Monthly Payments!

[maxx075]

Stick a sock in it !! Us old men pay our bills.

I pay my bills too - also unless you physically do it for me, I will not be "sticking a sock in it".

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[gpburdell]

The problem is that the housing (as well as everything else, 50k basic Toyotas for instance) is increasing far faster than wages, making your money worth less.

You say this like it's the first time we've seen high inflation and/or high interest rates...

It isn't.

I'm younger than some of the others - but old enough to remember the high inflation and high interest rates in the late 70's / early 80's - where the monthly mortgage payment was at one time over half of monthly income.

So yes, it sucks that we're again seeing high inflation. The ratio of home price to family income is higher today than before - it was about 3.8 when I bought my first house in the 90's - but don't act like prices outrunning wages is something new.

 

[PhilosopherSergeant]

This thread went off the rails rather quickly lol...

5% and $570 for me

 

[Dirt]

I lean Ramsey, but factor other life realities and personal realities into financial decisions. I think that for most, time is the great equalizer. Some here are in their 20’s and some in their 50’s and the 30 year span makes a huge difference in possibilities. I think everyone here has an honest, well meaning perspective on the challenges of buying motor vehicles. Personally, I’ve bought way too many but I’m a major petrolhead so it’s a need and my hobby, so I spend more in this area. I’m also in the last 10 years or so of my career and am socking away a lot for retirement, as I should and have been all my working career, so there’s a balance in it all.

Some of us are in our late 70's. Sounds like most of the folks caught the intent of the OP. Most of us can empathize with the longer, higher payments and sacrifice over time to make the purchases we need or want. For me, I was fortunate enough to pay off the slightly above base model TRD OR after trading in a well equipped '19 TRD OR that had a lot of options I didn't use.

 

[goin2drt]

Zero. I haven't had a car payment for probably 10 yrs or so.

 

[DENNISD]

Oh boy, I love this take.

Yes, interest rates were higher, but the cost of a house were a year's salary then. Not the average cost of 400k+ that they are now, on an average salary of 63k.

The problem with people like you is that you're so out of touch with reality and want to spew the whole "BACK IN MY DAY" BS trope that has no standing in today's world.

"We're out of touch?"
You're the one saying how tough things are, yet you're driving a relatively new and expensive vehicle.


Now, I'm not here to tell anyone how to spend their money—but if times were truly tough, the last thing I'd do is buy an expensive car and then complain about how costly everything is.


As I’ve said before, whether in today’s world or years past, I’ve always made it a point to live within my means. For what it's worth, I didn’t own a vehicle newer than five years old until much later in life.

 

[fightforfood247]

Hi all,
I just saw a reel on the gram from Toyota Lifestyle where they were asking their employees what their monthly payments were on their vehicles (not all tacomas). It got me thinking, "I wonder what people are paying out there".

I'll start with mine. I recently refinanced to 4.99% for 5 years. I'm paying $537 a month.

I'm just curious how much people are willing to pay for our new trucks. Hopefully this isn't too intrusive. If it is, just don't post

I think it’s a great idea. People will always lie for some reason about this. Maybe it’s about status or dilating their situation. But I’d only believe about half these brotha. 72 months 299$. Monthly

 

[TacoChip]

The average US car payment is $741. Mine is $475.

 

[bluecrush.taco]

The "privileged" people you refer to are often those who made sacrifices when they were younger.


I can only speak from my own experience, but I bought my first car in 1978 for $1,350. I was just 14 years old. I saved diligently until I had enough cash to buy a used car. At the time, I earned about $2.50 an hour. Adjusted to today's standards, that's roughly equivalent to $15 per hour. I worked around 20 hours per week—about 10 hours on the weekend and 2 hours a day during the week—earning roughly $50 a week back then, or about $300 per week in today’s wages.


I saved at that rate for around four years. While I didn’t work every single week, I worked most of them—let’s say about 45 weeks per year. That added up to around $2,000 annually in 1978. Using today's wages, that would be about $13,500 a year.


The point is, with hard work, discipline, and by living within your means, it's entirely possible to achieve similar results today. The so-called "privileged" often just worked hard, saved diligently, and avoided spending more than they earned.


After graduating from college, my mother gave me wise advice: don't buy a car until you can pay cash. She suggested I calculate what a loan payment would be and put that amount into a “car account” instead. Once I had saved enough, I could start looking for a car that fit within that budget.


Unfortunately, many people today—let’s call them the “underprivileged”—see a credit card as a ticket to freedom. The sad reality is that relying on debt can lead them deeper into a financial hole that’s very difficult to escape.

I find the sad reality is that you had to work 20 hours a week as a 14 year old. I'm sorry you had to do that. I'm glad you made the equivalent of $15/hr back then, because the federal minimum wage is still $7.25/hour now, and a lot people still only make that much. But I don't think future generations have to go to work when they're 14 to "build character".

No one is attacking your hard work. But times have changed. People are working 2 to 3 jobs that are non-union, no pension, and still not making a living wage. One unexpected medical bill is all it takes to start the poverty cycle. And it has nothing to do with working hard. Sometimes debt is necessary and some people are just thrust into it. I was one of those people. But I was fortunate and privileged enough to get myself out, but I don't think it's because I work harder than most people who are in the same position.

 

[DENNISD]

I find the sad reality is that you had to work 20 hours a week as a 14 year old. I'm sorry you had to do that. I'm glad you made the equivalent of $15/hr back then, because the federal minimum wage is still $7.25/hour now, and a lot people still only make that much. But I don't think future generations have to go to work when they're 14 to "build character".

No one is attacking your hard work. But times have changed. People are working 2 to 3 jobs that are non-union, no pension, and still not making a living wage. One unexpected medical bill is all it takes to start the poverty cycle. And it has nothing to do with working hard. Sometimes debt is necessary and some people are just thrust into it. I was one of those people. But I was fortunate and privileged enough to get myself out, but I don't think it's because I work harder than most people who are in the same position.

I recognize that times have changed and inflation is making things tough, especially for younger buyers. That said, I still think it’s important to stick to financial principles like not spending more than you earn. It’s how I’ve stayed afloat, even when things got tight.

 

[reconnected]

Paid cash for my 2025 Tacoma TRD off road. Great tuck and I'm loving it so far.
Also bought the wifey 2025 Corrola Cross 5 months ago...straight cash homie

 

[Dansflhti]

Paid cash for my 2025 Tacoma TRD off road. Great tuck and I'm loving it so far.
Also bought the wifey 2025 Corrola Cross 5 months ago...straight cash homie

Same combo we have..but ours are 2024s and she paid for hers.

 

[Echoedlite]

15k down 733 a month 7.5%. Might refinance depends on if the feds lower rates at all. If not I'll just pay it off next year.

 

[gpburdell]

As I’ve said before, whether in today’s world or years past, I’ve always made it a point to live within my means. For what it's worth, I didn’t own a vehicle newer than five years old until much later in life.

Same. Life’s much less stressful living within one’s means.

My personal vehicle buying metric has always been to never buy more than I could pay off in four years or less. And then keep it longer, continuing to make “payments“ into an investment account.

(and I too worked in my teens - my parents ensured I had everything I needed, but beyond that I generally had to earn the money myself in various ways. Instilling that work ethic is one of the best things they ever did for me, which my wife and I passed on to our own children).

 

[bsquaredMTB]

This thread went off the rails rather quickly lol...

5% and $570 for me

Totally agree. I just meant for this to be a fun thread just to see the different ways people get their Tacomas. Hopefully everyone can still be friends after this exchange lol. All in all I found everyone's experiences to be very interesting. Yes things are expensive now, yes they were at times before, but I'm assuming everyone in this forum has their Tacoma so we're all doing ok.

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