Keep or Trade? – One year later…

Hello Forum!

A year ago, I solicited your opinion on whether to trade-in my 2009 Tacoma TRD Off-Road (2G) for a new 3G Tacoma TRD. Most of you felt I should stand down and save my money (some of the 3G forum people told me to take the leap if I wanted). One year later, I still have my truck but now there have been some changes since that post.

My truck now has 189,000 miles. The last time I went in for my lifetime free oil change, the dealer reported that the rack and pinion is getting worse (it’s been slowly leaking power steering fluid). They also reported that I need rear shocks (rust), battery, tune-up, serpentine belt, and several fluid exchanges. I took care of the belt and the fluid exchanges (at Pep Boys with coupons, not the dealer) already. The rack and pinion, shocks, and battery could run a couple gran I guess but I could put them all off until later in the year. In my last post, I reported that the clear coat was peeling on the hood and roof and the paint underneath starting to fade.

Meanwhile, inventory is up and a local Toyota dealer is selling for $1500 under MSRP now. Toyota financing is currently 3.49%.

I still like my current truck at lot and it runs fine (though the transmission has been slipping some for the last number of years). There are no loan payments and has cost me only gas and regular maintenance since I bought it almost 14 years ago! Should I fix the rack and pinon and expect it to get me another 5+ years or should I cash in my truck’s trade value and get a new one? It’s hard to justify a new truck and a monthly payment unless buying one now will pay off later. Thoughts?

 

Is your truck a manual transmission?

 

189,000..I would trade…but that’s just me
Drive out in that brand new truck makes you feel like this….
https://youtube.com/shorts/P20ALVxE-Cg?feature=share

 

Hmmm!!?? Couple grand or so in repairs or 40k and at least 5 yrs of debt. I know what I’d do.

 

It depends on how much you can get in trade or sell it for. Financially there comes a point where it makes more sense to let it go, but sometimes we get sentimentally attached to a block of steel and plastic. And the crazy truck market over the last few years combined with inflation and higher interest rates has changed the rules. I'm no longer sure myself anymore.

I have to keep one 5 years at a minimum or I feel like I lose too much money. Somewhere between 5-10 years and you could sell/trade it for not much less than you paid and never have to spend money on major repairs. If you keep it over 10 years/150,000 miles you've gone past the best time to sell and it might well be better off to just keep it till it dies.

I'm in the same boat. My 07 has been trouble free for 232,000 miles. But I'm past the point of selling it. At this point it is worth more for me to just drive it than it is worth. If I were going to sell it, I should have done so 100,000 miles ago. It's also a 3rd vehicle for our family now.

Just a thought, but have you considered keeping your older truck and buying a small economical car for a daily driver. If you do the math, I'm betting the out-of-pocket money you'd need to pay or borrow would be about the same for you to keep the truck and add a small car. You can still have a truck for when you need a truck and the money you save on gas will make a big dent in the payment. And your monthly payment will be about the same if you trade for a new Tacoma.

 

so it needs some basic cheap easy maintenance

unrelated to 3rd gens but on that topic, not sure why anyone would ever buy one

 

It looks like you already know the answer. You won't find the answer HERE! Since you don't do you own repairs, you can get the items listed, fixed for less than 4 "new" truck payments. If you like the truck and plan to drive it for another 5+ (or so) years, start an accrual (savings) account equal to 25% of a new truck payment. The next time you have a maint. or repair expense just tap those funds. Either way, it costs to drive. Driving "used" is generally cheaper than driving "new".

 

Let’s do some simple math. 40k over 5 years approx a $800/month that does not include interest. The truck is good for another 200k easy. Even if you put 2k a year in repairs that’s 20yrs to reach 40k. that’s about 175 month in repairs. Even if you had to drop a 10k new tranny in there somewhere. It’s still cheaper. Drive it into ground op. I’ve put no less than 400k miles on 4 Toyota trucks 2 of which were tacomas. My current 2015 I’ll do the same. I’ll put 200/month in repairs and put the other 600 in bank for the five years and have approx 35k in the bank.

 

I'd say this depends on your personal financial situation. Go drive the 3gen a few more times and see if it feels like it would be worth it to you to have that monthly payment. If your transmission goes you might have to dump a little more $ into your 2 gen than you were anticipating, but like others said, that will still be far less than the amount you'll end up paying for the new rig. Keep us posted

 

FWIW - Many American's have neither the comprehension or discipline necessary to do this -
Your mortgage or rent payment, groceries, clothing, transportation, discretionary spending etc etc ... all represent a percentage of your income (hopefully increasing over time). If you continue to accrue for your transportation costs - car payment, insurance, maint & repairs - even after the vehicle is paid for - the payment portion accumulates. After some years, if you haven't tapped into the accumulated savings, it will be sizable. For the past 25 years I haven't had to finance a new car - I used the money accrued over time to pay cash, and payed MYSELF back, with interest, for the LOAN I made to myself........

 

In all my years I have never seen anyone come out on a trade in.

Times are strange now but at 12 years old a premium trade in price seems unlikely .

Unless your just swapping payments from one truck to the other.

 

If the body and frame are in good shape, I'd find a transmission shop and see if they do steering racks too. Even if you have to drop $4k into it, that's still less than a new truck payment for 6 or 7 months.
If you just want a new truck and your finances can handle it, buy the new truck.
I had my '98 T-100 for 17 years and sold it to a nephew with 276,xxx miles on it.
I spray my frame and keep up on my maintenance so I'll replace a clutch, transmission, engine or whatever I need until my frame breaks in half. I plan on keeping my Taco for another 15 years.

 

I'd never trade in an older truck, especially a Toyota, to the dealer, you can always get far more selling it to someone who wants to build something to off road and cares more for long term reliability then shiny paint.

If I ever sold my 2015, I'd post it on line or here long before I'd trade it in. Pretty sure someone would pay a bit extra for a very low mileage Taco 4x4 with a 4.0 that has never seen salt or the winter.

 

I'm not that good, it's been about 18 years since I've financed a car, paid off about 14 years ago. Don't know the OP's status. but for me it's mostly about money and practicality. I bought my '07 Tacoma last May with the intention of keeping it for a long time. Taxes in this town are pretty high, so age of the vehicle is significant. Another factor is in less than a year I'll be at full retirement age, so this Tacoma will fit the bill. I currently have an even older full size pickup truck, which when I retire I may sell or at least take off the road. Doing the rough math, I've calculated around $520/yr for a 2nd vehicle. That's considering insurance with no collision, taxes, emissions, registration and only minor repairs.

If the OP has a job with a good long future, new could make sense, also considering some of the newer technologies with a new truck.
But to me, none of that matters. My '07 is sort of cave-man like compared to something new, I never use my phone while driving. I would like stereo that had integrated Bluetooth and/or an SD card to play music, but I've seen some really nice aftermarket projects here. For now I get by with an adequate SD player that transmits to the FM radio.

 

If you are revisiting this again you clearly want a new truck. If you can afford it get what you want. Life’s too short.

 

I face a similar decision as OP without the necessary upcoming maintenance on my truck. 2010 Prerunner Access Cab 2.7L 5MT with nothing wrong with it. After 13 years and 160k this has been the most reliable vehicle I’ve ever owned. Frame replaced in 2020, tune up, coolant, brakes, new speakers plus hood and roof painted. I think about getting one of the last manual trans Tacoma’s and keeping it into retirement in 10+ years. No off-roading or towing so 4x4 is not required but would be a nice to have. I would pay cash for a 2023 but keep thinking I might end up missing my little manual 4 cylinder. Best of luck OP and I don’t think you can go wrong with either decision.

 

Then keep your truck and buy a new one. Can’t beat that.

 

ALWAYS spring for the 4x4 if you can swing it. You get very little fuel economy loss and resale is far higher and so is demand. As far as more things breaking, that is true but it's not that big of a deal with Toyota and as long as you ''exercise'' the 4x4 system occasionally to keep it from dying from lack of use, they tend to be fine.

Besides, if the ball ever goes up or aliens or bigfoot attacks and you have to flee to the wilderness, you'll be sorry you have a 2wd.

 

Heck I’d never want a car payment and be in debt at 60.

 

What? You don't want to be the greeter at your local walmart?