looking at getting 5th gen

[philsey]

Not that its any of my business but i'd encourage you to put at least half down. I remember when I was 20. I was doing ok and could technically afford a nicer car than i should have purchased.

make sure before you purchase such an expensive vehicle that you have the following:
1) 4-6 months of full expenses including the estimated payments of this vehicle.
2) a very secure job or circumstances that will allow you to see this purchase through to the end of the payments.
3) a full quote from your insurance company for the vehicle by its unique vin number. (this way your generic quote doesnt transform into a shocker post purchase)

I have no right to say this is or isnt too much for you. I dont know you or your circumstances however I sure wish someone had given me some guidance when i was younger to temper my enthusiasm for cars.

ive owned new plymouths to new porsche's and none of them were good "investments" and the more you spend the more you lose over time. However the more capable they are when you use them.

GL on whatever you do.

:iagree: Good post.

"...however I sure wish someone had given me some guidance when i was younger to temper my enthusiasm for cars...."

Yeh, me too - not sure I'd have taken it tho. I made some selfish purchases with a young family, that I really shouldn't have.

 

[Ridin4Runner]

Go through Costco they have a dealer per territory. Always under invoice and lots of other awesome perks. Like 50% off Toyotas extended warranty. If nothing else you are starting around $500 under invoice even before you start to haggle. If you do not belong, pay the $50 just to get the vehicle. Hell yeah, it's that easy.

 

[Digitalwiz]

:iagree: Good post.

"...however I sure wish someone had given me some guidance when i was younger to temper my enthusiasm for cars...."

Yeh, me too - not sure I'd have taken it tho. I made some selfish purchases with a young family, that I really shouldn't have.

heh...I'm 40 and i've owned 24 cars...most of them new...

 

[kevinpt]

well i called the insurance company and they wanted almost as much as my car payments would be. so as of right now i am going to wait or start looking at 4th gen 4runners again

 

[Jeremy556]

well i called the insurance company and they wanted almost as much as my car payments would be. so as of right now i am going to wait or start looking at 4th gen 4runners again

Welcome to being young and single. My monthly insurance premiums were a lot more than the loan payments for my first few cars.

I'm sure I could insure a V12 Lamborghini for about $40/month, now.

 

[Bay33saw]

well i called the insurance company and they wanted almost as much as my car payments would be. so as of right now i am going to wait or start looking at 4th gen 4runners again

Yeah it's tough being young, especially with insurance, go for what you can afford including insurance, 3rd gen or 4th gen it does not matter, you have your heart set on a 4 Runner. Get what you want but also what you can afford.

 

[Ridin4Runner]

How much was it a month? When I was "younger" I got one speed, one rear end, and then the topper one total. My insurance on a crappy car back then after my one year suspension for too many points under age 18 in 12 month time frame was $2400 yr. Ouchhhh, but I deserved it. Young, dumb, and invincible....ughhhh.

 

[SgnDen]

You have received some great advice in this thread. When I was 20 or so I bought my first new car and was completely burned at the dealer...I'll spare you the story of regret. Just be careful out there and don't be rushed. I never should have been buying new anyway.

At your age, life is changing fast and it may be wiser to buy something a few years old and put some money down so if you need to sell, you won't be upside down.

To that end, the diff in price between a really nice 4th Gen and a 2010 5th Gen is not huge and either one, with a couple of thousand $ down, will put you in a position where you won't take a huge haircut IF you need/want to sell. You can also find one that's had some goodies installed by the P.O. perhaps!

Above all, you are indeed a smart guy to understand what you can and can't afford (should/shouldn't) and factor the insurance costs at your age.

You clearly have some strong credit to be getting approved for a loan of that size at your age. I encourage you to be VERY conservative and nurse that good credit throughout your life.

BTW - You can get 8% off MSRP on any new 4Runner through the internet sales department at almost any dealer in this region. If you need more advice on buying any particular vehicle, most of the guys here will be more than happy to guide you a bit.

Good luck and well done with your thought process.

 

[Ridin4Runner]

^^ True about 4th costing less, BUT a solid 4th Gen with used interest rates vs new sometimes monthly payment not to far apart. If he can get under 3% vs 7% hypothetically, might be close. Not saying OP buy new. Only that 4Runners hold value well, used is not always a big gap between new with interest rates.

 

[SgnDen]

^^ True about 4th costing less, BUT a solid 4th Gen with used interest rates vs new sometimes monthly payment not to far apart. If he can get under 3% vs 7% hypothetically, might be close. Not saying OP buy new. Only that 4Runners hold value well, used is not always a big gap between new with interest rates.

Agree. The used car market continues to be very strong so the gap between a higher trim level low miles used 4th gen and an early 5th gen SR5 is minimal. Yes, money is cheap these days of course, so interest rates are a factor.