Would you buy a new Tacoma with $1400 +-$150 a month left

11-02-2023, 10:55 AM

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#31

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Where are you located? How much do you want for the Corolla? I’ll buy that be anyway. Getting a car. Payment is a joke. Imagine having something that you couldn’t actually even sale. Because it’s not even yours lol.

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11-02-2023, 10:58 AM

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#32

VoxExMachina
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Originally Posted By MikeLowrrrey⏩

Looking at his net income, He works a good job, what's the point in piling up money and not buying himself something nice?

This is how perpetually poor people think. No matter how much you make, if it all goes to other people you're poor.

Auto loans are some of the worst debt you can have.

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11-02-2023, 11:04 AM

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#33

300Lane1
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Originally Posted By MikeLowrrrey⏩

Looking at his net income, He works a good job, what's the point in piling up money and not buying himself something nice? Assuming he has no other crazy debt and a good credit score, I'd say go for it.

I'd get the corolla repaired then stack up for year for a big down payment.

Assuming he's fulling funding an IRA or a deferred comp and sitting on a stack of cash, but even then he doesn't NEED a truck or a new vehicle.

11-02-2023, 11:07 AM

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#34

MikeLowrrrey

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Originally Posted By VoxExMachina⏩

This is how perpetually poor people think. No matter how much you make, if it all goes to other people you're poor.

Auto loans are some of the worst debt you can have.

Yes poor people think like that. But I buy nice toys and pay them off early. If I know I have $1500/month leftover after buying a C8 Corvette, I'm buying the C8. Big down payment + extra to pay it off in 3 years instead of 6. I don't want to wait until 65 to enjoy my money.

In Op situation I'd repair the car, then stack cash for a year for a big down payment on something nice. I understand the frustration of a used car you have to sink money into. He could fix it now, but 2 months later need a $800 repair. Feels good to get into something newer and everything works. Hopefully I can work my way to a 2023+ in a few years, then brand new.

11-02-2023, 11:07 AM

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#35

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You having a giggle mate?

Gonna pay $51k for a truck instead of dropping under the $2k down payment for a great pair of all season tires for Spring-Fall and an elite pair of snow tires for winter?

How do you fukk up a Corolla? Those things just need the most basic of maintenance and they’ll outlive you.

Can you actually get a Tacoma right now? The wait time for new builds is disgusting. Even a base Corolla that my sister got since she’s barely starting her adult life after graduating college had a 2-3 month wait time.

I know ford mavericks and broncos are backed up at least one year.

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11-02-2023, 11:14 AM

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#36

longfellowdeeds
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Originally Posted By MikeLowrrrey⏩

Yes poor people think like that. But I buy nice toys and pay them off early. If I know I have $1500/month leftover after buying a C8 Corvette, I'm buying the C8. Big down payment + extra to pay it off in 3 years instead of 6. I don't want to wait until 65 to enjoy my money.

In Op situation I'd repair the car, then stack cash for a year for a big down payment on something nice. I understand the frustration of a used car you have to sink money into. He could fix it now, but 2 months later need a $800 repair. Feels good to get into something newer and everything works. Hopefully I can work my way to a 2023+ in a few years, then brand new.

this is also a good point

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11-02-2023, 11:27 AM

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#37

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If you are buying a Tacoma, get a 2nd gen with under 100k miles, buy it cash for $15k, and drive it for 20 years

11-02-2023, 11:40 AM

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#38

Austanian
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Originally Posted By longfellowdeeds⏩

this is also a good point

Lol Mike is one of the most financially illiterate miscers. If you find yourself agreeing with him you need to take a step back. SRS

OP makes about 90k per year.

He has 2k cash + current car (8k).
His max acceptable car payment is $600.
Car loans over 36 months are stupid.

He can afford a 20k car loan... or a 27k+3k fees car. Anything more means he is being dumb.

11-02-2023, 11:42 AM

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#39

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I get the sentiment, sucks pouring money into an older car. OP said he's in the northeast so he's gotta be worried that '09 will disinegrate when going over a speed bump at this point. I was in a similar boat, though with the added variable of having a couple younger kids, didn't want to get stranded somewhere in the middle of winter with them in the car, even though I could afford the repair. Ended up buying a used Ram. OP you're probably at the point where you don't want to get screwed on a trade or private sale of your car, just make a smart decision about it. You're starting to see markups on Toyotas and probably not going to get better anytime soon.

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11-02-2023, 11:43 AM

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#40

eddiehaskell

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Originally Posted By jamalfudge⏩

I get the sentiment, sucks pouring money into an older car. OP said he's in the northeast so he's gotta be worried that '09 will disinegrate when going over a speed bump at this point. I was in a similar boat, though with the added variable of having a couple younger kids, didn't want to get stranded somewhere in the middle of winter with them in the car, even though I could afford the repair. Ended up buying a used Ram. OP you're probably at the point where you don't want to get screwed on a trade or private sale of your car, just make a smart decision about it. You're starting to see markups on Toyotas and probably not going to get better anytime soon.

used ram...thought you were worried about getting stranded?

11-02-2023, 11:44 AM

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#41

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Originally Posted By Austanian⏩

Poor cell logic. Doesn't want to spend $1200 on repairs so will drop $10,000+ on interest.

This.

Edit just reread OPs first post
90 months. Brah that's 7.5 years. Das not it mane.

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11-02-2023, 11:56 AM

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#42

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Originally Posted By Austanian⏩

Lol Mike is one of the most financially illiterate miscers. If you find yourself agreeing with him you need to take a step back. SRS

OP makes about 90k per year.

He has 2k cash + current car (8k).
His max acceptable car payment is $600.
Car loans over 36 months are stupid.

He can afford a 20k car loan... or a 27k+3k fees car. Anything more means he is being dumb.

No, he should save up a big down payment and go for the Tacoma. If he walks away with a $400/month note, he won. And still put extra towards the principal to pay it off early.

Why wait till he's 65 to buy things he wants?

11-02-2023, 12:03 PM

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#43

eddiehaskell

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Originally Posted By MikeLowrrrey⏩

No, he should save up a big down payment and go for the Tacoma. If he walks away with a $400/month note, he won. And still put extra towards the principal to pay it off early.

Why wait till he's 65 to buy things he wants?

if he can't afford it he can't afford it

11-02-2023, 12:05 PM

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#44

MikeLowrrrey

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Originally Posted By eddiehaskell⏩

if he can't afford it he can't afford it

Tacoma MSRP is $29k.

If he puts $10k down and finances the rest that's considered not affordable?

11-02-2023, 12:08 PM

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#45

bsmit107
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Originally Posted By eddiehaskell⏩

if he can't afford it he can't afford it

Silly boomer.....that's not how things work in 2023.

I'm sure he'll figure it out.....it's only money.....It's not like it's a tangible thing with a defined value that you either have or don't have....this is America and people deserve whatever they want!

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11-02-2023, 12:08 PM

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#46

eddiehaskell

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Originally Posted By MikeLowrrrey⏩

Tacoma MSRP is $29k.

If he puts $10k down and finances the rest that's considered not affordable?

going to bet like most people he doesn't want a 2wd work truck. average price for people is probably closer to $50k after tax.

11-02-2023, 12:17 PM

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#47

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Originally Posted By eddiehaskell⏩

going to bet like most people he doesn't want a 2wd work truck. average price for people is probably closer to $50k after tax.

He should go slightly used then. There's plenty with decent spec'd 4wd for $35k

11-02-2023, 12:25 PM

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#48

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I want to call Dave Ramsey on your behalf, OP.

11-02-2023, 12:29 PM

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#49

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If it's legit about buying a newer, more reliable car, go ahead. Good lord at 90 months.

Go with something less expensive but still new and reliable. Tons of small crossovers and AWD cars out there.

11-02-2023, 12:36 PM

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#50

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Originally Posted By MikeLowrrrey⏩

Tacoma MSRP is $29k.

If he puts $10k down and finances the rest that's considered not affordable?

If he got that base Tacoma at 29k with 10k down.... His loan would be about 22k which exceeds $600 per month with smart loan terms.

Realistically the Taco he wants is probably 50k.