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Discussion Starter · #1 ·
Hey Everybody!

I am considering trading up, and I can't seem to think clearly. Maybe you could offer your advice please.

I owe $16,399 on my 07 SR5 5.7 Crewmax. She has 26,000 miles. I am the original owner, She has been a great rigg. I have taken great mechanical care of her. The rigg was $34,900, plus tax. ($1800) I added $3639 worth of Toyota Mods before I took delivery (listed in my sig) and then added a $2500 dollar service contract. (Idiot Proof 72 month 84,000 miles no questions asked) Then there's the pocket flares at $599 and the canopy and rack at another $1500 or so... It sure does add up. I have 45 grand into her with all the mods and add ons.

Retail to Retail I am offered 27 for her. Wholesale to Wholesale I am offered $24 for her.
:sad3d: (I thought these Toyota's had better resale)

I can trade her in, and get a 10 LTD 5.7 Crewmax with all the bells and whistles my rigg doesn't have. Back up camera, parking sonar, leather, moonroof, steering wheel mount controls, etc... and a fresh new color like Silver that will be easier to take care of. The difference is about $45 more a month than where I am at now. I could just keep paying and be done in 31 more payments....( a few months before I turn 40 :cool: ) or do I start all over with another 60 month loan!

Both loans (existing and potential new truck) are at 0%

yesterday I was set on a new rigg, today I pulled out the 2007 sales invoice and my window sticker and started crunching #'s.... It might be smart to save the money and when it's time to get new tires... lift her up a little bit!?!?!?!

any and all advice is appreciated. is there anything that much better on a 2010 then my 07 (which was built november of 07)

Thanks,
Jacob
 

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Mark it eight, Dude...
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You will get opinions both ways and ultimatly you will have to do what's right for you. I know if it were me I wouldn't see the point of trading one truck for another of the same. If you really want all of those bells and whistles you could add them aftermarket for a lot cheaper. Why don't you finish paying off the existing truck and then after you make the last payment you could go get another vehicle and keep the truck. That is what I plan to do anyway. Good luck with the decision. I mean it's your money and you probably work hard for it so do what you want to do!!
 

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Financially, no, these types of move will NEVER make sense in the long run when taking into consideration what all those car payments could do for your net worth if you put them to work for you instead of handing your loot to a finance company for 8-10 years at a time.

Most sense: As many years in a row as you can go without buying new vehicles.

Next most sense: At least paying off before you go new.

Less sensible but still not horrible: Staying 'right side up' or better, and making a clean break after a few years without rolling over new quity, or maybe even having some positive equity to work for you.

Least sense: Trading while you owe more than your vehicle's value.

Stupid: Getting into a pattern of making car payments for a decade or more at a time.

To really get perspective, if you don't trade and take on new payments, the 29 payments you WON'T make at a hypothetical 500 per month is $14,500. Go another year and that's over 20 thousand dollars going into your pocket, not including interest or stock market returns. Do you think differently now that you see the difference as something other than 45 extra dollars per month?

It's not a new engine or transmission or a ground-up redesign, and your truck is near perfect with low mileage for the years. You basically want to doom yourself to 8 total years of car payments to get stuff you've already survived 3 years without, all of which can be added to the truck you already have. Maybe you're rich enough that this is no big deal but if you were your Tundra would probably be paid for by now.
 

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Well said Eharri3! Payoff what you have and drive it for the next 10 years - the amount of money you will save will blow your mind!
 

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Discussion Starter · #6 ·
Thanks guys! This all helps quite a bit!

Very Best,
Jacob
 

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Keep your 07, you got really low miles on it. Wait till they change body style or come out with a better truck.
 

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I have an 07 CM Limited. Have over 86,000 miles on it. I plan for 200,000. Like it was mentioned above keep your truck because of low mileage. I travel alot so over 80% is hwy miles. I'm doing the same and with a limited I can add sonar, GBS, fender flares and other mods to my truck as I go along. Eventually maybe new paint.
 

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The M.F.I.C.
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Keep her! And, sell back your 6yr warranty that you paid $2500 for, and buy an 8-year Platinum warranty from Handy Toyota (do a search on here, you'll find him). I bought my 8yr/75,000 Platinum (covers nearly everything) with $ZERO deductible for $920. From what I understand, you SHOULD be able to sell yours back if you didn't use it. You can get the Platinum warranty coverage up to 8yrs/125,000 miles, just make sure you buy it before 3yrs/36,000 miles.

I traded in my '07 DC for this new '10 CrewMax for only 2 reasons: 1) Needed the interior space for growing family; 2) Wanted the 5.7 (I had the 4.7 in my '07). Otherwise, I would've kept my '07 for as long as possible.... Now, I'll have this '10 paid off in 4 years, and I'll keep her as long as I can! When it's paid off & I no longer have a car payment, I'll be able to finally have my own 2nd car (MINE! Not the wife's!) that I can play with, like a new 5.0 'Stang or similar :cool:
 

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Discussion Starter · #11 ·
again thanks for all the advice everyone!!! I certainly appreciate it. I sure would love to get a new Platinum, but when it's all said and done... I think I'm probably doin the right thing keeping her and putting the extra dough into lift, wheels, tires, moonroof, etc.....

I will clearly keep you all posted. Thanks a bunch! After crunching #'s all day, it looks like I have already paid around 29K (cash out of pocket) off on a 45K dollar rigg, After trade in, I would only get 7K back on this rigg towards a new one. Granted I could probably keep 5 grand worth of add ons for the new rigg, I would be losing an actual 17 grand on the 07. Not to mention, the new rigg will make my loan almost 20 grand larger than it is for the same basic rigg (5.7 TRD 4x4 Crewmax) in a different color with some bells and whistles!

Thanks again guys!!!
Jacob
 

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I just traded in an '07 DC TRD for a '10 LTD. I love it!!! However, my '07 was paid off. I got above book value for trade in plus 4K in rebates. The numbers were acceptable for me.

You could hang on, but your '07 value will decrease. We could all keep our trucks for 20 years, but if we don't pack payments away during that time, plus account for the depreciation we really aren't any better off. Having to finance the full cost is pretty heavy.

Either packing away payments or making payments, same same (depending on ROI for the former). But 0% APR won't be around forever.

However, since your '07 isn't free and clear, maybe not a good idea right now. But I would throw that lift money on your balance owning (just more money that will never come back).

IMHO
 

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The M.F.I.C.
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...is there anything that much better on a 2010 then my 07 (which was built november of 07)? Thanks,
Jacob
And to answer this question, here are the only differences:

1) Different grill (which you can add yourself if you want, about $200-250 tops);
2) Slightly different radio (which you can add if u find one on ebay for $100'ish);
3) Slightly different silver color on the dashboard.... big-deal;
3a) Piano-black gloss on the radio & climate piece is now metallic dark-gray;
4) Adjustable height headlights (kinda cool, but no big deal if you're not changing the load often enough to effect your light-beam.
5) Driver knee air-bags


Those are the only differences that I'm aware of.... someone please correct me if I'm wrong. So there's really nothing worth justifying a new purchase if you don't need a different configuration.
 

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And to answer this question, here are the only differences:

1) Different grill (which you can add yourself if you want, about $200-250 tops);
2) Slightly different radio (which you can add if u find one on ebay for $100'ish);
3) Slightly different silver color on the dashboard.... big-deal;
3a) Piano-black gloss on the radio & climate piece is now metallic dark-gray;
4) Adjustable height headlights (kinda cool, but no big deal if you're not changing the load often enough to effect your light-beam.
5) Driver knee air-bags


Those are the only differences that I'm aware of.... someone please correct me if I'm wrong. So there's really nothing worth justifying a new purchase if you don't need a different configuration.

You forgot the power sliding rear window (dbl cab ltd), stronger tailgate and the new truck smell. :becky:
 

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Keep your 07, you got really low miles on it. Wait till they change body style or come out with a better truck.
I agree with that statement also but for a different reason.
When the new version comes out in '12 or '13 the older ones will all take a percentage hit in their resale value. The actual dollar loss on the newer ones will be much more than the older model years just because they have depreciated less. The one you don't want to have is the last year before the model change. :cool:
 

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Discussion Starter · #16 ·
again, thanks a ton guys! This forum sure has been helpful in trying to make the right decision. (not to mention learning a little bit more about my rigg. I forgot how expensive this rigg was!

Thanks.
Jacob
 

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The M.F.I.C.
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You forgot the power sliding rear window (dbl cab ltd), stronger tailgate and the new truck smell. :becky:
My tailgate isn't any stronger on my '10 than my '07 !?!? Did I miss something?
 
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