To Buy or Not to Buy

[DallasTRDPro]

I bought my TRD Pro on 1/24 when I knew about the virus, but it was mainly in China. I wish I wouldn't have bought it. My business had to close down so I'm assuming I can hang on to it for about 3 months, but then I will struggle to get back most of my clients when I start back up. It sucks that I had perfect credit before all this and I can see it going up in smoke almost overnight.

There is no way I would buy a vehicle during this time unless you can be guaranteed that you can't lose your job.

 

[Sbenis]

I would wait until everything goes back to normal

 

[rushrunner]

I would wait until everything goes back to normal

Normal? There will be a new normal. Buy it now and enjoy it.

 

[CRB Racing]

I’d buy. Who knows what things will be like in a couple of months.
I was lucky enough to pick up my TRDP the beginning of this month.
Here in Hawaii, the sales departments at the Toyota dealerships are closed until further notice. Only the service departments are allowed to remain open.


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[RichinRidgewood]

I bought my TRD Pro on 1/24 when I knew about the virus, but it was mainly in China. I wish I wouldn't have bought it. My business had to close down so I'm assuming I can hang on to it for about 3 months, but then I will struggle to get back most of my clients when I start back up. It sucks that I had perfect credit before all this and I can see it going up in smoke almost overnight.

There is no way I would buy a vehicle during this time unless you can be guaranteed that you can't lose your job.

Im so sorry to hear about yours and others LLC's in this situation. It can be the hardest for us.

 

[Bumbo]

I was on track to buy a new car, which was on order and was supposed to take delivery in 1st or 2nd week of March… with the way everything was going my gut feeling told me to cancel it, and I did. I’ve been monitoring things close enough to know that I didn’t want to take on a new liability as we enter a recession… the penalty of a dried up cash flow is too great.

Everyone has different money needs and risk tolerances… only you can make that decision for yourself. Know you own financial picture. The markets are in shambles, and the situation is already dire for many. Many more people are going to go into a cash burn. Right now my goal is to improve my burn rate so I can ride this out as best I can with what I have.

 

[Bumbo]

Normal? There will be a new normal. Buy it now and enjoy it.

This "thing" is just starting... I feel it's safe to say many of us have not yet been made aware of what our new normal will be.

I've been talking to a lot more friends and family now that i'm at home and looking to socialize... the stories are really making me step back and evaluate what is actually essential.

That said, if you have the means... then this is a probably good time for a buyer. I can only see more sales incentives to come as businesses are slowing down.

 

[Mello03]

Buy one, outfit it full on overland style with a rooftop tent, MREs, and a fridge. If everything goes to hell you can drive to Montana and live in it like a survivalist.....but in all seriousness I’d wait a month or two. That’s the fiscally conservative approach I’d take.

 

[sn_85]

RECESSION now, people losing jobs, and yet you want to buy $$$ cars...with uncertain of your jobs future stability... Great plan.

Buy if you're rich otherwise cash is king.





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Okay Mr. Doomsday economist.

Perhaps the OP is financially healthy (i.e. recession proof career, has an appropriate emergency fund, has no debt, has lots of liquid). The next few months it will be a buyers market for those who can AFFORD to do so. Interest rates are low and dealerships are looking to make a sale, any sale. Whether that be home or auto it's going to be a buyers market for those who are financially sound.

Everyone is worried about their 401k's. Mine is probably down 20-25%. I look at it as a buying opportunity as stock evaluations are low right now and have only increased my contribution. Could it go down even more? Probably. But you know in the next 6-12 months the market is going to sling shot right back up like it always does. Those who got scared, pulled out to cash, and think they are savvy enough to time the market will regret missing the wave when it goes back up. If you are an investor and have the means to do so there's no better time than now.

I'm not arguing that we aren't in a recession and that millions aren't already affected. There will be a enormous fallout financially and health wise for millions. But there are always those that stay above water because they have "essential" jobs and have an income regardless or those who were already financially wealthy. For those people the impact of this recession might not be anything more than an inconvenience. Again the premise for everything I'm saying is for those who aren't going to be financially impacted in a big way.

You've heard the saying that "millionaires are made in a recession" right?

or

"Be fearful when others are greedy and greedy when others are fearful" - Warren Buffet.

 

[speedrr411]

Since OP is concerned about possibly losing his job, I assume he is not real flush in cash. He would never had posted this question if he was liquid enough to go without a job for a while. The right decision for OP depends on his personality. If he is an entrepreneur then he should buy now. If he is a rule oriented, conservative, logical person, then he probably should wait. For example, our firm represented many 100 million net real estate developers before and after the real estate crash. They went from extremely wealthy to fighting off bank creditors over night. My partners and I were amazed how these developers could be so highly leveraged and actually sleep well at night. Debt and uncertainty really did not bother them; actually, they thrived on it. They would buy now. The rule oriented conservative, such as myself, would wait. Uncertainty is avoided if possible. Saving several thousands of dollars now would not out weigh the stress caused by the uncertainty.

 

[rushrunner]

Since OP is concerned about possibly losing his job, I assume he is not real flush in cash. He would never had posted this question if he was liquid enough to go without a job for a while. The right decision for OP depends on his personality. If he is an entrepreneur then he should buy now. If he is a rule oriented, conservative, logical person, then he probably should wait. For example, our firm represented many 100 million net real estate developers before and after the real estate crash. They went from extremely wealthy to fighting off bank creditors over night. My partners and I were amazed how these developers could be so highly leveraged and actually sleep well at night. Debt and uncertainty really did not bother them; actually, they thrived on it. They would buy now. The rule oriented conservative, such as myself, would wait. Uncertainty is avoided if possible. Saving several thousands of dollars now would not out weigh the stress caused by the uncertainty.

Uncertainty, that is the key word. Anyways, you might as well enjoy yourself. Although money is the root of all evil; evil spelled backwards is live.

 

[Bumbo]

As a follow-up to what [MENTION=103801]sn_85[/MENTION] said, I agree with much of his sentiment.

Opportunity cost... what you choose to do with your money in these times may define your future.

Maybe the car can wait, maybe it can't... but the market won't wait for you.

 

[MossJenks]

Go for it. What's the worst that can happen? By the tim they show up to repo it the new car smell will probably be gone anyway.

 

[Bumbo]

Go for it. What's the worst that can happen? By the tim they show up to repo it the new car smell will probably be gone anyway.

My last new car, which was 14 years ago, still has it's new car smell. At least that what I think it is.

 

[ecila.z]

Oh man, are you me?

I was planning on waiting till the end of the year to hopefully get a 2020 OR, but with everything that happening, I am keeping my eye out for better deals if they do arise now. Specially if I can find an 18 TRD Pro Calvary Blue, (wishful thinking!) But getting a new car was supposed to happen at the end of the year. After I move into my new apartment and after I get a dog!

My employment is fine, (and hopefully will be), I do have money in savings for a hefty down payment, and savings in case I do lose my job to last me a few months. I think I'm just gonna keep an eye out and wait.

Best of luck!

 

[osugsxr]

opportunity cost for your future; invest now and be aggressive. Did this back in 08/09 and came out very well. I'll be doing the same for my kids; I have their college paid for already, and now its just to create a fund for them.