Watch This Before You Buy A Car - #1 Wealth killer - Toyota 4Runner
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- čas přidán 22. 08. 2024
- Why this is the number 1 wealth killer!
Breaking down the cost of this 2016 Toyota 4Runner and how much even a 9 year old vehicle would cost you
Follow on TikTok & Instagram: @ generalatwork
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#4runner #toyota4runner #trd #4runnertrd #wealth #wealthkiller
paid off 21 tacoma here .just buy something you can afford and drive it for a long time .
Best advice.
Millionaire Next Door revealed most millionaires owned older Toyotas and Hondas. Key is to hang onto the vehicle for 7-10 years and not have a big payment for longer than 3 years. If you need to finance a vehicle over 72 months you can’t afford it
Those millionaire who are frugal with money and max out their Roth IRA. The millionaire who drive expensive car are those make hundreds of thousands per year.
A 4Runner doesn’t make you poorer. It saves you thousands in money in the future on repairs. If you don’t have money on few extra gas you are a looser.
What good from an unreliable vehicle gas saver that will drain all your saved money in repairs later?
You’re right. Just using it for a point of view. Help individual understand how I could put you in a financial bind if not overlooked properly.
what a stupid comment... you dont need a 4runner for a reliable vehicle... rav4 is pretty reliable and cheaper
@@generalatworkBeen driving 4Runners for 17 years. Given the cost of gas it really is probably a wash but you can have a reliable vehicle for decades allowing plenty of opportunity it save and pay cash when it comes time to replace.
I have a 2017 4Runner TRD Pro "Cement" 120k miles and my trade in is25k-29kish. Insurance 140 a month, gas 50ish a week. I bought pre pandemic so i ended up getting a great deal "36k" used "52k miles" compared to now almost 60 for same vehicle. If you are buying one of these new please be aware of the steep payments and insurance plus gas.
I’m ridiculously stupid when it comes to cars. I’ve only ever owned cars with turbos. They’ve all been somewhat affordable but I always switched up over and over.
It’s just really dumb. I could have easily bought one car and driven it for a long time. That’s where something like a 4 Runner comes into play.
The best advice I’ve ever heard about buying a 4 Runner, is you need to truly buy the trim level you want and need. You’re going to be driving it for decades. Get the one you know you want.
I recently just upgraded my 2002 corolla after driving it for nearly 10 years , the money I’ve saved on gas and not having a payment allowed me to upgrade to a $20k preowned 2022 corolla Apex edition with $10k down at 8% interest and my payment is shy of $300. Carfax was clean maintenance records were on time and I will pay it off in 6 months , I could paid cash but I wanted to fix my credit in those 6 months. I Don’t want to pay all that interest. My 2002 corolla still works perfectly fine and has 158k miles still, but I wanted that new thang ! And I was realistic with my budget and as to what I can afford and I wasn’t trying to impress anybody with a Sports car knowing I’d have a $800-$1000 payment. Give me the corolla all day While I continue to stack my money , mind you , I’d probably drive this 2022 corolla for atleast another 10 years.
thanks, very good insight on all aspects of buying a car. again, thank you for your videos. well made.
A good advice people need to listen to . I just bought a brand new 2024 4Runner in Feb. put 1/2 down with 2.9% interest rate. When I got home and looked at the finance contract saw the interest amount I will have to pay I decided to contact Toyota for a paid off amount. I paid it off 2 days later. I'm afraid of a car payment for the reasons you mentioned. I would hate going to work if I know I have a financial obligation like a car payment.
Interest is my enemy so I pay loans off super early and I pay my credit cards off every month.
2.9% interest is actually very good! Not all interest is bad, at 2.9% its more ideal to finance becuase you can park the money you dont use as a lump sum in investments such as s&p 500 which should net you 8% interest minimum on average
2.9% interest in February of 2024? Interesting 🤔
I appreciate the comment. I completely agree. I personally didn’t have a car payment for about a year, but had a situation where I need more rotating credit lines because I only had fully paid off card credits with no car payments and no mortgage which didn’t look good to lenders. I financed a car for my business to add some rotating lines to my credit profile. It helped a lot surprisingly. 🤷🏾♂️ (not financial advice)
2.9 % where and how. the lowest in my 4 state area is 7 %
A 9 year old vehicle+ 5 years of payments equals a 14 year old car after paid off. Wild.
Agreed.
This is the most reliable vehicle on the road today.
It has twice the life as other vehicles. Easily get 200-300k miles.
Man, I learned the hard way. My Taco Pro will be the last truck I’ll ever buy.
🤣🤣
It really stinks when the excitement of the newness wears off but the big monthly payment remains. Lol
Best car ever made
Starting to notice just how good the 4Runner really is doing these reviews.
I see it all the time. Folks living in low income housing areas but they still buy Mercedes and mustang 5.0s but can't afford to maintain it (I saw one with an expired sticker from 2022!!). And in a few years the same cars are all busted and dented. People just need to live within their means and prioritize their money better.
Why are you pocket watching other people? lol how nosy do you have to be to notice that someone tags are expired.
@jojoco9840 haha it's not like I sit around all day doing that. I commute through these areas for work a lot so it's hard not to notice details like that.
I agree completely, but I kinda see it from both points of view. You don’t want to live your entire life bounded by the fear of spending money that’s no way to live. Try to find a balance so life is somewhat bearable.
@generalatwork yea I get that. I grew up in a lower working class family and even though I'm doing aight today, I still have a poverty mindset when it comes to spending. I always want to treat myself to something nice tho 😅
Til that repo man comes.
For that kind of price I wouldn’t even think about it once I’ll buy it in a heart beat ❤❤❤ those trd pro 4 runner are legendary it’s is sad many people just don’t know but if they knew they would think otherwise.
They are worth the price if you plan on keeping it for a long time in my personal opinion.
Thank you for this video, we recently just got a 2017 4Runner and we love it. We were looking at new but then the numbers came back and it was well over 50k. We decided to look at private party route and found a very a clean one for under 30k and been happy we did ever since, Saved a significant amount of money going used. Not to mention we have left over money for different mods we want to do on the truck to make it our own. I think it’s important for people to really breakdown each dollar and to see if it actually is doable.
Your welcome. Thanks for the great comment also wise move. I did something similar with my personal vehicle. 👍🏾
A good rule of thumb is to always trade in what you are driving or another car you don’t drive and at least 10k down . 10% is wild .
It’s not bad if you are planning on putting a good down payment with good interest as well. And a good reliable vehicle brand like a Honda or Toyota. And planning on keeping it for 10-15 yrs and 300,000 plus miles.
I got a 4Runner with the hopes of driving it for 15 largely trouble free years or so. If I can do that, it’s a good buy relatively speaking. Reliable vehicle for a long time should be the goal, IMO. Granted I could do that cheaper with an Accord or Camry. The “want” comes into play, in really wanting all the utility a 4Runner provides.
Wealth killer is correct. If one used that amount of money for a new car, they could sell it as "one owner". Not so, with that old 4Runner.
True
Drove a 2008 for years. Drove off the lot after saving for a new 4Runner. Paid off the 2008 and 2024 in the same month. Credit score is now 835. Large purchases like cars and houses are long buys. Not spontaneous purchases. Don't live outside your means. Drive the beater with a heater for years then spoil yourself with your savings.
Gotta 24 4Runner off-road. Plan on having it till I’m in my 40s then restoring it.
Very levelheaded analysis.
I just got a rare grey 2015 4runner sr5 with an XSP-X package," which at that time was only a Tacoma package, I do not know how that 4Runner got it. It was selling for 25k which was relatively "cheap" I mean for a 4runner that is. The only reason why it was in the mid 20k price range was because the paint had some fade on the roof and it some on the hood and the carfax mentioned an accident but I saw what the accident was, so the owner before was a pool worker I guess and he spilled chlorine or acid in the back and it got on the bumper and it ate the plastic right up and looks deformed and bubbled up. However, Toyota wanted to paint it back and then put a new rear bumper and they said it will have a new listing price of 32k, oh the miles were low for a 2015, it was at 56k miles ... I was like; nah give it too me as is !!! I immediately took off the rear bumper and put a metal overland bumper on, I changed the wheels, I wrapped it, but a 4 inch lift, and tires and I have never been so happy before with a vehicle such as a 4runner in my life !!! I love it !!! Soon I will add interior mods !!!
Toyotas have always worked for people that drive far and go outdoors and service their own stuff. Find parts anywhere and don’t have to call a guy with a fancy computer
I was in the market for a 4Runner in 2022-3 , I have send a thankyou note to the 4 toyota dealers I went to...that put a market adjustment of $5 to $9k on top of the 50k msrp...totally jaded me and I bought a RAV4 hybrid unlimited AWD for $39.5k. Great mpg, great practicality, versatile, dependable. Does 99% of what I would have used the 4Runner for
$40K on a Rav4? Dayyyyyum
I'm almost a millionaire with 300k+ annual income. No debt but mortgage. If I get the cheapest trim new for 40k I'm still holding back from buying. Broke coworkers lease Porsches
What do you do for work?
@@rawcircoking Total household income is that 300. Spouse works and I make radiation therapy plans in cancer treatment
Currently driving 2012 civic with 202k miles. And a 2017 Camry with 60k miles. No car payments at all. Saving up for possible 4Runner
Any car more than what you can afford will be a wealth killer, 4 runner is the best car you can buy, never buy from a dealer, TD auto underwriter here 😊cheers
Good honest video
Thank you. I really appreciate the comment.
Most influencers just try to sell the "newest shiny thing". While I dont condemn new car reviews (they are helpful). It's good to see a fiscally responsible and honest take. Too many people are getting hurt by high car payments, repossessions. We need this reminder and straight honesty to balance@@generalatwork
I have the exact same vehicle, literally. Same year, same color. I bought it exactly one year ago with around 90,000 miles and paid $28,500. One owner and was garage kept, never been off road. Owner had street tires on it. The reason I'm saying this is that basically it was like new. For half the price of a new one. I could literally keep this vehicle for the rest of my life if I maintain it. Think about that. It's not unreasonable. My opinion is this is a very niche vehicle. Most people don't need the Trd Pro. However, for those that legit go camping, hunting, or whatever else off road and still want a daily driver this vehicle is hard to beat. Also, there wasn't as much of a difference in price between the Pro and Off Road once you get into the older models. I would have bought an Off Road because it essentially has the same features but found the Pro in price range. As for as a wealth killer, that has less to do with this vehicle and more to do with peoples wants vs. needs. You can buy a 2007 with a V8 and 4x4 for $10K that will do the same thing. They're out there. Make a budget and spend accordingly. Good video my friend.
That's 21% pre tax. You're looking at closer to 27% if you do after tax income.
I see
Very helpful information, yes, to help our buying decisions…
Thanks… 🤨
Not living your life makes you poor.
I’m rich, you’re not…I got a deal, you got ripped off…I drive my 30yr old car into the ground, only idiots buy new…you’re stupid for buying that, I’m smarter than you…I saved $10k, you overpaid…yeah, the song of the narcissists goes on and on and on. Gotta love America. lol. How about this? Buy what you want and be happy with what you have. Other people aren’t you. Advice isn’t warranted unless asked. You do you, I’ll do me. 👍
Dude this is a great video.
899 DOC fee!? Insanity
🥲
Selling a 2018 Trd Pro CalvaryBlue only 32k on it in a perfect condition also 5yrs 100.000’warranty
That math doesn’t make cents…meaning it’s not a financially sound decision. Bunk that! APTTMHY
You are correct they can be a big wealth killer.
Toyota used to be the brand to buy, but now with all the turbos things have changed.
Interesting take 🧐
you can buy it for 32k?
I love the fact 2016 TRD Pro has no moon roof. I don't like moon roofs.
buy new sell high
10% financing 😂 and that's with good credit. Gtfo
🤣🤣
Should not be financing a vehicle over 4yrs.