I’m in the market for a 3rd gen Tundra, preferably from '23-2025. I’ve noticed that used ones with higher interest rates are only a few thousand cheaper than the new ones with much lower interest rates. I recently spoke with a local dealer for a 2025 model and they offered me a 2% interest rate (36-48 months), compared to the 7.5% interest rates I’ve been getting for used ones. Should I take the 2% rate now, or should I wait until December or January for a better deal? This will be my first truck, and I’d love to hear about anyone’s experience with this. Thanks!
I just did this and picked up a 2025 Tundra on Tuesday! Over the course of the loan, the savings on going with used would only be about 5 or 6 grand. I went for new because I live in the Northeast, so no rust, full warranty, and zero miles on the truck. Those factors made it worth the extra $5k. Plus, if I ever want to sell it, the new truck will likely have more value. And if I plan to drive it until it’s falling apart, hopefully that’ll be a longer period of time with a new one.
@SolomonMark
Exactly what I was thinking. Thanks, and enjoy your new truck!
Floyd said:
@SolomonMark
Exactly what I was thinking. Thanks, and enjoy your new truck!
I’d suggest considering a later model '24 or the '25 as well, based on some reports I’ve read about engine issues in earlier models.
I’d recommend comparing the two options side by side. Look at how much you want to put down, the loan term, etc. The general rule is 20% down, 4-year loan or less, and no more than 10% of your monthly income spent on car payments. Here’s a link to an Auto Loan Calculator.
@Emory
Thanks! The calculator really helps!
Floyd said:
@Emory
Thanks! The calculator really helps!
Yeah, it’s a great tool. After that, it just comes down to whether the extra cost of a new truck is worth it to you over buying used.