Decisions...

[PhiloCruiser]

I have a CPO 2016 with 32K on it...and have the opportunity to get a 2019 for $75k out the door, with my trade difference being +$500 in my favor. Giving up entertainment (kids kinda like it but won't die without it) and would be getting Blue with Terra interior.

I'm not really concerned about the extra $ each month but am wondering if I'm being dumb adding to my debt for 30,000 miles, knowing this thing will run forever.

Just looking for opinions...I know it's personal but trying to get a little insight on other thoughts. I really don't want to ask my wife.

 

[Chocolate]

What's the difference in monthly payment?

I check Autotrader all the time looking for newer LXs (up to 2015). Haven't seen any at a price worth the hassle of trading.

 

[PhiloCruiser]

What's the difference in monthly payment?

I check Autotrader all the time looking for newer LXs (up to 2015). Haven't seen any at a price worth the hassle of trading.

$200...payoff is around 54k...Autotrader has a number of LC's in that price range so I kinda feel like they're treating me ok on the trade.

 

[JohnPW]

That makes no financial sense which I assume you already know. If you don’t like the exterior & interior colors you have & don’t mind spending the money, then there you go. But you’re wasting thousands of dollars replacing an identical truck. The reason I own a LC is so I can drive it forever without constant repairs. Your truck is just broken in, and is worth $20k less than new, mostly in depreciation. You’ll drop another $20k in depreciation if you buy a new one.

 

[PhiloCruiser]

That makes no financial sense which I assume you already know. If you don’t like the exterior & interior colors you have & don’t mind spending the money, then there you go. But you’re wasting thousands of dollars replacing an identical truck. The reason I own a LC is so I can drive it forever without constant repairs. Your truck is just broken in, and is worth $20k less than new, mostly in depreciation. You’ll drop another $20k in depreciation if you buy a new one.

i do...but new and shiny things tend to grab my attention...appreciate the feedback.

 

[mcgaskins]

You already know this but it makes zero financial sense, and in fact is quite a poor financial decision. The steepest and worst depreciation is the first 2 years which has already occurred in the one you own. Sounds like you’re financing both which is a very expensive proposition in today’s interest rate environment, and if you start a new loan your amortization starts over again meaning you’re paying a huge amount of interest on the front end. You’re essentially buying 32k miles for $20k which is $0.625/mile which is expensive, then in the next 2 years you’ll see similar depreciation on top of higher interest costs. In 2 years the 300 will likely be here, so if you like new shiny things you’ll probably want to do the same thing again. I honestly don’t understand the value proposition here because other than an electric rear hatch, you’re not really gaining anything at all except a worse financial position and a different color.

 

[M1911]

Save your money. There isn't anything new in the 2019 worth taking on the extra debt. Save your money until Toyota adds something important (like Apple CarPlay).

 

[TeCKis300]

This is generally an affluent group that will spend on luxuries, and we'll egg each other on to spend on mods without much consideration for cost. Yet I'd say many here are where they are in life due to sound financial decisions.

It's a personal choice like you said and only you know your whole financial picture and whether this is a reasonable proposition.

@mcgaskins laid it out well.

For me, many decisions will come down to value. What am I getting for my money. In this trade, I'm not seeing much substance as the 2016 and 2019 are 99% similar. Is there something going on with your current vehicle? Consider the increased depreciation and increased cost of ownership with the higher registration/taxes/financing.

$20k can buy a lot of awesome shiny toys. Perhaps for your current car to keep you interested? Money towards your future self? Or money towards things to optimize the trajectory of your long term financial goals?

 

[Chrisleduc1]

The question is, is a 3yr newer vehicle worth another $21K? If you currently owe 54 and the new balance would be 75, then youre looking at 21K to move up (3) years.

I'd do some research to see what the average price difference is for 3 years. Its somewhat hard as you'll have to compare either 2012/15 or 2016/18 to see.

 

[Tommy Dwyer]

My personal opinion, keep your truck, spend the 21k on great adventures.....but whatever you do, enjoy!
Tommy

 

[ckkone]

OCD anyone.....

 

[Markuson]

Do what you like, but...on a budget, I think in terms of what the added $ could do elsewhere if you keep the excellent 16...

$21k in mods is:
-High end suspension and tire upgrade
-Bumpers fromt and rear
-sliders,
-Winch
-Drawers
-Roof Tack
-lights

-And still gas money for adventures...

You have the 16...which already has the same major updates. So the 19 basically gives you nothing but a skinnier wallet and the number 19 in your head.

 

[TimCFJ40]

If the $30k hit is a really small part of your total picture, and it'll make you happy, do it. Or you could spend $30k on a nice FJ40 to go along with your current ride, and that one would probably appreciate...

 

[PhiloCruiser]

I chuckle as I read these responses...it's somewhat ironic that I get such pragmatic advice from other people who spend copious amounts of money on their cars and modifications.


As i stated, the $ isn't the issue...and the financing isn't because it's not required...but I was leaning towards keeping this and modding multiple things.

Always appreciate the feedback on this forum. It's honest and to the point.

I have spreadsheet with Slee that is south of the $ I'd be spending. Maybe I just go that route as originally planned. Thanks, everyone!

 

[mcgaskins]

Just my opinion (and basically what I did), take that $20k and put into your existing truck. You will notice a lot more difference with $20k in mods than you will swapping from a stock 16 to a stock 19. I too have been tempted to get a minty fresh brand new truck, but after running the numbers and being honest with myself it just doesn't make sense. I also wanted to build a 16+ LX, but the depreciation curve is steeper and the resale market for a built 16+ LX is so much smaller that it too did not make sense. The good news is you already have a low mile awesome truck under warranty, so you're not really missing out on anything except a power rear tailgate. If you really want one of those, buy a cheap 08-10 LX 570 for approximately how much money you're saving

 

[Markuson]

I chuckle as I read these responses...it's somewhat ironic that I get such pragmatic advice from other people who spend copious amounts of money on their cars and modifications.


As i stated, the $ isn't the issue...and the financing isn't because it's not required...but I was leaning towards keeping this and modding multiple things.

Always appreciate the feedback on this forum. It's honest and to the point.

I have spreadsheet with Slee that is south of the $ I'd be spending. Maybe I just go that route as originally planned. Thanks, everyone!

There ya go.

Even with different budgets (my “copious amounts of spending” has to be a little more measured) it sounds like you came to a similar value verdict.

 

[CharlieS]

I was going to buy a new one and sell my ‘13 recently, but when I stepped back and tried to be objective, there wasn’t enough to make it worth the additional cost. Sure, I’d love the minor upgrades, but it wasn’t really justified for the money involved (for me personally). Now if I had unlimited funds, it would probably be a different story.

 

[JohnPW]

OP, I will say that blue with terra is beautiful. I test drove a new one before buying my (white with terra) used 2016. The grey & the blue are the best looking colors on the 16+ IMO.

I love the safety stuff and the 360 degree cameras on my 2016. An upgrade from a pre 16 would be worth it for me.

 

[PhiloCruiser]

OP, I will say that blue with terra is beautiful. I test drove a new one before buying my (white with terra) used 2016. The grey & the blue are the best looking colors on the 16+ IMO.

I love the safety stuff and the 360 degree cameras on my 2016. An upgrade from a pre 16 would be worth it for me.

fact is, I got a pretty smokin' deal on my cruiser. It's black on black, something i wouldn't normally choose...and that damn blue and terra has me fixated...but the notion of spending that kind of cash for the color is really difficult to absorb.

 

[Markuson]

fact is, I got a pretty smokin' deal on my cruiser. It's black on black, something i wouldn't normally choose...and that damn blue and terra has me fixated...but the notion of spending that kind of cash for the color is really difficult to absorb.

Trail dirt & mud combo...the great paint equalizer.