@@IAmTK950 all he can do is sell it for whatever it’s worth to whoever buys it & that amount will go toward what he owes. He’s very likely to take a loss on the sale along with early payoff fees. But at least he’ll not have tens of thousands of debt on a mediocre truck
Nobody should honestly be buying new cars especially financed through the bank. Having a $400+ monthly car payment is insane. I see so many people trying to flex hard with BMWs and Cadillacs and their cars end up being towed a couple of months later. I always buy used Hondas with relatively lower mileage and i love my cars.
you also get nowhere near the same percentage of business contacts or hoes driving a honda. you haven’t figured out the world we live in. you need to learn to speak without saying words.
Bro should get a Honda Accord and call it a day. I got my 2008 Accord used for around $14K back when I was making around $35K a year. Now I'm making $120K annually and I'm still driving that same Accord. Yeah I want something nicer, and yeah I sometimes feel the peer pressure to pull the trigger, but you know what, having $0 car payment and the money in my bank account is even nicer.
@@bigzachfuleither buy what you want with cash or invest that money. But going into debt and being upside down on a vehicle loan like the caller is the worst option. I’m 99% sure his truck is worth less than what he owes on it.
my friends first car was a old beat like a mf camry he got for $300 😂 aye he ran that thing for like 2 or 3 years with no payments edit: he traded it in to the dealer they even paid him like 800 for it or something 😂😂😂
This is all horrible advice. Assuming this guy is broke and is actually trying to be responsible and this guy does not need a truck this is what needs to be done. Most likely he owes more on the truck than its worth. The dealer will always offer you 2/3 of the fair market private party value. The best thing to do is to try to get as much money for the truck as possible is to sell the truck privatly. And he need to come up with the amount of money that he is under water to get out of this loan and then to buy a $5-10 thousand used car/ truck from a private party ideally with out a loan. Never ended new car payment is a easy way to stay broke forever.
They ripped this guy off so bad. Guys do not ever buy a car unless it’s for a business & you basically cash out on it. Only buy a car when it’s an antique or very rare
The problem is the interest is higher now. He really needs to see if he can offload the Tacoma and buy a beater. Otherwise he’s probably going to have high payments for anything even remotely valuable.
Exactly his best bet also would be to do how they say, “work 2-3 jobs” to give extra payments and keep his 2021. I would, its reliable af and cooler than a older tacoma. Like they said its the signature whip you slide thru with it can be a 02 accord or 21 tacoma both are hard
How do you answer this question without asking what type of vehicle you need? No point suggesting a Camry if this guy needs to be able to throw tools and supplies into the back. He probably has a Tacoma because he needs that type of vehicle. Most people that by pickups do so out of necessity. Get an older Tacoma and call it a day unless you don't need or want one. Cars 3-4 years old is always going to be the smarter move.
And this is exactly why I will always pay cash and the only debt I’ll ever have is a mortgage. I don’t get why people continue to do this over and over and expect things to change. Cash is king.
This dudes first suggestion was a Lexus IS 😂 bro he's 24 he's gonna have to pay high insurance He should be getting a used Camry, Rav4, or a used Sienna
@@atmosphericpressure3560 yeah I almost bought one but chose not to due to high insurance. If he is trying to cut costs he should not be getting that. Even if it is one of the best "luxury" options. You still will pay more
This guy is completely upside down in his loan, hed have to put a ton of money down cuz the banks wont let you roll thousands of dollars into the new car loan. Hes stuck in this thing.
I agree he should buy a used Camry. The hybrid version would be better. If he’s not using the Tacoma for its intended purposes then it a waste to drive around in that gas guzzler. The gas money spent on a Tacoma eventually pays for a Camry.
Only have bought cash cars since 18 (30 now) and worked on all of them. Engine blows it gets swapped by me. It’s cheaper to keep her and you always know her ins and outs. UA-cam academy for any car needs. Don’t be soft hit harbor freight and buy tools. Best investment ever.
But a used car in good condition. Save your money and pay cash. If need be, go to a buy-here-pay-here. Going to an "authorized" dealer and allowing them and a finance company to sink their teeth and claws into is insane in these times.
I have two e-bikes and I have to ignore all the attention those bikes get lol While people drool over cars I have these same people drooling over my expensive e-bikes 😂
Dude would be better off buying a used Ford Maverick or Hyundai Santa Cruz in the lower trims. They are the lowest priced new trucks and also the smallest. Older Tacoma's still cost alot because they hold their value for a longer time than most vehicles on the road. Its better if he gets a newer truck with low mileage than an older used truck with higher mileage.
I drive an 07 Cobalt. The problem is that some employers will not hire you unless you have a truck that's less than two years old, ESPECIALLY if you work in the energy industry like this caller does. You read that right, less than two years old. Employers are beginning to discriminate just as hard as modern women do.
This is awful advice. Sell your current car and buy a cheap 3000-$5000 car. NO PAYMENTS
Yup 👍
Yeah. He got ripped off. 40k for a 2021 with 40k miles & the mortgage barely went down, a 9+% interest rate!??? WOW
how is he supposed to sell the car when hes not done paying it off? still has 34k left
@@IAmTK950 all he can do is sell it for whatever it’s worth to whoever buys it & that amount will go toward what he owes. He’s very likely to take a loss on the sale along with early payoff fees. But at least he’ll not have tens of thousands of debt on a mediocre truck
Exactly!! That’s what i would have done. Avoid car payments,you just need a car that can get you from A to B. I haven’t had a car payment in 7 years.
Nobody should honestly be buying new cars especially financed through the bank. Having a $400+ monthly car payment is insane. I see so many people trying to flex hard with BMWs and Cadillacs and their cars end up being towed a couple of months later. I always buy used Hondas with relatively lower mileage and i love my cars.
You but the used Hondas through a dealership? And you just pay full?
you also get nowhere near the same percentage of business contacts or hoes driving a honda. you haven’t figured out the world we live in. you need to learn to speak without saying words.
Man u said 400? I personally know people paying 700 a month driving to a job they hate
I know a buddy who is paying 500$ a month for new Honda crv
Smart
Bro should get a Honda Accord and call it a day. I got my 2008 Accord used for around $14K back when I was making around $35K a year. Now I'm making $120K annually and I'm still driving that same Accord. Yeah I want something nicer, and yeah I sometimes feel the peer pressure to pull the trigger, but you know what, having $0 car payment and the money in my bank account is even nicer.
But what are you going to do with that money. You either get the things in life you want with that money or you don’t.
@@bigzachful Hell yeah so get the LEXUS!!!
@@bigzachfuleither buy what you want with cash or invest that money. But going into debt and being upside down on a vehicle loan like the caller is the worst option. I’m 99% sure his truck is worth less than what he owes on it.
Don’t finance anything that doesn’t make money, it’s the biggest trap for a poverty mindset
Buying a new car is the worst investment you can make.
Nobody buys new cars as "Investments" in the first place lol unless it's something for a business that makes money.
Crazy to pay 850 for a car in a month
Like literally save 5 months worth of payments and get a used Honda Civic
my friends first car was a old beat like a mf camry he got for $300 😂 aye he ran that thing for like 2 or 3 years with no payments
edit: he traded it in to the dealer they even paid him like 800 for it or something 😂😂😂
This is all horrible advice. Assuming this guy is broke and is actually trying to be responsible and this guy does not need a truck this is what needs to be done. Most likely he owes more on the truck than its worth. The dealer will always offer you 2/3 of the fair market private party value. The best thing to do is to try to get as much money for the truck as possible is to sell the truck privatly. And he need to come up with the amount of money that he is under water to get out of this loan and then to buy a $5-10 thousand used car/ truck from a private party ideally with out a loan. Never ended new car payment is a easy way to stay broke forever.
Exactly
I was going to say he’s been making payments on it for two years and only brought the principal down 6k, he’s for sure upside down a good amount
They ripped this guy off so bad. Guys do not ever buy a car unless it’s for a business & you basically cash out on it. Only buy a car when it’s an antique or very rare
The problem is the interest is higher now. He really needs to see if he can offload the Tacoma and buy a beater. Otherwise he’s probably going to have high payments for anything even remotely valuable.
Exactly his best bet also would be to do how they say, “work 2-3 jobs” to give extra payments and keep his 2021. I would, its reliable af and cooler than a older tacoma. Like they said its the signature whip you slide thru with it can be a 02 accord or 21 tacoma both are hard
How do you answer this question without asking what type of vehicle you need? No point suggesting a Camry if this guy needs to be able to throw tools and supplies into the back. He probably has a Tacoma because he needs that type of vehicle. Most people that by pickups do so out of necessity. Get an older Tacoma and call it a day unless you don't need or want one. Cars 3-4 years old is always going to be the smarter move.
And this is exactly why I will always pay cash and the only debt I’ll ever have is a mortgage. I don’t get why people continue to do this over and over and expect things to change. Cash is king.
This dudes first suggestion was a Lexus IS 😂 bro he's 24 he's gonna have to pay high insurance
He should be getting a used Camry, Rav4, or a used Sienna
An early 2010's is250 is a 10k car. He can easily afford that
He'd do very well with a 2010-2012 pathfinder. Its a truck chassis too
I got a 3IS and would not care how much it is.
I love that damn car🤣
@@atmosphericpressure3560 yeah I almost bought one but chose not to due to high insurance. If he is trying to cut costs he should not be getting that. Even if it is one of the best "luxury" options. You still will pay more
This guy is completely upside down in his loan, hed have to put a ton of money down cuz the banks wont let you roll thousands of dollars into the new car loan. Hes stuck in this thing.
I agree he should buy a used Camry. The hybrid version would be better. If he’s not using the Tacoma for its intended purposes then it a waste to drive around in that gas guzzler. The gas money spent on a Tacoma eventually pays for a Camry.
Yes, that’s why I have a Camry.
But… I also have a Durango.
Sorry to say, these guys have no clue. $300/ mo doesn’t buy a $20,000 car.
What is this now? The Dave Ramsey show? Not sure how I feel about Walter giving financial advice.
I can't believe how awesome this turned out!
Get a paid cash car sir! A rich man is a man with no bills 💵
34000 at the second year of financing is insane
I knew he had a high interest rate when he said that
For real. He’s barely made a dent. And he’s paying 9.85% interest.
Bad advice. Hes essentially stuck unless he trades it in and lease a car
Caller has Zero financial literally
Literacy ?
Only have bought cash cars since 18 (30 now) and worked on all of them. Engine blows it gets swapped by me. It’s cheaper to keep her and you always know her ins and outs. UA-cam academy for any car needs. Don’t be soft hit harbor freight and buy tools. Best investment ever.
Well said
But a used car in good condition. Save your money and pay cash. If need be, go to a buy-here-pay-here.
Going to an "authorized" dealer and allowing them and a finance company to sink their teeth and claws into is insane in these times.
Bro does not need a Lexus
pay it off and sell it private, not back to dealer
I just bought 2010 Toyota Tacoma for 13,000 cash money
older tacoma's are like tanks i've heard will last forever just gotta do proper maintainance
they arent cheap but cheaper than a new one
First new vehicle i ever got was a 2020 chevy silverado trail boss truck but i got that cause i love the outdoors and for the winter time
You guys need to stay in your lane. This isn’t it.
But this does need to be discussed, dealers are insane with all of this. Just helping the young men be smarter
I have two e-bikes and I have to ignore all the attention those bikes get lol
While people drool over cars I have these same people drooling over my expensive e-bikes 😂
The problem is hes like 10k upside down if he trades it in🤕😅
They will roll the negative equity into his new car loan
He’s an electrician he can afford to pay cash for a vehicle if not at least half of it
Go to an auction and get a pickup.
Yea because he should go to an auction and blindly buy a car good advice my guy 😂😂😂
You guys should listen to Dave Ramsay for buying cars.. never use a loan to buy car..
What about the electrified Stingray?
$850 a month is wild
My man I have a Toyota Tacoma 2017 I'll sell you. I'm out of Kansas City Missouri. I'll work with you. It has about 80,000 miles on it.
Dude would be better off buying a used Ford Maverick or Hyundai Santa Cruz in the lower trims. They are the lowest priced new trucks and also the smallest. Older Tacoma's still cost alot because they hold their value for a longer time than most vehicles on the road. Its better if he gets a newer truck with low mileage than an older used truck with higher mileage.
I drive an 07 Cobalt. The problem is that some employers will not hire you unless you have a truck that's less than two years old, ESPECIALLY if you work in the energy industry like this caller does.
You read that right, less than two years old. Employers are beginning to discriminate just as hard as modern women do.
That’s crazy
Say what!!!
Do you recommend buying a used car from caravana?
No stay away😅
@@edstacks5254 ya wanna give me a reason?
Better to buy a couple years old with low kms
this advice is horrible lol
This is the worst advice ever !!!!!!😂