Pay down current car and trade in or use cash as down payment?

I don’t know. Not trying to bring you down but to me it sounds like you’re not ready financially to take on a new truck. Considering you are still in debt with your car, and the amount you saved isn’t enough to meet your down payment needs. I wanted a Tacoma around 3 months ago and had around 8k to work with and my 350z was and still is in the shop. Good thing is I had a reliable ride to work. Why does that matter? It gave me time to save, 2 months later I had 14k. I went and got my truck for 8k down and still had 6k left over. Im glad I waited as I wasn’t stressed in rushing to buy the truck. You have what I assume is a perfectly reliable car.

My suggestion is ride it out a bit more and save way more money so you have more options.

 

Said every anti-America serial killer ever. Debt is the only thing I have hope in .9% for 60 month financing. 0% int for 20 months on credit cards? Music to my ears.

Trade the car. Get further under water. Keep the cash you saved and take a vacation or buy some sweet wheels immediately. Take a pretty girl to an expensive dinner. Ask any 80 year old man if he wishes he would have only saved up and paid cash for his truck in 1955.

 

Washington does still have their tax credit for trade in. You get 10% of the vehicle's value off the taxes of the one you are purchasing.

 

Hahahahah

 

You've got some bad info. It definitely works in WA.

Also, if you don't have the title, you meet at the Bank that has it to sign. There is no hassle.

 

I’m just cheap is all

 

I oddly agree in the sense that you would be better off upside down on the Toyota than the car. That car probably depreciates quicker than you can make payments.

 

I will also admit I was upside down when I purchased my truck and it only took a couple years to be in the green. Not bad for a truck that I plan on giving my kid in 3 years. The only reason I was upside down on my jeep was I had used equity in it to purchase a motorcycle cash, basically added a couple years to the loan and kept the same note. When I sold the jeep I still had the bike which was worth more than the hit I took. I used to be a salesman and this is what we call creative financing.

 

That’s good! Then I think it’d be great to keep being cheap a little longer and save more money. So when you do get the Tacoma the payments and interest are in the best interest of a cheap person. Haha.

 

When I bought my Taco, they stealership was only gonna give me 200 for my beater grand am. Sold it for 600 on FB Marketplace to some crack head. Listed it for 1k since it ran good. You can sell a 12 Camry for KBB on FB Marketplace or CL.

 

They offered you 400 under what you sold it for and you call them a stealership? The first half of your statement is just silly. But yes selling a 12 Camry privately is pretty easy.

 

If you do sell privately and it's possible I still recommend having the dealer you are buying from process paperwork on the car you're selling. Not only for tax purposes but it insures that taxes are payed on their end and title is transferred, makes things much less stressful on your end.

 

There is some merit to that.

 

Pay off your house, not a depreciating asset.

 

While if you are a millionaire that would make sense. But the vast majority of us are not. Therefore paying cash for a $30k vehicle is not feasible. And if you could afford to pay cash and can get 0% interest, why wouldnt you finance?


Also, at what point does your theory of "cant pay cash cant afford it" end? Do you pay cash for houses?

 

How does that make sense? It takes ten minutes to sign a title, fill out a bill of sale, shake hands and be on your way with the car sold.

 

You can use the car as a trade in which would make your taxes less. The buyer buys from the dealer and they do all the paperwork.

 

Private sale for sure. Like someone said earlier, with interest rates next to nothing you can keep some cash to have liquid funds. Maybe reinvest that cash too.

 

Got it. Didn’t catch the part about the three way swap going on.

 

You just gotta be a hard ass negotiator and by that I mean all you have to do is show them ( literally show them ) you’re willing to stand up and walk away. Id say get them to $5500-6000 and let them roll the negative into the Tacoma especially if you plan to own it along time you’ll be up in positive equity fairly soon and you’ll have something you want. Now if you’re impulsive and will want every mod and wanna “upgrade” in a couple years when they come out heated radio knobs or whatever then yes you’ll lose your ass over the course of a lifetime doing that.