Am I an idiot for selling my 3rd gen for a 2nd gen Tundra?

I have a 3rd gen Tacoma 2017 double cab long bed TRD sport 4x2. I had an access cab before same year sr5 that I bought new off the lot and loved had C4 front bumper and backwoods rear plus Dimondback HD cover falcon wild peaks plus a bunch of other little mods. Wife got pregnant so I bought the double cab moved the armor over and dimondback and sold the access cab.



I took the truck for the white paint recall to the toyota dealer. Dropped it off and later that day of course I had a salesmen hitting me up "We want to buy your truck!" out of curiosity I said ok what is your offer. Truck has about 100k mi on it and he said they would buy it for $21k (I currently owe about $20k on in $600/mo) which sounds like a pretty good offer especially from a dealer.



We recently found out the wife is pregnant again so I've been thinking about getting something bigger the back seat of the tacoma is pretty cramped for car seats but works. So I asked the sales guy if they have any used tundras pro 2nd gen I would like to get something in the $15k range and lower my payment down to $250-$300/mo. They just happened to get in a 2007 two days ago 2x4 crewmax with about 100k miles on it and they are asking $15k for it.



Am I crazy for selling my truck to buy a tundra 10 years older? The cheaper payment would be really nice right now and we will be needing the extra room soon.

 

Your payoff on the Tacoma is $20,000 and you are offered $21,000 by a dealer. Leaving you with $1,000 after you pay the note off.

You would then turn around and buy an 18 year old Tundra with 100k miles for $15k.

You are about to have a baby. And congrats by the way. But, you need to be smart here. $600 a month is too much for any vehicle payment. If you sell your Tacoma you are left with $1,000 and you now have to finance another vehicle. I don't think buying an 18 year old Tundra is the best choice. It's hard to answer the overall question without knowing what your financial pyramid looks like (house hold debt, savings, house hold income, etc.) So, I won't try and go there. But, I will say that I wouldn't buy an 18 year old vehicle when you are about to have a baby. You are going to find out real quick that babies aren't cheap so you need to be conservative with your money and get in a lower monthly payment.

Owning $20k on an 8 year old vehicle? $600 a month? Something mathy going on here.

 

Thanks! Yeah lol this will be our 2nd so I'm pretty familiar with how expensive they can be.

To clarify this double cab I have now we bought a little over two years ago for around 30k (didn't put any money down dumb I know) that's why I have a $600/mo payment on an 8yr old truck.

Money is tight we are getting by fine but freeing up that $300/mo or so would be great. Otherwise I would just keep the tacoma and not consider it.

 

not going to touch upon someones personal finances, but i will say id rather own a 200k mile 2007 tundra than a 200k mile 2017 tacoma....

 

Why? and both trucks are about 100k mi

 

I’m paying $520 a month on a 22 Pro with less than 25k miles. And I’m not a fan of the 2016/17 Tacoma… take your chances on the Tundra.

 

just my personal feelings here...
a 2007 tundra is of better quality than a 2017 tacoma


today they each have 100k on the clock, the question is which of the two will hold up better between today and the next 100k

 

Yeah I've always loved the look of the 2nd gen too. So that's a plus.

 

id imagine you might even save an extra hundred or two on your auto insurance premium by going with an older vehicle

 

Yea you are totally right.

 

Unless you absolutely need a truck for work, you don’t need a truck. You are young (I assume) you have a small child and a baby on the way. A $600 truck payment and all the expenses associated with the truck is insane in your situation. Trading for an 18 year old truck is definitely not the solution. If you do not need a truck for work or such then you should get rid of your current truck and get a more economical vehicle suited to family needs. When you are in a better financial situation look at getting a truck or what ever. You need to look at your needs not “wants” in your situation.
I’m not trying to give you a bad time or criticize you but you coming here asking a bunch of strangers for advice tells me you could use some financial counseling. Putting zero down and taking on a $600 payment also suggests the need for financial counseling. In any event I hope it all works out for you.

 

Something newer with less miles, better fuel economy would be my suggestion.

I'd take the 21k buyout offer though.

 

I wouldn't consider myself young (mid 30s) no I don't need a truck for work. I like having a truck because I do a lot of DIY home improvement projects picking up sheets of drywall, flooring, solar panels, furniture etc. Do I need one that often probably not I'm sure I could get by borrowing someone's truck or renting or even pulling a trailer in my wife's SUV.

Maybe my needs are different than others. Do I always make the best financial decision probably not lol but I own a house and pay my bills. I have a good job and make what I would consider good money. Not saying I desperately need to get rid of this truck payment just it would be nice to lower some expenses. Saying I need financial counseling seems pretty dramatic.

 

Maybe a KIA

 

Two kids? Home DIY? Save money?

Minivan.

Or better yet, just keep the Tacoma.

Remember, what the dealer is offering you is a good deal for them, not for you. How many months remain on your Taco loan? Getting a new vehicle loan will restart that, and it's how people stay in debt forever.

 

Better yet a kia minivan!

 

It's difficult to give advice to someone I have never met, but family first has worked well for me. You're going to need that extra 300 a month. Congratulations on the new one.

 

Listen to people like @Sprig
You’re entertaining a trade-in because the dealer enticed you…that’s a bad start.

Avoid debt, period. Eliminate it when you can. I’ve been flamed for saying that, but I firmly believe it. Money paid in interest is money that could be earning you income and growing for you.

There is no better feeling than owning everything you possess, outright. Well, sex is close, but it’s still 2nd. Congratulations on the growing ‍‍‍family!

 

Look, what happened is you're getting sold a truck that you didn't set out to buy.

You went for a repair and then a salesman tried to sell you a truck because he's really good at his job and now he's talking you into buying a new truck.

You don't need a new truck.

If you need to sell the truck you own in order to save money, you should sell it and buy a family car for less.

Maybe you go a couple years without a truck. I just bought a Tacoma after driving a 15 year old Civic for a few years because I had to sell my old, much beloved T100. Had to happen.

It's not about the Tundra. You didn't want a Tundra when you woke up that day. He talked you into it. Forget about it. If you want a Tundra, take a month and find a nice clean one for a good price. Don't get sold something you didn't need.