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

If you can't buy it in cash, you can't afford it. Simple.

 

Living a little is not a truck payment, it having disposable cash to take trips with family, make memories. Not working till your 70 like most people will because of debt. OP stay the course you are So far ahead of 90 % percent of the people.

 

Save 3 more years and pay cash. OP I’m in your situation. Cars paid for, house paid for, no credit card debt. People will say life’s to short what’s a payment live a little. You know how I live little. I can do whatever I want when I want because I’m 100% debt free. That’s living.

 

This ^^^^^!!!!!!

 

My truck drives like a minivan

 

I so enjoy the peace of mind not having debt that it would greatly out weigh dealing with a weak engine. I drive an 11 year old truck with 158k miles while my friends drive their big $70K Denalis. Other than having to turn my lights on manually and actually drive the truck, it does everything theirs does. In truth it will probably last longer than their 2018 POS Chevy.

My suggestion is to save what is needed along with a trade in and then buy a new truck. You’ll have peace of mind knowing YOU own it.

 

Same here.
No better feeling!

 

Living without major debt takes a lot of pressure out of life and gives you flexibility.
Low and no interest loans as are now available make sense if you have savings or a functional business that exceeds the value of said loan.
Owing without the security of knowing where those payments will come from is a form of bondage and truly nasty when it catches up with you.

 

Are you really in debt if you get a 0% loan? You could enjoy the new truck now with no interest, rather than living with an undesirable truck for 3 years.

 

If you owe money to somebody, you are in debt regardless of the interest rate. He can always sell his current truck and get an older one with a V6, we are talking toyotas, a few years older is still gonna be a good truck.

 

What do you think will be worse for yourself, driving a truck you dislike or paying it off for 3 years?
You have a truck/vehicle and probably nets you decent mileage (compared to the 4.0). You can afford to wait until another deal comes about, since it seems you have your sights set on a particular available truck. I say give it some time and see what else comes your way.

Aside from selling it you can FI it or re-gear if that suits you, since they may be cheaper options.

I can relate to disliking your vehicle as I hated driving my last one. It took me a long time to find my current truck. Whatever you get and whenever you get it, just make sure it's the one you want. Check it out, drive it, etc. I almost bought an 08' that "looked" great and reported no accidents, but was in a front end collision that I picked out while crawling under the truck. Also most "Excellent" condition Tacomas listed where I live aren't anywhere near that. Good luck with your decision.

 

Yes. Debt is debt. Interest is just a fee for borrowing the money. It’s still a loan.

 

This 1000x

Unless you can get 0% financing, imagine paying more money due to interest for an item that depreciates over time. But it’s hard to explain that to 90% of people cause we are in an immediate gratification society.

 

So OP should buy hookers and blow?

 

Money is cheap right now if you have good credit. I havn't had debt, oputside of my house, in 15+ years until I totaled my 03 PreRunner and found a really clean, low mileage 15 4x4 TRD Sport V6. I prefer to not borrow $, but the deal and truck were too good to pass up. My loan amount was small ($8800), but interest is so low right now that I will pay only $301 in finance charges if I only pay minimums. So crunch the numbers, find out how much you will pay in interest over the loan you would need and compare that with the estimated loss of value for your current truck. With a toyota truck, you may not lose much value over 3 years, depending on how many miles you think you would add. Also, money might not be cheap in 3 years, so you should be very confident that you will not need to borrow then.

 

House paid and steady income? Get a v6

 

LS SWAP!

 

Interest isn’t robbery. What is my motivation to lend you 30,000 of my favorite dollars if I am not getting a little extra back?

 

I gotta ask. If your debt free now. Why are you not sitting on a giant pile of money already? Just wondering. I’m so jealous I still have a home payment.

 

Lending is a business, that part is not a robbery. It's more of an expression that you are giving your money away to someone else because you are living beyond your means.