Test drove a 1794 - Talked numbers. LOL x2

That's great for now, but your annual taxes are INSANE!! I paid 6% sales tax in FL for the difference on the trade, and just paid $265 for two years of registration. No annual taxes.

 

Some people have lifestyle and income and can afford this..... as long as the mortgage is getting paid down. What doesn't make sense at all is Negative Amortization - prevelant here (Canada) those that took variable rates at 1.5% are now paying 7%. Their monthy payments are not covering the interest, so the mortgage principal grows every month. To make this happen and keep mortgages from defaulting, the banks extended amortizations. But all these mortgages have terms here, say 3 years and they are coming due now. You need to renew at normal amortizations of 25-30 yrs not 40-50 yrs as they have been set.

Some noises are therapeutic. Others not so much. That would drive me batty. The only time I open the moon roof is to check the drains. Wish my 18 truck did not have a moonroof. But the rear window, I lower alot and it has a lot of utility that the Big 3 truck owners can only dream about. i said it in '22 and I say it again. Having a plastic bed on a Tacoma is one thing. On a larger full size bed it presents vibration issues. Have you seen the patches Toyota uses underneath the bed to dampen it? Looks like those patches you put on dingy if it is leaking. I am surprised more owners aren't making "noises" about if it does squeak so much to force Toyota to fix it.

 

Yeah I think this was the most irritating thing about Canada. What Canada calls a “fixed rate” mortgage is a 5yr ARM in the states. It’s a tragic system. For those of you living in the states: imagine if every person in the country had an adjustable rate mortgage with interest rates going up like they have been. That’s Canada.

 

Yeah, people got spoiled by all the cheap money over the last few decades. We've paid off mortgages on 3 properties that had higher interest rates than they are today. All 3 properties have tripled in value, though, so there's that. To me, any single digit rate is still worth leveraging.

Matt

 

Each Closed door in life is a sign something wasn't right for you in that moment. I don't know if 104k and "SR" are what hurt you. Maybe both combined. Over 100k in just under 2 years means all factory warranty is gone and right off the bat. What are the options if a tire kicker looking at it down the road wants warranty coverage? That may be a sticking point for the dealer.

 

This is the exact reason why I don't "ride my truck hard and put it away wet". Also the reason why I have a TPV (Tundra preservation vehicle - 220,000 mile camry). Barring an accident I am planning to keep the Tundra for as long as possible. The new trucks are simply not worth what they want for them.

 

I think the Toyota Certified program limit is 85k right? So what does one do for warranty coverage on a 100k going on 2 model year old truck? That vehicle profile is probably going to draw interest maybe from Contractors looking for inexpensive work trucks who won't pay prices for a 6 figure mileage Tundra that would probably almost get them into a brand new F150 XL.

 

Our current PM ranks right up there.
I am a baby boomer born in the 60's and was raised that debt is taboo.
But when they started handing out free money, we, like a lot of other boomers took the free 1.5% money for the longest term possible 5 years. All the millennials I know (including my kids) asked why the hell are you locking in as they stayed variable rate waiting for rates to drop further.
So now we are waiting for the Housing market bottom to fall out.... 2.5 years into our term it hasn't happened yet. So we are parked at 5% deposit interest waiting while we pay 1.5% on the mortgage. I didn't think this was going to happen but if the rates are still high in 2026 when our term ends we will be handing the money back.

Depends on the Price being paid. The average Greater Toronto Area property is $1.2 million. A 5% mortgage on $1 million costs more in income than it did in the late 80's when the prices were $200k for a house and over 15% mortgage rates.

 

???

Housing in Rural Saskatchewan maybe affordable but the Metro Toronto and Greater Vancouver Areas are out of reach for almost everyone! The rates going up will only force more bankruptcies. Rents are ridiculous because investors need to cover their costs but most can't. Rent control is a joke as well.

My sister brought a 1500 sf 2 storey house in rural Sask for $11,000. The house needs some work but not out of line. My neighborhood about 30 minutes from Downtown Vancouver has listings around $1.4m to $1.8m. That's about $7,000 to $10,000 a month interest (assuming 0 down). WTF!

Most of the published numbers are diluted with the tiny little condos that they are building. Housing demands have pushed builders into making smaller and smaller while still keep pricing up. So you get 300 sf for $850K and if you want a tiny parking space that will be another $120K.

This was happening even before the rates went up but the latest rate increases only makes it worse.

 

Somebody is paying it, or else the prices wouldn't be that high. Supply and demand basics.

 

Foreign money, especially from China.

 

Housing hasnt been cheap in BC or Toronto for LONG before interest rates rose ...unless starter homes at a million is cheap in your eyes All rising interest rates does is stall the market

 

You reckon they even speak English?

 

Perhaps. I'm not familiar with that market. My point is, when demand outpaces supply, prices inflate, regardless of where the money comes from.

During the covid pandemic, US household savings were at all-time highs (compounded by government hand-outs). When the worst of the pandemic was over, people were itching to spend money when supplies were at lows. Inflation was the obvious and expected result.

I've always looked at inflation as a double-edged sword. Nobody likes paying more for good and services, but if you have appreciating assets, it all tends to balance out. We paid 12% interest on the mortgage for our first house in 1990. We sold it 10 years later for more than 3 times what we paid for it. It was one of the best investments we've made despite the high interest rate.

Matt

 

Supply and demand have some impact but endless money printing by the world's reserve currency country has way more impact than that. I'll stop at that so I don't trigger myself and end up banned.

 

100k mile base model truck for 20k.... Sounds a bit right.

First the add on options mean nothing to them. They rather have it stock.
Dealers prefer to have factory optioned vehicles as it appeals to more people.

The truck new was 40k+ Drove it for 100k miles and you they are willing to give you half.
Dealer is going to try to sell it for 25k -27k or so. Not really an easy sell for them either.
They are going to have to warranty it for at least 12months 12k miles.

15k more and you get a brand new vehicle with factory warranty and generally better loan rates.

With the 20k trade in, you get that number off of sales tax too.(well by me) Around my parts thats a value of about 2k.

 

Yup, generally not worrying about resale value of various trim levels and options packages is a luxury reserved people who plan to Hold for 10 or more years, not 2-3.

 

Did you ask them what they would give you for your Tundra?

 

I think it would be a solid swap especially for if it’s a farm vehicle. I’ve always loved my tundras, but my next purchase will be a 2500 or 3500hd.

 

Such a cute little screen on that truck.

The last Chevy I owned was a late '70s Blazer. It was a pre-owned rust bucket that rode like a hay wagon, but it was a tank. I traded it in for a 4Runner and have been a Toyota guy ever since.

I do think a 3/4 ton truck suits your needs better.

Matt

 

Buy here, pay here customers with 500 credit score with 24.9% interest!

 

$60k for a long bed regular cab truck. What a bargain.

 

It's a third gen, so that could be as soon as tomorrow!

 

Who let the peanut gallery back into the 3rd Gen forum?

 

We’ve become desensitized. And I know, I know, there’s no going back.

 

I am postive you can get more than $19.5K on the open market. When I sold my 2013 Rav4 earlier this year with 60K miles on it I got $20K for it. My dealer only offered $13K. My calculations showed that getting anything more that $2000 over what the dealer was offering me was a wash when it came to offseting the taxes I had to pay. So $15K was the majic selling price, anything over that I was saving money.

Good luck on whatever you do.

 

Slightly less expensive than parts for my 20 years old Volvo.