Submitted by Muab_D1b t3_11lw1yn in personalfinance
I have a Toyota Tacoma 21 with a payoff amount of $29k @ 3.07% for $574 a month with 54/69 months left, and $145 monthly insurance payment. = $719
Estimate trade-in value - ~$37k
And I would like to lower my debt by monthly payments and total due by trading in for a new Toyota Corolla. At a price of $25k and 3.99% @ 48 months through Toyota Financial Services.
Total amount financed - ~$19k @ 3.99% = $429, also insurance goes down by more than $50%.
Would I be saving money on the long run if I was to trade in my Tacoma for a more economical car, Corolla? Or I’m I missing out on opportunities with my truck to make extra cash with it? Really I want to lower my total monthly debt to get more aggressive on saving for a down payment on a home.