Trade in?!

Not sure how long you have to go with your loan. But you are sitting with a very reliable vehicle which will run for a very long time. Especially when it paid off. All depends financially if you can make the payments till it’s paid off. Going to a Tacoma you will regret it if you need a lot of room.
Listen to Dave Ramsey do not fleece one!!

 

@White TuRD totally agree! That’s why I would say I basically got my dream car, supposedly to keep forever, but yeah, all the advice that I got is right, just needed to hear it specially coming from actual enthusiasts.

I already downloaded carmax app to start with lol I will set an appointment on Tuesday.

 

You couldn’t get an offer from the app/website?

Be careful. 5th Gen 4Runners are in high demand. You are the perfect mark for a dealer to get your 4Runner in a deal made under duress; it will not benefit you. They know all they need to do is get you in the door.

 

The biggest scam with dealers. First thing they ask what do you want your payments at!! Then they play with the numbers.

 

Also, OP, if I were in your position, I wouldn’t be considering aftermarket modifications.

https://www.4runners.com/threads/gas-tank-attachment-molle-panels.46446/

 

@White TuRD I just realized I can! Have to take photos then hopefully they send me an offer, I do live 10mins from a carmax so if online don’t work, I’ll drive by.


Not letting that happen! I will post info here and will appreciate your opinion whether it’s a good or bad deal. Thank you!

 

https://www.4runners.com/threads/gas-tank-attachment-molle-panels.46446/
I think Wal-Mart sells 5 gallon jugs that you can strap on the trunk of a 2003 Honda Accord. There. Solved both of your problems.

 

You can also do Kelly blue book cash offers. Three dealers will reach out and give you an offer. Don’t mean you have to take any.

 

Made me think, once I get rid of the 4 runner, I need to get a new car for work and school, definitely getting a used one. Any advice?

 

@RusPro17 just did that! A dealership offered $39k, so far the highest, next is 36k but will do carmax today

 

I know when I tried carmax and carvana a few years ago on my 21 tundra crewmax pro. With 16,000 miles forget it. I sold it for more than I paid after driving it for 2 and half years.

 

Used corolla. Just picked up a 2013 with 100k on it for relative that needed to break out of the car payment trap. Paid cash and solved the problem hoping it sets him up for success no payments reliable transportation. I have 2 old corolla in the family fleet now.

Its hard not to get needs and wants mixed up. Lots of good advice above on living below your means and saving. Time value of money and compounding is important to learn when young. Almost impossible to catch up later.

Its frightening how many people have no or little savings and are 1 paycheck missed away from a crisis. Being underwater on a vehicle and rolling that bad financial decision into the next bad financial decision making it worse was what i had to prevent with relative mentioned above.

 

There are a lot of factors here we know nothing about...what is school going to cost? Loan needed for that? Commute needed? How far? Living expenses? Too many unknowns to give advice.

The one given is a lower payment does not mean "saving money"...maybe month to month, but not in the long term.

 

What’s your price point and what do you need versus what do you want?

A used Corolla, Civic or Mazda3 are all solid choices to get you by until you’re out of school.

 

If you need AWD or a bit more space consider a CRV, RAV4 or CX5.

 

Before I got married at 33yrs old, I was into fast motorcycles and cars and couldn’t keep a dollar in my pocket……then I married a VERY fiscally conservative woman and boy did she straighten me out. Now at nearly 70yrs old I truly appreciate what she did, we are financially sound in retirement without money worries.
No pain, no gain.

 

I like the Corolla idea myself. That said, Corollas are often more expensive on the used market than a similar Camry. That said, used Camry’s aren’t that far off from similar Sienna minivans. When it comes to usefulness when you only want/need one car, minivans are the holy grail.

I would say looking for an AWD in a vehicle definitely falls under “want”. Totally not worth the complication if you learn some decent driving techniques. Then just put a shovel and some sand in the trunk in case you do get stuck.

 

I’ll add this: the used market is still reeling in the afterglow of COVID. That’s an economic debacle that is relevant, but is a discussion on its own. There is a lot of inventory out there, but it’s a mixed bag of overpriced good quality cars and overvalued crap cars.

Basically, you’re going to pay a premium for a car in good condition with a warranty. On the other hand, many if not most used cars in the “affordable” category (if you can call it that) are absolute trash with seller asking (and apparently getting) way more that they are worth.

“Good deals” are out there but hard to find and you need to jump with cash when you came across one. Basically, there is not much out there in cheap, reliable transportation like you could find pre-COVID. There a huge margin on good quality used vehicles that has reduced the supply available outside of dealership networks.

The current gold standard of cheap and reliable is probably a late model Corolla or Civic with a manufacturer certified warranty. That will cost you low-$20s from a dealer.

-OR-

A early to mid-2000s Crown Vic, Buick Regal, etc “grandmas” car if you can find one that’s not beat to hell.

 

My first point is now people are no more fortunate to buy a new 5th gen 4runner. One have to settle with a less reliable 6gen 4runner, Tacoma, Land cruiser, GX550, LX600, etc.. So trying to keep the trusty 5th gen would be a better financial decision long term. SR5 with 3rd row make it even special.
I wish I never sold my 2017 SR5 with 3rd row, keep it for my kid who will start driving next year if mom allows.



I wonder if refinancing with a credit union would help your financial situation. Credit unions generally have better new auto loan and refinancing rates. Also they don't have to be where you live. For example below credit union in Massachusetts have affiliated credit unions like The District Credit Union here in Denver CO. (How I know? I work in the IT industry who create software for some credit unions. So they are connected and support each other. Below credit union(s) are not I work on.). So when ever you get some money you can go to a local credit union and deposit without a fee. (Not sure if some credit unions charge any fee. But not in below example Digital Federal Credit Union -> District Credit Union .)

 

Sell it! Once you are in a better place financially, buy it again. It's a 4r.unner, a dime a dozen will be floating around when you are ready to buy again.
I give immense importance to financial peace of mind. A tangible thing like a 4runner comes and goes. Also, there is nothing fortunate about getting a 4runner.
A used CRV/civic are great. Cheap, frugal and as reliable if not more than the 4runner.

 

His payment is $767/month. He has little to no equity in it. The only way to make it affordable would be to maybe get a 10+ year loan. And that’s just plain dumb. It’s not worth keeping. It’s just a 4Runner. Not a faberge egg.

 

Amen, brother.

I’m working now with a 25-year-old on my team, trying to get her to not do the stupid financial things I did “when I was her age.”
(How’s that for an old-man thing to say?)

 

If you financed through the dealership, go to your local credit union/bank and see what kind of interest rates you can get. Dealers typically skim of a few points for their own pockets.

 

I knew this thead would wind up being a bunch of wanna-be Warren Buffet's giving out unsolicited financial advice.

You guys never disapoint.

 

I was thinking if OP was one of those people who took 8.5% interest with Toyota financial in 2024. Where now can refinance for lower interest (in this example 4.99% refinance rate) also assuming the balance have reduced like 10,000. In this case the monthly payment is lower and if OP gets bonus or tax returns early next year can put to principal avoiding daily transaction limit.


To my eyes 5ty gen is a special buy especially new. Just like I regret not buying something like LC100, LX470, GX470 when new compared to newer Toyotas that do not stand out compared to other manufacturers like Ford, GM, etc at this point.

 

He would still owe about $34,000 after 1 year with your numbers providing he made only the minimum payment. Then after a refi it’s a 6.5 - 7 year loan in totality. Not unheard of but not great either.

I know you really love the 5th gen. But they’re not worth going into financial distress.

 

2nd best in my liking.

If available to buy new;
Absolutely love LC80, LX450 but not very practical.

1st tier - LC100, LX470, GX470.

2nd - 5gen 4runner

3rd - GX 460

4th - LC200, LX570, Tundra 5.7

So on.......

 

767 a month is wild

If you double that payment, you can finance a Porsche 911..

 

Not really, it’s kinda normal now.

My Tundra costs $850/mo. That’s $28.5k @ 4.5% for 36mos. Shit’s expensive, yo!

Going with a “cheap” car with any reasonable financing terms is going to be about $500/mo.

Going with a cheap POS can bankrupt you just as fast if you’re paying for repairs.

 

UPDATE

Carmax appraised my vehicle for $39,000
My pay off is still at $46,864 ( I know, I feel so stupid)

so basically I am 7,864 negative equity.

2024 SR5 AWD 9,100 miles

Underground, 3rd row, DAC, ATRAC (not sure if this is standard but it’s there) 2.5 inch lift, BFG KO3s 285s TRD wheels, TRD skid plate, predator tube steps, blackout emblems, all weather floor mats, cilajet paint protection hood and door panels BSM tow hitch receiver roof rack.

that is so far the highest offer I received.

@Steely123 @White TuRD @banjos-n-beer @kmeeg

@RusPro17 @FourBelugas