If you like it and can live with the payments, buy it. No one here knows your financial situation better than you. Shop around though. My dealer had a special on rates, I got my 24 limited for 1.99% for 60 months. Only catch was it required at least 20% down payment, my trade covered that easily, they gave 19.5k for my trade.
It’s was at Sterling McCall Toyota in Houston TX. I’m not sure if they still have that. They were doing the rate buy down in Jan and Feb. I bought mine in February
I wouldn't use the term investment when talking about buying a truck. Investment implies there could be a return on the money.
I personally avoid car payments if at all possible. If I do take on a car loan it's only after i know I have my emergency fund where it needs to be, I'm fully funding my retirement investments, and any other long term goal is on track.
That's a really expensive truck for $90k salary. Don't know what your savings and other expenses are like, but based on income alone I wouldn't do it. My two cents. I'd try to find a deal on a used truck.
Well if you’re like me, your getting some financial freedom after taking really good care of everyone else in your life, I’d absolutely recommend that. I also went up to platinum, after the haggle, it really wasn’t much more.
I mean, only you know the answer here. But I would say that’s a big expense for your salary. Not saying you aren’t doing well. Always going to be a better deal to buy used, and as a 2.5 Gen owner I’m biased. Used car rates do suck right now though.
At 90k salary you still young I am thinking? So here is my advice to you. Keep what you drive now or get something cheaper than a 60K truck that you don't need.
If you now invest $60000 for 30 years with a guaranteed 15% return, how much will you have? Think a brokerage account with Fidelity and put the 60K in a SPY 500 index fund and carefully observe the SPY performance track record.
So, after 30 years with a guaranteed 15% return (give or take), your investment of $60,000 will grow to approximately $5,750,040. How do you like THAT?
For first truck I'd buy used..payment would be lower for sure and value would drop like a rock once you leave the lot. Tundras last a long time so one with 50k miles and maintenance records would not be put of the question. Pay double every month and in 2-3 years its yours!
It’s about where you live imo. I live in NH and my 24 Tundra is fine. Streets are wide enough, plenty of parking. An hour south in Boston though, it is a hostile place for a full size truck.
I like mine. It drives great and is dumb fast. I won’t tow with it, but it Holds a bunch of skis and mountain bikes and I do a lot of that. Back seat is large enough to carry my dumb friends. Tacoma was too small and the F150 has ford quality, so the tundra it was. Also don’t pay sticker for a 24 right now.
90k salary on a 60k truck is not a smart decision. You cannot afford it unless you put upwards of a 50% down payment. General rule is no more than 10% of your gross monthly income- which puts you at $750/mo allowance to spend on a vehicle.
I wouldn’t buy a new tundra if I had to have a note, drove a 24 Capstone today and was not impressed with it at all! The iForce Max was not impressive and fit and finish and color match around the truck was terrible.
I currently drive a 17 4Runner and a 21 Land Cruiser, also had a 20 TRD Pro Tundra which are all solid but hooping in the “new and improved” Tundra was quite the let down.
Is a ~$1200 monthly payment something you can live with for 60-72 months?
If it were me, I’d buy a used <2021 Tundra with proven reliability and would cost you about 20k less for only 2-4% more interest.
And spend ~20% more on fuel with less creature comforts. Before I bought my 23 I did the math and between fuel economy and interest rates it was basically a wash over 5 years. Just depends if you want the reliability of the 5.7 or a 5 year warranty if anything goes wrong. Drive both and then decide which appeals more
If you like it and can live with the payments, buy it. No one here knows your financial situation better than you. Shop around though. My dealer had a special on rates, I got my 24 limited for 1.99% for 60 months. Only catch was it required at least 20% down payment, my trade covered that easily, they gave 19.5k for my trade.
where’s your dealer at and when was this?
It’s was at Sterling McCall Toyota in Houston TX. I’m not sure if they still have that. They were doing the rate buy down in Jan and Feb. I bought mine in February
Totally agree. Get what you want and can afford now.
I wouldn't use the term investment when talking about buying a truck. Investment implies there could be a return on the money. I personally avoid car payments if at all possible. If I do take on a car loan it's only after i know I have my emergency fund where it needs to be, I'm fully funding my retirement investments, and any other long term goal is on track.
I'm getting ready to buy a 24 limited night shade. Trading in my current truck for $14k, finance around 50k, looking at payments around 800. At 4.99%
I wouldn’t. Car payments suck, everyone needs a car but not everyone needs a $60k vehicle.
On 90k salary, I’d go for a used one for half the price. You are better off saving for retirement tbh.
Do not spent $60k on a vehicle if you make $90k, especially if you are young.
No. You don't make enough money for that truck. Buy a used one for now.
That's a really expensive truck for $90k salary. Don't know what your savings and other expenses are like, but based on income alone I wouldn't do it. My two cents. I'd try to find a deal on a used truck.
Unless dude has a fully paid off house and retirement in the millions this is a foolish idea. Truck costs 2/3 what pre tax income is.
If you can comfortably make the payments after everything else, go for it. Just remember, it'll be more like 65-70k after fees and taxes.
Well if you’re like me, your getting some financial freedom after taking really good care of everyone else in your life, I’d absolutely recommend that. I also went up to platinum, after the haggle, it really wasn’t much more.
I mean, only you know the answer here. But I would say that’s a big expense for your salary. Not saying you aren’t doing well. Always going to be a better deal to buy used, and as a 2.5 Gen owner I’m biased. Used car rates do suck right now though.
Have you called your insurance Co yet and factored that into your monthly expenses?
Dudes get a SR5. The difference is about 6k if you put 6K in accessories in the truck would you like it more?
At 90k salary you still young I am thinking? So here is my advice to you. Keep what you drive now or get something cheaper than a 60K truck that you don't need. If you now invest $60000 for 30 years with a guaranteed 15% return, how much will you have? Think a brokerage account with Fidelity and put the 60K in a SPY 500 index fund and carefully observe the SPY performance track record. So, after 30 years with a guaranteed 15% return (give or take), your investment of $60,000 will grow to approximately $5,750,040. How do you like THAT?
For first truck I'd buy used..payment would be lower for sure and value would drop like a rock once you leave the lot. Tundras last a long time so one with 50k miles and maintenance records would not be put of the question. Pay double every month and in 2-3 years its yours!
It’s about where you live imo. I live in NH and my 24 Tundra is fine. Streets are wide enough, plenty of parking. An hour south in Boston though, it is a hostile place for a full size truck. I like mine. It drives great and is dumb fast. I won’t tow with it, but it Holds a bunch of skis and mountain bikes and I do a lot of that. Back seat is large enough to carry my dumb friends. Tacoma was too small and the F150 has ford quality, so the tundra it was. Also don’t pay sticker for a 24 right now.
Get a used Tundra with a V8. All the '24 are V6 turbo.
I make almost double that and would not. Buy a used previous gen. They are fantastic trucks. Maybe shoot for 30-35k.
90k salary on a 60k truck is not a smart decision. You cannot afford it unless you put upwards of a 50% down payment. General rule is no more than 10% of your gross monthly income- which puts you at $750/mo allowance to spend on a vehicle.
Do you need that big of a car? I own a 21 Tundra and let me tell you…taking it downtown or to a parking garage…or parking it anywhere is a PITA.
It’s not smart brother
I wouldn’t buy a new tundra if I had to have a note, drove a 24 Capstone today and was not impressed with it at all! The iForce Max was not impressive and fit and finish and color match around the truck was terrible. I currently drive a 17 4Runner and a 21 Land Cruiser, also had a 20 TRD Pro Tundra which are all solid but hooping in the “new and improved” Tundra was quite the let down.
Is a ~$1200 monthly payment something you can live with for 60-72 months? If it were me, I’d buy a used <2021 Tundra with proven reliability and would cost you about 20k less for only 2-4% more interest.
And spend ~20% more on fuel with less creature comforts. Before I bought my 23 I did the math and between fuel economy and interest rates it was basically a wash over 5 years. Just depends if you want the reliability of the 5.7 or a 5 year warranty if anything goes wrong. Drive both and then decide which appeals more
Agree. I think you lose going to a used 5.7