Should I get rid of my Tacoma?

I live in an area where Tacoma's hold their value ridiculously well. I have an 05 TRD OR DC that I purchased used in 07 for $24,500. It's current private party Blue Book value is $23,500.. I would sell it on my own. I've been watching craigslist for the last few weeks. Similar trucks in this area show up on craigslist for that much and disappear within days, so I feel like they really are selling for that much. I absolutely love my truck and wouldn't change anything about it. It has 68k on the odometer. I have had zero mechanical issues and the frame has zero rust.

My issue lies in its age. The banks in this area will only give a loan to vehicles less than 10 years old (or possibly 10 years exactly, someone on here may know better, please chime in if you do). So, at ten years, the value will drop considerably because it will drastically reduce the amount of people that could purchase.

I would purchase either a 14 or 15 TRD OR for around $33k (they don't budge much around here). I wouldn't be taking a loan out for the difference, so financially, I wouldn't be paying any interest. It feels silly even thinking about getting rid of my truck, but the loan issue may force me into it.

Anyone else in this situation? Or been through it before?

 

If you can get $23,500 sell it.

 

68k and no payments... What's the problem again? Save 1 payment and put a decent navigation unit in it and boom. 12-15 Tacoma.

 

I wouldn't have a payment on a new one either. The problem is with banks not loaning. 2-3 years down the road when it would be time to sell it, I would have to find someone capable of paying cash. That shrinks the buying pool down a ton, therefore dropping the value quite a bit.

 

If you have it paid off, and like you said, it hasn't given you any problems, plus it has low miles at 68,000, I may keep it.. Personal decision tho , of if you want to have another payment etc. Why not just wait a while until the new model comes out maybe wait a year after it, continue to save money, maybe even just buy it out right. Your truck should still have good value.

 

Oh I see what you're saying now. Yeah in that case you are at that point of asking the question you are. But still if there;s nothing wrong with it and you like it, just save your money. Wait for the newer ones and hope for the best on getting good money out of the one you have now.

 

x2, or anything close to that....

 

I would wait for the 2016.There are plenty of Tacoma guys out there that will have money to put with there loan when you are ready to sell at a later point.

 

05 with 68K on the clock? That's barely broken in. Keep it and save the cash with not having payments. Why not drive it to the ground and worry about buying a vehicle then? Like suggested, at least wait until a legit redesign and make a decision.

 

If you can get that much for it I vote sell and buy new.

 

Yup. I plan to have mine 20 years. Insurance and registration is lower too. Buddy of mine has a T100 with 285,000 miles of hardcore Alaska winters and extreme off-roading.

 

I can't see a situation where someone who can pay 23k cash, wouldn't just go for something new. The 2008-2009's are going for roughly the same. So.. When banks won't loan on 2005's, the majority of all people will buy a year or two newer. Making it very difficult to sell for what it is worth.

This is a pretty unique scenario. Most vehicles at 10 years old are sold for so little that most people wouldn't need a loan.

 

The other thing to consider is insurance. If you buy a new one, you'll be paying higher monthly premiums (which is money 100% down the toilet) to drive essentially the same vehicle... Depending on your coverage, how "dangerous" you are, etc... this can actually make a huge difference over a couple years.

 

Ten years ago, I would absolutely have had to consider that. I'm in my 30's with a clean driving record. My wife and my insurance is less than $100 combined. But I hear where you are coming from. Male early 20's pay a ton for insurance.

 

Depends on how much you like the newest Tacoma's. I really could have kept my 2010, V6 PreRunner I got for my employee that didn't work out. But I was spoiled with the touch-screen crap and really really liked the IMO more aggressive tweaks to the front end on my '14, 2.7 PreRunner that I decided to sell the 2010 for $20k to CarMax (profit) and I took a $500 (loss) on my '14 PreRunner, 2.7 to get into the truck I really wanted in the first place '14 TRD-OR, 4x4, DCSB and couldn't be happier.

Absolutely love the touch-screen, and Prem-Entune, love my JBL sound sys, the Locker is kick ass, and I like the added safety net of A-Trac & Hill descent control, even though I will never use either of those features likely.

If you find value in the updated truck, go for it. You've got equity in your Taco to go towards it.

 

I wouldn't buy a new vehicle over fears of having my current vehicle be still new enough to eligible for financing to a prospective buyer. Your money and truck, though.

Never assume someone who has $23k in cash would rather have a new truck. People who pay cash for cars do not largely buy brand new, regardless of the few thousand dollars in difference it might make.

 

Mine, too, will be with me into the unforeseeable future. I don't ever plan on selling it because there is always a need for a good pickup truck.

 

Get a shiny new truck!!

Why the hell not??

 

i get the point OP is making.

the purchase pool becomes much smaller once beyond what a bank deems a loanable vehicle. OP has the cash to make up the difference for a new tacoma debt free, and willing to part with said cash.

Tags may be more (depending on how your state handles them), insurance may be a bit more based on value, but again you have age and good record to offset that so the increase would be minimal.

on the plus side, you'll have no maintenance for two years as well. Insurance is lower (for us aged and seasoned drivers) on newer safer vehicles and you'll have a full warranty.

forgot to add... I feel its a no brainer and you're on the right track with your plan.

 

Keep your truck! Automobiles are a losing proposition from a $$$ perspective. Every month you drive yours is a month you get to bank 400 -500 bucks! Reliability is not even an issue with these trucks and at 60K miles...pffffft.....it has 200K left in it.
Put a nice aftermarket Nav and some wheels and tires on it and it is brand new to you again.....02 cents from an old guy
G