I kinda want to trade the tC in for a Crew Cab Toyota Tacoma. There's a very nice one at the Manhattan Beach Toyota, brand new fully loaded sport package 4x4 long bed, for 26 grand after all rebates... 2.9% APR for 60 months, provided that I supply a healthy down payment (the tC)

I've had the tC since may, when I bought it for 14 grand. I'm paying 220 a month now for it, and it'll be paid off in may 2013.

As for financing, my bank is out of the picture... they want me to put a down payment to cover more than half of the truck, and still pay a 12% APR merely because I have no credit score... That and I'll lose out on a grand worth of rebates from the dealer.

I already know I'm going to sell the tC private party.

My main question is, is it worth it? After an amortization chart, I'll be paying 290 a month until January 2014, in addition to the 220 I owe on the tC, so 510 total. Are insurance rates better on the Tacoma than the tC? Insurance on the tC at this point is 5600 for a year (comp, collision). I'm hoping that the transfer will compensate a little bit. Are depreciation rates any better between the Tacoma and the tC? The main reason I bought the tC was because of sky-high gas prices, and my job which required me to drive several hundred miles per week. After this promotion, I will end up driving a third as much.

Opinions?

 

That is a lot for insurance. I'd check to see what the tacoma insurance rates are. That would be enough to sway my vote.

 

keep the tc unless you need the extra tow space.

 

why would you be paying 220 on the tC also? i thought you said you were going to sell it.

 

beacuase he needs the money from the sale to put as a down payment on the truck.

Not worth it. I LOVE the tacoma but $510/mo is too much to pay.

 

bad investment unless you need a truck and said truck is gonna make you money.other wise keep the tC and enjoy it.

 

you cant sell your tc and keep paying for it because the bank has your title, and whoever buys it is gonna want that, and the bank doesnt give that up till you finishing paying for it.

how much do you owe on the tc?
if u can sell it for more than you owe then it might work out

 

after you get your promotion, assuming you're getting better pay, id have to say pay your car off much sooner (i.e. 500 a month) and after you're done with that, then finance a truck.

 

yeah, seriously, and whatever you make with that promotion and raise is just going right into the gas tank of that tacoma. just keep the tc.

 

i am actually thinking bout trading my tC in for a tacoma myself.

 

SHHHH YOU'RE NOT HELPING!!

 

I took the loan out from my dad, he has the title. If I sell it, he'll give me the title so long as I'm still making payments... which is why I still have no credit score.

And that promotion probably won't all go straight into the gas tank... I'll hopefully be making 4x as much as I'm making right now, with a third as much driving.

I like the tC, but to be honest... it's a kinda boring car... especially because I picked the auto. I've always been a truck guy but the gas crisis and my ____ty job pushed me into a corner. Now that I'm in better financial standing, I'm looking to upgrade.

Oh and if it helps... insurance for me is half the price, for equal coverage, on a 4x4 tacoma.

 

yea i was gonna say tacoma is definitely less expensive insurance wise. tC is like up there for most expensive to insure because most of us are young. I'd say go for the tacoma especially if your a truck person. And idk gas has gone down a good amount and with the shorter commute it shouldnt be a problem on the gas tank.

P.S. won't stand out as much in a truck. aka less cop trouble. Unless your getting the electric blue 4x4 lol

 

Aiming for black or bronze... but as for the whole not-standing-out-in-truck thing... tell that to the three cops who pulled me over in a 2 month period when I got my first truck... after having gone a year without getting pulled over in a POS 84 civic hatch which was probably used as an example in "Suspicious Vehicle 101".

 

I second that. If you're not happy with your TC, I say take the time to make it the car you want. You're going to be losing out on money on any auto transaction you. Dealerships are businesses, so you're losing out on any trade.

 

get ur self a X-Runner!

 

Dont do it!

 

he may not lose much, if any, considering the auto cruch makers are feeling right now. but i'd pay more on the tC so I could pay it off sooner. 220 isn't a large car payment, so if you put more on the it you should pay it off really quckly. i'm assuming you live with your parents, so by making 4x should should have plenty of extra money to put towards payments.
if you seriously want the tacoma, i'd see what the dealer is willing to offer for your car. come back let us know and throw out what you owe on your car. if the dealer is willing to give you more than what you owe, i'd trade it in if that's what you really want. then you're paying the $290 for the truck and cheaper insurance.

personally i'd pay off the tC sooner (undermining the principle interest by paying seperate from the loan payment) and if i still wanted a truck after that i'd get the truck too. i'm in limbo right now; my tC is paid off and i'm contemplating getting a chevy tahoe. but i'm not selling my car. it's always good to have a gas saver. you're only 18, so have a paid off car by the time you're 19/20 will be a nice feeling.

 

Here are my issues... because I have no credit, I must pay at least 25% of the price as a down payment to qualify for financing. The truck I'm looking at is being offered at 26 grand, including all taxes fees etc. So I would have to put down at least $6500 for the truck.

I'm looking to sell the tC private party for hopefully 12-14k. Dealer wants 11500 for it... so I'd rather get the extra grand or two.

I bought the tC with a "mock loan" from my dad. I put 4 grand down, and we agreed on 220 a month for 50 months at 7% interest. The "loan" itself was for $9500.

I've currently paid $1542 on this loan. $1175 of it has been principle, $367 on interest.

If I put down $6,500 for the truck, the payment will be $350 a month for 60 months (2.9% APR).

I still owe $8,324 on the tC. That means that if I were to sell the tC now (lets say for 12 grand) and pay off the remaining balance, I would still be short 3 grand to put down on the truck...

So now heres my question... do you guys think that the economy will be in the same state it is now in a couple months, say february? Will the demand for trucks still be low enough that dealers are still giving out these offers?


P.S. Thank you to the dude above.. I never would've thought of that and you probably saved me a couple grand

 

she's not a dude. but you're very welcome.

it's not just the truck scene anymore that's hurting. it's the whole automotive group. before the trucks were hurting b/c of gas prices, but that scenario is null and void now.

how many dealers have you gone too to negotiate a trade-in? the tC is still a hot/cheap car to have.

personally i think the car industry will still be trying to climb back up by feb. it definetly won't be as down as it is right now though; esp. if the auto bail out is approved. but idk where that put the japanese makers.