How many are going to trade for a 6th Gen?

Hopefully I'm not being misunderstood here.

Spending $65-80K on a vehicle sounds crazy to me altogether.

My point is just that, if you're already spending that kind of money, you might as well get what you want. Because, the only thing crazier than spending $80K of your hard earned money on a pickup truck would be spending $65K on a pickup truck you didn't really want.

 

Here is how to spend $65k on a Sport model no less. Unreal

 

I'm not misunderstanding you at all. Others might be, but not me.

I agree with you. If I'm ready to nut up and drop $65k on a truck, why not finance "just" a bit more. $15k financed over 5yrs is another $250 added onto your monthly payment. Speaking of $80 grand...I remember seeing many houses in my zip code sell for that or just a bit higher from 2009 - 2011 (the height of the housing market crash).

Now those same crap-tastic houses sell for $410k all day.

 

Jeez! I just don't see them selling very well at these prices.

Yeah, housing prices are insane right now. I've pretty much accepted that there's a good chance I'm never going to own a home.

 

Yeah I agree that is out of this world

 

Just took the plunge and I am shitting bullocks everyday at the thought of what I did.
I have not heard a truer statement than " rent is the maximum you ll pay but mortgage is the least you'll pay".

 

I'm grateful and very lucky that I bought my house when I did. I bought it in 2018 and put down almost 50%. I got a 15yr mortgage @2.75% I paid just over $250k for it, and now it's worth $470k. I would struggle trying to afford a house in this market.

I'd get a lot less and pay a lot more. The pro's of owning a house is, I'm not making the landlord richer and it's all mine. The con's of owning a house.....it's ALL mine. The taxes, the insurance, the maintenance costs, the monthly bills for all the services. All of it.

Just remember: Be careful what you wish for. You just might get it. Well, 10 yrs ago I wished for a house and a really nice yard in a quiet/safe neighborhood. Now I have that; and the property taxes are coming due soon!

 

Oh, what would I give to have a mortgage at that rate. I am at an eye watering 7.95%.

 

I don't know your age but I would suggest patience for the moment. Houses are high priced due to short supply but all of us Boomers have to start dying some time resulting in a lot of homes entering the pipeline. I think that will have more effect than trying to build our way out of it. (too slow)
In fact I feel bad for anyone that has bought during this big price run up only to have a crap load of homes entering the market in relatively short order. It'll be like our last way to screw the younger generations even when we're dead.

 

Hopefully better times ahead guys and lower rates and better economy. Here is to 2025

 

Yeah, I stepped into the market at just the right time. It was dumb luck. Nothing more. I didn't analyze the market or do research. I lucked into it. I feel really bad for people trying to buy a house for the first time right now. They're really getting screwed.

I'm going to make a lot of large principle only payments on my mortgage in 2025. I only have $64k left on it. My goal is to pay off my house in the next 2yrs.

 

Depending on how old you are $15K could fund two years of a Roth IRA. Dropping that on a depreciating asset, paying interest on it while doing so, not for me. I'm planning on not working someday.

 

I agree. This discussion has gotten wacky. Talking about buying $80K trucks and paying rent to a landlord. Sounds like a great way to go broke.

 

Agreed. Let's get back on track. If I guy like this tried to sell me the new 4Runner, I would buy it (after I stopped laughing my ass off):



https://www.youtube.com/watch?v=LbH2guwhD8k&t=19s

 

Yeah buddy time value of money. Save for retirement first. Thank God I had that advice young and stuck to it

 

Reminds me of this scene from Dirty Work.
https://youtu.be/BlWpx55Mo5s?si=GAqqr7GAhDO7iHum

 

I see you aren't familiar with how compound interest works.

 

Nope. I am not. Numbers scare me!

 

I still wouldn't buy it.

But, that's hilarious!

 

Spending $60k to $80k on a vehicle that will depreciate along with operating expenses depends on the individual.
If driving a vehicle is the total of your identity then that will be the most important consideration for you.
I drove a lot of beaters during my younger years so I could budget to buy a house, and go to College with the plan on
making more money as my skills improved. Not to mention getting married and having kids.
Now I am retired after 2 careers spanning 40 years of work, everything I own is paid off, (Home-2 vehicles-1 RV)
And after 45 years of marriage my wife has one thing less to complain about because we are financially comfortable.
So the question is...what do you want your life to look like when you are 50, 60, 70 and beyond. Plan accordingly.

 

Bob is right above plan accordingly. We all get the new car/truck itch it’s in most of us. But my advice is fight it off as long as you can. Establish your career, save for retirement today and get your home first.

Trust me there will always be a new Toyota this and a new that to purchase. Take care of your future first and not a car manufacturer. And even more importantly find a good spouse as it sounds like Bob did. You don’t want to be like me who did all the financial planning, worked, saved and sound as you push 50 and missed the boat on a wife and kids. I am blessed to afford some nice toys for sure but those toys don’t love you in return and give you a hug at night. The vehicles should be last on our list. Take care of yourself and a family first.

 

https://docs.google.com/spreadsheets/d/1swb_Dvhegue6I13uJPd7ma00jX41_AMkXYTrGuKQdF8/edit

 

So your solution is to just go with it and pay the 80k as you are told?

The entire car market is f'ed up these days because car companies are (successfully I might add) price walling their features behind trim levels to make you pay as much as possible for that ONE thing you think you "really want". We are all at one point or another guilty of acquiescing to it since those of us who want a factory locker have been restricted to OR or higher in 4runners for many years, but 3.8k jump from SR5 to OR where you get 4wd and a locker among other things is a whole different level of "YOLO" than a 15k premium.

 

I cannot upvote this enough times.

I know a number of people who are retired comfortably. It's very educational to see how people with high 7 figure and 8 figure portfolios buy vehicles. Once you build that nest egg, the idea of an 80k off road SUV or 150k sports car is often viewed as...unnecessary, gaudy even.

The most wealth person I have ever known (RIP) had a investment account that was...sizeable. he drove an AWD Rav4 because it was the easiest for him to drive and navigate on his private ROAD's switchbacks on the way to his house that he raised a family in.

 

So, your solution is to spend $65,000 on something you don't really want? Does that make sense?

Nobody is telling me to do anything. If I can't afford a vehicle, or don't like the price, I'm not buying it.

My point was that I'm not going to settle for a vehicle I don't really want over a ~20% price difference. And, that it doesn't make sense to spend that kind of money and not get what you want.

But, the whole point is moot because I don't want any of the vehicles being discussed.

And, I have zero interest in spending that kind of money on a vehicle, ever. The 4Runner was only $38.6k ( not cheap by any means, but chump change by comparison to some of the vehicles being discussed here). And, it was my first, and probably last, new vehicle purchase.


Now, can we get back on track with more financial planning advice, as that's obviously what this thread is about.

 

Salespeople are going to have to "sharpen up" the sales skills if want to sell the new 4Runners. The price is probably the biggest 'NO DEAL' for us, not thrilled about the looks either, the front end looks like too much going on. I guess we are going to retire with our 5th Gen.(next year) and see how long we can keep it running! BTW, back to the home buying part of the thread.. we paid 30K for our house in the country, this was in 1990. It's appreciated nicely over the years, the 4Runner is not going to do that. Have a good New Years!

 

Yeah good point the 4R sold itself and so did this forum in the past.

In my mind this NEW 4Runner carries over its name only. It’s at ground zero and has to prove itself all over again, demonstrating all the qualities we bought our 5th Gen’s for.

There will be some who buy it because it’s a 4 Runner. A slightly more educated buyer will be more discerning.

This is no different than the Land Crusier Hagerty video where he says the LC carries over its name and engine is a noisey rickshaw engine.

 

Agreed. The base pricing didn't look too terrible. But, $65K for a TRD Sport is going to be a tough sell. It'll be interesting to see what happens over the next few years.

 

Another important life tip is to make sure to still enjoy your life now while saving for the future. I know too many people that either died young from cancer or aren’t healthy enough after retirement to do the trips they dreamed about. Make time to travel now while you still can.

 

Very good point!! Absolutely agree.
As Mr. Miyagi says it’s about Balance.

https://www.google.com/search?sca_esv=aca0fd80300fec32&q=danielson+about+balance&udm=7&fbs=AEQNm0DmfTgc7tU04ONiC4SZ2zg3EbKU0Gsmd2rgkfbVEgtmohrs70-DLxvepMcZE04DM3tuOGIeUwvSy8kF7CgBJ3DwdbLBuo53UW48URik-TyW8AtL5AiwVh2vmID6_NxuY4V3NZjhesd3Y2GFN3XLEzGCjAyBynT-P3gvn-N0AzEDOyCvVs_JFpUOHXn870yCij701Gn1OHR-coUUsYMlG44GDQmyx-sk0DY8fw36or_bmdXdgXc&sa=X&ved=2ahUKEwiSgL-hhtCKAxU3_8kDHZ1CGYIQtKgLegQIFhAB&biw=393&bih=657&dpr=3#fpstate=ive&vld=cid:0a2ded44,vid:QsPoBXemFmg,st:0