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Who has their truck Paid off?

Discussion in '2nd Gen. Tacomas (2005-2015)' started by Johnson8537, Jun 17, 2008.

?

Is your truck paid off...

  1. Yes

    2,158 vote(s)
    49.8%
  2. NO

    1,918 vote(s)
    44.3%
  3. Someone else paid it off for me... and i can admit it.

    253 vote(s)
    5.8%
  1. Mar 13, 2013 at 2:13 PM
    #1181
    Oregon TRD

    Oregon TRD "GO DUCKS" Edition

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    Ross
    Steel Panthers bathroom floor!
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    6" Fabtech Lift, 35" Fierce M/T 17" Eagle Alloy Sim bead locks 10.1" DVD head unit Two 7" Headrest Monitors PS2 in glove box
    That's what I thought back when.......but then the day came when I paid it off. Feels good!!!!!
     
  2. Mar 13, 2013 at 4:30 PM
    #1182
    egan

    egan Well-Known Member

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    Brian
    Steilacoom, WA
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    95 Single Cab 4wd
    Just bought it today and paid cash! Feels good lol
     
  3. Mar 14, 2013 at 12:29 PM
    #1183
    neonlazer

    neonlazer Mechanically Goofy

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    Jeffrey
    Lafayette, LA
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    '12 DCSB 4x4 SR5
    Paid mine off two weeks ago..just got title monday! :kona:
     
  4. Mar 14, 2013 at 12:58 PM
    #1184
    PepsiManKolt

    PepsiManKolt Well-Known Member

    Joined:
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    Kolt
    Gig Harbor, WA
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    08 BCSB TRD OR (it's gettin' there)
    Icon 2.5 Front/Rear, TC UCAs, Heated Leather Interior, LED tails, Doug Thorley LT headers, Borla Exhaust, Paintmatch (satoshi and engine cover), 2013 Touch Screen, SnugTop XTR w/ custom rotopax mount, ARB front bumper, HFF CMC and Sliders, Viair Dual compressors.
    I don't finance anything (except my house). I just paid $18k cash for my 08 DCSB. Now I just need to save up for some mods.
     
  5. Mar 14, 2013 at 11:12 PM
    #1185
    Jholden

    Jholden Well-Known Member

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    I don't finance either, Including my house (Bank owned special :) ) Paid cash for my 07' Access cab 3 days ago and I think we're gonna have some good memories together hah
     
  6. Mar 14, 2013 at 11:17 PM
    #1186
    alegav

    alegav TeamBlue

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    Alex
    San Diego, CA
    Vehicle:
    2012 Tacoma TRD T|X Baja
    Pelfreybilt IFS Skid, Mid Skid, CSJumper HID Fogs, ARB CKMA12 On Board Air, Kenwood TM-281A Radio, Rear view mirror relocation bracket, Wheelers SuperBumps
    Just curious does everyone save up a shit ton and then pull the trigger? how does someone get 30k cash saved up? Just asking been driving since I was 16 and have always had a car payment.
     
  7. Mar 15, 2013 at 4:17 AM
    #1187
    PepsiManKolt

    PepsiManKolt Well-Known Member

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    Kolt
    Gig Harbor, WA
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    08 BCSB TRD OR (it's gettin' there)
    Icon 2.5 Front/Rear, TC UCAs, Heated Leather Interior, LED tails, Doug Thorley LT headers, Borla Exhaust, Paintmatch (satoshi and engine cover), 2013 Touch Screen, SnugTop XTR w/ custom rotopax mount, ARB front bumper, HFF CMC and Sliders, Viair Dual compressors.
    ^I've been working since I was 14 and buying and selling cars/trucks/motorcycles since then (buy low, sell high and don't let it depreciate). I take the money from selling the previous vehicle and put it towards the current one(s). I sold my customized 2009 Mercedes Benz C300 4matic for this truck.

    [​IMG]
     
  8. Mar 15, 2013 at 7:48 AM
    #1188
    Spitz Stang

    Spitz Stang Well-Known Member

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    Mark
    Houston, TX
    Vehicle:
    2012 DC TRD OR 4x4
    OME 885 / Dakar,5100's, 265/65-16

    Imagine if you didn't have to pay a house note / rent, utilities, student loans, buy your own food, etc. I don't imagine it would take all that long to save up for a new truck.
     
  9. Mar 15, 2013 at 7:54 AM
    #1189
    CannondaleMan

    CannondaleMan Active Member

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    Live Free or Die! God Bless New Hampshire
    Vehicle:
    2010 Speedway Blue Double Cab, Long Bed,
    Not everyone, but financing a depreciating "asset" is ludicrous.

    Think about it. You take out a loan for your brandidy new 2013 Taco for $29,000 at 1.79% for 60 months (this is the 60 month rate as of today at my credit union - Navy Federal Credit Union.) You pay about $1450 in interest over that 5 years. Plus your truck loses a huge portion of its value over those 5 years. So you are paying interest on a loan for something that is losing its value at the same time.

    Instead, if you take that $570 monthly payment, save it up over the 5 years you can then walk into the dealer and walk out with the truck and no payment. Then, you just start saving the amount of whatever that payment would be again and begin the process again.

    Just makes financial sense.

    That is not to mean that it is not difficult. I was not able to do this until I was 36 years old. Made a bunch of stupid financial moves along the way which were my fault. I have gotten to the point that I cannot stand debt. Ever. The only debt we have is our mortgage. No credit cards, no car loans, no money owed to anyone but the credit union for my mortgage and we are busting our butts to get that whacked.

    The other benefit of no car payment is that you have less stress. If you lose your job, become injured, get hours cut, etc.., you have one less huge bill to worry about. A paid off truck cannot be repossessed.

    The other benefit is that while you are saving up that money for your new truck, if - God forbid - something happens you have an "emergency fund" of sorts if you need a new roof, septic system, or whatever.

    It just makes financial sense. You do not need to go through life in debt. Hard to get to the point that you can do this.....but so worth it.
     
    Last edited: Mar 15, 2013
  10. Mar 15, 2013 at 8:26 AM
    #1190
    wlmuncy

    wlmuncy Well-Known Member

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    William
    Knoxville, TN
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    2007 Double Cab Manual 4*4

    This. You are making a car payment, but to yourself. You act as your own bank.
     
  11. Mar 15, 2013 at 8:43 AM
    #1191
    alegav

    alegav TeamBlue

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    Alex
    San Diego, CA
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    Pelfreybilt IFS Skid, Mid Skid, CSJumper HID Fogs, ARB CKMA12 On Board Air, Kenwood TM-281A Radio, Rear view mirror relocation bracket, Wheelers SuperBumps
    I like this!!! Something to strive for. Thanks for the insight
     
  12. Mar 15, 2013 at 8:51 AM
    #1192
    Trusso24

    Trusso24 Well-Known Member

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    Tony
    San Luis Obispo
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    99 Prerunner XCab
    Fox Coilovers Blacked Out Debadged
    x2

    I bought my first gen cash but I will definitely be employing this as of today as best I can. Damn mods getting in the way of saving....
     
  13. Mar 15, 2013 at 8:58 AM
    #1193
    PnoyBOS5

    PnoyBOS5 Well-Known Member

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    kevin
    CA
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    Maxtrac 4'' Spindes -Bilsteins 5100 @ 1.75" - All Pro Expo Leaf Pack - Extended Rear Shocks - PC 5001 wheels - 285/70/17 Goodyear Duratracs - Debadged -Red emblem - AFE Pro Dry-S Filter
    I could pay it off right now but want to build my credit.. so far @ 718 score when I get to 800 ill just drop it all for the title :D
     
  14. Mar 15, 2013 at 9:16 AM
    #1194
    Spitz Stang

    Spitz Stang Well-Known Member

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    Mark
    Houston, TX
    Vehicle:
    2012 DC TRD OR 4x4
    OME 885 / Dakar,5100's, 265/65-16

    This is a great way to manage money. However, one little piece that the guys who preach these methods always leave out is the time value of money consideration.

    Same scenario you mention above, but invest the $29K for 5 years and pay the note. At the end of 5 years you end up with $6.5K net of the interest paid on the truck (assuming a 5% annual return). The truck depreciates either way (paid cash or financed), but this way you end up $6K richer - the money worked for and paid you for 5 years.

    This only works if you can get a great rate on the loan (ie. 1.79%) AND be disciplined enough to invest the money and not just blow it all on mods. :)

    Not trying to start an argument, just pointing out that there are times when financing is useful and beneficial.
     
  15. Mar 15, 2013 at 9:26 AM
    #1195
    PepsiManKolt

    PepsiManKolt Well-Known Member

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    08 BCSB TRD OR (it's gettin' there)
    Icon 2.5 Front/Rear, TC UCAs, Heated Leather Interior, LED tails, Doug Thorley LT headers, Borla Exhaust, Paintmatch (satoshi and engine cover), 2013 Touch Screen, SnugTop XTR w/ custom rotopax mount, ARB front bumper, HFF CMC and Sliders, Viair Dual compressors.
    Like I said earlier, I don't finance anything but financing a car is not the only way that you can get your score up. This is the only reason I have a credit card. I use my credit card and pay it off immedietly. By doing this you are showing your bank that you are using the card but you don't even get hit with an interest fee because your paying it off before it can be effected. I have a score close to a 780 and well on my way up.
     
  16. Mar 15, 2013 at 9:32 AM
    #1196
    mcdee

    mcdee Well-Known Member

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    mike
    Northern Cal
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    TRD center cap, quick bed mat, Gatekeeper, WTs, TRD skid plate from bpfab, plastidip emblems, security slider bar, interior LEDs, AFE Pro Dry air filter
    A couple of personal thoughts/opinions I have tried to pass onto my daughter: 1. People are looking for investments-one of the best investments you'll ever make is not to have credit card debt. 2. Once you go into debt you tend to lose independence.
     
  17. Mar 15, 2013 at 2:54 PM
    #1197
    Jholden

    Jholden Well-Known Member

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    Same. I'm 21 and have bought and sold about 60 vehicles plus trailers, construction equipment ect. It's all about making your money make you money. I am now transitioning into real estate to implement the same practices.

    I started out with $200 trailers and mowers when I was 14. I just closed on a house with a 129k price tag. Paid for in cash and will hopefully profit about 20k from the deal.

    You can do anything you set your mind to with enough discipline.
     
  18. Mar 15, 2013 at 2:57 PM
    #1198
    PepsiManKolt

    PepsiManKolt Well-Known Member

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    Kolt
    Gig Harbor, WA
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    08 BCSB TRD OR (it's gettin' there)
    Icon 2.5 Front/Rear, TC UCAs, Heated Leather Interior, LED tails, Doug Thorley LT headers, Borla Exhaust, Paintmatch (satoshi and engine cover), 2013 Touch Screen, SnugTop XTR w/ custom rotopax mount, ARB front bumper, HFF CMC and Sliders, Viair Dual compressors.
    I completely agree. I just moved into my first house 3 weeks ago. We definitely plan to flip it after a while. Most everything that I own is for sale if someone wants to pay the right price. I can always replace it when its needed again.
     
  19. Mar 15, 2013 at 3:08 PM
    #1199
    Skinny Rogers

    Skinny Rogers U know fish can hear u thinking just b4 u sneeze

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    Lance
    NC
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    10 taco
    Paid in full
     
  20. Mar 15, 2013 at 3:58 PM
    #1200
    bullaculla

    bullaculla IKA fabrications

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    Honolulu HI
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    Fox 2.5 IFP extended travel coilovers, Fox 2.0 extended travel FJC rear piggyback shock, Icon 3 leaf progressive mini AAL pack, Total Chaos UCAs, konig countersteer wheels and 265/75/16 duratrac tires.
    Bought both last year and paid in full :cool:
    [​IMG]

    [​IMG]
    My early 20's was a different story tho.
     
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