Wow everyone, I was not expecting this overwhelming positive response. Thank you! I was extremely nervous to post this video due to how speaking about personal finances in American culture is kind of taboo. Thank you all for the support 🎉
If you keep the truck for 25+ years the depreciation becomes a non issue. For the last century vehicles have followed the same pattern. 12-15 years of the vehicle losing value bottoming out and then going back up in value as it approaches the 25 year mark, then appreciating above it’s msrp value. My father financed his 1971 mustang that he sold to me for the same 3.3k he paid for it new. Now that car is worth 150k+ at an auction like Barret Jackson. In the long run financing was the smarter move since he didn’t blow 3.3k in 1971 money on a car but a fraction of it and threw the rest in the stock market before Nixon got us off the gold standard. You’re confusing price inflation which is facilitated by banks with monetary inflation (expansion of the currency supply) which would happen regardless since the government prints money.
@@petero5861 meh, if you don’t want to read into how the financial system works it’s your loss and you’ll forever complain about the price of stuff and your dollars losing value.
I recently bought a 3rd Gen 4Runner 160k miles w/ the factory rear diff locker in cash and it feels so good owning it and not worrying about payments on it.
Respect for sharing your experience. I learnt this a bit sooner when I financed a 6-Speed Mini Cooper S at 26.5%! (First and last car I ever financed). Fast forward to today, and I was itching for a new-ish Tacoma or cool SUV but did NOT want any of the payments. So, what did I do? I bought a stock, 2nd Gen V6 4x4 4Runner, with a mint interior and a factory tire swing in the rear. I’m getting it painted as we speak and what’s best, it’s paid off! Moral of the story: “You don’t have to be in debt to enjoy life!”
I bought a used 2020 gladiator JT for 25k cash in May, added a bumper and some basic gear on it over the last 6 months and have been enjoying the process, going out every other weekend and experiencing new places with my girlfriend. Currently saving for a bed rack and roof top tent to complete my mods for a little while.
Debt is almost never the right answer. Especially for vehicles!! You will have a lot more fun on adventures with something you can afford to fix. Thinking about your next payment while getting out with friends and family just ain't worth it
Agree completely, once my 2018 Tacoma TRD Off-road was completely paid off, I started a series of mods but paid for them upfront as I went along. Plan on having it long term so have a paid off truck, modified for my needs, absolutely no debt.
Great advice! Looking back I think I did it right. I was a mechanic and drove older paid for cars and trucks that I enjoyed maintaning and repairing. I then invested cash monthly instead of making a new truck payment. Meanwhile my buddies were making huge payments on depreciating new cars, trucks etc. Retired at 60 and bought a new truck for cash in '22 and modified it for off road camping. Life is good without debt and having the cash to fund weekly adventures with no time, or job commitments.
That was not what I expected when the algorithm offered this to me but preach brother! Debt can be a tool but debt always sucks and it affects your personal freedoms in my opinion. Everyone here who is struggling with debt, attack it now because no one ever felt worse getting out of debt early.
We are consumers. You are right. If we want to change things, we need to speak with our pockets and stop buying. No politician will be able to fix it. It is on us.
OUR economy is built on consumer consumption and services, NOT building stuff. The easy access to debt and low financial education of Americans leads to people making dumb decisions. Debt is a leverage and can be used for good when you apply it smartly but 7/10 Americans aren’t smart enough to do that.
Great sound advice 👍🏼 I paid off my 2018 TRD Sport 7 months early on 52 month financing. $650/month 1.9% interest … However not even a month into paying it I financed Fox 2.0 shocks, icon uniball UCA’s, TRD intake, method wheels and bf goodrich tires which was about 6k in mods. I could’ve paid it off way sooner and then slowly save up for each upgrade and would’ve avoided the stress of paying a credit card balance with high interest.
Appreciate this video, man! I got totally hosed on my Subaru Crosstrek deal. I'm about halfway done with the deal, but I've made a similar mistake with the overland build that I've built up. The monthly bill is a killer!!
I had a cool Camaro that kind of did the same thing. I sold it so I could get a house essentially. Best decision I made. I now have a 24 Colorado ZR2 and while I'm not going to modify it like you did your truck mainly because yeah I got a family and I still want to use the truck to go do things the truck was designed for. I'm starting small with a truck bed tent instead of throwing on a bed rack and rooftop tent which would be something like 10x the price. Better to just get out there and enjoy the outdoors. I definitely want to keep the truck much longer than what it is financed for.
I am 22 years old and i was able to get a 23 trd sport. It'll be paid off in 4 years, but I'm doing little things that give me peace of mind. I ordered a new skid plate, undercoating since I live in the rust belt, and I'm getting a cat shield soon. Once I pay it off I'm going to build it. I know it will last me 300k miles with keeping on top of maintenance so I have plenty of time to make it how I want it.
LoL me too I bought a Tacoma New in 2015 still have it love it it's gorgeous rust free trd quad cab 4x4 super white lifted larger tires. It looks identical to Paul Walker's Tacoma before he was killed. I'll never sell it
@GarthWinkleton That's badass!! I'm planning to never sell mine. I've got the lunar rock color and I absolutely love how it drives and having the last year of the reliable v6 was what I've always wanted.
@@LunarTaco Me too these trucks are bullet proof super dependable I've had zero issues with mine except I changed the needle bearing in the driver's side drive axle common issue for these. I put the clam shell bearing in place of the needle bearing and the axle is rock solid no vibration no howling sound it's like new... Good luck with yours you got a good truck there that's for sure....
Thing is you don’t have to modify a truck at all to enjoy it. A good set of tires and maybe a winch is all you really need to go exploring. I toured the better part of rural Nevada when I lived there with a bone stock 2002 tundra.
Paid off my FJ last month! Took me just shy of 2 years. You’re so right about paying off your rig before mods. I just ordered a GOBI stealth rack and I’m about to order new wheels and tires. Finally going to modify her now that she’s actually mine
Paid off my truck- making me 100% debt free, and I recently moved back in with family. Now I can contribute to supporting the family by paying rent (obviously lower than what I was paying), and making some home improvements like rebuilding the deck, yard work, etc. I was able to take a pay cut and get a job where I’m home daily with a take home work truck, and now I have more money than I ever had. I plan on buying a camper and plopping it on some family owned land and living off the grid in the near future. As Dave Ramsey says: “I’m sick and tired of being sick and tired”. The banks don’t own me anymore, no property owner raising my rent unexpectedly, no companies taking money out of my pocket before I even have the chance to doing anything. It’s time to call it quits in the rat race, and start going down my own path. It all started by getting out of debt!
If this video was made to bump-up your UA-cam stats; clever. However, if it starts getting hate speech or violent, be advised your channel will get shadow banned, defunded, or banned completely. I hope not. I think we’re all on the same page concerning Tacoma off-road content. Not politics. Your intro for this video is on point! Sage advice! Meaning, years of experience and wisdom to share. Thank you for sharing that knowledge to the young viewers and knuckleheads that need to hear that message repeatedly! If only one person understands and lives your advice, you made a positive impact! Thanks for the video!
I totally agree with you, I personally do not finance anything anymore, I rather save the money and pay cash for it. And the few times I did in the past I always put 1/2 - 3/4 cash up front and then I pay the rest in less than year. that gave me more flexibility, Cash and time for myself to do the things I love to do. Always save as much as you can, and pay CASH for the stuff you want.
I agree with you I was dumb and got into so much depth that I had to go bankrupt and lost everything now I have a jeep wj I paid with my own money and slowly building it.
I paid cash for grand Highlander my Honda pilot was totaled. Interest rates are ridiculous right now. No one should be getting loans. That’s just stupid.
I think this all the time with my Tacoma, I want to do wheels tires suspension and a nice tint job but the thousands I spend on that is just making the banks truck look nicer not mine! I really only bought floor liners and seat covers for it and a bed mad to keep it nice but that's where I draw the line
just the interest alone would buy alot of parts....yes pay it off as fast as you can would be best monthly payments are just a tool, doesnt mean you can or cannot afford the truck......you could have an astronomical payment but are done in a few years paying very little in interest overall....or stretch out a small payment for years and years paying more interest...... you can refinance your vehicle at any time usually so your not stuck with original loan forever.....
I mean............. That dobinsons suspension is fire though!!!!!!! Great vid, great advice........... You can't say that suspension wasn't worth the debt though......
Thank you for this video, I did a similar thing with my 4Runner and quickly realized I was building it without me having my life together. So I stopped buying things for it and named it Untitled because it’ll forever be unfinished until I can justify that lifestyle. And you are exactly right about American living on debt, I watched a video recently about a guy that will spend 1000 on a new IPad just to pawn it off for 300 because he’s has no money but everyone will except debt.
big facts. its hard to stick to the smart route. IF you need to mod, do reversable stuff. keep the old parts. get parts that can go on other vehicles. I know that we may want to "keep this truck forever" but one year later, you're there selling it for something else. or wanting to get a house.
I am currently working to get myself out of the hole. I have focused my time and money on my owned - no monthly payment vehicle. the money that i freed up by selling my tacoma has just helped with day to day living since i do not feel like i am starting to go deeper into a pool. It is all about self control. They need to be teaching financial responsibility throughout school so that you go into the world ready and smart.
Good vid up until the economics lesson. People are addicted to instant gratification these days, thus they’re willing (and naively) screwing themselves with bad deals. Inflation is so high directly because of the last 4 years (and the shut downs). If the gov stopped being the worlds financer and stopped giving out freebies it buy votes we’d be much better off.
Awesome man. Glad you said what everyone is thinking. I see people’s retirement driving down the road losing interest. Someone steals it or crashes into you. And that’s a wrap. All that time and money gone. Nobody insured their aftermarket parts either. Buy a FB car. The payment you were making now goes into your ROTH. Retire rich and laugh at the old you.
Thank you for this video it couldn't have come at a better time, I just bought my Tacoma and almost started spending too much on it. Also, your last 3mins of video is FIRE. I'm subscribing because of this
Saved up some cash bought a 4x4 sequoia outright.. Was able to lift, rack, and tires with in a week of purchase. Been wheeling it for 4 years no problems... Did the same with my '17 super duty... Lift, wheels, flares, and bed accessories,,, Same method for my ls swapped 89 z... All paid for. No payments... Why? Because I've always driven fb marketplace cars haven't had a payment for nearly 10 years.. BE ALLERGIC TO DEBT.
I agree with this mostly, I'm a little different, id love a new Tacoma or 4runner, but I refuse to pay the price to play, my last new vehicle was a 2016 Toyota tundra, TRD off road 4x4. Now new Tacoma's are more expensive than what I paid for the tundra, I refuse to pay what they're wanting for almost any new vehicle, I just build up used cheap trucks now.
After so many financial mistakes and setbacks, I absolutely love and adore my truck and yes it’s financed and yes, I buy lots of modification so far I am over $15,000 into my truck and I owe 35. But I also make $180,000 a year.I bought a house and it backfired and cost me 100 grand so I’m going to enjoy the heck out of my truck. And upgrades.
I"m financing my Taco and I'm waiting on my warranty to expire before I start modifying the truck. And my approach will be to save money for the mods. Plus I'm going to go OEM with majority of my mods. TRD suspension, exhaust system. Not going too wild with the mods. Auto theft is rampant where I live and I don't want too many eyes on the truck.
Great video and thank you for saying this. I often question the requirements for qualifying for a credit. People are bombarded with credit card offers. This traps many young, and old alike, they often fall into deep debt as a result. I’m not sure what the answer is. Maybe educate our children while they are in school. Teach them how to handle their money and what the consequences are if they don’t. Schools use to teach these things many years ago. Makes you wonder why they stoped. I hope things get better as well.
Bought lessons is what it is good sir. Let them find out the hard way. All the education in the world would not stop a young buck from buying the next P wagon. It's called adulting for a reason and until the frontal lobe of the brain is fully developed, you get dingus kids like this financing parts on a financed truck. So, I would assume any sort of warranty is void on this vehicle. TOO FUNNY TO BE TRUE!
Great vid. I really want new wheels and tires but I’m forcing myself to wait until absolutely necessary. The payment is already a lot. Thankfully I’m about halfway done.
Im 28 and was fortunate enough to have 15k saved up over the years and was able to sell my 07 Tacoma pre runner for 10K so i put 21.5 down on a 21 SR 4x4 and have a 260 payment for 4 years. I used the extra change to put 5100/5160s on and get some methods but i won’t do anything other than rock sliders and full skids just help protect it but I’m going to save up for them and pay it in full. I got an SR cause i knew i would replace most of the components that you’re paying for with other trims and i also like that it has less technology. I agree that trucks and things in general wouldn’t cost so much if people weren’t so willing to get into so much debt for them.
Bought my 2001 Tacoma extra cab 4x4 manual all cash. I'm already borrowing money for law school, can't justify financing a depreciating asset to look 'cool'
Very informative video. I’m in the market to buy my first new Tacoma in the month of December. Recently been searching what to mod. But after watching your video. My goal is to pay it off quickly as possible. 😁😎👍🏻 Keep up the great work. 👍🏻
I wish I seen this video when I was 23 (4 years ago) before I financed a 2020 Tacoma TRD Pro. Wish I stayed away from modifications as well. Great video
over a decade ago a guy posted on the FJ Cruiser forums that his Electrical warranty work was denied by a stealership because... drum roll.... he put different tires on it!! same size tires, but different brand and Toyota didn't put them on!!!! Tires that had nothing to do with the electrical system!! absolutely insane!! glad i got my FJ used at 20k miles from a ford dealership with no real warranty. 225+Thousand miles worth of smiles!! and a 15yr long build process!! just remember!! "Stock is Boring"~FunkyBird, Utah Muscle Car Association ..... "you can't be afraid to scratch it!"~NyNomad
I always wonder what people think when they see me pull up somewhere in my hoopty. I know what I think when I see people pull up in something nicer. “I wonder how much quality of life they are sacrificing In order to drive that $80,000 _______”
I think cars are overpriced because people want the best one I picked the mid trim. Why would I spend an extra $10,000 to just make the car faster oh that’s right because the reviewer on UA-cam said I should. 😂 I like your videos you talk well don’t take my comments the wrong way excellent looking truck. You’re not the reviewer I’m talking about. ❤
We learn more from mistakes and tragedies than we do from success. At least you bought a motor that will run 20+ years from now. I am still driving my '04 Tacoma that I bought brand new. I've been to hell and back countless times with her. It was worth every penny. My best advice is to invest in your health. What's the point in buying fun toys if you can't go play with them?🤘
"According to Experian, in the second quarter of 2024, nearly 69.62% of new car buyers and slightly more than 70% of used car buyers signed for loans with terms of 61 months or more."
You’re right and I’ve been a victim myself luckily I’m not to far in. I’ve put around $5k on my 4Runner and i have barely 4 months since purchase. Luckily I haven’t got too far in deep in mods. But I also make approximately $180k a year. And owe $35k on my truck. I’m planning on paying down $5k-6k on my principal before the year ends. Hate payments
Great information man im the kinda guy that if i don't have at least half of the money or all of the money in some cases i just won't buy a vehicle. I understand that not everyone has that kind of money up front so financing a vehicle is most definitely necessary but being stuck with a truck payment for years is not fun.
in your 30s, you could’ve invested your money and retired by 50. Anyone in their 30s that finances a brand new truck is screwing themselves. They are choosing to do what the bottom 80% do. I’ve owned many new paying them all off within the first six months to a year. You can get a better price over all. Consumerism in America is very interesting. I lived in Japan for 11 years. We did a lot of offloading. The modifications do are very conservative. they don’t like to overload their car. The load rating on that truck is only 800 pounds. Also, I get it. I have a UA-cam channel. I get a lot of stuff sent to me and some people make money with their truck. I get it blah blah blah blah blah blah. I’m just talking about your average person.
👏 great video. Yr 100% right neither. Need more people like you. It’s a shame how most “influencers” push the latest n greatest parts and mods that they for the most part get for free. Yr everyday struggling person can’t really do. That’s why yr video is important. Great job.
Sounds like you finally hit your financial rock bottom. It's not the end, only up from there. Get rid of that CC. Also, keep this in mind. No one is looking out for you. Its literally you vs. the world. Keep at it!
You basically just explained the economics of demand and supply. Vehicles will always be in demand so hard to believe that Tacoma will ever lose interest unless we go into a depression and 8/10 people can’t apply for credit. Financing a vehicle isn’t terrible if done right and you have good amounts of money saved. Companies do it when they buy fleets. Anything more than 5 years tells me as a Finance professional that you can’t afford it. Sure you can afford the monthly payment but you had to stretch it out….NOT smart.
Spending money you haven't earned yet is a slippery slope that can ruin your life for many years. People overspend their income on overpriced vehicles that depreciate immediately and wonder why they can't buy a house.
Nothing wrong with modding a financed rig if you do it smartly. Save up a big down payment (15k+) so your monthly isn't a concern and never buy mods you cant pay cash for. The value of the truck going down isn't relevant if you are planning to own for a long time which most yota owners are. I put 30k down on a 5 year term that I know I can pay extra on every month for an early payoff. I never plan to sell my 5th gen. Your issue, which sounds like you learned, is you were living outside your means. It's hard not to with the constant influence of ig and yt. A lot of people buy brand new when they really can't afford the payments. IMO 5 years or less is better for the loan.
I gotta say, and I hate that it sounds like I'm hating, but do the exact opposite of this. Don't finance at 7yrs, if you can't afford it, don't get it. Find it used if you have to. Why the f would you finance parts. Always ask yourself if you need it or if you want it. If you need it, charge it, if you want it, wait till specials come around and save. Shop everywhere. you don't need offroad brand to make it work. I got an Amazon rear bumper and it looks good. Craigslist, offer up, marketplace. Do your homework. Buy low, sell high.
i bought the cheapest bronco a base no boxes marked. i have a 2 in spacer lift on it got for 79 dollars my bumper was on sale for 400 dollars 37s terramax at 260 each my side step were 169 4wp had them on sale rims are ford steely they were free. my wifes bronco has a 2.5 rc kit got it for 300 . her rims were 500 with tires rimes are black rinos. sold the tires for 250. and put the same 37s on hers. here is the best part the guy with the 100 thoundsand dollar did the same trail i did and all i have in mine 33 grand with all the up grades. the bronco was 29500 new.. take my base bronco canplared to a badlands sas bronco there was a 15 grand diffence in price. that 15 grand i can do better mods for there starting point. as for payments go as long as it fits in your buget and not more then 30 percet of your take home pay i am fine with a payment.
If you want to drive a new truck you need to buy brand new and then drive less than 75-80k miles and then sell it back after 2-3 years for 90% of the value and buy something else. You will end up paying around $300 a month to drive a brand new vehicle every few years that’s how the dealerships and banks want you to buy now that they scammed us out of our life savings.
TLDR: don’t finance depreciating assets. It’s stupid. This applies to all purchases. Notice at the end he is saving up for a 3k cap, yet IS STILL MAKING PAYMENTS ON HIS TRUCK. He won’t even practice what he preaches in this video 🤦♂️
@ better. It’s a good message that everyone needs to hear and very few will listen to until they have had to dig themself out, but contradicting yourself at the end was painful.
Because nobody taught millennials financial literacy. It’s the same shit you see with people that took out $50K/year to get a 4-year degree for primary school education only to find out they’d be paying it off for decades.
I learned the cycles of bitcoin and crypto and invest low at the bottom and sell high and paid my truck off. I also bought mine wrecked and rebuilt it and saved 15k off of a new one and only had 7k miles on it.
You are wrong about inflation. Number one, they printed $6 trillion in a few years. That means 30% of all US dollars in existence were printed in a few short years since Covid. Another thing for inflation, is imports without tariffs, corporations, pay pennies and a dollar to get goods produced outside of America and then charge Americanprices for the goods. Also an influx of immigration, mainly illegal immigration where the government keep spending more money. You were wrong about inflation.
Wow everyone, I was not expecting this overwhelming positive response. Thank you! I was extremely nervous to post this video due to how speaking about personal finances in American culture is kind of taboo.
Thank you all for the support 🎉
Best video I’ve seen in a long time in the off road community. Yr not a hypocrite at all! You set the bar for the rest of the channels
If you keep the truck for 25+ years the depreciation becomes a non issue. For the last century vehicles have followed the same pattern. 12-15 years of the vehicle losing value bottoming out and then going back up in value as it approaches the 25 year mark, then appreciating above it’s msrp value. My father financed his 1971 mustang that he sold to me for the same 3.3k he paid for it new. Now that car is worth 150k+ at an auction like Barret Jackson. In the long run financing was the smarter move since he didn’t blow 3.3k in 1971 money on a car but a fraction of it and threw the rest in the stock market before Nixon got us off the gold standard.
You’re confusing price inflation which is facilitated by banks with monetary inflation (expansion of the currency supply) which would happen regardless since the government prints money.
@@Bonanzaking 🥱
@@petero5861 meh, if you don’t want to read into how the financial system works it’s your loss and you’ll forever complain about the price of stuff and your dollars losing value.
Dave Ramsey snow ball method worked me. Paid off all of our debt including our mortgage and Tacoma in 4 years! 100% debt free and loving it!
That's the dream man, congratulations 🎉
I recently bought a 3rd Gen 4Runner 160k miles w/ the factory rear diff locker in cash and it feels so good owning it and not worrying about payments on it.
Respect for sharing your experience. I learnt this a bit sooner when I financed a 6-Speed Mini Cooper S at 26.5%! (First and last car I ever financed). Fast forward to today, and I was itching for a new-ish Tacoma or cool SUV but did NOT want any of the payments. So, what did I do? I bought a stock, 2nd Gen V6 4x4 4Runner, with a mint interior and a factory tire swing in the rear. I’m getting it painted as we speak and what’s best, it’s paid off!
Moral of the story: “You don’t have to be in debt to enjoy life!”
I bought a used 2020 gladiator JT for 25k cash in May, added a bumper and some basic gear on it over the last 6 months and have been enjoying the process, going out every other weekend and experiencing new places with my girlfriend. Currently saving for a bed rack and roof top tent to complete my mods for a little while.
Debt is almost never the right answer. Especially for vehicles!! You will have a lot more fun on adventures with something you can afford to fix. Thinking about your next payment while getting out with friends and family just ain't worth it
Agree completely, once my 2018 Tacoma TRD Off-road was completely paid off, I started a series of mods but paid for them upfront as I went along. Plan on having it long term so have a paid off truck, modified for my needs, absolutely no debt.
Great advice! Looking back I think I did it right. I was a mechanic and drove older paid for cars and trucks that I enjoyed maintaning and repairing. I then invested cash monthly instead of making a new truck payment. Meanwhile my buddies were making huge payments on depreciating new cars, trucks etc. Retired at 60 and bought a new truck for cash in '22 and modified it for off road camping. Life is good without debt and having the cash to fund weekly adventures with no time, or job commitments.
Great advise. If everyone lived within their means we would all have a better life, country and world.
That was not what I expected when the algorithm offered this to me but preach brother! Debt can be a tool but debt always sucks and it affects your personal freedoms in my opinion. Everyone here who is struggling with debt, attack it now because no one ever felt worse getting out of debt early.
We are consumers. You are right. If we want to change things, we need to speak with our pockets and stop buying. No politician will be able to fix it. It is on us.
OUR economy is built on consumer consumption and services, NOT building stuff. The easy access to debt and low financial education of Americans leads to people making dumb decisions. Debt is a leverage and can be used for good when you apply it smartly but 7/10 Americans aren’t smart enough to do that.
Great sound advice 👍🏼
I paid off my 2018 TRD Sport
7 months early on 52 month financing. $650/month 1.9% interest …
However not even a month into paying it I financed Fox 2.0 shocks, icon uniball UCA’s, TRD intake, method wheels and bf goodrich tires which was about 6k in mods. I could’ve paid it off way sooner and then slowly save up for each upgrade and would’ve avoided the stress of paying a credit card balance with high interest.
Appreciate this video, man! I got totally hosed on my Subaru Crosstrek deal. I'm about halfway done with the deal, but I've made a similar mistake with the overland build that I've built up. The monthly bill is a killer!!
Most real video on UA-cam
I had a cool Camaro that kind of did the same thing. I sold it so I could get a house essentially. Best decision I made.
I now have a 24 Colorado ZR2 and while I'm not going to modify it like you did your truck mainly because yeah I got a family and I still want to use the truck to go do things the truck was designed for.
I'm starting small with a truck bed tent instead of throwing on a bed rack and rooftop tent which would be something like 10x the price.
Better to just get out there and enjoy the outdoors.
I definitely want to keep the truck much longer than what it is financed for.
I am 22 years old and i was able to get a 23 trd sport. It'll be paid off in 4 years, but I'm doing little things that give me peace of mind. I ordered a new skid plate, undercoating since I live in the rust belt, and I'm getting a cat shield soon. Once I pay it off I'm going to build it. I know it will last me 300k miles with keeping on top of maintenance so I have plenty of time to make it how I want it.
I’m in the exact same boat as u lol just for 7 years
LoL me too I bought a Tacoma New in 2015 still have it love it it's gorgeous rust free trd quad cab 4x4 super white lifted larger tires. It looks identical to Paul Walker's Tacoma before he was killed. I'll never sell it
@GarthWinkleton That's badass!! I'm planning to never sell mine. I've got the lunar rock color and I absolutely love how it drives and having the last year of the reliable v6 was what I've always wanted.
@@LunarTaco Me too these trucks are bullet proof super dependable I've had zero issues with mine except I changed the needle bearing in the driver's side drive axle common issue for these. I put the clam shell bearing in place of the needle bearing and the axle is rock solid no vibration no howling sound it's like new... Good luck with yours you got a good truck there that's for sure....
@GarthWinkleton that's not a bad deal at all! hope yours lasts you for another 20 years best of luck to you as well 👍👍
Thing is you don’t have to modify a truck at all to enjoy it. A good set of tires and maybe a winch is all you really need to go exploring.
I toured the better part of rural Nevada when I lived there with a bone stock 2002 tundra.
Paid off my FJ last month! Took me just shy of 2 years. You’re so right about paying off your rig before mods. I just ordered a GOBI stealth rack and I’m about to order new wheels and tires. Finally going to modify her now that she’s actually mine
Paid off my truck- making me 100% debt free, and I recently moved back in with family. Now I can contribute to supporting the family by paying rent (obviously lower than what I was paying), and making some home improvements like rebuilding the deck, yard work, etc. I was able to take a pay cut and get a job where I’m home daily with a take home work truck, and now I have more money than I ever had. I plan on buying a camper and plopping it on some family owned land and living off the grid in the near future. As Dave Ramsey says: “I’m sick and tired of being sick and tired”. The banks don’t own me anymore, no property owner raising my rent unexpectedly, no companies taking money out of my pocket before I even have the chance to doing anything. It’s time to call it quits in the rat race, and start going down my own path. It all started by getting out of debt!
@@poorlittlebiker6476 that's awesome! Congratulations 🎉
Great advice, I hope young people listen,
If this video was made to bump-up your UA-cam stats; clever.
However, if it starts getting hate speech or violent, be advised your channel will get shadow banned, defunded, or banned completely.
I hope not.
I think we’re all on the same page concerning Tacoma off-road content.
Not politics.
Your intro for this video is on point!
Sage advice!
Meaning, years of experience and wisdom to share.
Thank you for sharing that knowledge to the young viewers and knuckleheads that need to hear that message repeatedly!
If only one person understands and lives your advice, you made a positive impact!
Thanks for the video!
I totally agree with you, I personally do not finance anything anymore, I rather save the money and pay cash for it. And the few times I did in the past I always put 1/2 - 3/4 cash up front and then I pay the rest in less than year. that gave me more flexibility, Cash and time for myself to do the things I love to do. Always save as much as you can, and pay CASH for the stuff you want.
I agree with you I was dumb and got into so much depth that I had to go bankrupt and lost everything now I have a jeep wj I paid with my own money and slowly building it.
I paid cash for grand Highlander my Honda pilot was totaled. Interest rates are ridiculous right now. No one should be getting loans. That’s just stupid.
I think this all the time with my Tacoma, I want to do wheels tires suspension and a nice tint job but the thousands I spend on that is just making the banks truck look nicer not mine! I really only bought floor liners and seat covers for it and a bed mad to keep it nice but that's where I draw the line
just the interest alone would buy alot of parts....yes pay it off as fast as you can would be best
monthly payments are just a tool, doesnt mean you can or cannot afford the truck......you could have an astronomical payment but are done in a few years paying very little in interest overall....or stretch out a small payment for years and years paying more interest......
you can refinance your vehicle at any time usually so your not stuck with original loan forever.....
These are good insights. Good in you for sharing your experiences. It will do many people good to hear this.
I mean............. That dobinsons suspension is fire though!!!!!!! Great vid, great advice........... You can't say that suspension wasn't worth the debt though......
Thank you for this video, I did a similar thing with my 4Runner and quickly realized I was building it without me having my life together. So I stopped buying things for it and named it Untitled because it’ll forever be unfinished until I can justify that lifestyle.
And you are exactly right about American living on debt, I watched a video recently about a guy that will spend 1000 on a new IPad just to pawn it off for 300 because he’s has no money but everyone will except debt.
I agree- just put on some really good tires and your good to go!
big facts. its hard to stick to the smart route. IF you need to mod, do reversable stuff. keep the old parts. get parts that can go on other vehicles.
I know that we may want to "keep this truck forever" but one year later, you're there selling it for something else. or wanting to get a house.
I am currently working to get myself out of the hole. I have focused my time and money on my owned - no monthly payment vehicle. the money that i freed up by selling my tacoma has just helped with day to day living since i do not feel like i am starting to go deeper into a pool.
It is all about self control.
They need to be teaching financial responsibility throughout school so that you go into the world ready and smart.
Good vid up until the economics lesson. People are addicted to instant gratification these days, thus they’re willing (and naively) screwing themselves with bad deals. Inflation is so high directly because of the last 4 years (and the shut downs). If the gov stopped being the worlds financer and stopped giving out freebies it buy votes we’d be much better off.
Awesome man. Glad you said what everyone is thinking. I see people’s retirement driving down the road losing interest. Someone steals it or crashes into you. And that’s a wrap. All that time and money gone. Nobody insured their aftermarket parts either. Buy a FB car. The payment you were making now goes into your ROTH. Retire rich and laugh at the old you.
Great advice! Thanks for being vulnerable enough to say you would do it different and share it with us all.
Thank you for this video it couldn't have come at a better time, I just bought my Tacoma and almost started spending too much on it.
Also, your last 3mins of video is FIRE. I'm subscribing because of this
Saved up some cash bought a 4x4 sequoia outright.. Was able to lift, rack, and tires with in a week of purchase. Been wheeling it for 4 years no problems... Did the same with my '17 super duty... Lift, wheels, flares, and bed accessories,,,
Same method for my ls swapped 89 z...
All paid for. No payments...
Why?
Because I've always driven fb marketplace cars haven't had a payment for nearly 10 years..
BE ALLERGIC TO DEBT.
I agree with this mostly, I'm a little different, id love a new Tacoma or 4runner, but I refuse to pay the price to play, my last new vehicle was a 2016 Toyota tundra, TRD off road 4x4. Now new Tacoma's are more expensive than what I paid for the tundra, I refuse to pay what they're wanting for almost any new vehicle, I just build up used cheap trucks now.
After so many financial mistakes and setbacks, I absolutely love and adore my truck and yes it’s financed and yes, I buy lots of modification so far I am over $15,000 into my truck and I owe 35. But I also make $180,000 a year.I bought a house and it backfired and cost me 100 grand so I’m going to enjoy the heck out of my truck. And upgrades.
I"m financing my Taco and I'm waiting on my warranty to expire before I start modifying the truck. And my approach will be to save money for the mods. Plus I'm going to go OEM with majority of my mods. TRD suspension, exhaust system. Not going too wild with the mods. Auto theft is rampant where I live and I don't want too many eyes on the truck.
This is true payments suck. And everything else u said i agree 100% well said
Great video and thank you for saying this. I often question the requirements for qualifying for a credit. People are bombarded with credit card offers. This traps many young, and old alike, they often fall into deep debt as a result.
I’m not sure what the answer is. Maybe educate our children while they are in school. Teach them how to handle their money and what the consequences are if they don’t. Schools use to teach these things many years ago. Makes you wonder why they stoped.
I hope things get better as well.
Bought lessons is what it is good sir. Let them find out the hard way. All the education in the world would not stop a young buck from buying the next P wagon. It's called adulting for a reason and until the frontal lobe of the brain is fully developed, you get dingus kids like this financing parts on a financed truck. So, I would assume any sort of warranty is void on this vehicle. TOO FUNNY TO BE TRUE!
Great vid. I really want new wheels and tires but I’m forcing myself to wait until absolutely necessary. The payment is already a lot. Thankfully I’m about halfway done.
Great advice. It’s easy to fall into the instant gratification path.
Financing the truck is whatever specially at a low interest rate. Vehicles depreciate either way. But financing mods is wild
Im 28 and was fortunate enough to have 15k saved up over the years and was able to sell my 07 Tacoma pre runner for 10K so i put 21.5 down on a 21 SR 4x4 and have a 260 payment for 4 years. I used the extra change to put 5100/5160s on and get some methods but i won’t do anything other than rock sliders and full skids just help protect it but I’m going to save up for them and pay it in full.
I got an SR cause i knew i would replace most of the components that you’re paying for with other trims and i also like that it has less technology.
I agree that trucks and things in general wouldn’t cost so much if people weren’t so willing to get into so much debt for them.
Bought my 2001 Tacoma extra cab 4x4 manual all cash. I'm already borrowing money for law school, can't justify financing a depreciating asset to look 'cool'
You are doing so Great in your videos Proud of you keep up the good work
I’m glad to run into this video. Words of wisdom.
Very informative video. I’m in the market to buy my first new Tacoma in the month of December.
Recently been searching what to mod. But after watching your video. My goal is to pay it off quickly as possible. 😁😎👍🏻
Keep up the great work. 👍🏻
Better do some research toyota has went to shit. Might be better off with a ranger or colorado.
I wish someone would rear end me at like 75mph....I can't afford my tacoma.
So thankful that the UA-cam algorithm put your video in my recommended! 👍
I wish I seen this video when I was 23 (4 years ago) before I financed a 2020 Tacoma TRD Pro. Wish I stayed away from modifications as well. Great video
over a decade ago a guy posted on the FJ Cruiser forums that his Electrical warranty work was denied by a stealership because... drum roll.... he put different tires on it!! same size tires, but different brand and Toyota didn't put them on!!!! Tires that had nothing to do with the electrical system!! absolutely insane!! glad i got my FJ used at 20k miles from a ford dealership with no real warranty. 225+Thousand miles worth of smiles!! and a 15yr long build process!! just remember!! "Stock is Boring"~FunkyBird, Utah Muscle Car Association ..... "you can't be afraid to scratch it!"~NyNomad
I always wonder what people think when they see me pull up somewhere in my hoopty. I know what I think when I see people pull up in something nicer. “I wonder how much quality of life they are sacrificing In order to drive that $80,000 _______”
That’s a $44,000 you’re paying almost $50,000. That’s tough.
Great advice! I hope they listen! Thanks for the honesty, I enjoy your videos👍🏻💪🏻💪🏻💪🏻
Wise man! You learn from your mistakes and those are great life lessons. You truck is very cool by the way 👍
I think cars are overpriced because people want the best one I picked the mid trim. Why would I spend an extra $10,000 to just make the car faster oh that’s right because the reviewer on UA-cam said I should. 😂 I like your videos you talk well don’t take my comments the wrong way excellent looking truck. You’re not the reviewer I’m talking about. ❤
Great video as always ❤
Thank you for the wake up call
Great advice for the youngers fam !
$400,000 for a house that’s cheap. My hometown of Honolulu the median price is $1.1 million
Great video. I actually sold my Wrangler because, quite frankly, I could make do with much less. I'd guess that's the case for a lot of people.
We learn more from mistakes and tragedies than we do from success. At least you bought a motor that will run 20+ years from now.
I am still driving my '04 Tacoma that I bought brand new. I've been to hell and back countless times with her. It was worth every penny. My best advice is to invest in your health. What's the point in buying fun toys if you can't go play with them?🤘
Great video, thanks for keeping it real
Locked 🔒 for 7 years...what? 🤦🏼♂️🤦🏽♂️🤦🏾♂️ Who does 7 years?
"According to Experian, in the second quarter of 2024, nearly 69.62% of new car buyers and slightly more than 70% of used car buyers signed for loans with terms of 61 months or more."
You’re right and I’ve been a victim myself luckily I’m not to far in. I’ve put around $5k on my 4Runner and i have barely 4 months since purchase. Luckily I haven’t got too far in deep in mods. But I also make approximately $180k a year. And owe $35k on my truck. I’m planning on paying down $5k-6k on my principal before the year ends. Hate payments
Great information man im the kinda guy that if i don't have at least half of the money or all of the money in some cases i just won't buy a vehicle. I understand that not everyone has that kind of money up front so financing a vehicle is most definitely necessary but being stuck with a truck payment for years is not fun.
Don’t buy new if you want to do serious modifications
Thank you, great video, thanks
Damn that thing is overbuilt 😂
Ooooohhh Doggie!
You just opened a can of worms!
And opened out a herd of cats!
Im
in your 30s, you could’ve invested your money and retired by 50. Anyone in their 30s that finances a brand new truck is screwing themselves. They are choosing to do what the bottom 80% do.
I’ve owned many new paying them all off within the first six months to a year. You can get a better price over all. Consumerism in America is very interesting. I lived in Japan for 11 years. We did a lot of offloading. The modifications do are very conservative. they don’t like to overload their car. The load rating on that truck is only 800 pounds. Also, I get it. I have a UA-cam channel. I get a lot of stuff sent to me and some people make money with their truck. I get it blah blah blah blah blah blah. I’m just talking about your average person.
👏 great video. Yr 100% right neither. Need more people like you. It’s a shame how most “influencers” push the latest n greatest parts and mods that they for the most part get for free. Yr everyday struggling person can’t really do. That’s why yr video is important. Great job.
Never modify the banks car
Good video brother. Hope your truck lasts 20 years plus
I recently refinanced my Tacoma payment is $380 now. Still owe about $18k
Your next realization will be did I really need a built truck and how did that minivan make it to this spot
Sounds like you finally hit your financial rock bottom. It's not the end, only up from there. Get rid of that CC.
Also, keep this in mind. No one is looking out for you. Its literally you vs. the world. Keep at it!
You basically just explained the economics of demand and supply. Vehicles will always be in demand so hard to believe that Tacoma will ever lose interest unless we go into a depression and 8/10 people can’t apply for credit.
Financing a vehicle isn’t terrible if done right and you have good amounts of money saved. Companies do it when they buy fleets. Anything more than 5 years tells me as a Finance professional that you can’t afford it. Sure you can afford the monthly payment but you had to stretch it out….NOT smart.
So many “Keeping up with the Bro’s” in the off-road/ overlanding community 😂 All these companies selling gimmicky, overpriced mods love it
No one workin 9 to 5 would be able to afford it. So no, what we are willing to pay is what sets a price for something.
It’s your money spend it however you want , before you die
Spending money you haven't earned yet is a slippery slope that can ruin your life for many years. People overspend their income on overpriced vehicles that depreciate immediately and wonder why they can't buy a house.
Nothing wrong with modding a financed rig if you do it smartly. Save up a big down payment (15k+) so your monthly isn't a concern and never buy mods you cant pay cash for. The value of the truck going down isn't relevant if you are planning to own for a long time which most yota owners are. I put 30k down on a 5 year term that I know I can pay extra on every month for an early payoff. I never plan to sell my 5th gen. Your issue, which sounds like you learned, is you were living outside your means. It's hard not to with the constant influence of ig and yt. A lot of people buy brand new when they really can't afford the payments. IMO 5 years or less is better for the loan.
I gotta say, and I hate that it sounds like I'm hating, but do the exact opposite of this. Don't finance at 7yrs, if you can't afford it, don't get it. Find it used if you have to.
Why the f would you finance parts. Always ask yourself if you need it or if you want it. If you need it, charge it, if you want it, wait till specials come around and save.
Shop everywhere. you don't need offroad brand to make it work. I got an Amazon rear bumper and it looks good. Craigslist, offer up, marketplace. Do your homework. Buy low, sell high.
This is why I will never buy a brand new vehichle.
i bought the cheapest bronco a base no boxes marked. i have a 2 in spacer lift on it got for 79 dollars my bumper was on sale for 400 dollars 37s terramax at 260 each my side step were 169 4wp had them on sale rims are ford steely they were free. my wifes bronco has a 2.5 rc kit got it for 300 . her rims were 500 with tires rimes are black rinos. sold the tires for 250. and put the same 37s on hers. here is the best part the guy with the 100 thoundsand dollar did the same trail i did and all i have in mine 33 grand with all the up grades. the bronco was 29500 new.. take my base bronco canplared to a badlands sas bronco there was a 15 grand diffence in price. that 15 grand i can do better mods for there starting point. as for payments go as long as it fits in your buget and not more then 30 percet of your take home pay i am fine with a payment.
If you want to drive a new truck you need to buy brand new and then drive less than 75-80k miles and then sell it back after 2-3 years for 90% of the value and buy something else. You will end up paying around $300 a month to drive a brand new vehicle every few years that’s how the dealerships and banks want you to buy now that they scammed us out of our life savings.
lol financing parts is insane
Very well seid men yes sr I agree %%%
I don’t need this kind of negativity in my life
Those damn bumpers that require body cutting are ugly.
One payment this paycheck
Next paycheck to the principal.
Repeat
Repeat
Repeat.
I make 20 an hour I own my 2021 taco
Pay off that truck and stop paying interest to the bank my brother
Great video overall
TLDR: don’t finance depreciating assets. It’s stupid. This applies to all purchases.
Notice at the end he is saving up for a 3k cap, yet IS STILL MAKING PAYMENTS ON HIS TRUCK.
He won’t even practice what he preaches in this video 🤦♂️
Yeah I worded that funny, I'm actually trying to get a company to send me one lol
@ better. It’s a good message that everyone needs to hear and very few will listen to until they have had to dig themself out, but contradicting yourself at the end was painful.
Spot on! One UA-camr calls fhe mods mosrly a "scam." He argues one just needs basic 4x4 truck to get most places.
Why in the holy name of fuck would you finance a bumper?
Because nobody taught millennials financial literacy. It’s the same shit you see with people that took out $50K/year to get a 4-year degree for primary school education only to find out they’d be paying it off for decades.
I learned the cycles of bitcoin and crypto and invest low at the bottom and sell high and paid my truck off. I also bought mine wrecked and rebuilt it and saved 15k off of a new one and only had 7k miles on it.
You are wrong about inflation. Number one, they printed $6 trillion in a few years. That means 30% of all US dollars in existence were printed in a few short years since Covid. Another thing for inflation, is imports without tariffs, corporations, pay pennies and a dollar to get goods produced outside of America and then charge Americanprices for the goods. Also an influx of immigration, mainly illegal immigration where the government keep spending more money. You were wrong about inflation.