To trade it...

OP - Look at it in terms of risk analysis:

Your truck - you bought it new and you took care of it.

Used car - you are not buying it new and you have no idea how the previous owner drove it or took care of it. Alot of unknowns if you go this route.

Also, you are going to be more mobile now. You are moving out of your parents house. You may move around two or three other times in the upcoming years. A truck is about the most useful vehicle you can own when you move and for whatever.

Also when you pay your truck off and can go for any length of time without car payments, this is money in the bank. My last car before my Taco I paid off in three years and kept it for 15 years. I saved about $80K during that time of no payments. Money in the bank.

Also if you pay additional payments on a car here and there you can pay down the principle loan amount, therefore saving money on interest and paying the loan quicker.

Also when your out blowing money at the clubs and nightlife scene, think about your car loan as you pound the brews and foo foo drinks at $10 a pop

 

This is a great idea. I throw an extra $200 a month towards my truck loan and I will pay it off in 48 months instead of 60 months. If this truck doesn't give me any problems I will keep it for a while. I drive about 15-20k miles a year so it should last for years.

 

I think you're playing it too safe bro, making us millennials look bad. Without risk there can be no reward. You have to find what your risk tolerance is, and leverage. Renting is not always a bad decision, especially when your parents aren't charging you anything.

Well, hope I was able to help, I'm off to Jamba Juice on Baldy's credit card.

 

Yes. Which is 3x the 1.99% of my truck loan.

 

keep the truck, but a 5000 dollar miata down the line, more rewarding to drive and youll still have your taco as a daily driver

 

Gave up reading two pages in. Here's my opinion, and it matters only to me.



Makes friends easily with these




Or



And make friends with People like this.




If you're 25 and still at home , how about you stay there one more year and drop every extra dollar into paying off debt. Starting off with debt even before the day you move out of parents house will end in an escalating debt by the time you actually cook your first meal in your new house rented or owned. Unless you want to live with used / second hand everything and eat Mr noodles nightly.
Cable bill / phone / internet / heat / food / ins / water if applicable/ pet food / groceries/ eating out . Gas for any vehicle . All that makes your paycheck disappear pretty damn fast. Maybe you'll have a couple bucks for beer .

Lol just trying to make some sort of point pay off debt before walking out the Free house

 

Depending on his income not all student loan interest is deductible.

 

OP - Just wondering how long you've been in the working world? I'm assuming you've had a solid job while living at home to pay off the student loans .

The reason why I ask is that a jobby-job and/or career can be great one day and can go sideways the next day and it helps to have a "pad of f**k this" money in the bank in case you need it. I've found that having a years worth of salary saved up can help put up with uncertainties. Just something to think about and it's one of those things I wish I knew in my 20's.

 

Sounds like you need a Turbo Subaru Baja.

 

I've definitely got money but not a year's salaries worth. I'll try and build up to that. Ultimately I've decided to keep the Tacoma, I paid off my student loans and I'm going to pre-pay even more on my truck to get it paid off as soon as I can. That way I can keep my truck, save up some money, then get some used sporty roadster or turbo 4 cyl for a fun weekend and nice day car. I'm only 25. I've got plenty of time to do it. I'll definitely get a house in there too. I'm thinking long term for sure. There's more vehicles to be had.

 

I've got Cop vanity plates and I'm friends with many Officers, Lawyers, and prosecutors. I'm very respectful to them all and only 20% of the time I get pulled over do I get a ticket. But yes I am keeping the Taco and paying off the debt as fast as I can.

 

whats a cop vanity plate? There are many jokes I could insert here, but am really wondering what you mean by this? Oh and if you have got it figgured out that only 20% of the times you get pulled over and receive a ticket, you get pulled over TOO often.

 

I'm guessing he means plates such as the "Fallen Officers" plates like they offer here in AZ. Basically it's a specialized plate you can order and it might be that a certain percentage of proceeds go to a police officer foundation that supports family of fallen officers (KIA)

 

Boy oh Boy can I ever relate to this quote.......

 

My truck is great for hauling my music equipment. More specifically my Randall 4x12 cabinet. I'm not sure if it'll fit in the back of a WRX (lol). Ultimately I'm keeping the truck and paying it off faster now that I don't have the student loan payment.

 

Exactly that for Ohio.

 

I was thinking, something with a 10 code on it. But that's even better.

 

It's a very nice thing to have. That combined with a CCW permit and the cops love you. They know you're a good law abiding citizen minus the speeding part and just tell you to slow down and have a good day.

 

My state has Fraternal Order Of Police (FOP) tags, which basically guarantees no tickets or traffic offenses.

Such a scam.

 

I had a trooper apologize for giving me a ticket when he saw me the next day talking to my dad at the local police coffee hang out. He asked why I didn't tell him who I was.