Are first gen Toyotas actually worth the price?

I can finally post in the 1st Gen forums! I bought a new 2005 Double Cab back in 2005 obviously and managed to put 437,000 miles on it. Unfortunately I live in California and back in 2019 it barely passed the smog test. It was throwing the "P0430" Cat efficiency error code intermittently but I manged to get it to pass back then. Now that the error is solid I couldn't see paying $$$ for new Catalytic Converters and a new set of tires on a super high mileage truck so I sold it to someone who lives in a state with no Smog test.

Shortly after I barely passed the Smog test in 2019 imagine my surprise when my next door neighbor parked an excellent condition 2003 Xtra Cab 2WD Pre-Runner V6 in front of his house. When I mentioned his new ride (which he clearly didn't need judging by the amount of vehicles already there) he said that his grandmother just passed and left him the truck. It had been mostly sitting in her garage for the previous 10 years or so and only had 73,000 on the ODO! He said he was considering selling it so I offered him $12K and the deal was made.

Before I made the offer I looked around on AutoTrader and Craigslist and was surprised at the prices for used 1st and 2nd Gen Tacomas. Since I couldn't find a reasonably priced 2005 - 2010 with low miles in as good a condition as this '03 I decided that the '03 was the best deal I was going to find.

The '03 has mostly sat for the past 2 years but now that the '05 is sold the '03 is my full time ride. I had never owned or driven a Toyota truck until I bought the 2nd Gen in '05. Previous to that I had 20 years of Ford Ranger driving. Now that I've driven a Gen 1 I'm in love! I really liked my '05 but this little '03 just feels more like a little truck should feel. I can see why they're so popular. I do miss the extra storage that you get behind the seats in the 2nd Gen Double Cabs but that's really the only thing I miss.
In all fairness my '05 was very solid inside and out and this '03 has that damned annoying dash rattle that I need to figure out but I can see this being the last truck I'll ever buy. It will probably outlive me!

 

I always was set on a gen 2, but the cost was not in my budget and started looking at gen1 trucks. Found my prerunner for 4300ish on ebay(put $2000 into it personally). Seller was shocked for what it sold for but said auction is fair and and delivered it; didn't want to tell him his pictures ruined the ad in 2019. I have a base prerunner, v6, roll up windows, but no rust and clean body. I love the truck, i keep my leased car outside in the elements most of the time while tacoma gets garage. Put in some fun work doing maintenance, wheels and tires, suspension, otherwise thats it. People love commenting on the truck, i enjoy her..idk but i see myself keeping it a while because it serves the purpose since personally not a truck person.

 

Yes yes they are

 

I'm of the opinion that nothing is worth what it is selling for anymore. 20 yr. old Chevy's with 200K miles are over 10K now if they look good.

 

x2. Had someone interested in the truck immediately after I agreed to purchase it from the seller. Found them talking about the truck as I was returning from the ATM.. Got lucky the seller was cool and held it for me...

 

Are folks still paying top dollar for 1gens? Alabama way, you can't find them for less than $10k or $12k. I bought mine in 2020 for $4000 and have had more offers on mine than all my other cars combined! I wouldn't consider selling if I didn't get enough to replace it.

 

I owned and drove a 95-1/2" 4cyl SX 5sp MT bought new, for 9 years. I now own a Gen3 6cyl MT and have for 3 years. The 95-1/2" would run circles around the G3 in every respect except raw HP. However, the way the G1 actually used its Horse's, it would be a very small advantage to the G3. the only advantage to a G3 over a G1 is bell's and whistle's and all kinds of neat "tech" and warranty. Mechanics, performance and build quality, the G1 is a superior product.
M2c's

 

These trucks are worth there weight in gold. In my eyes they are the best small truck ever made in America. The only thing better would be the Hilux.

 

Also, the lack of all the modern "bells, whistles, and tech" in the 1st Gen is one of its greatest features. An all-mechanical and no-LCD cabin with the soft glow of dimmed incandescent lighting is a rare pleasure nowadays.

 

Its an interesting history. If I remember correctly. An American Engineer was behind the specs for the G1 Tacoma. They had to convince Toyota to allow the release in the US under the new Tacoma moniker. They were totally overbuilt. I have pined for my G1 since the day I traded it.

 

When traded in my Chevrolet 1/2 ton that was 20 years old it was worth it in 2001 to buy Tacoma .
Still have my new Tacoma from 2001.

Dave

 

OP definitely wait until the right one comes along. Spent about 3 months looking for mine. Almost went out of state to get one too. Luckily, a clean 01 ext cab with 82k miles popped up and I jumped on it right away. Paid $8500 but I was seeing vehicles with almost double the miles go for 11k+. When you see a good one, check the carfax and make a move. Good luck!

 

And they fit in the garage! All of my neighbors park their trucks outside.

 

I can park my Tacoma in the garage but wife park's her car there.
My Tacoma is park in a carport with electric gate.

 

My Tacoma does not have have the bells and whistles. My wife car has all bells and whistles but they are not used I do look at backup camera. I did learned all bells and whistles but used them I take my eyes off road. It is not safe to do that in California with nuts drivers.

FYI I do not use a camera for trailers

 

Had an 03 TRD I’m still missing.

 

I had a 96 single cab base went to a 2017 access trd sport fully loaded and then found my dream truck with a blown motor 2003 quad cab TRD off road . Happy as a pig in shit

 

I purchased mine new in 2001 and last month had to replace the belts for first time. Still have all floor mats. I should replace the driver mat.
I have perplace the brakes, oil filter, tires and battery since new.

Dave

 

These 1st gens tend to hold their value. My '03 w/ 295K miles purchased in Feb 2020 was ~$7K, and I'm told they'll fetch $10K today. Mine was in really good shape, normal wear and tear, interior good condition, no mods, with matching topper. Seemed to be well maintained. I'd been looking for several years for one that I felt was a value and not modified.
I'm not trying to tell you if the prices you are seeing are a "value"...but, if you can find a well maintained truck in good condition w/ <300K for under $10K, I think you're doing okay. Yes, it's a lot of money and you might be able to find a newer model with lower miles for that same price if you are patient. I suspect the used car market will be cooling off in the coming months, so it may be worth it to wait.
That being said, one of the first things I replaced was the front suspension - it was all original, so that was >$1000 out of the gate, so I guess that could be added to the purchase price. The OEM suspension seemed okay, but those ball joints don't give much warning before they go.

 

I am the original owner of an 03 2WD MT regular cab with 165k miles and can say that if these vehicles are well maintained, which should be questioned, there’s no reason to assume that they will require a lot of work like the OP stated. That’s why people want Tacos over ford or Chevys. Good luck finding a 20 year old one of those without a ton of rust around the rear wheel well let alone still running well.