What to do sell or keep the taco

I have a choice and i want your guys feedback. I currently own a 2005 dcsb white tacoma with 128,000 miles. My brother owns a 2009 dclb silver tacoma with 64,000 miles. My brother is currently in the market to sell his truck and with me being his brother i get first dibs on his truck. the trucks are almost identical except for the year color and miles. Both have toppers and arb bumpers 3 inch lift so not a real big difference in trucks except for my 2005 has twice the miles and is a used truck with cosmetic issues while his is still in excellent condition. Almost everything i have done to my 2005 i can move to the new truck so i really wont be loosing much. My question is what would you do if you were me? now some back story. My 2005 is paid off. My wife's cars is paid off. I just had my first baby and just bought my first home. If i get my brothers truck i am taking a loan to pay the difference after i sell my 2005 so he still gets fair market for his truck. What would you do if you were me? with 128,000 i still have life on my truck and was not looking for a new truck but this opportunity just presented itself to me. I keep thinking that the money spent to get his truck could go along way with making my current truck exactly where i want it and have money left over as well ( i don't even have the money actually its a loan) Thoughts.

 

All depended on the loan amount, payments & what my budget could allow. Otherwise it sounds like a no lose deal.

 

Yeah, without knowing your budget, how much you need to borrow, etc. it's hard to make a statement. The 2009 should be significantly safer for your child (side air bags, for one), but in reality they are essentially the same truck.

 

DCLBs will give you more room, but they look weird.... If that doesn't bother you, I'd look at the amount of the loan. If that amount is what you would pay to cut the mileage on your truck in half(ie:extend the life of your truck) then buy it. If it's not worth it to have lesser miles, then don't do it.

 

according to kbb and edmunds the difference will be around 8 to 9k. not sure on payments yet but with a new family and everything already paid off hard to think of taking a loan but would hate to be years down the road and unhappy i did not do this when my trucks gets old and i am thinking of getting a new one.

 

both trucks have side airbags. its really about taking a loan or not when i am starting a family. i can see both trucks being great vehicles for many years.

 

No brainer try to offer a little less than 8k and get it!!!

 

Hmmmm....$9K for 5 years....$150 a month with no interest.....for a LB & 1/2 the miles. Sign me up!

EDIT......what's the wife say? You do know that has a crap ton to do with the decision.

 

she is happy either way. I got lucky

 

Keep the one you have. Put $150 a month away for your kids education, clothes, family vacations, health insurance, Christmas presents, etc... All the other things you and your family will need money for. Borrowing money to replace a perfectly good truck with one very silmiar is just crazy, if you ask me.

 

If both trucks are equally equipped (thought side curtain airbags were an 09+ thing), then I would keep the one you have. I have 128,000 miles on my 09 and it has plenty of life left.

 

The dealbreaker for me is the loan. If you had the cash to buy outright, I'd say go for it! But taking on debt to finance a depreciating asset with marginal benefit.... pocket the money that would've gone to a loan and 5 years down the road you'll have and extra $9k in the bank (borrowing $8k @5% for 60 months ≈ $9k)

 

I agree with this^^^^^

 

This^^^^ definatly this^^

 

Unless you are having some huge issues with your truck, don't do it.

 

Haha no doubt!

If you can afford it I say go for it! Sounds like a good deal.

 

Save the money and start gathering parts for SAS

 

If he were a good brother he would give it to you and use yours as a trade-in.

 

thanks for all the input guys. I decided to keep my truck and spend the money to keep making it bad ass.

 

wise choice. I agree with if you already had the money to go for it but you have too much accumulated debt now with everything going on. If your bro was awesome he would give it to you and let you pay him over many years and use yours as trade-in but then you have to worry about not being able to pay him at times and then causing family drama... no mo drama!