Is this a stupid deal on a 2006 Tacoma?

Hello, I am new here and am thinking about getting a Tacoma in the near future. I bought a 2010 F150 fx4 last year and want to trade it for a taco. The reason being is I at only 20, that truck is so nice and i just don't think i need all the bells and whistles . I over spent and want to fix this as best as i can at this time, plus it has 4 doors and the 6.5ft bed so it's a monster to drive and park. Ive found myself never using the back seats at all and only putting a tackle box back there. I owe 18k on the truck and dealer trade In is 24k - 25k. A guy I work with has a 2006 Tacoma sr5 with 70k miles and a nice leer high top cap, he is a part time mechanic and said he's maintained it and hasn't had a single problem yet besides having to replace the front breaks. The original bfg all terrains he put on at day one still have plenty of tread but look aging. He offered to trade trucks with me and give me $6,000 ( may be able to get more ). I can get a "loan" through a family member who will pay what I owe on the truck and just make the payments to them. Does this sound completely rediculas to anyone? Also it didn't look like there were rust issues under the truck , is 70000 miles too much, considering I want the truck to last at least 7 years? I put about 12,000 Miles a year. I realize I made a dumb mistake, a kid with a decent job and no bills I bought what I wanted at the time, but just isn't practical. I want the reliability of Toyota. Thanks!!

 

70000 is considered low miles on a Tacoma, but if his tires have 70k on them, they are shot. How is your loan going to be paid for? You can't just switch a loan to a different vehicle.... For a reference, his Tacoma is going to be worth between 12k and 16k depending on configuration.

 

The loan I have is for like 59 more months and the interest adds up to about $3.5k . Before making the trade, a family member of mine would pay off my loan entirely. If that happens, I would then give them the $6,000 I made in the trade, and make payments to that family member on $12,000. I forgot to mention it is a 4x4 access cab with the long bed with the 4.0 & auto tans.

 

any trd or sr5 goodies? that makes a pretty decent difference in price also

 

So your price would be 18k then? If you take out the negated 3.5k in interest I say you are making a pretty fair trade, however I have a policy to never borrow money from family, getting a 12k loan on that truck will be a piece of cake.

 

I don't really think so, I know its got the base model rims if that means anything. I haven't fully examined it yet. I just want to figure if this is a bad idea or not before I really start talking serious to him.

 

If he's telling you that new-looking tires are 8 years old and have 70k on them then he's likely full of a smelly brown material. I'd be suspicious of what else he was lying about.

Edit: let's not say lying; let's say "not being completely truthful"

 

What he said was, he bought the truck and immediately it snowed and the tires that came on the truck did not handle well at all. He took it back to the dealer and they replaced them with those tires. So he "claims" that is. They have a lot of tread but do look aging.

 

Shrug. I'd check the DOT codes on them. It's an easy way to see if he's lying about the age on them, at least. And a good barometer for his overall truth level about the rest of the truck. If he's telling the truth about the tires, probably most of the other stuff he tells you about his truck is truthful too. And same goes for if he's not telling you the truth about the tires.

 

That doesn't sound like a great deal to me. KBB trade in on your truck is $24-25k, find out what KBB trade in on his truck is. I'm guessing the difference will be closer to $10k. To give you a reference point, I coincidentally just traded my 2007 Tacoma 4x4 DCSB SR5 with a mid-rise cap and 100k miles in against an F150. My truck is now on their lot with a sticker price of $18.9k, that's dealer retail cost. If it were me, I wouldn't do the deal.

 

Well thanks for the replies. I guess my best bet is to just bite the bullet, and trade it in at a dealer and buy a slightly used Tacoma and finance it through them.

 

Your truck is worth 24 - 25k as a trade in, it sounds like the Taco he wants to trade to you is worth less. So find out what the trade in value on his truck is worth and make him pay you the difference if you want a fair trade. It's really that simple.

Also, instead of looking at KBB values and book values. Take both of your trucks to one or two local dealers each and find out the real world quote they will actually give you for the vehicles if you didn't buy anything from them and just simply sold them the vehicle. That will be your real world price difference.

 

Try Car Max. They may give you a pretty good price.

 

The numbers don't add up.

Your F-150 Trade value around $24,000 (retail should be around $27,000)

payoff is 18,000
positive equity 6,000 (if you trade to a dealer)

His Tacoma private party 13,000
cash 6,000
19,000

He wants to pay you $19,000 for a truck that retails for $27,000+

 

Ik you want a tacoma.But this deals just doesn't make sense to me.

 

Yeah i wasnt sure about this, I'm glad you guys helped me realize it before I made another stupid mistake.

 

This. Regardless of all the loan stuff you are doing with your family and how much you still owe, at the end of the day, you'll both have clean titles in hand.

His Tacoma though, according to KBB private party is closer to 17k in "Good" condition. But you're still looking at needing at least 10k cash from him to make the deal.

I like the suggestion of taking both trucks to the same dealer (or a few of them) and just see what the trade-in difference is. That's your cash from him for an even deal