To trade it...

While I agree with you on principle, I have to ask if you've tried to get a job in today's market? If you don't have a degree(s) and certification(s) then most employers just walk away regardless of how much real life experience you have. It's just the way of things these days. College isn't a guarantee of anything but it darn sure can't hurt.

 

I have both a 2014 Tacoma 2.7l and a 2006 wrx. The wrx saves me waaaay more on gas "IF" I don't step on it.. I get 26mpg on the wrx and 18mpg on my taco.. and it's a 4 banger.. and when I do step on the gas I get 18mpg on the subie.. and that's at least once everyday.. if i had my taco paid off already and I had to decide that I had to get rid of one.. it would probably be my taco just because it's not 4x4.. other than that I love both cars.. and you really can't go wrong with either, just that my Tacoma comes way more in handy then my car does.. but my subie is just more fun to drive in.. if you did the math and seen you can save more on the subie than your truck, then go for it.. or try to refinance your truck and get lower payments.. whatever keeps your pockets fatter

 

What "industry" are you trying to find a job in that requires paper certificates over experience?

 

Tough crowd...

Sounds to me like you're trying to be financially responsible and driving your debt-to-asset ratio down is a good thing. Just remember that all vehicles (that normal humans can afford) are depreciating assets and as such, you should invest the minimum amount you can in them. To that end, don't be so concerned with monthly payments, rather, consider the total cost of the vehicle. Add up all you costs over the next 4yrs: payments, insurance, excise tax (if applicable), ongoing expenses (gas), estimated repairs (if there is any significant difference between the vehicles), subtract the estimated market value and base your decision on that.


And BTW, for those of you who don't know, student loans are often on the order of 2-3 times what a new car loan is. They also can't be transferred like a car loan (when it's sold). And finally, should there be a true, shit-hit-the-fan financial emergency, they are difficult to discharged in bankruptcy. So, in terms of priority, he/she made the right decision.

 

It's more than that. I went to community college to get my gen eds done first and paid for that while working since I was 16. Then I transferred to the University of Cincinnati and only had to take 3 semesters there before I graduated so I had minimal student loans to begin with. I graduated with a chemistry degree and now work in manufacturing at a biopharmaceutical company. ~40k a year.

 

The lowest rate I've seen besides 0% is 1.9% from credit unions. At roughly ~$24000k loan borrow to achieve a ~$430/mo over a 5 year period the difference between 2.79 and 1.9 is ~$650.

 

that's all fine, but if you have noticed mostly all millenials think they should be getting free college and the Government should pay for it, first lesson in life is there is nothing for FREE some other person has to pay for your college from someone that needs the money to support themselves or their own family, it just goes to show that parents are'nt instilling in their kids about personal sacrifice or doing without sometimes. baby gets what baby wants as long as others pay for it.

 

Accounting. Specifically Controller, CFO or Director of Finance positions. I have 20 years experience. Have applied for close to 50 jobs in the last three months. Got 2 interviews. Neither materialized into anything.

 

Education is one for sure. I have more experience working with youth than most new teachers, even have more college credits than most, but because I don't have that 4 year degree piece of paper, I make about 10 to 15 bucks an hour less than a starting teacher.

 

@Kyitty

 

Yes, I have seen this, but again who is at fault here? It's the upbringing.

 

I was raised not to think this way. I worked hard for everything I have. "work hard play hard."

 

Assuming the OP bought a $24k 3rd Gen??

Did you only finance $24,000? And was it a 60 month loan or 72 month loan?

 

Down payment.
60 months

 

Dave Ramsey

 

OP said he put some cash down. So its just back calculating from his monthly rates over a 5 year period to determine if the $750 was worth it or not. Doesn't matter what OP paid for the truck just $ borrowed.

 

Borrowed 24 after down payment.

 

It's funny how fast things change. When I got out of college I consolidated and refinanced all my student loans down under 2% but my first car loan without any real credit history was around 12% (I know I know, but she was purdy).

 

This thread is morphing into an economic/workforce/millennial situation kind of thing, which is very interesting to me. As this is going on, I'm putting the finishing touches on a presentation I'm giving in my MBA class about the millennial workforce, and why they seem to have so much trouble integrating into corporate America. Bottom line: they value different things, and companies are slow to recognize/change for that.

I second @neilbedwell - most professional industries still require a 4 year degree to even get your foot in the door. That's not to say that college is for everyone - I think far too many people go to college. There needs to be an understanding that for some industries (finance, medicine, education, etc.) it's perfectly relevant, whereas others (trades, construction, etc.) on the job training and skills are probably just as, if not more, important. Then not nearly as many kids would be saddled with debt that they'll never be able to repay because they thought they had to go to college.

Just my $0.02.

 

thatswhat I said the parents aren't instilling in their kids that there is no free rides, but the attitudes are I dont care if others have to pay for it, which is wrong, the majority of millenials believe they should have free college but dont care if they take the money from others who are working hard to make ends meet