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Financial advice for purchasing....make sense at all?

Discussion in 'Off-Topic Discussion' started by Tundra234, Jul 28, 2020.

  1. Jul 28, 2020 at 6:11 PM
    #1
    Tundra234

    Tundra234 [OP] New Member

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    So as some of you know, I am looking to upgrade to a 2020. The dealers are being a pain when it comes to trade allowance, and obviously coming in too low. I did a quote on Carvana today and it was tentatively $16,713. Obviously I will get more by selling it myself. So here is where I'm at, and the dealer even suggested some of the options (of course they want to sell). They have a DC Limited 4x4 that I was looking at online. The manager (same one I dealt with on the wifes 4Runner and who is also a Tundra diehard like the rest of us) said that he will get me lower than the internet price on the truck. So here are 3 options to run by you guys

    1. Get the truck now with a little higher payment, sell mine, and put that money aside to make payments with and have them covered for at least the next 18 months or so, while still putting money aside form my old payment that just got paid off.

    2. Sell mine, make one large payment on the loan, and then refinance for a lower payment.

    3. Sell mine, use the money to pay off other bills, and keep the outgoing the same for the most part.
     
  2. Jul 29, 2020 at 3:33 AM
    #2
    Tundra234

    Tundra234 [OP] New Member

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  3. Jul 29, 2020 at 3:49 AM
    #3
    Skip_TRD_Sport

    Skip_TRD_Sport New Member

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    Perhaps option 4
    Sell yours and use the money as a down payment on the new truck. You do risk going without a vehicle for a short period of time but you only sell when you get what you want for the truck.

    From the choices you provided I would do option 2 however the risk is not getting what you expect from the sale and/or taking a while to sell it.

    In the end don't force it. If it's meant to be it will happen.

    Good luck
     
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  4. Jul 29, 2020 at 4:10 AM
    #4
    Sunnier

    Sunnier Consumes science with a side of hopes & prayers

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    If I get a winch on my 2WD, can I overland with the BASTRDs and SGU?!
    I ^ agree.

    Plus, you walk away, this sales guy will call you every time he nears the end of a sales period: month, quarter, half year, etc. Because he knows you’re out here, wanting a truck he needs to sell. Each time he calls you, the deal he offers will be a little sweeter.

    I read your other post. I get the low inventory theory. But supply and demand always favors the one that can walk away.
     
  5. Jul 29, 2020 at 4:12 AM
    #5
    Tundra234

    Tundra234 [OP] New Member

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    Thanks for the input. I do currently have an offer from Carvana for 16, 237 lol.
     
  6. Jul 29, 2020 at 4:14 AM
    #6
    Tundra234

    Tundra234 [OP] New Member

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    Yes, its definitely a crazy market right now.
     
  7. Jul 29, 2020 at 4:18 AM
    #7
    shawn474

    shawn474 New Member

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    I choose option 5 - some will say life is too short and you can’t take it with you, but like it or not this is not a buyers market with minimal inventory. I will reiterate my opinion from the previous thread you had.....it doesn’t seem like you really NEED a new truck and are worried about the amount of your monthly payments. Keep your paid off truck, put away the $400 a month you would be paying on a newer truck and when you have enough money for a solid down payment, sell your truck privately and use those proceeds to pay down any financing on a new truck. I get wanting a new truck but having this much debate and going back and forth with dealerships seems counter productive to me when you admit that you have a paid off truck that you like and you know exactly what it’s history is......just my .02.
     
  8. Jul 29, 2020 at 4:26 AM
    #8
    Ace402

    Ace402 New Member

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    Less debt is always a good thing. I think the idea of making a payment to yourself is a great idea. I would give it until the new Tundra is released. That may put some pressure on this generation Tundra prices. If you know for sure you are getting a new truck, just a matter of when, can you live without it and just use your wifes car? You will probably get more for your truck in this market than you will in 8 months.
     
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  9. Jul 29, 2020 at 4:30 AM
    #9
    Professional Hand Model

    Professional Hand Model A.K.A ‘Golden Hands’

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    Exactly what I was going to type. Keep truck. Save money (for future down payment) and/or pay off other debts if already incurred and get out from under those first.

    New truck market may change to a buyers market in a few years when you are better off with a good nest egg, or you can then beat up on someone selling their 2 year old used truck in the private market in which they are overextended. :rofl:
     
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  10. Jul 29, 2020 at 4:42 AM
    #10
    Tundra234

    Tundra234 [OP] New Member

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    I agree that these are all valid points. It's a loaded truck but its not the only one that is floating around out there. I might not even like the numbers that he comes back with. The 21's are the same so there is more coming. There are people that would love to have a truck that is set up like mine, and it looks good for the year....so it could always be worse lol.
     
  11. Jul 29, 2020 at 4:43 AM
    #11
    FlyingWolfe

    FlyingWolfe Wolfie

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    With the market as hot as it is, I doubt you'll have any trouble selling your truck. A little more pain in the assed-ness but you'll make out with more money at the end to put towards a new truck. I sold my Tacoma in March for over $4k more than the highest trade-ins I was offered and got my Tundra for less than $1k difference between the two trucks and my monthly payment is $111 and will be paid off in a couple of months, was cheaper to switch to the bigger truck, go figure. Worth selling privately imo if you can afford to be truckless for a bit while you hunt.

    Don't limit yourself to x dealers either. They smell anxiety. If they pull any stupid "i need to talk to the manager to get you a deal" shit and leave you sitting there.. get up and leave and watch how fast they come running out. It's all pressure tactics, 99% of the time when they do that they're going out back to make a cup of coffee and let you sweat it out. I sold Ducatis for years, I'm on to their bullshit :rofl: I also had my husband call and negotiate price as a middle man, which afterwards we were told by the sales guy is the worst type of people they have to deal with because when the negotiator isn't involved in the vehicle sale they can't pull the same stress/pressure tactics because the caller doesn't care what the salesman says during negotiation.. it's not their vehicle. If you have a shark that can call on your behalf you may be able to get them down even more. I did that for my mum's Camry and sister's 4Runner.

    I had my truck shipped from Kentucky (1,000 miles way) because it was "the one". The lots up here are full as hell. Toyota of Braintree MA is one of the ones I passed last weekend on my way to hubby's house that had probably over two dozen Tundras sitting there on display with the plastic wrap shit still on the front of em.

    Edit: I financed through my local credit union also, it was 1.9% and no early payoff penalties or fine print crap, but it's also a loan that i'll only have for about 6 months by the time it's paid off. I will never finance through a dealer for anything but that's just my personal thing. Got burned once before because I didn't read all 500 pages and got slammed with hundreds in penalties when I paid my Jeep off early.
     
    Last edited: Jul 29, 2020
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  12. Jul 29, 2020 at 4:45 AM
    #12
    ezdog

    ezdog New Member

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    I talked to 2 different Toyota Dealers yesterday that I know pretty well and this thing is going to be different in a month or so,trucks are starting to get back into the channel for sure.

    Never let the car market dictate your financial decisions,it is still your money and your responsibility to pay the bill and you already have a truck that you own and this is pretty powerful if you can accept it.

    You keep talking about the Payment as the bottom line which makes me think that you do not really appreciate fully how great it is that you have no payment right now?

    You also seem determined to buy the truck so......

    I would not count those Carvana Chickens until they are dollars in your hand either?

    This is from a guy who will NEVER buy new too though and your mileage will clearly be different than mine!
     
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  13. Jul 29, 2020 at 4:50 AM
    #13
    timsp8

    timsp8 Member

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    Check tax on new car vs new car with trade. Most states you only pay tax on the final amount (new car minus trade). If you sell to caravana, make sure it’s worth it if you have to pay more taxes.

    But I vote keep the paid off truck and put the $400 back every month.
     
    Last edited: Jul 29, 2020
  14. Jul 29, 2020 at 5:06 AM
    #14
    glowblue

    glowblue Don’t even ask...

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    A lot
    I’ve been following your other posts - you sound like me 20 years ago. I would switch up cars just because and I would over analyze every aspect of the deal...trade, financing, options, and on and on for months. I’ve had some really great cars and trucks over the years that I sold and ended up thinking to myself later on “you dumbass, why did you sell that it was a great car!”

    If your hell bent on upgrading, I’d sell your current truck and use that money as a down payment to lower your loan, then just overpay on the loan like you would have if you didn’t put the huge down payment in. Interest rates are way low right now, even if I had the money I’d probably take a loan at 0-0.9%.

    Don’t negotiate a deal on a new car with a trade in the equation - gives the dealers too much room to wiggle. Sell your vehicle first and it gives you price of mind in working the deal on your new truck.

    Don’t over analyze - you get into “analysis paralysis”.
    :typing:
     
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  15. Jul 29, 2020 at 5:14 AM
    #15
    Tundra234

    Tundra234 [OP] New Member

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    I hear ya. He is going to give me numbers with a trade in the equation. I most likely will pass for now....just depends on how it turns out.
     
    Last edited: Jul 29, 2020
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  16. Jul 29, 2020 at 5:28 AM
    #16
    Stumpjumper

    Stumpjumper New Member

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    One thing to keep in mind if you sell your current one yourself is insurance. My insurance gives me 30 days to add a new vehicle. This means that i would not have to pay for 2 vehicles for the 30 days while trying to sell one.
     
  17. Jul 31, 2020 at 7:50 PM
    #17
    Tundra234

    Tundra234 [OP] New Member

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    Thread can be closed. I chose to wait it out until the market is better for deals and use no payment to get rid of a couple other small bills. The only inventory coming in is 4WD and I don't need that here. At 96k it's just getting broken in and looks alot better than most of the 2nd gens around here. I even started my new bumper install today.
     
  18. Jul 31, 2020 at 8:12 PM
    #18
    Sunnier

    Sunnier Consumes science with a side of hopes & prayers

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    If I get a winch on my 2WD, can I overland with the BASTRDs and SGU?!
    :fistbump:

    (I just came to check, after we met on that other thread. This will be good, for many reasons. You’ll get a truck you love
    at a great price. And not in the middle of uncertain financial times, or with a sense of pressure.)
     
  19. Aug 1, 2020 at 3:22 AM
    #19
    FlyingWolfe

    FlyingWolfe Wolfie

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    Sweet. The trucks will be there, they make new ones all the time.
     
  20. Aug 1, 2020 at 6:01 AM
    #20
    Hbjeff

    Hbjeff New Member

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    You made the wise choice. Pay off all the other bills first
     
  21. Aug 1, 2020 at 6:33 AM
    #21
    Tundra234

    Tundra234 [OP] New Member

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    I'll get it finished up today.20200731_112201.jpg 20200731_200000.jpg
     
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  22. Aug 1, 2020 at 6:36 AM
    #22
    CaptainGrumpus

    CaptainGrumpus The Mailman

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    Not sure if it was already posted but what’s the interest rate the dealer is getting for you?
     
  23. Aug 1, 2020 at 7:41 AM
    #23
    Tundra234

    Tundra234 [OP] New Member

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    1.9 for 60 or 3.49 for 72 months through Toyota Tier 1 with score above 750
     
  24. Aug 1, 2020 at 8:05 AM
    #24
    shayned97

    shayned97 New Member

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    Of you have debt with higher interest then the new trucks loan. Option 3 would be better. Pay highest interest down first. Give less money to the banks.
     
  25. Aug 1, 2020 at 8:26 AM
    #25
    CaptainGrumpus

    CaptainGrumpus The Mailman

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    I’d go with the 72 months at 3.49 and then go option 3. After your bills are paid down you will be comfortable with the truck payment. I wouldn’t put a big chunk of cash down on a new vehicle unless I could guarantee myself that I would keep it for 10 years.
     
  26. Aug 1, 2020 at 8:58 AM
    #26
    T-Rex266

    T-Rex266 .org? Never heard of her. Staff Member

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    I may just lease cars for now on. I’m always wanting something new every couple of years it seems.
    My buddy leased a new Tundra for $300 month last year. With all of the rebates and deals they had- that’s what it came out to. Beautiful blue CM
    Tacoma’s were $230 a month.
     

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