What now? Value? Help...

Ok, I have a situation I'm going through. I have a 2005 Trd Double cab that I just had repainted. All dings and rock chips fixed, and fresh coat of matte black paint. The body guy mentioned he heard about the frame recall on the frame issue, so I checked it out.
Long story short, it qualified for new frame.
I just got the truck back and now it has complete new frame, springs and other components to go along with the new paint job, fender flares, headlights.

So, as much as I love this truck, I feel like I need to pay some bills. So I'm tossing around the idea of selling it to payoff all my debt. I know the truck won't be worth more than blue book, but what would be a good price to ask?

Here are stats:
05 Trd Double Cab
126k miles
4" lift
New paint
New frame
New axles
New rear steel bumper
New headlights
Clean interior
33" tires
17" black wheels
Double din head unit / Nav
Back up camera

This truck has never been off Roading and is in great shape!

I hate to sell it but after my debt is paid and my wife gets her SUV, I would t mind getting a newer taco, like a 2010 or so.

Thoughts?

 

I think you would be better off keeping it. All that work that you know has been done. No new payments, but it's like a new truck.

 

Paying off debt is an excellent, excellent idea. But you've also got to look at the longer term financial plan.

Selling the 2005, which it sounds like you are happy with and is now in great condition to last you a long time, in order to pick up a 2010 later which for all you know will need another new frame itself at some point (possibly or perhaps not covered by Toyota) in the end will probably cost you more than just keeping the 2005.

On the financial side it comes down to a few questions:

- How long would it be between when you sell your 2005 and 2010? You'll save on insurance and registration for that period.
- Do you already have another DD vehicle? If not what will it cost to have another vehicle in the interim and how much would you save in insurance and perhaps fuel?
- How much does it cost to service your debt (i.e. what is the interest rate on your debt)? You should consider this a "cost" of continuing to own your truck rather than selling the truck to pay off the debt.
- What is realistically going to be the price difference between your 2005 and the 2010 you buy? Be sure to budget in getting the 2010 modified how you want it. This could easily trump the savings of not owning a truck for a few years.

Depending on the answers to those questions you may find that while selling a 2005 now makes your debt look better now that later when you buy the 2010 you end up with less money in your pocket than if you had just kept the 2005 already configured the way you want and with a known maintenance history.

Now of course if you desire to have a 2010 instead of 2005 and that is a goal for the future then the question is the cheapest way to get into a 2010. And of course the cheapest way to get into a 2010 is to wait as long as possible to purchase one!

I suspect as far as selling the 2005 goes you'll get decent money for it as Tacoma resale is good, but in general you get little payback from cosmetic body work or even nice tires. I don't have a feel for how the frame replacement plays into the value.

 

Trust me, keeping it with no payment is a big factor in my decision. But with what I am paying in bills right now ( just built a house ) is 2 truck payments. What do we think it's really worth? KBB gives me numbers, but what do actual Taco enthusiasts think?

 

I do have a Daily Driver I will jump into. A new truck is just a thought. I have been in the car hobby for a while, as I know anything I add to the truck does nothing, but a new frame and its components I feel has to be more. My debt is credit cards from when my wife and I just built. We had nothing, so we had to buy EVERYTHING. So they are some what high Intrest rates.

 

keep your old truck and pay off those CC..

 

I'm guessing KBB value assumes that the frame and components are in good shape, so I dont think your new frame will add value on top of what they are showing. All that other stuff, lift, tires , are sunk cost, wont get anything back on those, just the way it is. If you can get a few grand near KBB, then I think you did well in my book. At the end of the day to figure out how much its worth is to put it on the market ( your lift and big tires may scare off the average buyer though). From my experience lifted trucks tend to sit a bit longer as the average person is a bit more hesitant to purchase ( I'm not one of them by the way!

If you have a daily driver sell this one and pay down the debt. You got all thi debt and three vehicles between two people ? Sell something !!

A new car shouldnt even be in the cards ( and doesnt make much sense if later down the line you are thinking of getting a 2010 after just selling a 2005, kinda seems like a shell game with your money. So you sell the 2005, pay down the debt, then buy a 2010 and take on more debt, huh). Or just keep the 2005 and slowly pay down the cc debt. Either way it seems like you overleveraged yourself to get into that house. Not preaching , but your primary goal should be to pay down those credit cards asap ( hence forget about your hobby for now).

 

You've got the truck you love. You've got the credit card debt. You've got the daily driver. Pick one and get rid of the other two. Duh.

 

To clear some things up:

Just want to see what they truck would be worth considering the new major, non cosmetic items.

I have some credit card debt from furnishing the house... Nothing crazy.

The daily is actually my wife's car that I would just take over. She is going to start working from home and she is going to get into a low lease. I don't currently own 2 vehicles myself.

The truck , unlike many of you, isn't a hobby. I just changed some things to match my style. I don't work on this or upgrade it much at all. The new paint was insurance because someone swiped me in a parking lot. I didn't do it to add value, more so fix any issues about come about.

The goal for this is not to erase debt for life, but mainly the high interest debt. I was actually considering getting a Tundra down the road. I will have a truck again and a payment, I just want to clear up this debt. Toyota has been great with taking care of their customers.

I'm going to put it online this weekend. What is reasonable price I should start at?

 

It's not worth much without a good frame. Maybe it's time to part it out. As is, IMO 4k if you're lucky. Why not get the new frame and then sell it?

 

I would start around 2 grand more than KBB, you will either find someone who really likes the idea of getting a practically new body and frame at a good price or you won't and you just keep the truck!

Keep in mind your target buyers are most likely going to be the much younger crowd, hence its a small market and they will all try to low ball you.

Just try to sell it for a good price and if it doesn't sell oh well!

 

Well it depends on your area. Do some searching and see what trucks with similar stats are selling for. My guess is somewhere between 14-18K. If I were you, I would try to get some money out of aftermarket mods. It's true that in general, you will not get back the money you spend on mods, but there might be a person out there who wants a truck very similar to what you have. I would start at the high KBB value (at the very lowest). See if you get any interest, if not, you can always lower the price.

LAst summer I had to sell my 96 4runner to buy my taco. I had tons of money in the stereo. KBB was 3K, so I set it at 6K, after about 1.5 months sold it for 5K. Had a lot of people offer me 3K and tell me I was crazy, but it worked out. My point is, people like Toyotas, and will pay good money for one that has been cared for. It helped that at the time there were very few other 4runners on the market.

Do some research for your area. Don't worry about asking too much, you can slowly lower the price if need be. Looks like you have an awesome truck, I wouldn't start below KBB.

 

I thought he did get the new frame.....

 

Sorry, my bad. I stopped at "qualified" meaning needed.

 

Some people can't read.

 

More I think about it...I would start it above KBB. If you can't get at least the high KBB value after a couple months, part out your mods and bring the truck back to stock, then sell it for whatever you can get.

 

I don't have a clue on price. But it's sure a cool looking truck with that paint job. Good luck man.

 

The idea of getting rid of high interest debt is stupid. How do you expect your creditors to continue feeding off you?

 

In my opinion, KBB is always way low (at least in my area.) I always start above that.

I have a 2005 Tacoma double cab 4x4 SR5 that's in very nice shape but with high miles (200k.) KBB suggests my truck is worth $11k but when I look for anything similar for sale everything seems to be over $14k. But, this is California and these Tacomas hold their value exceptionally well. Another website I always use to get an idea of values is Nada. Nada is what most insurance companies seem to use.

By the way, I am all for dumping the truck for whatever you can get (don't give it away, but don't pretend the frame is made of gold either.) Payoff all of the credit card debt and drive a beater until you can save up enough cash to (if you must) buy another truck. Do it now before the new body style comes out. Carrying debt will either make you or keep you poor.

Good luck.

 

Ok, so I have the truck up for sale.
North East Ohio
$15,000
Craigslist ad:
http://cleveland.craigslist.org/cto/5070741318.html