I need your opinions on a new truck

So I currently have a 2017 TRD off road double cab. I took it in for an inspection, oil change, and tire rotation and just for fun checked out the deals they have going on. I worked up a deal and left empty handed and undecided. For a $3000 down payment I can get into a brand new 2019 TRD off road crewmax. That's 2 years newer, much larger back seat, plus all the safety sense technology with the lane departure and auto dimming headlights and self correcting cruise control and all that jazz, plus a fresh warranty (mine is up in 6k miles). Also I need new tires and brakes before winter. Any input?

 

$3K down payment? I would have thought the truck would have enough "equity" to cover that.

As far as getting a new truck, that's your call depending on your finances and wants (not needs, but wants LOL)

 

Keep your 2017 unless you need the CM space.

 

Well the thing is I am currently in a lease and I still have a year to go so they just dissolved the years worth of lease payments

 

For 3000 down?

How much is the truck?

Trading yours in? That would be my down payment

Answered.

Are you leasing to write it off for business or just to pay more for a truck in the long run?

Sounds like you have money to burn

Go for it

 

I'm leasing because my payment is only 396 as opposed to buying which would be 600
I have the exact opposite of "money to burn"

 

IDK, man. $3000 down but your monthly payment would almost double? Doesn't sound like that great a deal to me. If it were me, I would finish out the lease. Seems that would give you better options in the not so distant future. These Tundras look better to me each year.

 

Leasing simply because it is cheaper than purchasing is a horrible idea.

I would really write out the full terms of the purchase on a piece of paper and think long and hard. The dealer trys to sell people on down payment and monthly payments in order to allow you to make terrible financial decisions

 

No no no my monthly payment would only rise by $9. I currently lease for 396 and the new one with $3k down would be 405/mo


I was simply trying to prove to the very opinionated @Gotyour6 that Im not leasing because I have money to burn. Not sure what he meant. The lease is around 400 whereas to buy would be 600

 

If I didn't lease I wouldn't be able to afford a Tundra. Are you trying to talk me into a Silverado?

 

Oh, gotcha. Well hell, in that case....

 

Keep in mind that I need new tires and brakes all the way around before winter and my warranty expires in less than 6k

 

Do it

 

If that’s the case you could easily pay $3000 for the necessary tires and brakes. If you trade it in now and put the money down that you would have paid for tires and brakes, you have a newer truck, crew max and a longer warranty period. Sounds like a better option to me

 

Forgive my ignorance but...I financed $35,576 (after 10k down) at 3.25% and have a payment of $540. How are you getting in a new Crewmax for 400 bucks a month?

Or is this another lease?

 

Read up on leases... The "purchase price" is important.

 

Dooooo it!

 

Do you need a truck for work or business reasons? I know this isn't a personal finance forum so you don't have to answer.

 

You’re answering your own question. A silverado would be an even worse purchase because it would depreciate much faster.

Buy a truck that you can afford now. I want a 2019 too, but its not in the cards so ill keep driving my 2010 that i owe zero dollars on. Have a smaller payment now that goes to zero sooner

You’re money your choice, but you asked for advice. Sometimes the best financial advice is not what we want in the moment

 

If you had money to burn (Reason why people lease and need a write off for company expenses) then I would say buy the truck.
I am opinionated because you asked for someones opinion.
If you have very little money and you leased to own a truck then you should remain in that truck and finish out the lease, turn it in or buy it at the end.
Try and put money away for the next year and get a truck using that saved as a down payment and cut bait on that lease.
If they are going to let you walk away on the lease with a payment that is only a few more dollars than what you are paying now then do that. I am guessing that it is a very long loan and I don't know the specifics of what you are paying for how long at what APR.
No one here is trying to talk you into buying anything but if you have the taste for champagne and the wallet for beer you may want to get a Silverado for a few years till you have enough money to buy what you want.
I drove a Ford F100 for a long time, then a Saturn Ion, 2007 Caviler, 2007 Tacoma, 2011 Tacoma, and now a 2019 Tundra.
I put 20,000 down on it and I have a four year loan which I will have it paid off in two years.
I never leased due to math doesn't work out well for me.

The CEO for my company leases but he is in a different tax bracket than I am and it works for him. He gets a fresh BMW every two years.

 

My opinion as well...

You’re throwing away $3,000 if you do this. With a lease, you are merely just financing the loss in equity of the truck. You’re taking the hit for the dealer.

Plus, with a lease, if the car gets totaled, Toyota gets their money, not you. You lose that $3,000.

I used to lease, then I realized it wasn’t the best financial move. You go into a circle of payments. I then bought a new car, paid it off, and went 5 years without a payment. It’s a great feeling.

Like others have said, if you have the extra money (various opinions on what ‘extra’ means), then do it.

I’d put the ‘extra’ money into retirement.

Heck, buy used next time. Find one that someone else drove as a lease with low mileage. You’ll save BIG bucks.

 

I think people above get distracted from what the question was. OP is leasing his truck. He has another year left, after which he will probably lease again, and have to pay the $3,000 then. He has the option to pay it now and get out of the old lease, into a new lease. He will have $400/month payments regardless, for many years to come. He has to spend a good portion of $3,000 for tires and brakes, of which he will not have much benefit after next year.
In OP's situation, given that he wants to lease anyway, it makes sense to apply the $3,000 to the down payment on a new lease rather than put it into maintenance of an old lease.
OP, go for it.

(If OP wants to start looking at different financial beneficial options that would change it, but that was not the question)

 

What kind of tires and brakes are you looking at? I can do brakes for the cost of pads assuming rotors are good. Probably only needs fronts. I figure decent tires and a set of pads maybe $1400.

 

I'm curious as to why a two year old leased truck needs tires and brakes. I am admittedly not very familiar with leasing a car, as I've never done it, but all the ones I can recall limit you to like 12k miles a year or something, and make you pay through the nose if you go over that. So this truck should have what, like 24k on it? Seems way early to need tires and brakes. Maybe I'm just ignorant. That's usually the case.

 

I've seen (and from personal experience have had) stock Tundra brakes last well over 70k miles, so that is a bit questionable. The factory Michelins on the TRD are rated for 50k as well, so at the very least a warranty reimbursement for half the tire cost should be feasible.

Also personal opinion, unless the money factor on a lease is really bad a down payment is pointless. And if the MF is bad, it's not a good lease deal anyway.

 

My purchase price is just my residual that I would have left. Sticker price minus what I have already paid throughout my lease. At the end of my current 3 year lease my buyout is going to be around 22k. And I had no down payment to get into it

 

No worries I'm not going into a Silverado lol

 

He didn't make it clear that he would be leasing another. Just that he could get another truck for a few dollars more.

Now we find out he will be leasing again and needs another 3000 down to get a new truck.
Tires and brakes at the miles that he has seems excessive but either maintain the one he has or get in a new one is his choice and start a new lease.

If I were always going to lease I would get the new one I guess.
He is going to be spending the money on other stuff on an old truck so better put that in something new.

 

20,000 down? That's crazy lol we are in completely different financial situations. My lease is a 3 year and apr is next to nothing that's why my payment is so cheap. That's also why I have a hard time justifying a purchase when my payment will increase from 400 to 600+. I get where your coming from tho.

 

I agree. I shouldn't need tires OR brakes but my rotors are warped I have a nasty shake in the steering wheel when I brake and my rear pads are only at 25% and my tires barely passed inspection and I have winter creeping around the corner. I'm not happy about it