I bought the Corolla 3 months ago trying to lower my monthly payment. I did, by quite a bit. From 330 to 180 + fuel savings. But I am starting to think I rushed to it, maybe took too little for the 08 Tacoma Off Road or maybe just me over analyzing myself. Work is kind of dead and I have too much time to think.
Stop me if I am sounding stupid. When I bought the Taco I put 9.5k down and financed just 19k of the 30k i paid OTD . After incentives and stuff.
I took 22k from the dealer for the Taco + the tax incentives which in my case was another 1500. So I saw it as getting 23.5k for the Taco. and used the 8500 in equity as a down payment for the Corolla.
Currently by my calculations, based on 15k annual miles I am saving about 270 a month.
I guess I'm just trying to find someone to tell me you were an idiot, or maybe it was a good call in this tuff economy. I started a thread called Missing my truck on the Taco side but the Corolla is not that bad just having severe second thoughts or doubts since the reasons that I did it are slowly disappearing. Ugh, I'm too much in my head.
Gas prices will go up again its not an if its a when. Plus I have a gut feeling the economy is headed for another crash with everyone losing jobs market is going stagnant. You made the right decision.
it's a wise choice, your corolla is a heck of a lot more fuel efficient than your taco, you're gonna save money regardless of whether gas is 4 bucks a gallon or 2 bucks a gallon, look at the big picture bro, from the second you switched to the corolla on every time you go to the gas pump you're saving bucks for other things, whether it's riding out the tough economic storm or buying something nice for yourself or the lady
when gas prices dropped i was saving maybe just a few bucks at the gas pump compared to the old car, but those few bucks were enough for a nice cup of iced coffee and on a hot day i sure can use one lol that's how i look at it and i cant be any happier with my choice for a rolla
OMG!! I have been thinking the same thing for over a year now! Drove a 96 taco 4x4 for years, Toyota bought it back, had new TRD Crew Taco on order, canceled and bought the xrs. Its a nice car but have lived with regret ever since. I went out and bought an old Jeep and am nearly finished a off frame rebuild to help with the Tacoma remorse. When the Jeep was and soon will be running again the xrs just sits in the driveway, its only a car, just not the same. The tacoma is a far nicer vehicle and IMHO its worth the extra cost in gas! Life is short! Go back in buy the taco! There has been a lot of talk in my house about dumping the rolla as of late.... we will see if the rebuilt YJ can help calm the urge again.. if not bye bye rolla! HELLO TACO!
BTW, I drive appox 150km to work everyday, and am still willing to pay the extra in gas (and its alot!)
__________________ 2001 Toyota Tundra TRD 1994 Jeep YJ - no top, no doors May-Oct 1996 Toyota Tacoma - RIP! frame recall $16,638 2009 Toyota Corolla XRS - SOLD
There's no doubt that you'll save on the fuel expense with the Corolla over the Tacoma. IMHO, there are several other variables beyond fuel that should be considered in evaluating your switch.
I don't know enough about the specifics of your finances but to compare the total "savings," you'll also have to factor in the difference on the total amount of interest you're paying for the Corolla loan versus your Tacoma loan. Sure you lowered the payment, but you are probably going to be making payments longer than you would've by staying with the Tacoma.
Depreciation and maintenance between the two are probably comparable.
Only after evaluating the "big picture" can you determine whether your trade was financially advantageous.
There's no doubt that you'll save on the fuel expense with the Corolla over the Tacoma. IMHO, there are several other variables beyond fuel that should be considered in evaluating your switch.
I don't know enough about the specifics of your finances but to compare the total "savings," you'll also have to factor in the difference on the total amount of interest you're paying for the Corolla loan versus your Tacoma loan. Sure you lowered the payment, but you are probably going to be making payments longer than you would've by staying with the Tacoma.
Depreciation and maintenance between the two are probably comparable.
Only after evaluating the "big picture" can you determine whether your trade was financially advantageous.
Oh trust me, I have played with it every which way till Sunday. Work is real slow, so I have the time to play with simple Excel sheets to my hearts content.
Financially it made total sense, as long as I keep the Corolla through the life of the loan.
Through the life of the loan the savings is $12,902.32. That's factoring in fuel savings at an estimated 15k per year and at the average gallon costing $3. If gas were back to $4 a gallon, the savings would surpass $15k through the life of the loan. Take into consideration a 7k loss (by loss I mean the hit I took in trading the truck in). It's still 5k savings through the life of the loan. That also takes into consideration the extra interest/payments that will be made on the Corolla over the Taco. In regards to the $7k, cars depreciate so that is really not a fair assumption. But why not...
Financially it made sense. I guess I am just regretting it. While I really don't think I need a truck, its more of something I liked and wanted. The versatility of it was nice. I find a need for a truck bed, maybe twice or three times a year. But that's nothing a 19.99 rental from the Home depot or Lowes can't resolve. Or nothing a small trailer for our SUV can't resolve.
I feel your pain. I traded in a Prerunner double cab and got my matrix. But like you say it does make financial sense and you can always rent a truck or buy an old banger if you need one.
I'm holding out for a deisel Toyota truck or if they can start getting better MPG trucks on the road.
OP, I did a similar thing when I got my '09 Corolla XLE. I sold my '05 Silverado Ext Cab 4x4 for enough money to completely cover the cost of the Corolla. I sometimes miss my truck, but not much, especially with the Corolla averaging 40mpg+ on the interstate. The Corolla is no sports car, but it handles WAY better than the Silverado did. The Corolla also has a more comfortable and quieter interior. I think you made a good choice. Your numbers make perfect sense. If nothing else, your wallet thanks you every time you pass a gas station. Fuel savings alone makes your decision a no-brainer if you don't have a serious need for a truck (heavy hauling, towing, etc.).
I traded in my Wrangler and took a $2K hit and am paying $70 per month more, but I still am saving overall $80 per month because of the fuel cost difference and I drive 60 miles per day just for work so it made a lot of sense for me. Also, I had neck surgery last year and the Jeep was killing my neck. I've had no problems since I went to the Corolla, so for me it was a win-win even though I took the hit. I'll still be a couple of grand ahead at the end of the loan, and I really love my corollas. This is like my 6th one since '73.
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Financially it made total sense, as long as I keep the Corolla through the life of the loan....... I find a need for a truck bed, maybe twice or three times a year. But that's nothing a 19.99 rental from the Home depot or Lowes can't resolve. Or nothing a small trailer for our SUV can't resolve.
there ya go. keep the corolla for 10 years and focus on why you made the move in the first place. the financial advantages are sure to be needed somewhere down the road. gas will probably be close to $3/gallon or more for the foreseeable future and you obviously dont NEED the truck.
regret will just eat you up and there is nothing you can do about it now without really killing yourself financially.
there ya go. keep the corolla for 10 years and focus on why you made the move in the first place. the financial advantages are sure to be needed somewhere down the road. gas will probably be close to $3/gallon or more for the foreseeable future and you obviously dont NEED the truck.
regret will just eat you up and there is nothing you can do about it now without really killing yourself financially.
Depends on what you consider to be a need... Would 2-3 times to the dump be considered a need... Or maybe the oft need to get something or other that requires more space than our midsize SUV can offer.
OP, you should post this same question in the tacoma section and see what kind of replies you get! I suspect more people are going to understand your pain considering they are willing to pay the extra in gas. Or post at TTORA... Everytime i read this thread I want to trade in the XRS... god i want another Tacoma! I just showed the wife this thread... OMG she agrees ! I think it might be time to start looking.... maybe one thats a couple of years old could be traded even for the car?
__________________ 2001 Toyota Tundra TRD 1994 Jeep YJ - no top, no doors May-Oct 1996 Toyota Tacoma - RIP! frame recall $16,638 2009 Toyota Corolla XRS - SOLD
Depends on what you consider to be a need... Would 2-3 times to the dump be considered a need... Or maybe the oft need to get something or other that requires more space than our midsize SUV can offer.
since you said you find the need for a truck bed 2-3 times per year, i wouldnt consider that much of a need. as you stated, nothing a trailer of some kind wouldnt handle. if you truly needed the truck i cant imagine you would have entertained the idea of trading it in the first place.
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