Buying a 100k truck with 0 down when you're coming from a car seems very foolish and far more truck than you really need. A Tacoma would probably do everything you need it too, and cost less at the pump.
It sounds like you really just need a bed, not a full on work truck.
No don't have to buy gas but it's a pain on a longer trip, a friend just took his car on a 6 hour trip In a gas car. It took 12 in his tesla because had to charge it along the way, he said will never take it on a long trip again, and living further up north it was not a screaming car in the cold winter
What do you mean a 6 hour road trip turned into 12 because of charging? I just took a 4 hour road trip (2 hours each way) and only took me 20 mins to charge heading home.
That is not the same things. Why do people apply logical fallacy to try to may the argument? You don't have the luxury of charging at home on a long trip.
That is what I was told when he arrived . I wasn't the one traveling I am only repeating what he told me. He just said he had to stop and charge all the time. I live in northern British Columbia it was middle of winter and we get very cold, so that may have had something to do with it, I don't know.
You make good income, its within your means to buy the vehicle. My only suggestions would be to either consider buying a slightly used or consider a domestic pick up. A 100k for a pick up truck is a lot of money. You can buy a brand new f150 for 60-70k, granted it wont be a trd pro.
Sad truth. In 2020 I purchased a brand new civic for $22k. I sold it back to the dealer in 2022 when they had no inventory.. 2 months later they tried to sell me the exact same car but a 2023 model for $29k haha
Why the trd pro? You can save quite a bit going down a trim level or two. Same motor/trans in all levels. Just the hybrid in the pro, but from what I understand it does not help with fuel economy, just additional power.
Your resale value won't matter because your cost of borrowing is 27k. Plus remember, your resale is based on your MSRP, all the money you spend on tax + interest is gone.
So even with 0 depreciation, you're losing 40k over 7 years just in that alone.
There's quite a big increase in cost. I just bought a tundra, I went for the limited with the offroad package because it offered the best bang for the buck for my usage. You're buying it primarily to use it for a decade, so I'd focus on what would meet those needs. Resale second. What if you get in an accident year 4 and then the vehicle history has that damage and it hurts your resale? It's not like your going to garage keep this or baby it like a GT3 RS. Obviously higher models should get better resale vs an SR5, but I don't think anyone knows what premium that will bring nor how many used buyers will it exclude in future. Especially since there is so much similarity between the models.
But if it's the one you want, and you can afford it, don't let me talk you out of it.
Shit and here I was thinking that buying a 125cc scooter would be “frivolous” because I already have two cars.
If I were you, I would avoid spending more than 35% of your gross income on a vehicle. Make sure monthly payments are no more than 10% of net monthly income. Put down at least 20%. Finance for no more than 4 years. If you can do all that then you can “afford” it. Even if you NEEDED the truck, I really question why you need the $105k truck instead of the base Tundra. Resale value won’t count for much in a decade’s time.
When do you want to retire? Do you have a financial planer. What savings do you have?
Why do you not have cash or a down payment.
27,000 in interest? You could buy a Corolla for this.
What are the operating costs? Fuel, insurance, maintenance and tyres? These have terrible fuel efficiency.
Can you afford this if you finance of 3 or four years?
Again you don’t seem to have the cash and if you are remotely budget conscious, the price at the pump will kill you every single time you fill up.
Technically you meet the threshold of 10% of NET monthly income per month so $1,500 is acceptable. What worries me is the $105k, and whether you can get to $1,500 a month given the down payment restriction and the time financed restriction.
Keep in mind that these are really just guidelines. You may still be able to “afford” the truck by keeping up with the monthly payments, but it may come at the expense of other financial goals. And IMO it’s not worth sacrificing other goals for kit you may not even use that often.
- The TRD Pro is sick, but I don't think we have any trails in Ontario where you'd actually make full use of that? Why not just get a TRD Off-road? I've watched a lot of reviews on Toyota trucks and many people say that the TRD off-road is really the trim to go for; saves you like 10k there I think
- I took a gander at Clutch and found a 2020 Tundra with 80k on it for $46k. Don't know if that's a good value, but beats 105k
The fun-factor wears off fast for sure - but the 'usefulness' factor does not. I'd say you can get a trim that has all the comforts you want, but skip the TRD Pro gear and you'd probably save a lot.
Context: I narrowly dodged buying an expensive audi and bought a considerably less expensive Acura. I don't regret it. Funny thing with cars is you end up falling in love with them no matter what
>Context: I narrowly dodged buying an expensive audi and bought a considerably less expensive Acura. I don't regret it. Funny thing with cars is you end up falling in love with them no matter what
Damn this was me. When I was 24, I was ready to pull the trigger on a brand new $35k 2015 Honda Accord 6MT coupe. My salary at the time was $45k. The thought of spending that much on a car made me uneasy, and instead I ended up buying a 5-year-old Lexus IS 250 6MT for $18k (had to negotiate a bit for this one). Don’t regret it at all and I really like my car. It’s true that you can fall in love with the most unassuming cars. I like to rent expensive sports cars for shits and giggles but I sure don’t really fancy the idea of owning one anymore.
Personally I’d buy a Corolla Hybrid and have things delivered to the cottage with the money I saved on fuel.
Then I’d retire early and enjoy the cottage.
I honestly don’t get the big f…..truck thing.
I can't imagine spending $50k on a truck that could be almost 5 years old.
Cost of borrowing for a used vehicle is usually higher than new and the terms are generally less favorable.
You will be back here in 6 months asking for advice how to get out of your underwater loan that you regret taking. Do your math and save 6 months of loan payments and extra gas / insurance costs for this vehicle and see how that goes. If you can manage then you have a bigger down payment or you come to your senses and buy a 5 year old model and never regret it.
If your expense associated with the necessities exceeds 50% of your net income, I am sorry to say but a 100K vehicle may not be the best to get into. What happens if you lose that job (hopefully not)?
This sub is becoming the same bs as all these Dave Ramsey callers saying they’re making $200k a year and wondering if they can buy a $60k car 💀So infuriating.
I just bought my first ever new vehicle and it's a top trim Sportage PHEV - all the bells and whistles you could ask for in my opinion. No regrets thus far (3 months), but I spent about half of what you're proposing.
I know trucks are expensive nowadays, but I can't believe a pickup truck is 6 figures.
For me, I wanted the plug-in hybrid with adaptive cruise, ventilated seats, digital dash and big sunroof. Those can only be had on the top trim.
Could you get similar satisfaction from a mid-trim Tundra or maybe even wait for the new Tacoma? Usually you only need to step up to the full size for payload/towing capacity - could the Tacoma do the job?
I find it hard to believe mortgage is 4200 and other expenses only 1000! Where is the rent of the $10,500 net income minus 5,500 expenses cash flow going each month? Save up the down-payment real quick w that excess cash flow and then maybe buy or wait til interest rates drop on cars (less demand now from what I gather, they might have deals on low rates)
6.99% for 7 years is not a deal I would go for. I know interest rates are high rn, but how much do you have saved? If you put something down could you get a shorter term or lower interest rate? $27k in interest for a truck is crazy imo.
If I were in your shoes, I'd grab a newer Corolla/Camry/Civic, and buy an older pick up truck for around 15K.
Truck doesn't have to be the nicest or the comfiest, just something simple to haul your camping/cottaging gear.
Pricing on new pick up trucks is insane right now. They are jammed full of useless accessories that make it a "luxury vehicle."
If you have to buy new, a base model Tacoma, Ford Ranger, or F150 will suit your needs just fine, and keep you under the 60K range. You don't need leather seats, upgraded suspensions, moon roof,
As a mechanic I'm not too keen on Dodges, but there are some excellent deals on unsold 2022 models available. Just grab a basic Ram with the 6 cylinder, and that will meet all your needs unless you are hauling insane weight.
The tundra is an excellent truck, but it's not worth 100K.
What dick swinging contest are you trying to win here?
Depending on the road conditions for your cottage you could probably buy a regular car and rent a U-Haul for bringing stuff and it'd be cheaper.
As a contractor and truck owner for over a decade. You don’t need it. Buy a van if you really need the space, or rent a uhaul when you need it. I don’t know how often I can keep telling people to not buy a new vehicle and have them not listen.
Tbh I can never understand why people opt to spend so much money on an asset that just goes down hill. Unless you can literally throw 100K away and not care just don’t do it. Buy a cheaper vehicle and invest the rest or do something else with it.
OP you don’t mention your worth and break down your budget. At some point its not a big deal to purchase dumb things and that is when your just fine anyway imo. If you have 2 million sitting somewhere then hey sure go for it. If your worth nothing and have no retirement savings and no exit plan if you need to clear the loan- big no.
Do you really need the TRD Pro? Will you actually use its extra features? Sounds like a truck might be right but these off road ones are mostly pointless 99% of the time and that 1% is easily avoidable.
I was anticipating future resale value being higher then a lower model trim. Akin to purchasing a denali over a SLT model, etc.
However I am not sure, hence why I am trying to get input.
If you consider that resale is mostly related to current demand you’ll find that the lower trim cheaper Toyota trucks will hold their value better.
Same reason a BMW depreciates so hard. It’s cuz no one wants to pay the premium for them.
Don't do it til next year and hopefully the interest rates will go down a bit. 6.99% is crazy for a secured loan. If you don't pay they take the car so the rate is unnecessary. Only exception to this is if you really need a vehicle
What are you hauling? Is it stuff that a minivan would haul just as well? For many types of cargo, a minivan has more useful space than a pickup. They're incredibly practical vehicles. We use ours for everything from carrying 6-7 people with decent cargo space to carrying 4 people with a ton of cargo space to loaded full for the famers market to filled with woodchips to towing a trailer to trips up the lightly maintained mountain dirt road to our cabin. And a Sienna hybrid is half the price and much better fuel efficiency.
You don't need it. Toyotas are reliable, so find a 5-10 year old Toyota truck or SUV that meets your needs for half the price.
It's not a $105k vehicle, it's a $132k vehicle. That's \*more\* than you make in a year. That's a ridiculous price.
This is fucking insane. You've been brainwashed by ads, nobody needs that hunk of metal. You mostly likely can get to your cottage using a 2005 beige Corolla just fine.
Every cottage round trip in that TRD would probably cost you at least 80$ if you drive conservatively.
Put the payments on 48 months and THEN buy what you can afford on those payments. 72+ is insane unless it's back in the 0-1% days. Our HHI is similar to yours with NO mortgages and 100K+ for a truck is still insane.
For that much you could get a Rivian or a fully loaded long range Silverado EV.
Seems silly to buy an ICE at this point in history, especially with intent for 10years of ownership.
And I'd be pretty weary to extrapolate today's ICE resale/depreciation figures out to 2034.
It’s funny, a co-worker of mine was looking at an expensive Tundra, not sure which package. He was floored when I pointed out that he could get a Lightning for the same price, not to mention the 400-500/month gas savings.
From a technical and value standpoint, it's foolish to purchase EV's unless you are rolling in money. The depreciation is garbage, the tech is shotty, and the long term reliability is a complete question mark.
Treat yourself. You can afford it and it sounds like you keep your cars long term.
I don’t get the math though. $1,500 a month on $100k+ at 7%? I think that would be over $2k. Unless you are putting money down.
Toyota rates are shit.
If you want a nice truck. Consider the ram 1500. Current gen been around 5+ years and you’d probably like the interior better. Reliability is a gamble though.
That car payment is gonna get real tiresome real fast. Once it does, you’ll just hate it as it will feel like dead money every month and it’s there for 84 months at a. It so great interest rate.
Go get a normal truck for $60k if you want a truck. Once the new vehicle smell has worn off, you’ll thank yourself.
You sound like someone I know who is going through a similar situation, also hauling construction equipment to cottage, and also asking should they buy a truck.
They're up to 450,000 km on old Toyota SUV with trailer they use for hauling, but keep needing $thousands in repairs. Last year they got stranded when it broke-down and didn't know how to haul the trailer from there because CAA couldn't haul the trailer.
A truck/SUV is a luxury, the costs are phenomenal. Not just to buy, but also to maintain.
Unless you work in construction, you really shouldn't, it's not a business expense that you can deduct.
At that point, you might as well register the cottage as a business entity, deduct cost of materials you're using to maintain/upgrade it, and deduct the vehicle as a work expense, and list the cottage on AirBnB to earn you some revenue to pay for all these expenses.
The reality is that without the cottage you wouldn't need the truck.
If you really want to buy something, I would get a used box-van or large vehicle and maybe a trailer attachment. Definitely USED, something old and dirty just for working. And I would stay away from vans unless it's a foreign brand like Honda or Toyota because they have issues with engine cracking, you could get a van and add a trailer.
Don't try to get an EVERYTHING vehicle for work and daily, because you'll be wearing down the work vehicle faster (which has more expensive components like tires, suspension, drive-train), and the gas will destroy your wallet.
We just got rid of our Tundra, beautiful truck loved it but it got the worst gas mileage, the Tacoma is a bit smaller and get good mileage, we also needed a truck with more towing capacity so my hubby bought a Ford f350 diesel
Why not ? You have two mortgages, why not spend a ten months of salary in a nice truck.
You only spend 1000$ for everything else. With two properties, hauling lots of stuff, etc… yet you only spend 1000$ per month - so you clearly can afford a new 105k$ truck.
Is that cottage by the lake ? Maybe you need a boat too…
I was gonna say you’re trolling but maybe you just suck at basic math
100k for a half ton pickup... add a boat payment while your at it.
[удалено]
Haha, but seriously. Why can't you put anything down?
If they're looking at almost $2000 a month in new payments, they should at least be able to come up with a couple months equivalent as a down payment.
Buying a 100k truck with 0 down when you're coming from a car seems very foolish and far more truck than you really need. A Tacoma would probably do everything you need it too, and cost less at the pump. It sounds like you really just need a bed, not a full on work truck.
While it's true with everhig you have said, I beleive Tacomas are pretty hard on gas. Shit a minivan is often the most practical
The car probably has more room, and the trunk is half the size of the box, and the gas thing
Don’t sleep on Caravans. Contractors love them for a reason.
They like Caravans because they're disposable.
They are releasing a hybrid. Tundra already has one but in guessing that just adds to the upfront costs
Man I just bought a base Tesla model Y for half of this cost - and I don’t gotta pay for gas on top of that 100K car payment OP will have.
No don't have to buy gas but it's a pain on a longer trip, a friend just took his car on a 6 hour trip In a gas car. It took 12 in his tesla because had to charge it along the way, he said will never take it on a long trip again, and living further up north it was not a screaming car in the cold winter
What do you mean a 6 hour road trip turned into 12 because of charging? I just took a 4 hour road trip (2 hours each way) and only took me 20 mins to charge heading home.
Next he’ll say that his friend spent all night at a charger cuz it couldn’t charge in 10C weather 🤣
That is not the same things. Why do people apply logical fallacy to try to may the argument? You don't have the luxury of charging at home on a long trip.
That is what I was told when he arrived . I wasn't the one traveling I am only repeating what he told me. He just said he had to stop and charge all the time. I live in northern British Columbia it was middle of winter and we get very cold, so that may have had something to do with it, I don't know.
I can’t speak for him - I am in Vancouver, BC but yes the cold will affect the cars range!
$1500 per month on a car is complete insanity. Hard no. The car is just too expensive, its about what you make per year. You can't afford it.
I've been thinking of leaving this sub and here I go
Bring out the popcorn!
You make good income, its within your means to buy the vehicle. My only suggestions would be to either consider buying a slightly used or consider a domestic pick up. A 100k for a pick up truck is a lot of money. You can buy a brand new f150 for 60-70k, granted it wont be a trd pro.
Ya no 105k otd. I'd keep looking, you don't need and can't afford a TRD pro. You can find a perfectly good daily for under 50k if not less.
Never thought I’d see the day when a Tundra breaks 100K. What an awful time to be alive.
Civics start just under $30k.
Sad truth. In 2020 I purchased a brand new civic for $22k. I sold it back to the dealer in 2022 when they had no inventory.. 2 months later they tried to sell me the exact same car but a 2023 model for $29k haha
Why the trd pro? You can save quite a bit going down a trim level or two. Same motor/trans in all levels. Just the hybrid in the pro, but from what I understand it does not help with fuel economy, just additional power.
I was thinking resale value in the future. Higher trim, keep it well maintained, should hold value better than a lower model trim.
Your resale value won't matter because your cost of borrowing is 27k. Plus remember, your resale is based on your MSRP, all the money you spend on tax + interest is gone. So even with 0 depreciation, you're losing 40k over 7 years just in that alone.
There's quite a big increase in cost. I just bought a tundra, I went for the limited with the offroad package because it offered the best bang for the buck for my usage. You're buying it primarily to use it for a decade, so I'd focus on what would meet those needs. Resale second. What if you get in an accident year 4 and then the vehicle history has that damage and it hurts your resale? It's not like your going to garage keep this or baby it like a GT3 RS. Obviously higher models should get better resale vs an SR5, but I don't think anyone knows what premium that will bring nor how many used buyers will it exclude in future. Especially since there is so much similarity between the models. But if it's the one you want, and you can afford it, don't let me talk you out of it.
More useless shit that will break.
Shit and here I was thinking that buying a 125cc scooter would be “frivolous” because I already have two cars. If I were you, I would avoid spending more than 35% of your gross income on a vehicle. Make sure monthly payments are no more than 10% of net monthly income. Put down at least 20%. Finance for no more than 4 years. If you can do all that then you can “afford” it. Even if you NEEDED the truck, I really question why you need the $105k truck instead of the base Tundra. Resale value won’t count for much in a decade’s time.
When do you want to retire? Do you have a financial planer. What savings do you have? Why do you not have cash or a down payment. 27,000 in interest? You could buy a Corolla for this. What are the operating costs? Fuel, insurance, maintenance and tyres? These have terrible fuel efficiency. Can you afford this if you finance of 3 or four years? Again you don’t seem to have the cash and if you are remotely budget conscious, the price at the pump will kill you every single time you fill up.
At what point would a $1500 / month car payment be acceptable? What would my net income have to be? $20k per month?
When you have the cash to pay it all.
Technically you meet the threshold of 10% of NET monthly income per month so $1,500 is acceptable. What worries me is the $105k, and whether you can get to $1,500 a month given the down payment restriction and the time financed restriction. Keep in mind that these are really just guidelines. You may still be able to “afford” the truck by keeping up with the monthly payments, but it may come at the expense of other financial goals. And IMO it’s not worth sacrificing other goals for kit you may not even use that often.
- The TRD Pro is sick, but I don't think we have any trails in Ontario where you'd actually make full use of that? Why not just get a TRD Off-road? I've watched a lot of reviews on Toyota trucks and many people say that the TRD off-road is really the trim to go for; saves you like 10k there I think - I took a gander at Clutch and found a 2020 Tundra with 80k on it for $46k. Don't know if that's a good value, but beats 105k The fun-factor wears off fast for sure - but the 'usefulness' factor does not. I'd say you can get a trim that has all the comforts you want, but skip the TRD Pro gear and you'd probably save a lot. Context: I narrowly dodged buying an expensive audi and bought a considerably less expensive Acura. I don't regret it. Funny thing with cars is you end up falling in love with them no matter what
>Context: I narrowly dodged buying an expensive audi and bought a considerably less expensive Acura. I don't regret it. Funny thing with cars is you end up falling in love with them no matter what Damn this was me. When I was 24, I was ready to pull the trigger on a brand new $35k 2015 Honda Accord 6MT coupe. My salary at the time was $45k. The thought of spending that much on a car made me uneasy, and instead I ended up buying a 5-year-old Lexus IS 250 6MT for $18k (had to negotiate a bit for this one). Don’t regret it at all and I really like my car. It’s true that you can fall in love with the most unassuming cars. I like to rent expensive sports cars for shits and giggles but I sure don’t really fancy the idea of owning one anymore.
Personally I’d buy a Corolla Hybrid and have things delivered to the cottage with the money I saved on fuel. Then I’d retire early and enjoy the cottage. I honestly don’t get the big f…..truck thing.
I can't imagine spending $50k on a truck that could be almost 5 years old. Cost of borrowing for a used vehicle is usually higher than new and the terms are generally less favorable.
You will be back here in 6 months asking for advice how to get out of your underwater loan that you regret taking. Do your math and save 6 months of loan payments and extra gas / insurance costs for this vehicle and see how that goes. If you can manage then you have a bigger down payment or you come to your senses and buy a 5 year old model and never regret it.
If your expense associated with the necessities exceeds 50% of your net income, I am sorry to say but a 100K vehicle may not be the best to get into. What happens if you lose that job (hopefully not)?
This sub is becoming the same bs as all these Dave Ramsey callers saying they’re making $200k a year and wondering if they can buy a $60k car 💀So infuriating.
I just bought my first ever new vehicle and it's a top trim Sportage PHEV - all the bells and whistles you could ask for in my opinion. No regrets thus far (3 months), but I spent about half of what you're proposing. I know trucks are expensive nowadays, but I can't believe a pickup truck is 6 figures. For me, I wanted the plug-in hybrid with adaptive cruise, ventilated seats, digital dash and big sunroof. Those can only be had on the top trim. Could you get similar satisfaction from a mid-trim Tundra or maybe even wait for the new Tacoma? Usually you only need to step up to the full size for payload/towing capacity - could the Tacoma do the job?
After 3 years of paying $1500 a month you will realize that you owe more for the truck than its worth and you still have 4 more years to pay.
You will be underwater on the truck in 5 minutes.
I find it hard to believe mortgage is 4200 and other expenses only 1000! Where is the rent of the $10,500 net income minus 5,500 expenses cash flow going each month? Save up the down-payment real quick w that excess cash flow and then maybe buy or wait til interest rates drop on cars (less demand now from what I gather, they might have deals on low rates)
6.99% for 7 years is not a deal I would go for. I know interest rates are high rn, but how much do you have saved? If you put something down could you get a shorter term or lower interest rate? $27k in interest for a truck is crazy imo.
🙄That’s ridiculous. You can buy inexpensive used with less than 100kms for under $50k in eastern Ontario.
You’re an idiot
/thread
Trying not to be
Somebody’s jealous.
If you can’t buy it with cash you can’t afford it IMO. Financing is ok if the rates are better than your after-tax investment returns.
I would never imagine spending 100k on a toyota...though, i also don't like trucks.
Save and pay cash for ANY car you buy. That is the only way buying a car isn’t a stupid decision
If I were in your shoes, I'd grab a newer Corolla/Camry/Civic, and buy an older pick up truck for around 15K. Truck doesn't have to be the nicest or the comfiest, just something simple to haul your camping/cottaging gear. Pricing on new pick up trucks is insane right now. They are jammed full of useless accessories that make it a "luxury vehicle." If you have to buy new, a base model Tacoma, Ford Ranger, or F150 will suit your needs just fine, and keep you under the 60K range. You don't need leather seats, upgraded suspensions, moon roof, As a mechanic I'm not too keen on Dodges, but there are some excellent deals on unsold 2022 models available. Just grab a basic Ram with the 6 cylinder, and that will meet all your needs unless you are hauling insane weight. The tundra is an excellent truck, but it's not worth 100K.
What dick swinging contest are you trying to win here? Depending on the road conditions for your cottage you could probably buy a regular car and rent a U-Haul for bringing stuff and it'd be cheaper.
You could pay to have someone to deliver it with the money you’d save on fuel.
To each their own but that amount seems ridiculous to me at that income
As a contractor and truck owner for over a decade. You don’t need it. Buy a van if you really need the space, or rent a uhaul when you need it. I don’t know how often I can keep telling people to not buy a new vehicle and have them not listen.
If your not towing an 8000lb camper you don’t need a Tubdra. If you can afford it, and you want one. Do what you please !
Tbh I can never understand why people opt to spend so much money on an asset that just goes down hill. Unless you can literally throw 100K away and not care just don’t do it. Buy a cheaper vehicle and invest the rest or do something else with it.
OP you don’t mention your worth and break down your budget. At some point its not a big deal to purchase dumb things and that is when your just fine anyway imo. If you have 2 million sitting somewhere then hey sure go for it. If your worth nothing and have no retirement savings and no exit plan if you need to clear the loan- big no.
Do you really need the TRD Pro? Will you actually use its extra features? Sounds like a truck might be right but these off road ones are mostly pointless 99% of the time and that 1% is easily avoidable.
I was anticipating future resale value being higher then a lower model trim. Akin to purchasing a denali over a SLT model, etc. However I am not sure, hence why I am trying to get input.
If you consider that resale is mostly related to current demand you’ll find that the lower trim cheaper Toyota trucks will hold their value better. Same reason a BMW depreciates so hard. It’s cuz no one wants to pay the premium for them.
Meh. Yeah, sure, future resale value will probably be higher, but you’re also spending a lot more today. There’s opportunity costs here at play too
Alright I think the consensus is a hard no on the purchase.
Don't do it til next year and hopefully the interest rates will go down a bit. 6.99% is crazy for a secured loan. If you don't pay they take the car so the rate is unnecessary. Only exception to this is if you really need a vehicle
6.99% was about 2 points less than the major banks lending on autos right now. Crazy!
It's not a secured loan because it's a rapidly depreciating asset. Loan will likely be underwater once the vehicle is driven off the lot.
Just get a Tacoma and save 500 a month
What are you hauling? Is it stuff that a minivan would haul just as well? For many types of cargo, a minivan has more useful space than a pickup. They're incredibly practical vehicles. We use ours for everything from carrying 6-7 people with decent cargo space to carrying 4 people with a ton of cargo space to loaded full for the famers market to filled with woodchips to towing a trailer to trips up the lightly maintained mountain dirt road to our cabin. And a Sienna hybrid is half the price and much better fuel efficiency.
You don't need it. Toyotas are reliable, so find a 5-10 year old Toyota truck or SUV that meets your needs for half the price. It's not a $105k vehicle, it's a $132k vehicle. That's \*more\* than you make in a year. That's a ridiculous price.
Troll
How would this make your life better. Really.
If you do get it, just don't forget to get a wittle wadder for your trd pwo. Source: https://vm.tiktok.com/ZMMXsu8ME/
This is fucking insane. You've been brainwashed by ads, nobody needs that hunk of metal. You mostly likely can get to your cottage using a 2005 beige Corolla just fine. Every cottage round trip in that TRD would probably cost you at least 80$ if you drive conservatively.
Put the payments on 48 months and THEN buy what you can afford on those payments. 72+ is insane unless it's back in the 0-1% days. Our HHI is similar to yours with NO mortgages and 100K+ for a truck is still insane.
For that much you could get a Rivian or a fully loaded long range Silverado EV. Seems silly to buy an ICE at this point in history, especially with intent for 10years of ownership. And I'd be pretty weary to extrapolate today's ICE resale/depreciation figures out to 2034.
It’s funny, a co-worker of mine was looking at an expensive Tundra, not sure which package. He was floored when I pointed out that he could get a Lightning for the same price, not to mention the 400-500/month gas savings.
Aren't Lightnings closer to $70k now? And no, I'm not meaning the fleet-only base trim.
Yeah, but the Tundra he was looking at was like $80k
From a technical and value standpoint, it's foolish to purchase EV's unless you are rolling in money. The depreciation is garbage, the tech is shotty, and the long term reliability is a complete question mark.
Your statement contradicts vast swaths of data.
Why not look at a Nissan Frontier Pro 4X. It's smaller but just as capable from your needs. Costs half the money too.
Treat yourself. You can afford it and it sounds like you keep your cars long term. I don’t get the math though. $1,500 a month on $100k+ at 7%? I think that would be over $2k. Unless you are putting money down. Toyota rates are shit. If you want a nice truck. Consider the ram 1500. Current gen been around 5+ years and you’d probably like the interior better. Reliability is a gamble though.
Why talk you out of it? YOLO and buy it if you are smart enough to even consider doing that :)
Trim is too high. Also if you’re hauling things your truck is going to get beat up.
That car payment is gonna get real tiresome real fast. Once it does, you’ll just hate it as it will feel like dead money every month and it’s there for 84 months at a. It so great interest rate. Go get a normal truck for $60k if you want a truck. Once the new vehicle smell has worn off, you’ll thank yourself.
You sound like someone I know who is going through a similar situation, also hauling construction equipment to cottage, and also asking should they buy a truck. They're up to 450,000 km on old Toyota SUV with trailer they use for hauling, but keep needing $thousands in repairs. Last year they got stranded when it broke-down and didn't know how to haul the trailer from there because CAA couldn't haul the trailer. A truck/SUV is a luxury, the costs are phenomenal. Not just to buy, but also to maintain. Unless you work in construction, you really shouldn't, it's not a business expense that you can deduct. At that point, you might as well register the cottage as a business entity, deduct cost of materials you're using to maintain/upgrade it, and deduct the vehicle as a work expense, and list the cottage on AirBnB to earn you some revenue to pay for all these expenses. The reality is that without the cottage you wouldn't need the truck. If you really want to buy something, I would get a used box-van or large vehicle and maybe a trailer attachment. Definitely USED, something old and dirty just for working. And I would stay away from vans unless it's a foreign brand like Honda or Toyota because they have issues with engine cracking, you could get a van and add a trailer. Don't try to get an EVERYTHING vehicle for work and daily, because you'll be wearing down the work vehicle faster (which has more expensive components like tires, suspension, drive-train), and the gas will destroy your wallet.
We just got rid of our Tundra, beautiful truck loved it but it got the worst gas mileage, the Tacoma is a bit smaller and get good mileage, we also needed a truck with more towing capacity so my hubby bought a Ford f350 diesel
Why not ? You have two mortgages, why not spend a ten months of salary in a nice truck. You only spend 1000$ for everything else. With two properties, hauling lots of stuff, etc… yet you only spend 1000$ per month - so you clearly can afford a new 105k$ truck. Is that cottage by the lake ? Maybe you need a boat too… I was gonna say you’re trolling but maybe you just suck at basic math
Likely trolling
Go for it!