Keep the truck I have or go into debt for a new one?

Tscott

Tscott

TJ Enthusiast
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Jul 19, 2019
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Bee Cave, Texas
Seeking some advice.

In addition to the TJ, I have a 2014 Toyota Tacoma access cab 4x4 with an anemic 4 cylinder engine. It is paid off. I like everything about it except for the weak 4 cylinder engine.

I'm thinking about trading it in on exactly the same thing only a new one with a 6 cylinder engine, but would have to go into debt for about 3 years.

House is paid off and I have a secure source of income, but debt freaks me out. Should i keep a truck I dislike and save up for 3 years and pay cash, or go into debt for 3 years for something that I would like.

It is a big decision, and I am interested in hearing opinions.

I will add that it has 138,000 miles.
 
Have you drove the V6? I found it very disappointing compared to the 4.0 V6 in our 4Runner.

and never trade in, you will always come out better off by selling it private party. Even if you give the person a great deal, you will be thousands ahead and it makes buying a new truck easier.

Only you know your financial situation well enough to know the true answer. Sounds like you are doing well, better than most when it comes to debt.

I’m a Toyota fan boy, but I think the new Tacoma’s are overrated and overpriced.

I bought my loaded f150 for the same money, get better mileage and tons more room, both in the cab and bed.
 
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Sounds like you could throw some money at it if you got a loan.
I hate debt also, only the home and small CC bills.
Getting a loan and paying it off really helps your credit score also which helps you get lower rates of interest
 
Sell the taco. Buy a first gen Tundra. Use the extra to build up the TJ. Then you have the v8 in the tundra to tow the TJ to trails. From what I see the first gen tundra gets similar mileage to the tacos
 
Keep it. I bought a 2019 Ram for $15k off sticker back in August. Paid cash, the truck is awesome but I am stuck at home. Would have just the same to have the old truck sitting in the drive way. Really, its your money, do what makes you happy.
 
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Rubi04 said:
Have you drove the V6? I found it very disappointing compared to the 4.0 V6 in our 4Runner.

and never trade in, you will always come out better off by selling it private party. Even if you give the person a great deal, you will be thousands ahead and it makes buying a new truck easier.

Only you know your financial situation well enough to know the true answer. Sounds like you are doing well, better than most when it comes to debt.

I’m a Toyota fan boy, but I think the new Tacoma’s are overrated and overpriced.

I bought my loaded f150 for the same money, get better mileage and tons more room, both in the cab and bed.
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No,I haven't driven the V6, but now that you mentioned it, I think I will.
 
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I was pretty un-impressed when I was looking a couple years ago too. I was absolutely sold on a Taco until I drove a couple. Ended up with a Colorado.

Regarding your situation...Money is pretty cheap. I'm not a big proponent of debt either (I only have a mortgage) but when you can borrow money so cheap...its tempting. I borrowed for my current truck. Took a 36 month loan, put about a third down (from selling my last truck) and then paid extra every month I could. I paid it off in 18 months. Just an option to give you some flexibility.

But...that is a personal decision, YMMV
 
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Buy a used one, let somebody else take the monetary hit. You might be able to find what you want without all the electronic crap the brand new ones are saddled with.
 
IPerkWVU said:
17k off. Those are some deals
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The deal is legit too. I bought a Laramie from them 2 years ago for roughly the same price. They had hundreds of identical trucks on the lot. 60 or so the same color as the one I bought. They did try to "forget" the floor mats, they did the same to someone else I know that bought one, and they only filled the fuel and DEF tanks 1/2 way.
 
If you can get an incredible deal and good rates, it might be the right time to do it. I am like you and hate payments only have 2 years left on the outback (3 year note) out of all 8 cars I have. Today I just dumped $2100 into my 2014 explorer with a 102K on it but it is paid off and eventually maintenance needs to be done ( control arms, 2 tires, airbag/ck engine light) But i plan to keep this until it self destructs.
 
I'd get the new(er) truck. I don't ever buy new, but certified used. I am debt free other than a 15 year mortgage. My current truck I bought was in 2016, and it was a 2013 with 22k miles. Certified used is a much better deal, and the way the market is now you can get a good deal for sure. You have to be happy with what you drive, life is too short. I paid half cash and financed the other half at a 1.79% rate, which I paid off in one year. If you have steady income you should be able to do the same since you don't have any other debt. I had 2 Tacomas before I grew out of them and switched to full size Chevys. Toyota trucks are ridiculously overpriced these days anyway....
 
Chris said:
Ask @Starrs about debt. I don't think anyone is more scared of debt than he is ;)
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I was doing that long before him...watching your fathers business and personal life go bankrupt when I was in college hit me pretty hard and gave me an almost depression money mentality. I saw multiple Mercedes get repoed out of the driveway. He handled it like a man, when they came to get them he handed them the titles and keys.

I paid my house off in 12 years, have another paid in cash and just 1 car note left, both kids college paid for...it takes discipline and of course income helps.
 
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Chris said:
Ask @Starrs about debt. I don't think anyone is more scared of debt than he is ;)
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Not scared at all lol. If I don’t have the cash I can’t afford is just how I view it. I’ll be debt free including the mortgage in 4 months. When I have the car fund in savings I’ll look, but right now with all that’s going on a vehicle is the last on my priority list haha.
 
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Tscott said:
Seeking some advice.

In addition to the TJ, I have a 2014 Toyota Tacoma access cab 4x4 with an anemic 4 cylinder engine. It is paid off. I like everything about it except for the weak 4 cylinder engine.

I'm thinking about trading it in on exactly the same thing only a new one with a 6 cylinder engine, but would have to go into debt for about 3 years.

House is paid off and I have a secure source of income, but debt freaks me out. Should i keep a truck I dislike and save up for 3 years and pay cash, or go into debt for 3 years for something that I would like.

It is a big decision, and I am interested in hearing opinions.

I will add that it has 138,000 miles.
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I wouldn’t go into debt just for an engine. When you have the cash saved up go for it. 3 yr car loan really worth an engine upgrade? It’s all in what you have to have. Nobody can tell you what you to do when it comes to your finances
 
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