I was looking at a 4Runner and saw the monthly payment would be around $950. That’s way too high considering other options in the market. That also means Sequoia would be $1200 I guess. I could never justify Toyota with such high payments because, yes, they’re reliable but that’s about it. Extremely old tech and design. Am I missing something? I honestly would love a Land Cruiser but know it’ll be above $1k.
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Average interest rate for auto loans is like 7%. Toyota Financial gave me 5.49%. I’m not complaining
Thinking about the cost of something in terms of monthly payments is not a very good way to think about it. Framing it in those terms is often used to take advantage of consumers. The monthly cost is a function of the three things, all of which are what you really need to understand to compare to other options and understand the true cost:
- The total cost
- The down payment
- The interest rate
Join us at /r/personalfinance
This is useless without the actual rate and your credit score
Right but I’m just keeping it black and white and going based off the calculator on the Toyota dealer’s website. But regardless, I can get a bmw x3 for 750 fully loaded when a 4Runner would be 850-900