Should I keep the truck I have or go into debt for a new one?

Turbo your 4cyl and call it a day...

 

only you can decide. but if you assume 20k financed (?) at 1.9% (current toyota offer) over 3 years you talking 591.24 in interest. that's 16.42 per month. i say buy it.

as soon as my house is paid off (30 more payments), i'm defiantly buying something fun (used ferrari?)

 

This is a good point. I found that it’s not a bad time to buy used, just picked up a motorcycle and I almost felt bad how good of a deal I got on it.

It’s free to shop and look at prices, but gotta have the discipline not to buy. I always bring my cheap bastard friend with me when I go to test drive anything. A $3 beer that it costs to have him come with beats making an impulse buy cuz I got excited

 

Good news: you have no debt, unlike 99% of us. Bad news: you bought a crappy version of the Tacoma. I would trade into the truck I wanted with the expectation I"ll drive it for a long time.

 

This ^^

Keeping your credit up is extremely important. Using a car payment is a great way to keep your credit. Just cause you CAN pay it off doesn't mean you should. If you can get a good interest rate it's cheap, 16$ a month as @81shark said above is nothing to have good credit, or build better credit. Think of it as insurance. If all of a sudden you need a loan for something and you have bad credit... it's gonna cost you horribly in interest, but if you keep your credit up it would pay off big time. I had a girlfriend whose mom had 0 credit, and not a lot of money to her name. The only way she could get herself a car was by having her daughter co-sign on it. All because she didn't want a credit card...

My parents have had their house paid off for nearly 35 years. Thanks to that and saving they could have bought each of their cars over that time with cash, but instead have always had a car payment which they make on time. Credit well over 800. They can get any loan, anytime.

 

Like you, I'd rather not have debt. But on the other hand, the value of your current truck is at its highest that it'll be. In the 3 years that it'll take for you to save the money, your Tacoma will have depreciated quite a bit. And then on top of that, the price of new Tacomas will be alot higher. Also, there's probably some really good deals to be had now because of coronavirus whereas in 3 years the economy will most likely have recovered quite a bit. If 4 cylinder's poor performance really bothers you that much, I'd lean toward getting the truck sooner than later. The amount of money you'll be borrowing won't be that much and your truck payment should be fairly small; you can always pay it off sooner if you can afford to do so.

David

 

This is a no brainer, save and pay cash. I would certainly rather “suffer” with the 4 cylinder than have a truck payment hanging over my head.

Others are correct in stating that it’s good to maintain a good credit score. That keeps your insurance rates lower, among other things that I can’t think of off the top of my head lol.

I learned that it is possible to have an incalculable credit score— we paid our house off back in 2009, had no credit cards, no loans of any kind. I also learned that wasn’t the best idea, that I should’ve kept a credit card to use minimally and pay off every month.

Anyway, do what best for you. I would suspect a guy with his house paid off would like the feeling of freedom of having no car payment as well.

 

https://www.urdusa.com/urd-mk3-supercharger-kit-for-05-15-tacoma-2-7l-2tr-fe-4-cylinder/

 

credit cards are the best. nothing better than getting cash back every month for buying the shit you would buy anyways

 

Bullshit. You can totally finance house or car with a zero credit score. It’s called manual underwriting and it’s done all the time.

 

Stay out of debt. You are well on your way to an early retirement.

 

There are probably awesome deals out there from guys who've overbought with no thought to the future. ( now would be the time to buy).
Just got my awesome deal truck, after totalling my other Tacoma and insurance giving me almost $5k more than I paid 4 1/2 yrs ago.

 

Unless you are heavy hauling, I would stick with the '14.

I can enjoy driving a lower horsepower 4, gives you a a fun challenge to stay in the power curve.

Take the avoided payment money and the time you would spend to earn it, and use that to go wheeling in cool places.

Save a bit for the next one.

 

IF you are disciplined enough to pay it off every month. Sadly it just takes that one time of “oh I’ll take care of it next month” for it to get out of control. Credit card companies know this. There is a reason they offer cash back. I’ll give you a big hint.....they are not just trying to be nice

OP, I’m with the pay cash crowd. Also, I am with the drive both the second and third gen 6 cylinder and see what you like more. While I have no intention of selling my third gen, I do wish I had purchased a second gen.

 

Do me a favor..... pop out your #4 ignition coil and tell me if it’s covered in oil or dry; then I’ll give you my opinion

 

I say keep the paid for truck you have and stack your cash deep. Max out your 401k contributions if you aren’t already.

Having no debt is practically an unfair advantage for your retirement savings. Stack that sweet cash!

 

Many people spend more using a CC then they would if they were paying with dead presidents. McDonald’s recognized this psychological fact and that’s why they embraced cc machines in their restaurants very early on.

 

I just saw an ad for 0% financing on Tacoma’s.

 

Live a little. You've worked hard to earn it. Plus, nobody knows just exactly how many tomorrows they have left.

 

Keep the truck