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The best mod, ever...

Discussion in '3rd Gen. Tacomas (2016+)' started by Borracho Loco, Sep 23, 2022 at 4:39 AM.

  1. Sep 23, 2022 at 4:39 AM
    #1
    Borracho Loco

    Borracho Loco [OP] My truck identifies as a Prius.

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    Oh look, another mod....
    I paid off the truck, and did it in only 18 months. Actually, it was exactly 18 months. Man I'm proud of myself. One more major debt out of the way. I did some calculations, and I'm saving roughly $1,500 in interest.

    I've already setup a savings account and I'm going to auto-draft the payment that I used to pay to US Bank into there. It'll be a savings account for the next new vehicle, car repairs or just an emergency fund. Oh, and I'm not dropping any of my insurance coverage. There are too many bad drivers out there.

    So take a good look at her, because today...She (My truck identifies as a girl!) stands a little taller, a little prouder, a little meaner, a little...blue-er!


     
  2. Sep 23, 2022 at 4:43 AM
    #2
    602runner

    602runner Well-Known Member

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    2006 Tacoma SR5 Prerunner 1987 FJ60 SOA, 6.0, TH400, NP205 Twin Stick, 14B on 35s 1951 Kaiser Chop Top 2008 Tundra DC Limited - SOLD 2001 Tacoma LT - SOLD 1997 4Runner Limited - SOLD 1975 FJ40 - SOLD
    Congrats!!! What a great feeling!
     
  3. Sep 23, 2022 at 4:50 AM
    #3
    TexasWhiteIce

    TexasWhiteIce Well-Known Member

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    What was your interest rate?
     
  4. Sep 23, 2022 at 4:53 AM
    #4
    uploadadventure

    uploadadventure It’s all @ColoradoTJ’s fault

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    Oh I was sucked into this hoping it was another @EarthCruzn style thread.

    Blame it on @ColoradoTJ

    anyways. Good job OP. That’s a good bill to have off your plate.
     
    BigEasy, IrishRed, pltommyo and 4 others like this.
  5. Sep 23, 2022 at 4:54 AM
    #5
    Hairless_Ape

    Hairless_Ape Well-Known Member

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    Guaranteed it was lower than the inflation rate, and he lost dollar value by paying it off early. People really should speak to financial advisors.
     
  6. Sep 23, 2022 at 4:54 AM
    #6
    Ryan's Taco

    Ryan's Taco Well-Known Member

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    Congrats...Borrower is slave to the lender.
     
  7. Sep 23, 2022 at 4:58 AM
    #7
    Borracho Loco

    Borracho Loco [OP] My truck identifies as a Prius.

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    Oh look, another mod....
    2.17%
     
  8. Sep 23, 2022 at 5:05 AM
    #8
    TacoTime55

    TacoTime55 TT56

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    Congrats!

    She is a little taller, prouder, meaner, & bluer!

    Looks like you were able to do plenty of mods in the process of payoff.

    I'm paying off our All Wood Floors that went along with a new kitchen remodel (paid). I'll be done with wood floor payoff Feb next year. Then I can double up on the Taco Loan (1.8%).
     
    dnlskier likes this.
  9. Sep 23, 2022 at 5:08 AM
    #9
    ColoradoTJ

    ColoradoTJ I drink, and I know things… Moderator

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    Just a few
    So what’s the math that he lost @ 2.17% interest? I’m just gonna assume he had the standard 60 month vehicle loan.
     
  10. Sep 23, 2022 at 5:09 AM
    #10
    TexasWhiteIce

    TexasWhiteIce Well-Known Member

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    Hate to say it, but you shouldn’t have paid off your truck. I know it feels good, but at that rate I would have dragged it on til the very end. Debt isn’t bad as long as you know how to use it to your advantage. Plenty of investments out there that can get you 2% or more return.
     
  11. Sep 23, 2022 at 5:09 AM
    #11
    Squatting Pigeon

    Squatting Pigeon Remember, bird watching goes both ways. Moderator

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    Congrats!
    Such a great feeling when you get the title in the mail.
     
    ColoradoTJ and uploadadventure like this.
  12. Sep 23, 2022 at 5:09 AM
    #12
    TexasWhiteIce

    TexasWhiteIce Well-Known Member

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    100% this. And not just any financial advisor ( since any joe smoe off the street can call himself a financial advisor) but a CFP…. Always talk to a CFP!!
     
  13. Sep 23, 2022 at 5:11 AM
    #13
    Borracho Loco

    Borracho Loco [OP] My truck identifies as a Prius.

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    Oh look, another mod....
    You are correct, sir. I financed roughly $30k @ 2.17% for 60 months.

    upload_2022-9-23_7-11-1.jpg

    The total interest I paid: $658.78
     
  14. Sep 23, 2022 at 5:22 AM
    #14
    Hairless_Ape

    Hairless_Ape Well-Known Member

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    He's given up roughly $4400 in (current dollar value) purchasing power.
     
  15. Sep 23, 2022 at 5:22 AM
    #15
    adamceckhardt

    adamceckhardt Well-Known Member

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    Everybody likes to say that, but when you look at the median incomes, debts, savings, and retirements, most people just can't manage it. There's something to be said for being debt free, and even if there's a brief period of time where someone could possibly (but NOT guaranteed) make a couple hundred dollars more in the market, having fewer monthly obligations has an inherent value.
     
    BigEasy, Irons, Gatafly and 23 others like this.
  16. Sep 23, 2022 at 5:30 AM
    #16
    Buck Henry

    Buck Henry Well-Known Member

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    Well done OP, very proud of you! And if you think it felt good to pay off your truck loan, wait until you write that last mortgage payment!
     
  17. Sep 23, 2022 at 5:32 AM
    #17
    Borracho Loco

    Borracho Loco [OP] My truck identifies as a Prius.

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    Oh look, another mod....
    I'm already working on that. I've been paying an extra payment every other month. I have a 15yr mortgage, I'm 4yrs into it, and the payment is just under $900 per month (I put down 50% cash when I bought my house). In 5yrs or so, I'll have a house and truck that are paid off.
     
    AllTacosFloat, BigEasy, Irons and 9 others like this.
  18. Sep 23, 2022 at 5:32 AM
    #18
    TacoManOne

    TacoManOne KDMax Pro Tuner

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    This is a great point. If you lower your monthly operating costs, then you gain flexibility with spending, helping others out (assuming they are not mooches), and freedom. With no monthly payments, you can step out of a crappy job and find a better one, even if it pays less temporarily. And the freedom is a huge benefit. Did I mention freedom.
     
    BigEasy, Irons, Couesfanatic and 4 others like this.
  19. Sep 23, 2022 at 5:33 AM
    #19
    AmateurTaco1313

    AmateurTaco1313 Never as easy as the install video

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    Too many
    Not to hijack the thread but did anyone have to wait a few months for their title to come in the mail?

    :anonymous:
     
  20. Sep 23, 2022 at 5:33 AM
    #20
    TacoTime55

    TacoTime55 TT56

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    If I read this correctly, trimming out the unnecessary obligations (project estimated payoffs) and reaching that goal of "fewer monthly obligations" has inherent value. (Fact)

    Getting rid of that monthly storage unit payment is one example. There's an HOA Yard Sale this weekend and we are pulling all our belongings to clear out the storage unit.

    I'm retired military and accumulated many things that no longer are needed. Plus, we've purchased newer bedroom sets and did not make any efforts to sell replaced beds online.

    My wife has mentioned this for several months and this Yard Sale finally got me off my butt!
     
    BigEasy and AmateurTaco1313 like this.

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