What would you guys do?
 

Guys I have a choice to make.... currently I have a 2000 Xtra Cab Prerunner with the 2.7L auto. It has 91,000 miles. Its a good truck and gets 21 mpg. Does decent off road for a 2wd Open diff.

However, I have found a 2002 Tacoma Xtra Cab SR5 4x4 w/ V-6, auto, and TRD. It has 55,000 miles on it so it's still got a little warrenty left. It's solid black, bumpers and all and looks really,really good. Fully loaded. They want 18,900 for it, which is a good price.

Heres the problem.... I'm upside down on my current Tacoma. I owe 12,250 and it's worth about $9,000. Since the 02 I'm looking at is worth about 21,500 according to NADA and I do have 1,000 down then I can probably make the trade.

I'll probably end up oweing like $21,500 for the 02 though

Would you guys pay this much for a 02 with 55,000 miles? Affording the payment is not a problem at all. I just don't want to REALLY overpay for a truck. I mean I want it.... but I don't want to do something really stupid for it.

Like I said my 00 runs perfectly and my only fault with it is that it isn't a 4x4 and it's not a V-6.

I would plan on keeping either truck for a good while (5 years+) because I need reliablity.

Keep the truck, nothing worse than debt.

it only has 91k on it, reality is that its gonna last you a long time, no need to get a newer one.

For an extra $5K, you could get a 2004 Tacoma Xtra Cab SR5 4x4 w/ V-6, auto, TRD offroad package and the Limited package (the most expensive package - not sure if the one you're looking at has all of that). MSRP: $26K, Invoice: $23K. This one has zero miles and all the warranty left.

So, to me, 18.9 seems way too high for a three year-old truck with 55K miles and just a little warranty left. If it's a dealer, I'd see if they would come down. If it is a dealer and that's the asking price, they'll almost definately come down.

Otherwise, I'd just keep what I currently have. I agree about the debt thing. My last taco lasted 220K and was still going strong when I sold it.

I already tried to help another person out with a similar problem on here today. I'll tell you the way it is too.

I use to be a manager at a Chrysler Dealership. People came in all the time upside down for a trade-in. We'd put them in the new car oweing more than that new car is worth. Then they would come back later.....already being upside down with they got the last vehicle, they trade up again. Now they are even more upside down. This is a viscous cycle that the banks play with people and the car dealers help them to do. The fact that the public is very ill educated about the sale of most vehicles just makes the finance companies that much richer.

I would a agree that the best thing to do it to keep your truck and pay it off. All of my vehicles are paid for....this is the way to stay out of trouble. Don't keep trading up.

Now, the next best thing would be to go with a new vehicle like the other option that was mentioned.....if you go this route, get as much for your truck as possible. Talk trade in first. Once you have that then talk then down on the price of the new vehicle. Yes, you will still be upside down, but you will have a new vehicle under warrenty with 0 miles.

I think that the used truck is a bad idea all together. I haven't looked, but I'm assuming that you are giving us the resale value of that Tacoma as being $21,500.....where the loan value is probably right about at the $18,900 that they are asking....maybe less. Now what makes you upside down on a vehicle is not only what you owe versus the value, but what you owe versus what you can get for your vehicle. Your truck might be worth $9000 resale, but will a dealer give you that much?? Same thing with if you bought this used Tacoma....Could you go out the next day and get the what you payed for it. Being upside down can become a very complicated thing and can get you into alot of trouble.

Be careful with whatever you decide, but please do not get in over your head and don't just look at today, look down the road. I hope that we have all helped you and that you make a wise choice.

Yup...stick it out debt sucks

Do yourself a favor. Keep the 2wd a while longer. It's a nice option to have 4WD but personally I wouldn't offroad a new truck. (especially one I was upside down on) Even in the snow you really don't need 4WD very often if you're careful. And if it gets that bad out there I wouldn't take my new truck out in it anyway just so some idiot who didn't have 4WD could plow into it. I concur debt sucks, MORE DEBT swallows!!

If possible, I would take that $1k you have and use it to pay down your current loan. Having a car payment blows, esp. since it is associated with higher ownership costs (namely insurance). Trading up would just make you even more upside down, thus making a bad situation worse.

I decided to definitly keep my current 2000 Prerunner. However, since we all love mods, I have to ask this...

Later on, would it be a reasonable idea to convert my truck to a Solid axle 4wd. I knows their more to it then this... but seems all I would mainly need is the axle and transfer case. I really don't much about about this though so.... I can live with the 2.7L. I have 4.30 gears in the 8.4 DIFF, and i bet some 4.88's with a Lockrite would help out. An exhaust system might help to. No 3.4L but It would be close to some other V-6 engines.

Anyone like this idea? I welcome all views.