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2023 MY price hike

Discussion in '3rd Gen Tundras (2022+)' started by in_the_mud, Aug 19, 2022.

  1. Oct 4, 2022 at 11:53 AM
    #91
    in_the_mud

    in_the_mud [OP] GSD

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    Yes, looks like Toyota.ca got updated today to show 2023 model year and price went up $2000 across all the trims.
    Interest rates went up few days ago as well to 6.79% finance and 8.29% lease :eek2:
     
  2. Oct 4, 2022 at 12:00 PM
    #92
    X42069

    X42069 New Member

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    If you currently own a Toyota you should be eligible for a 1% rate loyalty bonus rate reduction. Better than a kick in the teeth I guess
     
  3. Oct 4, 2022 at 1:33 PM
    #93
    X42069

    X42069 New Member

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    Also it went from 5.49 to 6.29 on Sunday. So it has gone up AGAIN in the last three days...
     
  4. Oct 4, 2022 at 7:34 PM
    #94
    in_the_mud

    in_the_mud [OP] GSD

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    Really? Didn't catch that, wow.
     
  5. Oct 4, 2022 at 8:29 PM
    #95
    Leif84

    Leif84 New Member

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    Loyalty rates are only being applied to lease rates. At least in Canada.

     
  6. Oct 5, 2022 at 6:02 AM
    #96
    X42069

    X42069 New Member

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    My dealer told me it will apply to leasing or financing. I currently lease but plan to finance. If it doesn't apply it might make more sense to use a home line of credit if that is an option for you?

    With RBC right now it would put me at 6%. This is however tied to prime rate (prime + .5%) which is variable. However it is currently predicted interest rates will level out in 2023 and likely begin to come down in 2024.


    Right now my plan is to finance with Toyota and keep an eye on what the interest rates do. Once they start coming back down or drop below the rate I get from Toyota Financing I will switch it over to a home line of credit.

    This is all in Canada for anyone reading.
     
  7. Oct 5, 2022 at 9:21 AM
    #97
    bigjuice

    bigjuice Researching and collecting parts…

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    Is this a good idea?

    HELOC’s are variable also aren’t they? …and at the current rates might be higher
     
  8. Oct 5, 2022 at 9:29 AM
    #98
    X42069

    X42069 New Member

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    Read the rest of that post. I go on to state that yes these rates are indeed variable and also speculate on future interest rate trends from a little bit of research I did.

    Everyone's situation will be unique and I am in no way offering financial advice.
     
  9. Oct 5, 2022 at 9:31 AM
    #99
    Hike5

    Hike5 New Member

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    In my region (New England) the Toyota site still shows 3.49% for 60 months, good through 10/31.
     
  10. Oct 5, 2022 at 9:48 AM
    #100
    bigjuice

    bigjuice Researching and collecting parts…

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    …Gotcha.
    I read/interpreted it separately so my bad there.
    Hopefully you can go in a direction that works for you…good luck :fingerscrossed:
     
  11. Oct 5, 2022 at 10:04 AM
    #101
    OnThaLake

    OnThaLake New Member

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    Need a new shiny thing so bad you'd take a loan against your home?

    I feel like that's what caused prices and ADMs to skyrocket, low inventory plus false real estate values compelled people to take big HELOCs and throw money at dealers.

    Makes me salty because I saved enough to buy a SR5 at MSRP and I absolutely can't throw away money I saved. Probably wouldn't mind so much if it was from a HELOC. And I've owned my current truck 16 years, so really sucks I'm priced out by people willing to extend themselves further than ever....
     
  12. Oct 5, 2022 at 10:30 AM
    #102
    itsallgood101

    itsallgood101 New Member

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    All i can say the gen 2 to the gen 3 price jump is insane. I get it but really. I wish Toyota did what ram did keep producing gen 2.5 and new 2022 make them both. Gen 3 got way pricy
     
    OnThaLake likes this.
  13. Oct 5, 2022 at 10:37 AM
    #103
    Hike5

    Hike5 New Member

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    With low interest rates, even if you can pay cash it doesn’t make sense to. Finance a portion, and invest the rest. In the long run you be far ahead of those that extended themselves. Even conservatively investing, your investment gains should be greater than the finance charges.
     
    OnThaLake[QUOTED] likes this.
  14. Oct 5, 2022 at 10:50 AM
    #104
    Keon

    Keon New Member

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    Price hikes suck, but the car market has proven that for now, the Tundra is priced much too low. Every single 3rd gen can be resold for above MSRP currently. If Toyota has more buyers than trucks, then they need to jack up the price until supply and demand are equal
     
  15. Oct 5, 2022 at 10:57 AM
    #105
    Leif84

    Leif84 New Member

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    Thanks...I was told to expect a call in a week or two to close the deal and paperwork. Do you have any links you could share that show the loyalty discount with financing?

    Cheers

     
  16. Oct 5, 2022 at 11:26 AM
    #106
    itsallgood101

    itsallgood101 New Member

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    Party over soon if intrest and gas keep going up.
     
    OnThaLake likes this.
  17. Oct 5, 2022 at 2:06 PM
    #107
    breynolds

    breynolds New Member

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    Also inventory
     
  18. Oct 5, 2022 at 2:19 PM
    #108
    X42069

    X42069 New Member

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    You've misunderstood my intentions. I am in a financial situation to be able afford a truck more expensive than what I am purchasing. I do not however have the cash to buy it outright. I will be putting a down payment equal to 20% of the value of the truck. This should ensure that I will not owe more on the truck than it can be sold for.

    I am merely stating that in a few years the rate offered to me on a home line of credit would be lower than what the dealer will finance me for at time of purchase.

    Essentially I would moving the debt on the truck from being owed to Toyota Finance to being owed to my bank, in order to ultimately pay a lower amount of interest overall.
     
    Last edited: Oct 5, 2022
  19. Oct 5, 2022 at 2:22 PM
    #109
    X42069

    X42069 New Member

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    Unfortunately I do not. The dealer did have a sheet of paper with all the eligible rate reductions with what I believe was one column for leasing and one column for finance. I think I mentioned before but I am in Ontario Canada. May be different in other markets.

    You could ask your dealer for this document perhaps? It is likely an "internal" document though and they may be under no obligation to show it to you
     
    Leif84[QUOTED] likes this.
  20. Oct 5, 2022 at 2:49 PM
    #110
    OnThaLake

    OnThaLake New Member

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    Don't take it personally. You're not the only person exploring alternative ways to purchase a vehicle. And, I don't even think your post was the one that motivated me to make my post.

    My point is that along with severe shortages, the overly hot housing market very likely fed into the situation that allowed some buyers to throw significant amounts of money into markups after pulling money from a HELOC. I get it. I just think it helped to drive the market even higher, especially before lenders began allowing over MSRP loans

    But, it sucks. Nothing personal. And I definitely didn't suggest that anyone is stupid, don't spin it.

    I'm just unlucky and out of step with trends
     
  21. Oct 5, 2022 at 2:55 PM
    #111
    X42069

    X42069 New Member

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    My apologies. I did find the opening statement of your post to be quite condescending but don't want to put words in your mouth. I will edit my earlier post appropriately.
     
    OnThaLake[QUOTED] likes this.
  22. Oct 5, 2022 at 4:12 PM
    #112
    Tundranewcomer

    Tundranewcomer New Member

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    That’s because it was. I’ll pay for my truck however I would like.

    The real reason these trucks sell for so much is because they are over 6,000 pounds.
     
  23. Oct 5, 2022 at 4:46 PM
    #113
    Leif84

    Leif84 New Member

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    Cheers. I did call Toyota Canada after I saw a post on Don Valley Toyota advertising a 1% rate reduction. The person I spoke with indicated that each dealership is free to run its own discount programs. Hopefully, my dealer will act in kind, but they don't have to.

    Screen Shot 2022-10-05 at 4.42.33 PM.jpg
     
    X42069[QUOTED] likes this.
  24. Oct 5, 2022 at 4:49 PM
    #114
    Keon

    Keon New Member

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    Everything will go up until demand drops, and then prices will adjust again. Some people will lose money, but c'est la vie/l'economie.
     
    X42069 and itsallgood101[QUOTED] like this.
  25. Oct 5, 2022 at 9:18 PM
    #115
    in_the_mud

    in_the_mud [OP] GSD

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    Up here in Canada I believe there is no inventory already. I put my deposit down 5 months ago. Originally was told October / November but now my salesman says they won't get any more Tundras for the rest of the year. Hopefully beginning of next year, he says but considering that they were fulfilling Dec / Jan orders up to now it will probably take longer.
    Talked to a salesman I've bought my Tacoma from and he's saying the same thing.
     
  26. Oct 6, 2022 at 4:28 AM
    #116
    X42069

    X42069 New Member

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    Yup been waiting since December 2021. Finally told it should be here end of November. South western Ontario
     
  27. Oct 6, 2022 at 6:13 AM
    #117
    Jaxyaks

    Jaxyaks New Member

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    The party is already over, some people just haven't figured it out yet....Some people are walking around bankrupt and just don't realize it yet.
     
    OnThaLake likes this.
  28. Oct 6, 2022 at 6:49 AM
    #118
    itsallgood101

    itsallgood101 New Member

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    True whats coming not good
     
    OnThaLake likes this.
  29. Oct 6, 2022 at 8:23 AM
    #119
    Floridaman850

    Floridaman850 New Member

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    Like snakes with their heads chopped off.
     

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