What is your monthly payment? Please read.

At your age and income, unless you have about $20k in the bank, it looks like buying a new Tacoma would be a very bad move for you. You may want to target a vehicle in the $10k-$15k range at the highest.

 

Thank you sir, I definitely will be looking into it. I'm not going to jump right in and buy. I will figure out where I stand and if I can and opinions and advise is something I will definitely take

 

'16 full loaded TRDORSB auto, $37k + tax put it right under $40k out the door. Put $10k down. Paying about $525/mo for 60 months. I think the interest is bit above 3%

I agree with most of the sentiments. It's time to under spend on a vehicle.

Don't pay cash for a car it's not kind of stupid, it is stupid. It's for people w/o money or credit. Your money can easily earn more than 3% that you'd be paying these days for an auto loan. You should make your money work for YOU.

 

How?! Congrats! Hard work pays off

 

There are a lot of gently used 2010s out there available. May be worth a closer look.

 

I think you are correct. I would be screwi g myself for 5 years

 

Start making a "car payment" into savings at the amount you think you can manage and keep driving the 91 as long as it'll go while keeping your eyes open for its replacement. Use that money for repairs, etc. You still will likely be building up a down payment for whatever you end up replacing it with in time.

People get into dire straights by overextending themselves to where they can't absorb the hiccups everyone experiences.

My brother in law has sage advice for folks: "Be very careful with decisions that reduce your options"

 

I have a 2013 double cab off road manual, I got it for 28,500$ ish in June 2015 and my payments are 430/mo over 84 months.

 

so i can be a chemical engineer and finally afford a honda civic. hell yea.

 

Terrible advice, please don't listen to this.

Well Civic is a good car, will be great for your commute, can get one brand new you will be debt free to save your money to put down on a house you can afford with plenty of money going to savings and retirement. Though I thought a chemical engineer would make more, cuz the title sounds pretty cool.

 

I may or may not make about $70k and the $380 car payment is rough on my household, and my debts and expenses are few and low. I can afford it, but it is rough.

 

That was in 2000 and houses were much cheaper. Plus I bought one that needed some work and did the work myself.

FWIW, I don't make great money at all. I've never made more than $45k a year in my life and my wife has made about the same until this week she started a new job close to $60k. The pickup I just bought is the first one I've ever owned with less than 100k miles on it.

 

This is great advice.

 

At 1.3% over 4 years, I would advise to not pay more than the monthly payment. At 1.3% you are basically borrowing money for free.

 

Definitely will. Thank you for setting my mind straight. This is what I needed

 

wooooooooeeeeeee. I bet you have problems sitting down without pain, don't you?

 

Yes X1000! I moved out 2 months after graduation. Got an apartment, bought a Duramax... etc... Eventually bought my first house at 20, got married at 23. I was fortunate enough to have a really good job and move up quick but, in hind sight it could of all vanished if I would of lost my job or gotten hurt on the job etc.. I had no backup plan, emergency fund or retirement setup. Had I stayed home instead of buying all the toys and crap I didn't need. I would be years ahead of where I am now. I'm very grateful for how things turned out but, at the same time I wish someone would of gave me this advice 8-10 years ago.

 

While your logic certainly adds up, I disagree with your last statement (for most people).

 

Very good advice. I will take this with me. Thank you sir

 

Strictly speaking the extra $50 goes into an investment, but from a budgetary standpoint I'm overpaying the loan amount.