2016 Tacoma trd off road advice

[Smo7]

Hey guys, first real post as I currently do not own a truck. My current vehicle/dd/project for the past ten years is a st185 celica all trac/gt4.

I am finally in a financial situation that will allow me to purchase a new truck. To put things into perspective I am 28 years old and have been driving my first car, my celica this entire time. Earlier this year I was married and purchased my first house.

Approximately one month ago I spoke with my local Toyota people about Tacoma prices. I really liked the 2016 Tacoma double cab, TRD off road in quicksand. Total msrp would come out to $37,909 with a total price of $41,586.84 (including premium and technology package) Salesman stated that my interest rate could vary from 4.99%-2.99% with an approximate monthly payment of $682.17 for 72 months.

Are these average rates and prices for those of you who have looked at this same truck?I was surprised to see the interest rate so high with my very good credit. Salesman explained that Toyota hardly ever goes close to 0% with new tacomas.

 

[v_man]

$682 for 72 months sounds brutal , is that with any down payment ? Are you trading in the Celica?

$682 x 72 is 49 grand, you could buy (2) really nice used Tacomas for that amount ...

 

[Smo7]

No down payment, no trade in. Doubt I could get much more than $2k for my old workhorse.

 

[skrillah]

Save your money and go with an older model. $682 will be fun for half a month, then you'll wish you hadn't. Good luck

 

[AaronK]

Have you checked with your bank for an interest rate? Seems like they should be able to do better than that...

 

[Willman]

Lease it! Then buy it back.

 

[austintaco]

Keep Celica as backup/DD (nice car..no, great car)
Buy an older Taco and shop interest rates. With good credit, you should get less than 2%, especially if you are with a credit union. If you shop for a few months (4) and put that car payment away, that's $2500 of down payment or toys for the new ride.
You will have a reliable truck, a backup car, and a payment around $300.

 

[forty2]

I actually have one on order, DCSB TRD OR 6MT in quicksand, scheduled for build today no less. Tow and P&T only options, paying 750 over invoice w/ Costco buying service. 35,980 is MSRP compared to 34,041 Costco price. Financing through my bank at 1.9% for up to 60 months +$150 origination fee (dealer will likely offer to beat this and I've been happy w/ TFS in the past so will likely go that route), taxes at 8.5% will be based off the difference truck sales price and my trade, expected to be around $17k if condition is the same and projected milage at truck arrival is where I'm guessing it will be.

Anyway, I recommend you find out what your actual credit score is, both banks I use offer free credit scores on request. Your salesman is correct that Toyota rarely offers promo rates on Tacomas, but the rate TFS puts on you may very well be pretty low. Dealers are essentially reselling TFS rates to you at whatever markup they want and profiting on the difference, it's a big part of the current car sales model these days. They also get a taste just for selling the financing at all. Had a friend in F&I when I bought my wife's Prius a few years back. Didn't plan to finance the car but made a cost neutral deal for me where I'd take the financing at the .79-ish% TFS offer the dealer on me (that they'd normally mark up 1-3%) and I'd carry the loan for 6 months until they bonused on it then pay it off. Extra money in my friend's pocket, no skin off my nose.

 

[Bikemobile]

Credit.com sign up for free and keep an eye on your score.

40 grand for a midsize v6 truck is painful. Not to mention that it is essentially the same as last years and year before. No direspect though tacoma's are awesome. I would own one if it met my needs better.

 

[brianjwilson]

That is an expensive *** Tacoma.
Don't finance through the dealer. You should know you're credit score and join a credit union with low rates. I've financed everything through my credit union for the last 10 years and they've put everyone else to shame regarding rates. On new cars, used cars, motorcycles, RVs etc. even my last two houses. Financing should be figure out first. Then go to the dealer and negotiate price only.

 

[Smo7]

Thanks for the tips guys, I'm thinking I may be looking for a used 2014-2015 model instead.

The pricey monthly payment is starting to sink in...

 

[bkg]

Ultimately you will do what is right for you... But your post said you are finally in the financial position to allow you to purchase a new truck. That statement appears to be 100% accurate. Yes, you can purchase the truck.
.
.
.
But you are not in the financial situation to AFFORD a new truck. Nearly $700/month for 6 years is not affordable... That's dumb... Unless you have the full price of the truck sitting in investments getting you at least 3x the interest you are about to pay on a depreciating expense."


Sorry... Reality is that buying a new vehicle right now, given what you have shared, might be fun for a few months... But its financially foolish.

 

[Ryanmb21]

If you can only put 2k down, you can't afford that truck.

 

[Clutch]

If you can only put 2k down, you can't afford that truck.

Even if a person could pay cash, that is just waaay too much for a Tacoma.

I can see the need of wanting to finance a new vehicle for the piece of mind for reliability. For the prices used Tacomas are commanding, might be better off buying new. I would suggest buying a base model for half the price, it won't be fast or have all the bells and whistles, but it will get you to work and back. Plus will go all the same places the $50K version goes. Turn that 72 month loan into a 36 month loan, have it paid off fairly quick, then you have a paid for little truck that you can run up to 200-300K miles and get 10-15 years out of.

Or, if you don't mind a break down every now and then...save for another year. That *$700/month payment fetches you $8400, you can pick up a used 1st gen with 100K miles for around $10K. Pay cash, then take that $700 you wouldn't be spending on a new truck and stash it away for repairs/savings/investments/what-have-you.






*Might be a little over that if you include insurance cost, banks need you to carry full coverage on a financed vehicle.

 

[austintaco]

The price on 2014/2015's might loaded up like you are wanting, might not save you as much. You may have to go a few years older, but not much. If you are thinking of doing a lift, tires, armor, or any upgrades for that matter, buying one that already has the goodies is cheaper than doing it yourself, but you are assuming they were done correctly.
If you buy a 5 year old truck, you can essentially test drive it for a year with the value not going down much over the course of 12 months. If, after a year, you absolutely have to have a 2016, you could trade or sell your truck without losing much on the transaction. You might even luck out and find a used 2016 and save a bit more.