Found a truck,now what to do?

Hey guys,

So I started a thread a week or so back telling about my adventures in finding a 2wd Toyota Tundra in New England. Well in that thread I said that I found a used 2wd 08 double cab at my local friendly dealer where we bought my wifes 06 Sienna almost 5 years ago. Well I have been talking with a sales guy about it,and he let me bring it home to show it to my wife rather than drag her,and the kids up there. I really like the truck,and so does the family.

Thing is I know I can afford it,but I am not sure I want to buy it,and finance it which is what I would have to do. I have a bunch of money saved up for the strike at work,but that only lasted 2 weeks so I have some of this savings to use. I don't want to use it all though as I have never had this sort of savings before,and it is a good feeling. I will use some of the money to take the family to Disney World on vacation soon though as my kids have never been.I plan to keep saving as best I can as well.

I don't really need the truck,but I have been driving my 01 Dodge passenger van for around 4 years,and it is getting tired with 140k miles on it. It hasn't broken down on me,and truth be told I rarely drive it during the summer months or when the snow,and salt isn't flying. I don't remember when I drove it last,but maybe a couple of weeks ago. The thing is I really would love a newer truck,but at the same time I like the older simpler technology. I don't need a crazy fancy truck,but just something simple to comfortably haul the camper,and family around in when we go camping,and dump runs during the winter(REPU gets this duty in the summer when the weather is nice). I like the idea of a crew cab/4 door truck.

The sales guy said they could come down from $19995 to $19400 on the truck,but that was it. It is a certified truck with a clean carfax,but I noticed an area around the SR5 logo on the drivers side rear door where the paint is extra orange peeled,and it has me a bit concerned. Also I would love the truck to have some step rails on it to aid in my family getting in. Do I call the sales guy,and say put the step rails on,and fix the paint,and we have a deal?

I worked out the numbers,and if I put down $3K plus pay the sales tax of around $1200 I could get payments around $299 a month for 5 years. Now this is affordable,but do I want to be paying for a truck for 5 years when it is 3, almost 4 years old now? Also do I want to be making payments at all when we only have 4-5 left on my wifes van,and then we are in the clear with $380 extra that doesn't need to be paid out each month? I am confused because on ione hand I want a new truck,and feel I deserve it after toiling away in my ratty van,but on the other I am thinking do I need it and the payments? I can get a couple more years out of the van I am sure,but the body is starting to rot pretty bad,and I don't have AC or ABS.

What to do?

Chris

Were it me, I would not spend almost 20k on a truck. Especially a 2wd one I only want and don't need.

Instead, I would go to Disney, keep some money in savings, and fire up the old Dodge van when I needed it.

And keep window shopping.

Well first of all I would laugh in their face when they say they can only come down $595. They low-ball'd you so low-ball them. Tell them you won't pay over $18,000 and then walk away. Maybe you'll get it mid 18s.

Want and need is a tricky position to be in. I don't have kids yet so financially I'm fine. My Jeep was starting to be unreliable and rusty plus it couldn't tow my trailer and race car so I was in the market for an SUV that would do all those things plus be comfortable and look nice. It sounds like you need something that can tow and be your DD in the winter just like me.

I waited until my wife paid off her Rav4 before I bought my Tahoe. Not that we couldn't afford both but with this economy you never know...

I would try and get a better deal on the truck. If they won't come down any more walk. It would seem that a 2wd truck in your area of the conrty would not be an easy sell so let that work in your advantage.

On the money side, only you can decide if it is worth the payment but there is something to be said for being happy with something that you spend a lot of time in.

Like Rusted said, only you can decide on the financial end of things. Do you really want a $300 car payment for the next 5 years? If the answer is a resounding yes, then go for it. If you're not sure or have doubt, walk away.

Having young kids myself, and planning a Disney trip this summer too, I know where you're coming from. My DD is a 16 year old Volvo. I'd love a new(er) car, but I'm going to hold off for a little while.

That seems like alot of money for 4+ year old truck (2012s are on sale now, and I know 4 door Tundras even 2wds run $50k new). Means you'd be finished paying when the truck is almost 10 years old. As Datsun asked, how many miles and what options? I can say with certainty that after 10 years that truck is going to need more than just the $300/mo payment...

+1 on all of the above. Sounds like a good truck, but what about down the road? I'm sure 500 lower isn't going to be the lowest he can go. He knows you really like it and can't find it elsewhere.

I'd say no, really. If you've got one payment, plus a job that's strike-happy, then you might want to consider the overall finances first.

I think its a ton of money for a truck Toyota won't even sell there because nobody wants them.

For me, I've decided that it doesn't make sense to spend a lot of money on an occasional driver. Last year I was in a similar situation. I had a '94 Chevy K1500 that was literally rusting apart that I used for dump runs, Home Depot trips, and as a semi-DD in the winter. The difference there was that my existing truck was killing me with repairs, and the future only looked worse.

My wish list for a newer truck was that it could seat all of the family (at the time that meant 4 people), and do the same type of stuff the old truck did. Although I was tempted to get a newer truck, I ended up getting an 06 Dodge Quad Cab that my wife found on a local used-car lot. The catch was that it was the stripped model (which I actually preferred), and it had 135K (very high mileage for that year). I looked at it, it was well-maintained, so we decided to buy it. I was planning on getting another year out of my old truck, so we hadn't saved enough to purchase it outright. We took out a small loan to help pay for it, which we committed to paying off in a year. Just for reference, I paid $11K and that was for a 4X4 with the Hemi 5.7.

It's been a great truck so far, and it met all of my needs without strapping us with a car payment for several years. It's new enough that it will last us several years, but not so new that I'm afraid to use it as a truck. If I had bought a newer truck, I think I'd be frustrated on making payments on a vehicle I only use part-time.

In your situation, I'd recommend staying put for now and putting aside the money you're saving by continuing to run the van into an account, and keeping your eyes open for something else. I went with something that met my needs more than my wants, and I've been very happy with that trade-off.

If you have kids and no savings, I would focus on getting the savings up long before buying a truck. But I'm a VERY conservative person with my finances - I haven't had a car payment since I was ~20. (That's .. cough .. a long time ago.) I make 5x what I made then and yet drive a car worth 1/10th what mine was then. Especially once you throw kids into the equation it seems like a bad idea to not have any savings. (And I mean significant, like 6+ months salary savings.)

That's my take on it, I recognize that it's not the only right take on it!

I have plenty of savings,but just not enough to buy the truck outright. I suppose I have around 6 months worth of living saved up,and would be using some to put down on the truck. My thought is that once my wife's Sienna is paid off that will also become savings as well,unless I buy this or another truck that would require partial financing. I do really want a newer vehicle,but I truly hate payments. Maybe it is best to hold off,and in a couple years time or when my van finally gets to the point where it isn't worth fixing then I will pull the trigger on a newer vehicle. I guess the good part is once the Sienna is paid off we only really have the mortgage,and normal living expenses to worry about as we don't have any other debt like credit cards,etc...

Thanks for the help guys. I do like this truck,but maybe now isn't the best time. Being the only guy in my family driving a E36 M3 box or three(REPU,RX-7,Sapporo) doesn't make me feel real good about myself,but no debt does.

Chris

I was just going to ask if you had 6 months saved up. I'd put that right into the "don't touch, I forgot I had it" account. And forget you have it. Then use another account for all your other needs. Any down payments should come from whatever's on top of that. It feels so good to have a cash cushion that you'll be more comfortable just knowing its there.

I'm not a big fan of financing vehicles either, except that now rates are so low that it's almost silly not to. Also, you seemed to have a knack for saving when you thought there was going to be a strike, right? What about saving some more over the next 6 months and buying something with cash?

Oh, and if you don't like driving those other "E36 M3boxes", sell 'em. Sure, they're cool, but if they're more a pain in the ass than they are fun, it ain't worth the drag on your psyche.

No I love the cars well aside from maybe the Sapporo which I like but don't love. The other two will be with me until the grave. I just got back from a nice ride in the 7,and I forget sometimes how much I love it when I don't drive it much. I guess I just hate the Dodge van the most,and it doesn't help that it is rusting apart. It runs good though,and does the jobs I ask it to do without any hassle so far.

Thansk for the help guys. I think I am going to call the salesguy and low ball him. If he balks then I walk away. I don't need the truck. Actually the reason I bought the van 4 years ago was the fact that I had a used 2-3 year old Dodge Ram 1500 quad cab 2wd Hemi that I was paying $3-400 a month for including insurance,and was only driving it maybe 1-2 times a week. It didn't make sense then so I sold it. My situation hasn't changed any so I am sure it doesn't make sense now to have a payment on a vehicle I don't use everyday. I guess I am just in a rut with this van. I suppose it doesn't help that I have been called a pedophile in it many times. Great friends I have eh? I guess I had better take the Free Candy sign off of it?

-C

I think you're making the right decision. I sold my "fun" car a few months ago, and it's tough when you're stuck driving boring cars/trucks. However, it simplified my life,and pocketing some extra money didn't hurt financially.

So in my searching I have realized for my needs a similarly equipped or better equipped Domestic truck seems to be around the same price. I recently found these examples:

http://cgi.ebay.com/ebaymotors/08-GMC-Sierra-1500-2WD-Crew-Cab-143-5-SLT-LTHR-SUN-/160658880144?pt=US_Cars_Trucks&hash=item256803f690

Higher miles,but much more truck,and is about 5 miles from my close friend who moved to Austin a couple of years ago. Rust free I bet,and gives me an excuse to visit.

http://cgi.ebay.com/ebaymotors/Like-new-2007-Chevy-crew-cab-w-60k-miles-navigation-/260862146691?pt=US_Cars_Trucks&hash=item3cbc987883

Higher miles again,but seems to be a well cared for truck in pics. Bonus is I could drive down,and see it/buy it in a day. Older style body means it is not as nice a truck compared to the other I bet,but I am not picky. How do these GM trucks compare to the Toyota?

Either one will most likely not have much of a warranty compared to the Toyota Certified one I found local though so that is something I have to consider. Both thes etrucks will seat 6 in a pinch where as the Toyota is a strictly 5 passenger truck.

I also just went to see another 08 Toyota this past weekend,that was just about the same as the one I asked about before aside from it being a 6 passenger,and a few less options,but better condition,and higher miles. Same price as the other one though but no Certified warranty as it was at a Ford dealer.

dculberson wrote: If you have kids and no savings, I would focus on getting the savings up long before buying a truck. But I'm a VERY conservative person with my finances - I haven't had a car payment since I was ~20. (That's .. cough .. a long time ago.) I make 5x what I made then and yet drive a car worth 1/10th what mine was then. Especially once you throw kids into the equation it seems like a bad idea to not have any savings. (And I mean significant, like 6+ months salary savings.) That's my take on it, I recognize that it's not the only right take on it!

This is what I heard as well!!!

Have you considered a Crew Cab Nissan Frontier? You can get a new 2011 SV 2WD with a 4.0L and auto for $19,700. $18,700 if you want a manual.

I would consider one of those Greg,but good luck finding a long bed one 2wd around here. You know how it is around here,only 4wd short beds in any shade of grey you want.

I just tried building that truck you mentioned Greg,and I can't seem to get it that cheap even with picking no options. This is a 2wd long bed crew cab SV manual. Maybe the short bed is cheaper,but I am missing by $4-5k when I build it.

Completely OT here, but screw RatWorld. Go to Busch Gardens instead. Some of the other Orlando resorts are ok, but the majority of Florida natives do not like Disney. Besides the horrid lines and exorbitant prices, they have a nasty reputation with politics here. 800 pound gorilla type of stuff. It's been 25 years since I went there. I would much rather go to the Keys. Actually, I would rather have a root canal.

My kids really like Disney characters though,and they have never been. I would rather just go on Disney cruise,but a trip to the park is best for the kids I think.

In reply to Mazdax605:

Use TrueCar.com to look up prices. My Frontier listed for 27K MSRP and I got it for just under 22K.

edit: I noticed Milford Nissan has one in black.

Looks like the one in Milford is a short bed.