Sell and buy new(er) or upgrade?

That's my dilemma. I have an 02 TRD with 180k miles that's in good shape. V6 auto, etc. My buddy says sell now while I can still get decent money for it and throw that towards a newer one with lower miles.

If I keep it, I was thinking of new wheels/tires, refresh the suspension and other typical things guys do to Tacomas.

I really don't want a note and I can't pay cash at this point. Plus I just had a garage built so I'm trying to pay that off. If I was king, I'd probably get a ~2013 TRD extended cab. I don't need 4 doors since it's just me and my wife and our 2 cats. Those trucks are around 16k in my neck of the woods.

What would you do???

 

My 02 with refreshed suspension and steering parts and 155K is great, I think.

I really don't want a note

a clapped out pinto is better than being in debt...

-Mike

 

If you maintain it well, and the frame is not badly rusted(ing), you don't have to be in a hurry to decide. The value won't change much. You will need to put money into parts, but not payments. Your insurance will also cost less. I see you are in Louisville, so check and maintain (Fluid Film, POR-15,...) that frame or it will rust apart.

Most people on TW 1st gen favor not having a payment, like not worrying about every little scratch, and they seem to like working on their own stuff. The 1st gens are the easiest for most guys to maintain and customize, if they choose to do so. And, we tend to prefer simplicity over more recent features.

Go read the 3rd gen section and see what is being discussed, vs 1st gen. There are different experiences, and there are different concern and expectation sets when you own the two trucks. Not criticizing 3rd gen folks, just saying they are looking and expecting (as they should) something different from their trucks for the money they are spending. I may buy a 3rd gen at some point soon. And like them, I'll be evaluating and judging it differently than my 1st gens.

 

I have a 2003 2.7L 4WD SR5 with 175k. The truck is in good shape, has a solid frame, only real issues is the paint is starting to oxidize on the body and the undercoating needs some attention before winter (I am going to touch up the paint on the frame, I used KBS Rust Seal several years ago). I found I needed to dump money into a new suspension, lower ball joints, etc. With parts and labor it was something like $2250, but instead I decided to do the work myself and saved myself $1000. A couple people suggested I look into buying a new truck rather than put money into this one.

The way I see it is the money I put into the truck now equates to a few months of car loan payments if you were to get a loan. To me not having a monthly payment now is a good thing.

I've noticed that in my area 1st gen Tacoma's don't depreciate in value that much, and for a 16 year old truck I am happy that these retain their value. I personally am going to run this truck until the wheels fall off.

 

If it serves your needs, keep it. It'll last until you no longer want to repair it.

If you think you will want something different, start putting money away now. By the time you're ready, you may not have to have a payment at all.

Besides, spending money on a newer truck to save money on depreciation seems like a false economy to me. New ones depreciate too, and most vehicles depreciate faster when they're newer. The depreciation curve seems to flatten out as they get older.

 

tough decision. If you are capable of doing the mechanical work then I would lean towards keeping her. 180k is nothing-mileage wise on a 1st gen Tacoma, many, many posts on there with people that have in excess of 500k on the odometer. If you have to pay to get the work done, that is a differernt story.

How is the paint?
How is the frame?

The other consideration at least for me, is insurance. At this point in time I have 3 Tacoma's along with other trucks/cars/Rv's/trailers. Every year or so I get notices from the insurance company that they are dropping comprehensive from this truck or that car... they are too old in their opinion. Talking with the insurance rep from Wawanesa... they have their business reasons for doing what they are doing and when I aksed the lady what her husband drives she said an older Tacoma. I asked her what would he say if something happened to his truck and she says it is a concern of his as he cant replace it and the few thousand dollars they would receive for it isnt the issue and the price of a newer Tacoma isnt in their budget.

 

Thanks guys. Yea, I'm leaning towards just driving it into the ground. Timing belt and water pump has been done so there's that. Like Wsidr1 mentioned, recoat anything on the frame I can find along with refreshing suspension, etc and I think it should go for several more years.

I'd like to go crazy and get a supercharger etc down the road since this V6/auto leaves something to be desired but I wonder if that'll kill the reliability? Forcing air into cyls with ~200k miles and all that.

What would be a good, general "refresher"?
I'm thinking:
1. Tires and/or wheels.
2. Suspension. (nothing crazy for me, I'm probably 90/10 street vs offroad).
3. Steering.
4. Lights. Mine are hazy, so may go with new lights and the blinker mod.
5. New seats. I have the common, broken side piece on my driver side seat.
6. Spray in liner instead of cover.
7. ???

 

Here's what I have done for my truck:

Tires: Goodyear Wrangler All-Terrain Adventure Kevlar
Suspension: Blistein 4600s, Moog Coils, General Spring HD Leafs. OEM LBJ's. I am installing the front shocks and LBJs this weekend

I did buy new headlights as well.

 

I can do most of the work myself so I can save there. paint is great actually. Frame is decent but I'll crawl around some more this weekend to get a good look. Rear bumper is pretty rusted around the hitch so that'll have to be replaced.

Any mild engine mods? I did the deck plate a while back but that's it.

 

i think 1st gen Tacoma's values have finished dropping (not sure when this phenomenon occurred) and have seemed to started rising on one valuation table at least
recently i checked my model year and the prices across the 3 condition level are all up from the last time i checked a few months ago
starting to pass some of the 2nd gens in value as well now i think

 

Why get rid of your best gen just so you can get a... not a best gen??

If you're looking for something newer and bigger, maybe with more internal storage space, just do what I did:

Now you have a dedicated trail truck, and a nice daily driver.

 

I wouldn't sell it. I've talked to many people in your exact same position and they all end up regretting selling. Save up your money while you can, enjoy no car payment, and $80 a month insurance.

I for one am going to drive my first gen until the f**king wheels fall off.

 

This exactly.

 

Then there’s the fact that once you get rid of your beloved 1st gen, you will start seeing them everywhere. It’ll be like they are haunting you. Nice ones, ratty ones, they’ll be everywhere! Next thing you know, you will be trolling Craigslist, auto trader, etc. Keep the proper balance in your life. 1st gens rule!

 

I just did the opposite of what you are considering and I think it was a great decision. I had a third gen that is/was a very nice truck but just didn't see the value in it as a commuter that was a truck. I sold it and picked up a first gen and am still getting back and forth to work reliably for a fraction of the cost.

 

I did the same thing, plus no more shit-luggy transmission plus you can beat the shit out of it

 

I never had that problem with the third gen since it wasn't automatic, but I know what you're talking about.
The nice thing with an older first gen is you can beat the shit out of it though, yes! Sure, you don't want to trash it but a little ding here and there isn't going to hurt anything and I swear they are going up in price.

 

A payment is like a noose around your neck for 4-5 years (or more these days, which is nuts). Instead, if you can swing it, put a few hundred into a savings or investment account each month. In a few years you'll be pleasantly surprised how much it's grown and you'll be in a much better position to do whatever it is you want.

 

Why sell it at all?

Keep it, close this thread, and post a new one bragging about the cool shit you bought for your first gen.

 

Unless buddy is a financial equal to you and debt free, his free advice is just like ours. Free

If you need tires, fine. Costco has good choices at budget friendly prices. Wheels from a 2nd or 3rd gen are cheap and change the look of your truck. Suspension can be refreshed at moderate prices if you retain stock ride and do the work yourself. I don't know what 'other typical' things are. If you are speaking of basic maintenance, all vehicles need that. If you are speaking of high dollar mods, I'd stay away unless you determine you're going to do another 100k miles or so. Which I'm betting you're not.

Smart. Debt is the enemy. Especially in today's volatile economy. If nothing else, debt free lets you sleep easier when markets tumble and jobs are lost.

Nice choice. Make it a goal.

Maintain your truck well w/o spending non-recoverable mod money on it. Pay off your garage, shift those dollars to a vehicle fund. When you have about $10k in hand you should be close to going shopping time.

There you have another set of 'free' advice, different than your buddy's.