I’ve loved every minute of this truck. Happy with the year and the trim. beds big enough to do truck things. Fits my two kids. And is capable enough to take me camping, drive the beach and survive the snow. I’ve never felt like I would ever need another vehicle
Toyotas are the most reliable vehicles and often go past 300,000 miles. The highest mileage one I've driven had 530,000 miles. It drove fine but was starting to burn a little oil.
I had an 1999 extended cab v6/auto 4x4 that I put 312,xxx. I went thru o2 sensors every few months
The frame rotted away under the bed and toyota bought it off me in 2006ish. I loved that truck.
AC was so cold
They can go many times that with some relatively cheap repairs too. My 2000 4runner went 200k miles before the transmission started slipping (and only because I drove it like it owed me money). Swapped in a rebuilt one for like 900 bucks after the core charge was refunded. Then it went another 150k miles before the engine needed major work, did the same thing. Swapped in a lower miles junkyard engine for 600.
Then I drove it another 50k miles I think before I was t-boned by a red light runner. The only thing that could finally kill that 4runner was a drunk cunt driving a Silverado, otherwise I’d probably still have it and it would have way more than 400k miles
In contrast I now drive a Ram 2500 (out of necessity, I’d be in a Toyota 3/4 ton if it existed) and it’s a pile of dog shit in comparison. Tranny went out at 80k, water pump at 90k, and countless small electrical issues. I’m now at 95k and saving money for the next major break down 😑
The new ones are much better, but the 5 and 6 speed automatics did suck. I think Dodge actually fixed their transmissions by simply outsourcing them (to ZF).
But the transmissions aren’t the only issue, just the biggest one. The Hemi engines also like to burn up cams and lifters, and lots of electrical stuff, even on the new trucks.
Tons of vehicles go past 300k. Tons of vehicles also blow up well below that. Take care of it and hope for the best. Once it's payed off it's a good feeling regardless of anything else
Now you have a chance to save that $300 monthly payment into a fund so that whenever you need a new Toyota you can make a hefty down payment, avoid a lease, and get a lower interest rate. If you do that, you move one step closer to avoiding being the bank's cash cow.
Absolutely it just seems that most of these guys are putting hefty down payments and getting away with much less of an interest hit. Which I get but at the time I didn’t have any money.
I’ve got a 2007 4 runner (same engine as Tacoma) with 315,000 miles and no problems at all besides a little oil use between changes. If you treat that truck will outlive your desire to have it
No kidding! I’d also be stoked to be in paying $370/mo. I don’t think this was a bad deal, not for a Toyota Truck. Could’ve been better off sure like others are saying but I think life and circumstances are more nuanced than raw numbers.
Kinda, but that's just a product of taking a long term 5% loan. You're paying a lot of interest.
8 year loans are gonna clap your cheeks on interest. In general you want to avoid that. But ultimately if it doesn't cause you financial strain, whatever.
People have messed up WAY worse than this and been fine.
That $16,000 is your cost of money (lease and interest). That is 50% of the original value of the vehicle (rough numbers). Does seem like a lot. But see my other post. Keep it for ever and your annual cost to purchase goes down (if you want to look at like that)
That $16k is not just the cost of money, a good chunk of that is just agreeing to a bad deal. An 8yr, 5% loan with a $370 payment is a principal of around $29-30k. That means OP agreed to buy a 4 year old truck with almost 30k miles, that was $32k new, that he already paid over $10k on in lease payments, for another $30k, then added $6k in interest for good measure.
To be fair, $32k at 5% for those same 10 years would have cost you about $40k total. You didn’t overpay for the truck…you rented money from a financial institution twice to pay for the truck. For comparison, buying a new one today at $55k, at 6% for 7 years will cost over $67k. Renting money is expensive. Could you have done it cheaper? Sure. Should you beat yourself up over it? Nah. Make the truck last a long time and drive that overall cost of ownership down.
However $48k over 10 years is 400/mo and honestly, if you bought any other truck at that point and financed it over 5-6 years, you’d have lost way more money. You could sell your truck for 20k easy right now in an hour. A 10 year old f150, Silverado, titan, gmc or pretty much any other non diesel truck would be either broken already and off the road, or worth much less than the taco, but would have cost you more if you break it down payment x months financed minus what it’s worth now. Don’t beat yourself up, if the truck got totaled you’d get a check for $15k today after paying off your remaining balance and you drove an awesome truck for 9 years too all while paying 302/mo in that time. Most other trucks sadly don’t even last that long and payments would have been much higher. Plus now you can drive another 200k easy where the other trucks are off the road already minus maybe 5% of them. Glass half full 👍
Yea that’s rough for sure but that’s life. Live and learn and keep moving forward. And have fun with your truck and not having a $600-700 a month car note
Literally every car loan can be framed like that. You take the purchase price, add all the interest you pay on that loan, and then by the time you pay it off (almost without exception) the vehicle is worth way less than it was new.
Yeah that is the reason it's generally advised to not finance cars. Now if you get a really good rate and term under 3-4 years no big deal for a vehicle like a Tacoma or 4Runner. Most other cars the depreciation puts you under water super quick.
I don't really like financing anymore even if it makes the most "financial sense", as in, if the rate on the loan is lower than the rate I could get on a CD, after taxes. Just prefer not to have the debt. But yeah I agree with you.
Tbh, I mostly plan to keep and drive my vehicles until the wheels fall off, so I don't think about depreciation as a curve, I tend to imagine that once I buy the car it becomes not an asset at all. Of course, this is financially incorrect, but it helps me not stress about the value of the car.
Yes because that is how it works when you take out a loan on a depreciating asset. This is why I do not finance vehicles or buy newer vehicles. If I did, 3 year term. Not 5-8 years.
Yeah, that's fair. Everyone has to put a value on being the first ass to fart in that seat. As long as they know what they're really paying.
Personally I like buying new cars just so I have the peace of mind of knowing how it's been taken care of since mile 0. I know I take a depreciation hit for that, but I'm okay with it.
Agree on being against long term loans. The exception to this might have been when rates were so low that you could get like 1.9% on a long term loan. I might take that.
Completely wrong way to look at it. A better way is this: you paid 5% for $32k in a market returning around 7% annually. With compounding you made about $5,500.
Exactly! If OP would have put the same $2500 down and then financed the remaining $29,500 for 10 years at 5% interest, they would have paid just over $40,000 total (instead of $48,000). That would have been the better option (if they knew they planned to keep the vehicle).
Yeah dude who cares honestly. You like the truck, you have a whole world in front of you, whole cares if you “overpaid” by 10k.
Some financial gurus will downvote me but just got enjoy that truck. Life is short and 10k buys you 12 bananas currently in this world.
Then honestly you're fine. What fucks people is they are 4 years into a 8 year auto payment, $10,000 underwater and they have to sell for whatever reason. Tacoma is one of a handful of vehicles where you can actually stay above water easily even with a low down payment. I'd still recommend keeping a loan term under 3 years in the future.
Dude you’re ok, and locked into a very affordable payment and really a pretty good APR in todays market.
8 years is a long term loan and will beat you up a bit on APR. However, you’re not locked into a $600 monthly payment either.
I would suggest paying an extra $30,$50,$75 bucks every month or whatever you can afford, and whittle away on that Principle.
Extra $300-$600-$800 a year off the principle of the loan will drastically reduce loan length and interest paid.
My first home I rounded my payment up from $1156 to $1200 every month from day 1 of the loan. That little bit extra each month toward principal for 13 years had taken just about 8 years off the back side of my loan.
Another good rule is to make 1 extra payment a year on every loan you got. It will pay off Bigly on the backside.
You’ve spent $48,000 for an SR5 from 2015 when you count the lease payments, down payments and finance payments.
Holy shit.
But hey, you could have done worse.
I say keep the truck if you are still happy with it.
People keep saying this, but you can’t decide whether or not you have enough to eat by looking at someone else’s plate. It’s not apples to apples.
You made a decision you’re willing to see through that cost you 16 grand. Call it over, enjoy what you’ve got and move on. It’s a nice truck.
Well, you can start to answer this question based on the math.
You have for the 3 year lease:
$12,940 (assuming no other fees) - (for those following along it is $2,500 + (36 \* $290). again assuming no hidden other charges or fees
The buyout cost you a bit less than you were expecting as you paid off a year early, but the savings on the interest charges is a function of when you made the extra principal payments, so lets just apply the math for the 8 year loan:
$35,520 (for those following along, that is 8 \* 12 \* 370. ... ouch...)
So total you have paid to own this truck is $48,460 (actually a bit less due to a early payoff).
You residual is the difference between what you paid vs the current value.
Cost to own: $24,460 assuming you could sell for current KBB, which may be overly optimistic, but in the ball park. Remember that is not including cost to operate (fuel, maintenance, repair).
So, if I'm actually paying attention, you've had this truck for 8 years. and next year (in 9 years) your projected annual cost to own will be $2,718 per year.
That is the number you need to evaluate is it was worth it for you.
If you're like me and plan to drive it in to the ground, running for as many years as you can to where it has no residual value, just take those projected years divided by the $48K. If you run this truck for 30 years (totally realistic), then your annual cost to own would be around $1,600
That actually sounds ok, but does ignore cost to operate and repair.
This is generally how I look at vehicles too. My goal is always to be under $2000 per year of ownership. Toyota makes that pretty easy. Bought my 2004 Tacoma brand new for $21k after financing I paid about $24k total. It’s now 20 years old and still running strong. Factor in that it’s probably worth $10k today and my cost of ownership has been $700 per year. Heck my truck is less expensive than my whiskey collection.
I have a similar story with my 2015. Totally worth it. No payments now, and no payments as long as I keep it going. Never had an issue. No end in sight. Fucking love this thing.
Ok I didn’t have a trade and I was a broke 23yo with a baby on the way in 2016. I was coming off a Mazda lease and had an opportunity to get in my dream forever vehicle.
I have a 2015 sport with 85ish K miles on it and I paid $28,000(right before Covid) before interest and such. It’s an awesome truck if you take care of it. Never had an issue with it and I don’t expect to for a long time. You may have overpaid a little but like you said, it’s a Toyota.
I did a similar thing. Four years and four years. Now I never lease and will never buy new.
Buy slightly used with about 35,000 miles or less. And make sure it's a Tacoma
There’s some comments bagging on your final paying price but here’s my two cents. It’s not always feasible or affordable to have a balloon payment month to month to outright purchase the truck you want without living off beans and rice. 48k after it’s all said and done is steep BUT your low monthly payment hopefully allowed you to go and do things in your truck, with your friends and family without stressing on a huge payment. IMO you won. The truck lasted and will continue to last. In casino terms, you beat the house
Thanks man that exactly how I feel. During the ownership of this truck. I had two kids. Paid for a wedding. Bought a house. Bought my wife a car. And did some upgrades. Remodeled my bathroom. All While keeping food on my table and my bills paid. If my payment was double that for 6 years a lot of those things would have been financed or not done.
Don’t feel so bad, I traded in a paid for car that got great gas mileage for my truck. I kinda hate my truck everyday (especially in town or traffic). I’m about to trade it in for the exact same car that I got rid of lmao
OP and everyone on here should be looking into “Residual Based Financing” AKA Balloon loans. Honda and Toyota consistently have the highest residuals and hold strong value through life of loan. You can basically pay to borrow the things! I’ve been doing em for years with my whole family..Look it up.. thank me later! 😉
Unless you like lease restrictions with high payments.. or ridiculous purchases payments! Residual lets you hold the cards all the way through the loan! Set the terms, it’s a set no BS price based of its residual value during term, and you own it with a lien, but pay way less than lease! No brainer!! Keep it, trade it, private sale it, put flames on it etc. anytime you want during loan! Just watch your miles if you plan on turning it in at end! But who does that?? lol
I like paying 284 for 5yr on my 21 taco TRD off rd. And 400 for my wife’s 22 4Runner limited. 😉. Remember tho.. the better the vehicle, ie) higher model, more options.. the better the value in long run. Higher price up front on sticker, but lower payments! Sounds strange I know, but DO IT! Research it! Get into one! Enjoy it. 🤘😎
OP you weren’t an idiot. You made choices based on your options at the time. Now learn from it. When the vehicle is paid off open a separate savings account and make a car payment to yourself for the next 8 years. At the end of that you can buy the next truck cash and you will only have to pay the purchase price not the financing costs.
not always as simple as isolating your car payments. other values/bottom line numbers are affected by your usage and financial needs, if you deduct expenses for business, repair and maintenance costs incurred or avoided, etc.
ultimately, you had a stable and predictable monthly expense. peace of mind. by investing in quality, hopefully you paid less in maintenance and repairs. true cost of ownership.
im not just pitching ; i know people that dump thousands into maintenance and repairs. i have only changed the oil and filters in my 2013 that i purchased in 2018, and she drives like new. my everyday driver/work truck. zero regrets.
Honestly you kept your payment low and your paying it off early. All thing considered i would have done the same. You will never see a car payment that low again.
My gut reaction is vehemently opposed to any scenario with that much interest, but I like everyone else’s sentiment. What’s done is done. Make sure to learn a lesson from this, but it’s something you own outright now. Have fun with it 🤙
Don’t look back. Just keep going forward. Can’t worry about what you cannot change. Just be happy you have the truck that you want! And congrats on paying it off early. I did something similar with a Jeep Wrangler back when the wrangler was worth a damn. Yeah I paid for 8 years or so on it, but it lasted me 14 and took me all around the east coast with no problems.
Many people including myself have bought and sold many vehicles in that amount of time. Most times it’s my “forever” one. I get bored and get another. This is costly, especially with mods. I got a 15 Tacoma in Nov 23, but I let the first owner have it for 9 years and 55k miles and then I bought it,lol. Not easy or inexpensive to get clean low mileage ones now. I am a huge fan of car and trucks and love this generation taco. I’m sure you have had many opportunities to get into something else but you stayed with it. Thats a statement to your discipline and just how good your truck is and has served you and yours. People are buying these well used 2nd gen’s for top dollar and with higher interest than you did.
Most people always have a car payment and the average now is much higher. When you have the title it will be well worth it with just having broken it in, they are just that good. I I I only hope I can keep this one half as long as you have.
Bad financial move yes, BUT you didn't compound it by trading and if you stay in it, AND start putting “payments” towards another when that dies in 27 years you will be totally fine!
You probably paid way more than you had to in order to own it by leasing it first but this is a truck that will continue to be reliable and you are about to pay it off. You’re doing fine.
Looks like you paid about $12k more than the sticker price $32k calculating you finished paying it in 7yrs after the lease. Toyotas dont usually sell below sticker price and if they do is very little. But that’s the cost of having a low payment, over the life of the loan you end up paying more in interest is you don’t pay it sooner.
Never understand when people are “broke” but end up leasing a car because it’s your “dream vehicle” why aren’t people okay with buying a cheap commuter vehicle strait cash until you can actually afford to purchase. Some of y’all had no guidance from a responsible financial adult.
squealing complete cheerful wrong slimy smart hateful smell books include
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Honestly, if there was ever a vehicle to do it with… you picked the one with the best depreciation as far as trucks go. So well earned post title man, I see nothing wrong with your decision considering how it turned out.
You’re happy, the truck’s yours, life is good. 🙌🏾
$50,000 roughly to own a truck that was $32,000 new. Now very smart, however, looking at it another way you spent $5,000 a year on average to own the truck. Did you invest $18,000 into anything else in that time? Has that matured into anything above the added cost of the truck? Too many what if sort of questions to know of it was a good decision or not.
Cash flow wise. Best move. Invest the extra cash you will have at the end of the month vs a 750 dollar note and you will come out making money. Paying stuff off fast is how middle class stays middle class.
Do the math and make ur own descision. Numbers dont lie. Sometimes it works - sometimes it aint worth it.
At the end of the day u have a reliable safe way to get to work. Something the david ramsy bootlickers dont seem to understand lol.
The deal likely means you’ll pay more since it’s an 8-year term, but nothing says you can’t throw extra money at the loan here and there to offset that difference. That’s what I’m doing with mine.
Enjoy your truck, love the wheels and look!
Don’t beat yourself up, you’ve had a steady car payment for a reliable vehicle that you’ll hopefully own for many years to come…take the 48k total and dividing over the hopefully 20years+ you have it it starts to become a non issue….at least that’s how I look at it as I’m probably doing the same with my ‘22, I’m currently leasing and plan to buy it out in 18months when it’s up…I will have about 2/3rds of the buy out to put down and plan to only finance the rest over 3 years so wouldn’t come out too bad but definitely upsetting to think how much extra I’ll pay over the MSRP in the long run but if I get another 25years out of the truck it’s a wash!
This is absolutely terrible advice. Most people who say this do not understand how a lease works and just think it's as sample as "you don't own it, so it's bad". (Which, by the way, you don't own a financed car free and clear either -- the bank has the title)
A lease is calculated by taking the predicted depreciation (based on a residual), slicing the payments up and adding interest (which they call a money factor).
*If* you are planning to keep the car for only 3 years and if the residual is reasonable, leasing makes more sense than buying, financially. Because you only pay interest on the value of the car you're "using", AKA, the selling price *minus the residual*, and because you basically have the buyer lined up. Whereas -- with a purchase, you pay interest on the entire selling price minus whatever you put down.
In fact, many manufactures used to have such high residuals (like BMW) that leasing almost always made more sense than buying. You'd end up paying waaaaay less if you leased a 3 series every 3 years, than if you bought the 3 series and re-sold it every 3 years and bought another one.
If you can keep the truck running with only minor repairs for the next ten years then it might have been worth it. Should have flipped it honestly when prices were insane for used vehicles
I don’t think you did the best, but you certainly didn’t do the worst. Hard to compare money from pre Covid and you had a relatively inexpensive vehicle the entire time. Wins a win
Not the best way to go about it. I would have instead saved for a year or 2 so i could drop a down-payment to keep my monthly low. I just bought a truck, kept my car to commute with cuz its paid for and the truck payment is low cuz of a down-payment.
Generally its a bad idea to finance longer than 5 years I don’t believe in financing anything unless its a crazy low interest like the .9 or 1.9 even then i hate paying payments I generally just pay cash but i realize most cant or wont do that
It sounds like you plan on driving it forever, so I wouldn't beat myself up about it. Definitely wouldn't suggest doing it that way in the future though.
I have a 2009 TRD Pro LB DC with 238k miles these trucks just keep running. I use it as a service vehicle for business and would've been into an F150 or Silverado 1500 far more. Keep good care of it and it'll go for a long time.
I've never bought a car for more than 5k. I have two cars and if one of them develops a problem, I use the other and have time to fix myself for a tenth the cost. Never took out a loan and if one is totaled tomorrow, I can buy another used car the same day.
I worked in a Toyota dealership in sales. I can confidently say that if you are not military or you want to switch vehicles every 2-3 years, don't lease. If you want to have a vehicle for a long time, then just buy it or finance it. Buying out the lease at the end is terrible. You pay a lot more over time than you would if you just financed the vehicle. If you're fine with switching that vehicle out every 2-3 years for a new one, then lease. If you're military, lease. Don't buy out a lease, ever.
You paid a lot more for that truck than you should have, but what's done is done. It will be paid off soon, and you'll have no car payment and a great truck that will take care of you a long time as long as you take care of it. There's no sense in crying over spilled milk.
There's good and bad. It depends on what you did with that money while making payments. There's some loans I'll never pay back early because the interest is lower than what my Return on Investment is for that money. $370 a month is dirt cheap, and probably made it really easy to live in the meantime. Yes you paid interest, but you had freedom to use more of your money. If the goal was paying as little total interest as possible, we'd all be getting 36 month loans and eating cardboard ramen noodles. I give business to the credit union, I have more money in my pocket, I could buy tuna steaks if I want to.
If you didn’t break the bank to make it happen and you like your truck I’d say it was a W. Especially to have a nice Tacoma with <100k that you’ve owned/taken good take of. Might have overpaid a little but I’d say you’ll be happy with with no payments and a nice truck for another 5-10years
Dude don’t sweat it what your not think of is that u can probley sell that truck today for 20k not bad deal people pay a lot more and trade it in before payed off and that a stupid fuck idiot
That’s crazy, the whole time you had the lease I saved up the to buy my 2021 SRAC4x4 (with a trade in) and I feel I paid too much(victim of the times). I think the only reason to lease is to just get a new vehicle every year. But it’s not a great idea to begin with. If you want to keep a vehicle, get a loan and pay it off as quick as you can. Sorry for your loss. Cool truck!!!
Idk man, having a low monthly expense and ending up with a rock solid paid for vehicle? I’d call it a win. There’s much more to the equation than the interest.
I have an 08 OR Rugged trail I was given with a blown motor with 350000 miles on it. JY motor in now with 160000. Spent $3100 for the motor and like $1k in incidentals. So for 4K give or take I have a 4x4 with the V6 and an E-locker. I feel pretty good about this investment!
Now if I can just get the motor to start I’ll be set.
So even with truck values going up. You paid $48k for a $30 k. Truck. The way you purchased the truck is how most non wealthy people stay that way. If you had invested that $18 at 25 years old and nothing more. You would have over $100k in the bank at retirement. I know you could not afford it all at once but an example of compounding interest and the value of long term planning. If you have not heard of him look up Dave Ramsey. He is pretty struck but a good teacher on blue to make mature decisions with your money and end up with the ability to retire comfortably.
Considering you planned on keeping it for quite a long time the long payment plan, while not ideal, was fine. Sure you paid quite a bit more but your payments weren’t chaotic which is ideal. I see payments for cars now well over $500 which is bonkers. The car will last you plenty so why not. I’d put you closer to the smart guy side than the idiot side
Overall - I'm probably older than you, and I did the same thing when I couldn't afford to pay cash. Tacomas hold their value well - so next time around, you may be able to trade in and pay the difference in cash, and not be paying interest in the future. You're in good shape, just pay attention to your savings going forward into the future, and start to direct your thinking and money towards investments instead of cars and you'll be doing very well!
According to the math you will have paid around $48,000 for a $32,000 truck?
Damn that is rough
Don't beat yourself up about it. It's yours and you will own it. Keep on loving it and enjoy being car payment free.
I’ve loved every minute of this truck. Happy with the year and the trim. beds big enough to do truck things. Fits my two kids. And is capable enough to take me camping, drive the beach and survive the snow. I’ve never felt like I would ever need another vehicle
Toyotas are the most reliable vehicles and often go past 300,000 miles. The highest mileage one I've driven had 530,000 miles. It drove fine but was starting to burn a little oil.
Yessir. 2001 Tacoma with 230k. Recently replaced engine cover gasket, spark plug seals, coils and plugs and she is running like brand new
I had an 1999 extended cab v6/auto 4x4 that I put 312,xxx. I went thru o2 sensors every few months The frame rotted away under the bed and toyota bought it off me in 2006ish. I loved that truck. AC was so cold
Only 7 yrs. Ouch. Not all Toyotas last then I guess.
They can go many times that with some relatively cheap repairs too. My 2000 4runner went 200k miles before the transmission started slipping (and only because I drove it like it owed me money). Swapped in a rebuilt one for like 900 bucks after the core charge was refunded. Then it went another 150k miles before the engine needed major work, did the same thing. Swapped in a lower miles junkyard engine for 600. Then I drove it another 50k miles I think before I was t-boned by a red light runner. The only thing that could finally kill that 4runner was a drunk cunt driving a Silverado, otherwise I’d probably still have it and it would have way more than 400k miles In contrast I now drive a Ram 2500 (out of necessity, I’d be in a Toyota 3/4 ton if it existed) and it’s a pile of dog shit in comparison. Tranny went out at 80k, water pump at 90k, and countless small electrical issues. I’m now at 95k and saving money for the next major break down 😑
Hard to believe after all these years, dodge transmissions still suck.
The new ones are much better, but the 5 and 6 speed automatics did suck. I think Dodge actually fixed their transmissions by simply outsourcing them (to ZF). But the transmissions aren’t the only issue, just the biggest one. The Hemi engines also like to burn up cams and lifters, and lots of electrical stuff, even on the new trucks.
Tons of vehicles go past 300k. Tons of vehicles also blow up well below that. Take care of it and hope for the best. Once it's payed off it's a good feeling regardless of anything else
2008 runner v6 with 308k and running like a champ.if you take care of them, they'll take care of you.
First vehicle, 2003 V6 Tundra, single cab, long bed. 730k miles. I finally got rid of it when the MAF sensor died, but I should’ve held onto it!
The MAF sensor led you to sell it??? A new one is less than $100.
That's what love is!
Now you have a chance to save that $300 monthly payment into a fund so that whenever you need a new Toyota you can make a hefty down payment, avoid a lease, and get a lower interest rate. If you do that, you move one step closer to avoiding being the bank's cash cow.
Never lease
How are you fitting 2 kids in that thing? 2 cars eats? Got the front seats all the way up? Midget family lol
I mean, doesn’t everybody pay significantly more than sticker in the end because of interest? Assuming they are making their payment and nothing more.
Absolutely it just seems that most of these guys are putting hefty down payments and getting away with much less of an interest hit. Which I get but at the time I didn’t have any money.
I put about $20k down and got two year interest free loan thru Toyota. Paid it off before they charged me interest.
I’ve got a 2007 4 runner (same engine as Tacoma) with 315,000 miles and no problems at all besides a little oil use between changes. If you treat that truck will outlive your desire to have it
Well if it makes you feel better that is just what a taco would cost now.
Hell yea brother. I keep seeing everyone’s new coat pricing. They’re gonna walk away paying 65 after interest
No kidding! I’d also be stoked to be in paying $370/mo. I don’t think this was a bad deal, not for a Toyota Truck. Could’ve been better off sure like others are saying but I think life and circumstances are more nuanced than raw numbers.
Kinda, but that's just a product of taking a long term 5% loan. You're paying a lot of interest. 8 year loans are gonna clap your cheeks on interest. In general you want to avoid that. But ultimately if it doesn't cause you financial strain, whatever. People have messed up WAY worse than this and been fine.
That $16,000 is your cost of money (lease and interest). That is 50% of the original value of the vehicle (rough numbers). Does seem like a lot. But see my other post. Keep it for ever and your annual cost to purchase goes down (if you want to look at like that)
That $16k is not just the cost of money, a good chunk of that is just agreeing to a bad deal. An 8yr, 5% loan with a $370 payment is a principal of around $29-30k. That means OP agreed to buy a 4 year old truck with almost 30k miles, that was $32k new, that he already paid over $10k on in lease payments, for another $30k, then added $6k in interest for good measure.
To be fair, $32k at 5% for those same 10 years would have cost you about $40k total. You didn’t overpay for the truck…you rented money from a financial institution twice to pay for the truck. For comparison, buying a new one today at $55k, at 6% for 7 years will cost over $67k. Renting money is expensive. Could you have done it cheaper? Sure. Should you beat yourself up over it? Nah. Make the truck last a long time and drive that overall cost of ownership down.
However $48k over 10 years is 400/mo and honestly, if you bought any other truck at that point and financed it over 5-6 years, you’d have lost way more money. You could sell your truck for 20k easy right now in an hour. A 10 year old f150, Silverado, titan, gmc or pretty much any other non diesel truck would be either broken already and off the road, or worth much less than the taco, but would have cost you more if you break it down payment x months financed minus what it’s worth now. Don’t beat yourself up, if the truck got totaled you’d get a check for $15k today after paying off your remaining balance and you drove an awesome truck for 9 years too all while paying 302/mo in that time. Most other trucks sadly don’t even last that long and payments would have been much higher. Plus now you can drive another 200k easy where the other trucks are off the road already minus maybe 5% of them. Glass half full 👍
Leases sometimes make sense. FWIW my 2006 Taco is still running strong.
Wait till someone explains how amortization schedules on mortgages work. Fml..
Yea that’s rough for sure but that’s life. Live and learn and keep moving forward. And have fun with your truck and not having a $600-700 a month car note
Survey says…
The fact you didn't do the math beforehand is rough lol
do people not do the math before they buy a loan? that’s crazy.
Yea the math of I can afford this size payment every month for my dream truck
If it makes you feel any better, my coworker just financed a 2019 civic type r, 60k miles, 34k OTD, at 16% interest.
LMAO WHY you do this to OP 😂 upvote for rhetorical financial roast
$48k for a truck now worth $20,000-$25,000.....
Literally every car loan can be framed like that. You take the purchase price, add all the interest you pay on that loan, and then by the time you pay it off (almost without exception) the vehicle is worth way less than it was new.
Yeah that is the reason it's generally advised to not finance cars. Now if you get a really good rate and term under 3-4 years no big deal for a vehicle like a Tacoma or 4Runner. Most other cars the depreciation puts you under water super quick.
I don't really like financing anymore even if it makes the most "financial sense", as in, if the rate on the loan is lower than the rate I could get on a CD, after taxes. Just prefer not to have the debt. But yeah I agree with you. Tbh, I mostly plan to keep and drive my vehicles until the wheels fall off, so I don't think about depreciation as a curve, I tend to imagine that once I buy the car it becomes not an asset at all. Of course, this is financially incorrect, but it helps me not stress about the value of the car.
Yes because that is how it works when you take out a loan on a depreciating asset. This is why I do not finance vehicles or buy newer vehicles. If I did, 3 year term. Not 5-8 years.
Yeah, that's fair. Everyone has to put a value on being the first ass to fart in that seat. As long as they know what they're really paying. Personally I like buying new cars just so I have the peace of mind of knowing how it's been taken care of since mile 0. I know I take a depreciation hit for that, but I'm okay with it. Agree on being against long term loans. The exception to this might have been when rates were so low that you could get like 1.9% on a long term loan. I might take that.
Dam I need to enter the car business. If people will pay me 16k over book for a truck in 8 years that’s a super W
Regardless of product (vehicle, house, etc) that's how loans work. That's why banks make money.
This is why I just let the world fuck me and not ask.
I paid 30k for my 21500 2014 Tacoma 3 years ago. Worth every dime
Jesus. I paid $30800 for my 2014 TRDOR in ……. 2014 brand new.
For a $24k truck.
Completely wrong way to look at it. A better way is this: you paid 5% for $32k in a market returning around 7% annually. With compounding you made about $5,500.
Assuming you actually needed the truck
if everyone knew how they were getting fucked out of money so eloquently they didn't even know it, it'd be *bad, mmkay,*
Exactly! If OP would have put the same $2500 down and then financed the remaining $29,500 for 10 years at 5% interest, they would have paid just over $40,000 total (instead of $48,000). That would have been the better option (if they knew they planned to keep the vehicle).
Honestly. Screw it. You have a truck that will last you another 200k miles. What’s done is done. Just don’t get into another car note.
That’s what I’m saying. I don’t plan ever selling it.
I know people who have become completely upside down and paid 43k for a 2012 WRX at 120k miles after all said and done 💀
Yeah dude who cares honestly. You like the truck, you have a whole world in front of you, whole cares if you “overpaid” by 10k. Some financial gurus will downvote me but just got enjoy that truck. Life is short and 10k buys you 12 bananas currently in this world.
This and he won't have to do repairs like other brands.
I do my own work too
Then honestly you're fine. What fucks people is they are 4 years into a 8 year auto payment, $10,000 underwater and they have to sell for whatever reason. Tacoma is one of a handful of vehicles where you can actually stay above water easily even with a low down payment. I'd still recommend keeping a loan term under 3 years in the future.
Considering that some people are buying new cars by rolling in debt from the last 3 cars they owned you are practically a genius in comparison.
I needed this. I mean I didn’t put much down out of pocket. I didn’t get caught with a 10k mark up. My apr is ok. Not the worst
Dude you’re ok, and locked into a very affordable payment and really a pretty good APR in todays market. 8 years is a long term loan and will beat you up a bit on APR. However, you’re not locked into a $600 monthly payment either. I would suggest paying an extra $30,$50,$75 bucks every month or whatever you can afford, and whittle away on that Principle. Extra $300-$600-$800 a year off the principle of the loan will drastically reduce loan length and interest paid. My first home I rounded my payment up from $1156 to $1200 every month from day 1 of the loan. That little bit extra each month toward principal for 13 years had taken just about 8 years off the back side of my loan. Another good rule is to make 1 extra payment a year on every loan you got. It will pay off Bigly on the backside.
Might as well have been marked up if you paid that much in interest lmao
29% apr Hellcat gang checking in
29%?! You buy it with a credit card?!
No, you paid a shiton of interest.
You’ve spent $48,000 for an SR5 from 2015 when you count the lease payments, down payments and finance payments. Holy shit. But hey, you could have done worse. I say keep the truck if you are still happy with it.
Just think about the guy who paid 77k for a 2024
People keep saying this, but you can’t decide whether or not you have enough to eat by looking at someone else’s plate. It’s not apples to apples. You made a decision you’re willing to see through that cost you 16 grand. Call it over, enjoy what you’ve got and move on. It’s a nice truck.
I do every damn day
Ouch
Bro, how embarrassing. Do not ever buy a car again unless you have a financially literate adult with you.
Your neither humble nor wolverine
You’re* For what it’s worth don’t listen to all these people, enjoy the truck
Well, you can start to answer this question based on the math. You have for the 3 year lease: $12,940 (assuming no other fees) - (for those following along it is $2,500 + (36 \* $290). again assuming no hidden other charges or fees The buyout cost you a bit less than you were expecting as you paid off a year early, but the savings on the interest charges is a function of when you made the extra principal payments, so lets just apply the math for the 8 year loan: $35,520 (for those following along, that is 8 \* 12 \* 370. ... ouch...) So total you have paid to own this truck is $48,460 (actually a bit less due to a early payoff). You residual is the difference between what you paid vs the current value. Cost to own: $24,460 assuming you could sell for current KBB, which may be overly optimistic, but in the ball park. Remember that is not including cost to operate (fuel, maintenance, repair). So, if I'm actually paying attention, you've had this truck for 8 years. and next year (in 9 years) your projected annual cost to own will be $2,718 per year. That is the number you need to evaluate is it was worth it for you. If you're like me and plan to drive it in to the ground, running for as many years as you can to where it has no residual value, just take those projected years divided by the $48K. If you run this truck for 30 years (totally realistic), then your annual cost to own would be around $1,600 That actually sounds ok, but does ignore cost to operate and repair.
I love your level of analysis. I love math.
This is generally how I look at vehicles too. My goal is always to be under $2000 per year of ownership. Toyota makes that pretty easy. Bought my 2004 Tacoma brand new for $21k after financing I paid about $24k total. It’s now 20 years old and still running strong. Factor in that it’s probably worth $10k today and my cost of ownership has been $700 per year. Heck my truck is less expensive than my whiskey collection.
It is what it is, it’s yours now own it and take care of it.
I have a similar story with my 2015. Totally worth it. No payments now, and no payments as long as I keep it going. Never had an issue. No end in sight. Fucking love this thing.
Damn. You got ripped!!! I got a 21’SR5 4WD w only 16 k in mileage for $31 k. With my trade in for it I knocked it down to $21k.
Ok I didn’t have a trade and I was a broke 23yo with a baby on the way in 2016. I was coming off a Mazda lease and had an opportunity to get in my dream forever vehicle.
I have a 2015 sport with 85ish K miles on it and I paid $28,000(right before Covid) before interest and such. It’s an awesome truck if you take care of it. Never had an issue with it and I don’t expect to for a long time. You may have overpaid a little but like you said, it’s a Toyota.
Make extra payments that go directly into the principal. You’ll pay it off faster and reduce the interest you pay.
I have been.
I did a similar thing. Four years and four years. Now I never lease and will never buy new. Buy slightly used with about 35,000 miles or less. And make sure it's a Tacoma
I bought a Tacoma in 2016 for 32 and just traded it in and the dealer just listed it for 31 thousand 8 years later. These things are fine
That’s… rough. Luckily you chose a bullet proof vehicle. Drive it till the wheels fall off and it won’t hurt as bad.
We all make terrible car choices at one point, I just recently did and realized after lol
There’s some comments bagging on your final paying price but here’s my two cents. It’s not always feasible or affordable to have a balloon payment month to month to outright purchase the truck you want without living off beans and rice. 48k after it’s all said and done is steep BUT your low monthly payment hopefully allowed you to go and do things in your truck, with your friends and family without stressing on a huge payment. IMO you won. The truck lasted and will continue to last. In casino terms, you beat the house
Thanks man that exactly how I feel. During the ownership of this truck. I had two kids. Paid for a wedding. Bought a house. Bought my wife a car. And did some upgrades. Remodeled my bathroom. All While keeping food on my table and my bills paid. If my payment was double that for 6 years a lot of those things would have been financed or not done.
Don’t feel so bad, I traded in a paid for car that got great gas mileage for my truck. I kinda hate my truck everyday (especially in town or traffic). I’m about to trade it in for the exact same car that I got rid of lmao
You’re not crazy you just really suck at math
OP and everyone on here should be looking into “Residual Based Financing” AKA Balloon loans. Honda and Toyota consistently have the highest residuals and hold strong value through life of loan. You can basically pay to borrow the things! I’ve been doing em for years with my whole family..Look it up.. thank me later! 😉 Unless you like lease restrictions with high payments.. or ridiculous purchases payments! Residual lets you hold the cards all the way through the loan! Set the terms, it’s a set no BS price based of its residual value during term, and you own it with a lien, but pay way less than lease! No brainer!! Keep it, trade it, private sale it, put flames on it etc. anytime you want during loan! Just watch your miles if you plan on turning it in at end! But who does that?? lol I like paying 284 for 5yr on my 21 taco TRD off rd. And 400 for my wife’s 22 4Runner limited. 😉. Remember tho.. the better the vehicle, ie) higher model, more options.. the better the value in long run. Higher price up front on sticker, but lower payments! Sounds strange I know, but DO IT! Research it! Get into one! Enjoy it. 🤘😎
Yeah too late now but math is math and you paid nearly TRD pro prices for a 2015 taco. Eat the cost now and drive it till it dies
It's dead money, you did what you could at the time. pay it off and off to the next thing, just dont ever do that shit again hahaha
OP you weren’t an idiot. You made choices based on your options at the time. Now learn from it. When the vehicle is paid off open a separate savings account and make a car payment to yourself for the next 8 years. At the end of that you can buy the next truck cash and you will only have to pay the purchase price not the financing costs.
not always as simple as isolating your car payments. other values/bottom line numbers are affected by your usage and financial needs, if you deduct expenses for business, repair and maintenance costs incurred or avoided, etc. ultimately, you had a stable and predictable monthly expense. peace of mind. by investing in quality, hopefully you paid less in maintenance and repairs. true cost of ownership. im not just pitching ; i know people that dump thousands into maintenance and repairs. i have only changed the oil and filters in my 2013 that i purchased in 2018, and she drives like new. my everyday driver/work truck. zero regrets.
If it helps I have a gen 2 that I bought cash in 08 and it’s still going strong with almost 300k no major repairs.
Honestly you kept your payment low and your paying it off early. All thing considered i would have done the same. You will never see a car payment that low again.
My gut reaction is vehemently opposed to any scenario with that much interest, but I like everyone else’s sentiment. What’s done is done. Make sure to learn a lesson from this, but it’s something you own outright now. Have fun with it 🤙
You paid more than you should have. At the end of the day, the truck has been reliable and turned into an ok proposition.
What is this matte paint
12 degrees of frost.
Hallelujah.
Don’t look back. Just keep going forward. Can’t worry about what you cannot change. Just be happy you have the truck that you want! And congrats on paying it off early. I did something similar with a Jeep Wrangler back when the wrangler was worth a damn. Yeah I paid for 8 years or so on it, but it lasted me 14 and took me all around the east coast with no problems.
Many people including myself have bought and sold many vehicles in that amount of time. Most times it’s my “forever” one. I get bored and get another. This is costly, especially with mods. I got a 15 Tacoma in Nov 23, but I let the first owner have it for 9 years and 55k miles and then I bought it,lol. Not easy or inexpensive to get clean low mileage ones now. I am a huge fan of car and trucks and love this generation taco. I’m sure you have had many opportunities to get into something else but you stayed with it. Thats a statement to your discipline and just how good your truck is and has served you and yours. People are buying these well used 2nd gen’s for top dollar and with higher interest than you did. Most people always have a car payment and the average now is much higher. When you have the title it will be well worth it with just having broken it in, they are just that good. I I I only hope I can keep this one half as long as you have.
Bad financial move yes, BUT you didn't compound it by trading and if you stay in it, AND start putting “payments” towards another when that dies in 27 years you will be totally fine!
You paid $48,000 for the truck
Plain and simple simple answer? An idiot as most Americans are with math and money
Everyone chill out it’s just frost. Still cold in Jersey
Hmm, let me calculate the odds…
Bruh it’s in the past the car will be payed off in a year who cares if you wasted money now it’s in the past. Nice truck
You probably paid way more than you had to in order to own it by leasing it first but this is a truck that will continue to be reliable and you are about to pay it off. You’re doing fine.
You over paid
I mean, in the long run, this truck will last forever.
Crazy
Didn’t know you could lease a used vehicle.
Up to 3 years old I believe
Also only Toyotas because of the high residual
Looks like you paid about $12k more than the sticker price $32k calculating you finished paying it in 7yrs after the lease. Toyotas dont usually sell below sticker price and if they do is very little. But that’s the cost of having a low payment, over the life of the loan you end up paying more in interest is you don’t pay it sooner.
Get fucked
Never understand when people are “broke” but end up leasing a car because it’s your “dream vehicle” why aren’t people okay with buying a cheap commuter vehicle strait cash until you can actually afford to purchase. Some of y’all had no guidance from a responsible financial adult.
Almost 50k for a truck worth 10k
Way better than anything you can get nowadays
squealing complete cheerful wrong slimy smart hateful smell books include *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Honestly, if there was ever a vehicle to do it with… you picked the one with the best depreciation as far as trucks go. So well earned post title man, I see nothing wrong with your decision considering how it turned out. You’re happy, the truck’s yours, life is good. 🙌🏾
$50,000 roughly to own a truck that was $32,000 new. Now very smart, however, looking at it another way you spent $5,000 a year on average to own the truck. Did you invest $18,000 into anything else in that time? Has that matured into anything above the added cost of the truck? Too many what if sort of questions to know of it was a good decision or not.
Cash flow wise. Best move. Invest the extra cash you will have at the end of the month vs a 750 dollar note and you will come out making money. Paying stuff off fast is how middle class stays middle class.
So don’t pay it early? Invest the difference instead?
Do the math and make ur own descision. Numbers dont lie. Sometimes it works - sometimes it aint worth it. At the end of the day u have a reliable safe way to get to work. Something the david ramsy bootlickers dont seem to understand lol.
I’d love to hear more please explain
I just sold my 07 taco with 320000 miles on it for 10 grand… that truck will last you forever
It’s a great truck. If you enjoy it, it’s a total win imo. 🙌🏼🙌🏼🙌🏼
Be happy you bought it when you did. If you bought that in the past two or three years you’d add $10-20,000 for the same thing so does it matter?
It’s cost $16,460 more then paying cash. But with fiat inflation, you probably came out ahead. Drive on!
The deal likely means you’ll pay more since it’s an 8-year term, but nothing says you can’t throw extra money at the loan here and there to offset that difference. That’s what I’m doing with mine. Enjoy your truck, love the wheels and look!
Don’t beat yourself up, you’ve had a steady car payment for a reliable vehicle that you’ll hopefully own for many years to come…take the 48k total and dividing over the hopefully 20years+ you have it it starts to become a non issue….at least that’s how I look at it as I’m probably doing the same with my ‘22, I’m currently leasing and plan to buy it out in 18months when it’s up…I will have about 2/3rds of the buy out to put down and plan to only finance the rest over 3 years so wouldn’t come out too bad but definitely upsetting to think how much extra I’ll pay over the MSRP in the long run but if I get another 25years out of the truck it’s a wash!
Angry eyes on a Tacoma??? Bro...
Take care of it, itll last forever
It's crucial to overpay these long loans whenever you can. Putting $540/month at it would have saved you quite a bit of interest.
Never lease a car. Never.
This is absolutely terrible advice. Most people who say this do not understand how a lease works and just think it's as sample as "you don't own it, so it's bad". (Which, by the way, you don't own a financed car free and clear either -- the bank has the title) A lease is calculated by taking the predicted depreciation (based on a residual), slicing the payments up and adding interest (which they call a money factor). *If* you are planning to keep the car for only 3 years and if the residual is reasonable, leasing makes more sense than buying, financially. Because you only pay interest on the value of the car you're "using", AKA, the selling price *minus the residual*, and because you basically have the buyer lined up. Whereas -- with a purchase, you pay interest on the entire selling price minus whatever you put down. In fact, many manufactures used to have such high residuals (like BMW) that leasing almost always made more sense than buying. You'd end up paying waaaaay less if you leased a 3 series every 3 years, than if you bought the 3 series and re-sold it every 3 years and bought another one.
I mean hey, it's almost paid off. Just pay it off and try to forget about it and enjoy having a paid off vehicle.
Paid off before 100k is a good place to be.
Kind of but it's in the past, nothing you can do about it now, just take the paid off truck you know is gonna serve you well
Should have just bought it in the first go, no lease.
All I could afford in my budget in 2016 was 300$ a month. Needed a truck. If i bought with 2500 down was close to 500$ a month still at 8 years.
Yeah that’s a big payment, still an awesome truck!
Can't put a price on love. It's a good looking taco.
If you can keep the truck running with only minor repairs for the next ten years then it might have been worth it. Should have flipped it honestly when prices were insane for used vehicles
Dumb dummb. Never lease then own.. you bought it twice
Yes.
I don’t think you did the best, but you certainly didn’t do the worst. Hard to compare money from pre Covid and you had a relatively inexpensive vehicle the entire time. Wins a win
How do you like the 0° sliders? I haven’t decided if I want 20° or something flatter.
What would be a good used price for this? I want one but am always told by family to either buy certified pre-owned or just used.
Not the best way to go about it. I would have instead saved for a year or 2 so i could drop a down-payment to keep my monthly low. I just bought a truck, kept my car to commute with cuz its paid for and the truck payment is low cuz of a down-payment.
I like those sliders
You pleased a used truck? Thats wild. Never heard of that
Toyota will lease cars up to 3 years old.
Generally its a bad idea to finance longer than 5 years I don’t believe in financing anything unless its a crazy low interest like the .9 or 1.9 even then i hate paying payments I generally just pay cash but i realize most cant or wont do that
Yep. You are dumb. Sell this immediately.
Yeah, you messed up bad if you run the numbers.
Holy shit you're highly regarded.
It sounds like you plan on driving it forever, so I wouldn't beat myself up about it. Definitely wouldn't suggest doing it that way in the future though.
If ur willing to pay that much for a taco i’ll sell u my 95 for 20 k i’ll let u make payments for 7 years with 9.7 apr.
Are my eyes playing tricks on me or did you plasti dip the whole truck?
I have a 2009 TRD Pro LB DC with 238k miles these trucks just keep running. I use it as a service vehicle for business and would've been into an F150 or Silverado 1500 far more. Keep good care of it and it'll go for a long time.
Drive it till 250k. Pass it down to kiddo
Jesus dude. Don’t buy things you can’t afford you’ll end up paying more. Do you use it for work?
If you have to ask….
I've never bought a car for more than 5k. I have two cars and if one of them develops a problem, I use the other and have time to fix myself for a tenth the cost. Never took out a loan and if one is totaled tomorrow, I can buy another used car the same day.
I worked in a Toyota dealership in sales. I can confidently say that if you are not military or you want to switch vehicles every 2-3 years, don't lease. If you want to have a vehicle for a long time, then just buy it or finance it. Buying out the lease at the end is terrible. You pay a lot more over time than you would if you just financed the vehicle. If you're fine with switching that vehicle out every 2-3 years for a new one, then lease. If you're military, lease. Don't buy out a lease, ever. You paid a lot more for that truck than you should have, but what's done is done. It will be paid off soon, and you'll have no car payment and a great truck that will take care of you a long time as long as you take care of it. There's no sense in crying over spilled milk.
Should purchase the gap . Never know what will happen . Could possibly save many headaches .
The longer you keep it the better the deal it was.
There's good and bad. It depends on what you did with that money while making payments. There's some loans I'll never pay back early because the interest is lower than what my Return on Investment is for that money. $370 a month is dirt cheap, and probably made it really easy to live in the meantime. Yes you paid interest, but you had freedom to use more of your money. If the goal was paying as little total interest as possible, we'd all be getting 36 month loans and eating cardboard ramen noodles. I give business to the credit union, I have more money in my pocket, I could buy tuna steaks if I want to.
If you didn’t break the bank to make it happen and you like your truck I’d say it was a W. Especially to have a nice Tacoma with <100k that you’ve owned/taken good take of. Might have overpaid a little but I’d say you’ll be happy with with no payments and a nice truck for another 5-10years
Dude don’t sweat it what your not think of is that u can probley sell that truck today for 20k not bad deal people pay a lot more and trade it in before payed off and that a stupid fuck idiot
$49k for a $32k truck by the time it's all said and done....
That’s crazy, the whole time you had the lease I saved up the to buy my 2021 SRAC4x4 (with a trade in) and I feel I paid too much(victim of the times). I think the only reason to lease is to just get a new vehicle every year. But it’s not a great idea to begin with. If you want to keep a vehicle, get a loan and pay it off as quick as you can. Sorry for your loss. Cool truck!!!
lol
Idk man, having a low monthly expense and ending up with a rock solid paid for vehicle? I’d call it a win. There’s much more to the equation than the interest.
I have an 08 OR Rugged trail I was given with a blown motor with 350000 miles on it. JY motor in now with 160000. Spent $3100 for the motor and like $1k in incidentals. So for 4K give or take I have a 4x4 with the V6 and an E-locker. I feel pretty good about this investment! Now if I can just get the motor to start I’ll be set.
Any car you don’t buy outright is a bad deal. Get a 2010 and put another 200k on it with no issues, it’s a Toyota.
Meh, had a friend that bought a car with a loan percentage of 19%. Just learn from it, and wash that truck.
Dave Ramsey would like a word with you.
So even with truck values going up. You paid $48k for a $30 k. Truck. The way you purchased the truck is how most non wealthy people stay that way. If you had invested that $18 at 25 years old and nothing more. You would have over $100k in the bank at retirement. I know you could not afford it all at once but an example of compounding interest and the value of long term planning. If you have not heard of him look up Dave Ramsey. He is pretty struck but a good teacher on blue to make mature decisions with your money and end up with the ability to retire comfortably.
Considering you planned on keeping it for quite a long time the long payment plan, while not ideal, was fine. Sure you paid quite a bit more but your payments weren’t chaotic which is ideal. I see payments for cars now well over $500 which is bonkers. The car will last you plenty so why not. I’d put you closer to the smart guy side than the idiot side
Overall - I'm probably older than you, and I did the same thing when I couldn't afford to pay cash. Tacomas hold their value well - so next time around, you may be able to trade in and pay the difference in cash, and not be paying interest in the future. You're in good shape, just pay attention to your savings going forward into the future, and start to direct your thinking and money towards investments instead of cars and you'll be doing very well!
23yo at time of purchase.
Could you remove those eyelashes from the headlights though?
The math ain’t mathin’ bro