to buy new, or used?

Hey all, new member here, but I have a question so I thought I'd just post in here.

Anyways, I'm 100% set on buying an 05+ Tacoma. Now the question is, to buy new or used? Basically, I think interest rates are lower on new vehicles than on used, and the value of the Tacoma stays so high that by buying used and paying the higher interest, it seems I may end up paying for the new one in the long run.

Any suggestions? If you all don't mind disclosing what you paid, your interest rate, length of the loan, and whether or not you bought new or used that would be awesome. If you all have any buying tips/advice I would appreciate that as well.

Thanks guys! I hope to own my new Tacoma soon!

Kerri

 

Well if you buy new you automatically loose money on the vehicle once you drive it off the lot, so that sucks. Pre-Owned vehicles are good if theres low miles and 1 owner...If you go pre-owned...I would buy it from Toyota and makes sure its a "Certified Pre-Owned vehicle", Thats what I did and I haven't had 1 problem since I bought it

 

X2. let someone else eat the drive it off the lot depreciation.

 

It all depends on so many factors, that you need to decide based on what you can afford, how long you plan on keeping it, etc. I'm anal about my truck, and plan on keeping my truck till somone hits me again and buys me a new one, or till it blows up at 300K+ mi. With that being said I paid $27000 on a $31000 sticker with Toyota Fincial I think at 4.8% 2 years ago. For buying new this truck does not depreciate as bad as others. My 2005 had 68K miles at 29mo old, got totaled (rear ended), and the insurance gave me $24,500...how can you beat that!

 

just as far as depreciation, i have a completely base (automatic) 2004 tacoma with about 25k miles. it still has a value of about $10,000. i think this is awesome since after 6 years it only lost $5000 in value (assuming about $15k purchase)

 

what do you want your monthly payment to be? if you're dead set having them at a certain amount and don't have a large chunk to put down.. then i guess you've answered your question. Just do your homework on a used vehicle and either get certified or have it checked out by a highly regarded mechanic.

 

I hear of so many people getting so much off sticker price on a new vehicle, yet I never seem to be able to work those kinds of deals. Maybe cause I'm a girl and salesmen know how to take advantage of us, I don't know.

I stopped by Toyota yesterday and was told that there are never rebates on Tacoma because they are so sought after in the truck market.

What gives???

 

This year that might be true but in 08 there were $2000-2500 rebates on a regular basis. They limited tacoma production some time in 09 so availabilty is way down, hence no rebates.

BTW might want to change your profile gender to female ;-)

 

Welcome to the forum

I bought my 2006 in March of 2007 as a new leftover. Was looking used but the market where I am (the Northeast) has little inventory & top dollar prices. Dealer prices match almost new. I wasn't trading so it was a straight up deal, had my financing in order before going in and did my homework before getting invoice numbers off Edmunds.com.

I had a number in my head that I knew I wanted to spend. It worked. You can do it too. Even if you have to trade, work the price of the truck before you talk your trade and know what your trade is worth. Also, don't let em sell you an extended warranty or any other ridiculous packages or you better sign today to get this price. Take your time and be patient, take the info and come back and ask questions if you have too. Many do that here. Good luck!

ps. My dealer has 50 new tacomas on his lot right now and 3 used. Not sure what its like in your area?

 

IMHO
Since I'm buying a 2010 (still in transit) I did quite of bit of research on this.
I looked at carmax along with autotrader and found these trucks don't depreciate as much compared to other vehicles of the same age and mileage.

I felt the industry is still recovering and you can get a good deal new. Cash for clunkers from what I've read could cause a hole for used cars in the next 1-2 years along with driving up prices for used cars. Meaning, those crushed cars won't be there. But I felt the need to go new. I couldn't find anything lower in price with low miles. It was low miles and relatively high to new pricing.

 

Buy NEW !, tacoma's hold value so darn well that you'd probally spend more money on financing a used taco than buying a new one with a lower interest loan.

 

If you buy used, check that all recalls and TSB's have been performed prior to 36,000 miles. I love my truck but has over 36,000 miles and missed warrenty for squealing brakes/rotors and just found thread discussing rear leaf spring issues with bottoming out problems. I will have to come out of pocket to repair both of these issues. I saved on the used purchase but still gotta pay to make it right.

 

Thanks for the feedback so far. I've been researching and pricing Tacomas for over a year now, seems I still have a ways yet to go. I was hoping to be in a Tacoma by February, I'll have around $3k to put down on one.

With the way the economy is right now it seems like a great time to buy as long as you can afford it and have good job security.

I will definitely check recalls if I do end up buying used, thats a good point I didn't think about.

 

Tacoma's have a high resale value. You don't lose that much when you "drive it off the lot" as many folks suggest. Put it this way, would you rather save $2000 on a low mileage Tacoma not knowing what it went through during those miles or would you rather have a brand new vehicle that you put the miles on?

 

Go to every dealer within 100mi or more of you and email them with every option you want (build it on Toyota.com so you know the package numbers) and copy/paste the email to all of them to save time. A lot won't ever reply, a few will be high, one or two will be low. One guy was $1000 lower than all the others when I did it.

Just setup an account with a Guys name if you are worried they are going to treat you differently.

Be informed and know what you want and you will get the best price.

 

i never finance a vehicle and never will I buy what I can afford to pay cash I think its a better way to manage $$$ IMO

 

^Yes, it most certainly is. Good for you.

 

These trucks don't depreciate in value, like most other brands. I traded an 03 DC v6 4x2 Prerunner Tacoma in for my 05 DC v6 Prerunner. I had the 03 for a year & a half & they gave me $2500 more than I owed. Basically I drove the truck for a year & a half for free. I bought my 05 from a credit union. It may have been repo'ed or the owner wanted something else. It had 6000 miles on it. I paid $23,000 OTD with my $1500 aftermarket add-ons. I think I financed it at 4.5% with the credit union for 5 years. But I paid it off in 4.

I would do like some suggested on here. See what payment you are comfortable with. It may pay in the long run to buy new. If you plan on keeping it a long time. If you plan on dumping it in a couple of years, buy used.

Use Edmunds.com, carsdirect.com, & kbb.com to make sure you get the best price.

Good luck

 

I bought my used and I am glad I did. I wouldn't be able to afford a new one. About 4 months ago I bought my Access sr5 4x4, 40000mi for $13500. Sweet deal I think. I had the cash for it but I fanaced about half of I just so I could build some credit in my name. The previous owner had a tranferable warrenty that goes up to 75000 mi. so I will be covered for a while.

I am happy with my used purchase. By the way I don't think I will ever buy a new car, you will always have to take such a big loss.

And don't forget about this, I paid sales tax on $13500. That is a lot better than paying sales tax on $26000 for a new truck. Saved a lot of money just on taxes

 

Dude, do like I did and get yourself a good low milage truck and let someone else take that $5000 sticker off the window..