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Originally Posted by davonealo  I currently drive a 96 Toyota Tacoma and have been very pleased with how it just keeps going and going (~200,000 miles). I do all regular maintanence for my Taco in my driveway. |
I am surprised nobody asked what's wrong with the vehicle you have that "just keeps on going" ????
Why get rid of, or trade as you mentioned, such an apparently dependable vehicle especially when it isn't worth much at all as a trade. It's more versatile and practical for camping, hauling bulky crap, etc. I don't know about other people on here but having a backup vehicle is a very nice thing.
If you have one vehicle that essentially costs "nothing" to keep, and it runs fine, then replacing it is stupid when the replacement is in the very least, one you are concerned about in terms of reliability or maintenance costs.
If you own your house, you have space for the taco. You could also consider this route, seeing as you appear to have made good choices on finances, up until now
- do some calculating on saving the money you would spend on the touareg, say putting all of what it would cost over those years into even a safe but interest bearing account like a cd or solid investment.
Do you want to hand someone roughly $2500 for the interest the touareg will cost you? You are so close to being able to get on the front side of these things, ahead of the interest game instead of behind it, always paying it away. Let your money MAKE the interest before you spend it and do NOT give your money to other people in paying interest on a car. It's JUST a car.
You are not someone in a bind who's car just died, who has no other means, etc. Take a look at the money you have you'd put down, what it could earn in 5 yrs (depends on the type of investing or just simple cd's) + the payments you'd make, the higher insurance (you'll need the broadest coverage for a car on lien) + the interest you'll pay out on that loan (~$1300 on $10k @ 6% over 48 months)
So in 5 yrs you pay cash for a nice 08, or you've gotten over that bug and realize that you could turn the $30k you now have into a true retirement plan. Or being the IT geek you are, you start your own company and your life changes dramatically. All of this is gone if you get on the "buy it now on time" track.
How about in 2 yrs when the company you work for fails or does lay offs and instead of $20k in the bank, you have doubled your monthly expenses?
Your living expenses may make your income feel great but $50k in these times isn't much above "just barely enough". People making just enough shouldn't buy vehicles that even bring to question servicing costs and/or long term reliability.
I know we don't see your exact situation, but you've given enough info and if you are even concerned about the income vs car cost question, then that is actually your answer - probably not a good idea.
Is that enough preaching?
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