To keep or not to keep?

Man, there is always some wanna be Dave Ramsey in these threads.

"Drive some clapped out Hyundai Excel until you can afford to pay cash!"

Who has $40k in cash? And if you did, why would you throw it away on a rapidly depreciating pile of metal? Better to invest the cash and finance the truck at a low rate that's available these days.

Or hang on to the cash so you have emergency liquidity, especially in these uncertain times.

@In2Ndo if you have lost confidence in your truck dump it and get a new one. You were already financing anyway so what's the change? Just negotiate your best deal and move on with life.

I REALLY want to know what some of these people do for a living that have all this cash in the bank to buy expensive trucks. Clearly I am doing something wrong! <wry smile>

 

This^

 

The mysticism that’s being discussed as confidence in a vehicle which is a mechanical object that cannot fall prey to a hex sounds a little too palm reader to be mixed in with sound financial logic. You’re talking about a bunch of parts from a ton of suppliers instead of some one off sculpture. There’s nothing saying probability wise there’s going to be another problem with this truck until there’s a significant pattern failure correlating another failure with this one. It’s like saying my neighbor won the lottery so I’ve got a better chance than the next person. Pick a lane people.

 

sell it,pay off the loan,buy a 2nd gen or 2.7l

 

in this climate better to have that liquidity on tap. just finance that puppy at a low rate and youll be gtg.

 

3rd Genners....

 

That doesn't prove you're a successful investor.

The last 3 vehicles I bought I could have paid cash for them. But chose to let my trade serve as a down payment and finance the rest at 2% interest. I would have had to pull money from investments where they are currently earning more money every 3 months than I paid in interest over the life of the loans. Paying cash for me would have been a bad thing.


That said I don't think trading is a wise decision at this point. I'm thinking you need a minimum of 5 years of ownership regardless of whether you buy new or used or you start losing too much money. Closer to 10 years is better. At this point you'll lose too much and still owe too much. Drive it till you pay it off at a minimum.

While the exact numbers are.t carved into stone I think the best long term vehicle purchasing plan it to buy new, finance for 5 years and drive it 10 years. Even after you pay it off keep putting $50-$100/month aside for the next one. At the 10 year mark chances are good that you'll not have had to pay for any major repairs, and most trucks will still bring pretty close to 1/2 the original price they sold for. Not sticker, actual price.

This way you avoid expensive repairs and will always have a significant down payment. You NEVER, EVER want to be upside down. I think trading now might leave you with a new truck that you owe more on than it's worth. At least for a few years. A short term (5 years) loan on such a small amount of money at todays interest rates is a lot cheaper than paying a mechanic to keep an old truck running.

 

I didn’t read all the posts, so if it’s been said already sorry.

I would be on that service dept to get an extended warranty, call Toyota corporate. Be nice, but don’t back down...they have fixed this twice, know issue, how can you have confidence in the Tacoma reliability...give them all the lines. Get 100k mile warranty

On the money side, you have already taken the money hit when you drove it off the lot, why take more loss on trade and then take another loss when you drive the next new ride off the lot. If you feel you need to dump it, save some money and buy used.

 

Obviously pay cash for the repair, get a lifetime warranty, don't listen to anyone on here.......
You all tend your own money, I'm good with mine. So many idiots.

 

I think dealership is fixing under warranty.

shit one more fix and can maybe look at Lemmon law.

 

Mechanical things wear out. A truck that’s had two engine out repairs, for the same issue, under warranty and under 30k miles has proven itself to not be reliable. That’s not “mysticism”, that’s what happened to this truck. Betting that it won’t happen again isn’t what I’d do with my daily driver.

 

You owe to much on it OP, keep it for awhile longer. In the end if you trade To early you will be loosing too much money.

 

Second.
Luckily I haven't had any issues with mine, but if I did I would feel the same and probably get something different.

 

I financed my wife's new ride. I could have paid cash.

Of course, the financing was at 0%. So I'll just make the monthly payments and keep the interest for myself. Even if it was financed at a low percentage, I would be able to make more with the cash in my investment account than it would cost in interest on the loan. So....don't simply say "ZOMG PAY ALL IN CASH". I can pay in future money, which is worth less, vs. just paying it all right now.

 

You have a pretty solid warranty to 100K....you have 30K on it....drive it until 95K and trade it....

 

The dealer admitted they fixed it incorrectly the first time. Personally, I would get them to commit to guaranteeing the repair if it happens again and jist keep the truck. You are going to spend a ton more on a new one and with only 30k you should get another decade out of this truck no problem once it is fixed right.

 

This whole thread. It is not Friday.

Only reason I opened my mouth, is it seems like it is a unsolicited incomprehensible advice thread. Now.

So

If you tie a onion to your belt, you can find beets in the city.

 

That was an good idea to get your extended warranty from your credit. Much cheaper than the dealership Warranty

 

Trade her in and get a new one. All of that work the dealership is doing to your truck is going to show up on the trucks history record. This may impact your asking price when you decide to trade it in