What would you think about trading in your Tacoma for a down payment on a house?

I’m aware this is relative to everyone’s situation but by selling my Tacoma I could get a pretty substantial down payment for a home.

With my 2018 Tacoma nearing 90,000 miles I am thinking it may be a good time to sell it and look into driving my beater car to work for a little while.

Maybe a weird question, but maybe some people with some input on the state of the current housing market and the resale value of Tacoma’s could chime in.

i definitely don’t want to get rid of the truck, but I want to strike while the irons hot in terms of getting the most for my truck and the best price on a house.

kind of a younger guy (mid 20s) so I thought some older taco folks might be able to chime in.

 

You wouldn't need some old house, if U had the 6' bed

 

Hmmmm, asking if you should sell your Tacoma on a website for Tacoma enthusiasts…

 

Seems like some wise thinking for a young man. House prices are high but supposed to be dropping. Not sure about the market in your area for houses so check it out. Tacoma prices should stay high for a few months at least so you don’t have to make a quick decision.

 

Whatever you can do to get a bigger down payment, do it. Ideally 20% and over. Want to avoid PMI at the very least, and 20% will do that. Plus, in theory, the more you have to put down, the better your rate should be.
FWIW, When I bought my first house, I scrounged for as much as I could get. Sold all kinds of shit on Ebay, CL, etc. (this was 2001...lol), just to get to that 20% threshold. Basically, anything and everything was up for sale. I dont regret that decision one bit. 20+ years later and I dont even have a mortgage anymore, paid off a few years ago. Although I kind of miss my extensive baseball card collection that I put together growing up that I sold...LOL.

 

Do it.

 

If you can afford the total cost of home ownership and there's a contingency plan if the beater goes tits up, go for it.

 

Bro, anything to get a home in your 20s. I didn't get a condo until I was 35 (last year) and I feel it was the most important thing i've ever done.

 

I would. The faster you start building equity, the better.

 

3rd gen Tacoma, 90k miles. Sell that bad boy. Especially to pay down credit cards and buy a house. Tacoma value is at all time high. They are slightly declining now due to volatile gas prices.

I have a 2022 Civic, gets good mpg. BUT, I just bought a used Lexus LS430. The difference in fuel costs per month is $100. My Civic payment is $500. Going to let the Civic go and save hundreds per month by not having a payment.

 

I approve.

 

I sold a car to be able to put more down on my house and never once regretted that decision.

 

Thanks for the advice guys, will be sad to sell it but I’m sure I’ll get over it. So if anyone is looking to sell a fair priced Toyota truck in the next 6 months I’ll be your guy

 

If getting a good price for your truck and buying a house while interest rates are still relatively low is what really makes you the most happy, then go for it. When I was your age I spent my money on cars, motorcycles and dating hot girls. A nicer apartment complex with a pool is a must. If I got tried of living in a particular area of town, then I would move to a different apartment complex (still with a pool and hot girls). Still try to save a little money for emergencies or the eventual house purchase when you get married/have kids & pets etc.

If you do buy a house now, think about how long you see yourself staying there. Try to envision how that neighborhood might change in a decade or two if you stay that long. Houses that I looked at when I was in my 20s now have homeless camps next to it. No way could I have predicted that when I was young. Whatever you do, in your 20s is a good time to start planning for retirement. If you don't know how to begin, ask family or friends if they know of a good financial planner.

You will get lots of different opinions from TW, but only you can decide what is best for you. Good luck.

 

Sell it and keep saving while house prices drop “hopefully “

 

+1
One of the best financial decisions I ever made was obtaining a financial advisor in my 20s.

 

I didn't get a house till this year, I used to always say "You can sleep in your truck but you can't off road a house." Now I have a house but I was very close to selling my beloved Tacoma to get a house if I had to and would absolutely sell my Tacoma to keep my house if I ever had to.

Hopefully I never have to, I love my Tacoma but my house...

It's *HOME*...

I've never had a home...


Also nice cultured PFP.

 

Yes. Do it. Build that equity. I’m 19 years old, been working since I was 14. Planning on buying a house by 2024/2025 (truck Will be payed off). Going to go half on the down payment and payment with my best friend of 15+ years. Another buddy of mine just did this exact thing, sold his late model truck, and put it on a house. he is now 24, driving a 2015 Chevy sonic, has a beater sierra, and his own house. He rents out the bedrooms to college students in his area, and that basically covers his mortgage payments.

 

Lotsa variables into buying a home which is bound to have a thread on it's own... but I'd encourage you to start building equity by 'owning' your home and paying a mortgage instead of paying rent (if that's what you're doing). Frequently there are tax advantages for the interest you'll be paying (which will be a large percentage of your monthly payments in the beginning.) Two of my previous homes I pretty much broke even (bought them then sold them for what I paid/spent plus realtor fees).. so I lived rent free for about a decade.

Don't buy too much house and over extend yourself with huge mortgage payments. Try not to buy a home with huge HOA fees (many high-rise buildings can have monthly fees that rival the mortgage payment.)

 

… is a great idea, because sound advice regarding all aspects of Tacoma ownership are often shared here.