traded it in on a 2021 TRD Sport Premium with Technology Package and LED Headlight Package.

Financed that through Toyota for 3 days to help out the dealership, then refinanced through a CU for 1.9% (no fees in either one). The CU has the owner handle adding them as a lien holder and sending the updated title to them. On the way to the tax office I decided I was going to just pay it off completely.

I got a good deal on my SR5, a great trade in value on it, and got an even better deal on my Sport, so, in the long run, I still got about 4500 off of MSRP. I know, it’s dumb to do the trade in game like I did, but I love the truck and I wanted what I wanted.

I’m sure there will be plenty of “you had a great interest rate, you should have kept financing and invested the money instead of paying it off”. Well, I’m not knowledgeable about investing so it’s not like I was just going to drop $30k in investing right off the bat. Plus, it’s not like I drained my savings, so I’m the near future, when I do start dabbling in investing (other than my 401k) I’ll have plenty reserve. Also, now that I don’t have a car payment, that’s ~$500 a month I can invest with to start out with (much rather lose $500 than $30k) or put back into savings.

Anywho, like I said, it’s a GREAT feeling to finally OWN my vehicle instead of leasing/financing!!!

Pics just because...I think I’ve done a couple small mods since these pictures were taken, but close enough!

Click to expand...

Congratulations. Dave Ramsey would be so proud. Great job! Voodoo blue is such a cool color. It’s such a great feeling when you get the title. Are you planning on doing more mods?

RNO_TACO · Feb 26, 2021

mwrood[OP] initial post: ↑

Paid off my 2021 Trd Sport today! I know, you’re probably wondering how/why I paid it off so quick. Long story short, I leased a 2020 SR5 (first ever truck so figured I’d lease in case I hated it). Well, I fell in love with it and wanted to finance/buy instead of lease it.

I’ve never outright owned any of my cars, except for my first clunker that I paid $600 for (1990 Honda Prelude). For the last 8 years or so I’ve leased my cars (I think 4 different ones in that timeframe). It feels great to completely own a vehicle I’m thrilled about!!

Figured if I’m going to be buying I might as well “get what I want”. So I traded it in on a 2021 TRD Sport Premium with Technology Package and LED Headlight Package.

Financed that through Toyota for 3 days to help out the dealership, then refinanced through a CU for 1.9% (no fees in either one). The CU has the owner handle adding them as a lien holder and sending the updated title to them. On the way to the tax office I decided I was going to just pay it off completely.

I got a good deal on my SR5, a great trade in value on it, and got an even better deal on my Sport, so, in the long run, I still got about 4500 off of MSRP. I know, it’s dumb to do the trade in game like I did, but I love the truck and I wanted what I wanted.

I’m sure there will be plenty of “you had a great interest rate, you should have kept financing and invested the money instead of paying it off”. Well, I’m not knowledgeable about investing so it’s not like I was just going to drop $30k in investing right off the bat. Plus, it’s not like I drained my savings, so I’m the near future, when I do start dabbling in investing (other than my 401k) I’ll have plenty reserve. Also, now that I don’t have a car payment, that’s ~$500 a month I can invest with to start out with (much rather lose $500 than $30k) or put back into savings.

Anywho, like I said, it’s a GREAT feeling to finally OWN my vehicle instead of leasing/financing!!!

Pics just because...I think I’ve done a couple small mods since these pictures were taken, but close enough!

Click to expand...

Looks great OP. That is so awesome to have a free and clear title like that. I’m a big fan of owning nobody anything if possible. To often I see people bury themselves in debt and struggle to make it all work. Example, co worked buys a new fully loaded Yukon, financed for 96 months with a payment of 900. Everyone’s jaw drops, he sees it opposite of no issues with it. However, I’m always the one who doesn’t give people crap for it, their life, their money. I may offer tips for the future but other than that I stay out of others affairs. Anyway, nice truck OP. Enjoy that bad boy!

SoCal_Erik · Feb 26, 2021

Best feeling ever paying something this big off! Congrats and enjoy!

Johnny balls · Feb 26, 2021

Congrats man, definitely envious enjoy the freedom!!!

Jim0thy · Feb 26, 2021

Like your truck haha.

roundrocktom · Feb 26, 2021

Nice truck. I went crazy looking for DCLB with Vadoo Blue. Found one in Washington State! Still ended up driving from Austin, TX to Trinidad, Colorado to get my Silver Offroad! Got home in time for the ice storm of the century. My wife deadpanned "did that weather follow you home?"

Norsemanvike · Feb 26, 2021

mwrood[OP] initial post: ↑

Paid off my 2021 Trd Sport today! I know, you’re probably wondering how/why I paid it off so quick. Long story short, I leased a 2020 SR5 (first ever truck so figured I’d lease in case I hated it). Well, I fell in love with it and wanted to finance/buy instead of lease it.

I’ve never outright owned any of my cars, except for my first clunker that I paid $600 for (1990 Honda Prelude). For the last 8 years or so I’ve leased my cars (I think 4 different ones in that timeframe). It feels great to completely own a vehicle I’m thrilled about!!

Figured if I’m going to be buying I might as well “get what I want”. So I traded it in on a 2021 TRD Sport Premium with Technology Package and LED Headlight Package.

Financed that through Toyota for 3 days to help out the dealership, then refinanced through a CU for 1.9% (no fees in either one). The CU has the owner handle adding them as a lien holder and sending the updated title to them. On the way to the tax office I decided I was going to just pay it off completely.

I got a good deal on my SR5, a great trade in value on it, and got an even better deal on my Sport, so, in the long run, I still got about 4500 off of MSRP. I know, it’s dumb to do the trade in game like I did, but I love the truck and I wanted what I wanted.

I’m sure there will be plenty of “you had a great interest rate, you should have kept financing and invested the money instead of paying it off”. Well, I’m not knowledgeable about investing so it’s not like I was just going to drop $30k in investing right off the bat. Plus, it’s not like I drained my savings, so I’m the near future, when I do start dabbling in investing (other than my 401k) I’ll have plenty reserve. Also, now that I don’t have a car payment, that’s ~$500 a month I can invest with to start out with (much rather lose $500 than $30k) or put back into savings.

Anywho, like I said, it’s a GREAT feeling to finally OWN my vehicle instead of leasing/financing!!!

Pics just because...I think I’ve done a couple small mods since these pictures were taken, but close enough!

Click to expand...

Congrats and enjoy!

mwrood · Feb 26, 2021

ICU1 said: ↑

Congratulations. Dave Ramsey would be so proud. Great job! Voodoo blue is such a cool color. It’s such a great feeling when you get the title. Are you planning on doing more mods?
Click to expand...

Yeah, maybe just a few. I’m not into off-roading, so that kind of limits what I can and can’t do. Feel free to throw out any ideas you maybe have (I’ve done most of the common ones. Lol)

MGS1 · Feb 26, 2021

Congratulations, nice truck. Curious as to the finance side, how long was your lease term on the SR5? was it the same dealer for both the lease and the sale? I have a 2019 SR5 I am leasing and am thinking along the same lines as you, now I want to buy a Taco. Thank you.

Undertow · Feb 26, 2021

Its *fairly* easy to make some money in the market these days - even if YOU don't know anything about investing, since there are a lot of affordable ways to have a financial consultant. Drop it into a conservative mutual fund or two and you're good. Right there's no guarantees, but the market is thriving. With COVID coming to a close soon (get your vaccines people!!), the markets will only look to explode ala 'the roaring 20s' from 100 years ago.

mwrood · Feb 26, 2021

MGS1 said: ↑

Congratulations, nice truck. Curious as to the finance side, how long was your lease term on the SR5? was it the same dealer for both the lease and the sale? I have a 2019 SR5 I am leasing and am thinking along the same lines as you, now I want to buy a Taco. Thank you.
Click to expand...

I’m did a 36 month lease. I believe I was only like 6 months into my lease. Also, I did not go with the same dealership. I did go back to them first to try and work out a deal. We were about 95% of the way to me being happy with the deal, but they only had white with the options I wanted. So, I passed on it and called around to other dealerships in the area to see what deals they could work.

afkcmt · Feb 26, 2021

Well done! I personally can't wait to be in the position that you're in, holding that title 'n such. Love that color too. Cheers!

mwrood · Feb 26, 2021

Undertow said: ↑

That is truly great you paid it off, but it always gets me wondering - because its so cheap to borrow money these days, why not finance it and then take that liquidity and put it where it can earn you some money? Its *fairly* easy to make some money in the market these days. And with COVID coming to a close soon (get your vaccines people!!), the markets will only look to explode ala 'the roaring 20s' from 100 years ago.
Click to expand...

I explained my reasoning regarding that in the original post. In short, I’m not a huge risk taker. I would never just drop $30k into investments. My savings is still substantial, so I do plan on dabbling in more investing in the near future, but risking small amounts until I get comfortable.

Make sense?

LDrider · Feb 26, 2021

mwrood[OP] said: ↑

I explained my reasoning regarding that in the original post. In short, I’m not a huge risk taker. I would never just drop $30k into investments. My savings is still substantial, so I do plan on dabbling in more investing in the near future, but risking small amounts until I get comfortable.

Make sense?
Click to expand...

Dude, you are doing great. Seriously. Keep doing what you are doing, seems to be working out pretty good! The feeling of not having a payment is something most people will never experience :-(

ICU1 · Feb 26, 2021

mwrood[OP] said: ↑

Yeah, maybe just a few. I’m not into off-roading, so that kind of limits what I can and can’t do. Feel free to throw out any ideas you maybe have (I’ve done most of the common ones. Lol) I added leather seats from Clazzio. I really like them. I paid my truck off last year. Such a nice feeling not being a slave to the lender.

Click to expand...

Tacospike · Feb 26, 2021

BroncoAZ · Feb 26, 2021

OP, congrats! They drive differently when paid off.

Undertow said: ↑

Its *fairly* easy to make some money in the market these days - even if YOU don't know anything about investing, since there are a lot of affordable ways to have a financial consultant. Drop it into a conservative mutual fund or two and you're good. Right there's no guarantees, but the market is thriving. With COVID coming to a close soon (get your vaccines people!!), the markets will only look to explode ala 'the roaring 20s' from 100 years ago.
Click to expand...

The markets are 4 years overdue for a correction. I agree that the markets will see an increase post covid, but at some point we will have to pay the piper for the soon to be $30 Trillion national debt. Those paper gains are likely driven by inflation. There is a certain logic to taking on long term debt now and paying it back with lower value money later.

Giusejuice · Feb 26, 2021

Congrats! let the modding begin

Burica · Feb 27, 2021

Congratulations! Not having a monthly truck payment truly makes these Tacoma trucks ride smoother!!!

Log in or Sign up

Welcome to Tacoma World!

Paid off my 2021 today!

#41
evotacoma Well-Known Member

#42
ICU1 Well-Known Member

#43
RNO_TACO Well-Known Member

#44
SoCal_Erik Tiki Taka, Tika Taka

#45
Johnny balls STILL NOT AN ADULT

#46
Jim0thy Well-Known Member

#47
roundrocktom Well-Known Member

#48
Norsemanvike Well-Known Member

#49
mwrood [OP] Well-Known Member

#50
MGS1 Active Member

#51
Undertow Well-Known Member

#52
mwrood [OP] Well-Known Member

#53
afkcmt IG: afkcmt

#54
mwrood [OP] Well-Known Member

#55
LDrider Well-Known Member

#56
ICU1 Well-Known Member

#57
Tacospike Semi-Unknown Custodial Member

#58
BroncoAZ Well-Known Member

#59
Giusejuice Well-Known Member

#60
Burica Raptor Deracinator

Products Discussed in

Log in or Sign up

Useful Searches

Welcome to Tacoma World!

Paid off my 2021 today!

#41 evotacoma Well-Known Member

#42 ICU1 Well-Known Member

#43 RNO_TACO Well-Known Member

#44 SoCal_Erik Tiki Taka, Tika Taka

#45 Johnny balls STILL NOT AN ADULT

#46 Jim0thy Well-Known Member

#47 roundrocktom Well-Known Member

#48 Norsemanvike Well-Known Member

#49 mwrood [OP] Well-Known Member

#50 MGS1 Active Member

#51 Undertow Well-Known Member

#52 mwrood [OP] Well-Known Member

#53 afkcmt IG: afkcmt

#54 mwrood [OP] Well-Known Member

#55 LDrider Well-Known Member

#56 ICU1 Well-Known Member

#57 Tacospike Semi-Unknown Custodial Member

#58 BroncoAZ Well-Known Member

#59 Giusejuice Well-Known Member

#60 Burica Raptor Deracinator

Products Discussed in Entire Site Forum: 3rd Gen. Tacomas (2016-2023)

#41
evotacoma Well-Known Member

#42
ICU1 Well-Known Member

#43
RNO_TACO Well-Known Member

#44
SoCal_Erik Tiki Taka, Tika Taka

#45
Johnny balls STILL NOT AN ADULT

#46
Jim0thy Well-Known Member

#47
roundrocktom Well-Known Member

#48
Norsemanvike Well-Known Member

#49
mwrood [OP] Well-Known Member

#50
MGS1 Active Member

#51
Undertow Well-Known Member

#52
mwrood [OP] Well-Known Member

#53
afkcmt IG: afkcmt

#54
mwrood [OP] Well-Known Member

#55
LDrider Well-Known Member

#56
ICU1 Well-Known Member

#57
Tacospike Semi-Unknown Custodial Member

#58
BroncoAZ Well-Known Member

#59
Giusejuice Well-Known Member

#60
Burica Raptor Deracinator

Products Discussed in