Looking for advice - trade for new or keep?

I have a 2020 TRD Off-Road Double Cab purchased 10/2019. I have 135,000 miles on it and I have upcoming expenditures. The Toyota shop today told me today I need a new torque converter due to the shudder. I do plan on having the transmission fluid flushed to see if that fixes it. I was quoted around $3000 for new TC. I have an AC unit that leaks onto the passenger side floor mat that I held off to repair this spring. I have read this could be a simple fix or possibly $1000. My tires have about 80k miles, plan to run until 90k. This will be about $1200. This is a maintenance item but still thought I would list it. Original front and rear brakes. All four need replaced in the near future and plan to have the rear brakes replaced/repaired to eliminate the vibration, it's happened before and fixed but now will have them overhauled with new components.

It's all highway miles, no off road however some of the highways and interstates I drive makes me glad I have a vehicle built for off road use. I drive approximately 30k miles per year. I receive a $500 car allowance (taxed) and company pays for my fuel. my plan is minimum 200K miles and hopefully beyond.

I have replaced spark plugs, differential fluids changed and coolant. Auto Transmission fluid checked several times and was always told it was good. I get it, vehicles will not last for ever.

It's going to be expensive to buy a new vehicle however it could start to get expensive for yearly repairs. Maintenance I'm not as concerned about because new or used it will need to be done.

Any thoughts would be great on what you think you would do. My decision is to keep what I have and do repairs. However maybe someone out there has a different thought process. I would buy new if I were to replace it.

One more piece of information: The truck is paid for.

 

I agree with you...

Should make it a Poll.

 

I had a '07 or '09 Tundra (can't remember now what year) but when the monthly maintenance bills got more than my monthly payments on a consistent basis, it was time for a change - bought my '16 Tacoma in '17.

 

Financially, odds are that if you dive deep into all of the numbers and investment costs/returns it’s probably better to keep your current truck. But…if you’d rather not be wasting time on repairs and worrying about reliability while on a road trip (especially during the winter) then I’d be looking to replace it. If you’re looking for a reason to move to something else I would think you wouldn’t regret doing that. If you love your truck and want to keep it you’d have good reason to do that as well.

 

With a $500 reimbursement, and the need for work, I’d just enjoy a new vehicle, rather than put time and money in to old. But that’s just me.
Unless the shudder is real bad, I’d punt on putting a torque converter in it.

If you add the repairs/maintenance, will it outpace the additional cost over $500 a month on new? If it does, but how much and is that worth it to you?

 

Just my opinion: Debt / never ending car payments will keep you financially cemented where you are brother. If this was me, I'd fix the critical stuff and learn to love the annoying stuff and drive that thing into the ground. I'd rather spend a few grand a year keeping a paid off vehicle drivable than saddle my family with $40K+ in debt for the next 6+ years. YMMV!

 

Can you make it a poll? If not I will see if I can do it. You can probably tell i don't post ferquently.

 

Do you own it outright or still making payments on it??? If owned outright, probably cheaper to fix it and take good care of it than buy a new one. In my opinion only.

My '16 is paid off and only has 72,000+ miles on it. I have owned it for 7+ years with minimal issues and I try to take good care of it.

Rear cats went bad, but federal warranty covered that. Otherwise, a new exhaust/muffler and front brakes has been my most expensive repairs. Not bad for 42,000+ miles over 7 years.

 

Lease with full maintenance package would be the way to go.

 

BUCK HENRY - My plan is to run it into the ground. As of right now it seems that it's about 50/50. The vehicle is paid for wh

I do own it, no loan. That's what I'm thinking, it will be less expensive to keep it and drive into the ground. Not only would it be the cost of the new truck but I'm assuming insurance would increase, gas mpg's I don't care about because I'm not paying for the fuel. I have another $1000 to add a bed top which I need because my suitcase goes in the back of the truck. I like the truck and overall it has been reliable. Most issues were covered under warranty within the first year. Up to this point the first auto pocket repair will be the torque converter, all other expensive are maintenance.

 

This would be ideal if I could write it off as a business expense. I've looked into it and unable to do as well as unable to write off a portion of my home as a home office because i don't have clients coming to my home.

 

If I was closer to retirement this would likely be the way to go. I will likely get a new truck when I retire but rather than driving 30k+ miles a year it will likely be 10k per year. I feel like I will take a new truck run it into the ground and then end up buying another one when I retire. Ideal would be to drive it until retirement however not sure it will last that long although that may be the goal.

 

I'd get a 2nd opinion on the transmission. And even if it is going bad, I'd keep driving it until it dies. $3000 is about what an independent shop will charge to completely rebuild the transmission you have.

 

Company gives you $500 a month?
With trade-value I'd say you would come out ahead with a new truck.

I'd sharpen my pencil or crack open Excel and do the math....

 

Well said. The biggest challenge is the time. For maintenance I have used six different dealerships over a 5 state area. The one concern is being stranded alongside the road in the winter time however I'm prepared and used to bad weather living in the Midwest all my life. The other challenge with maintenance is I was hoping to have the automatic transmission fluid changed today. The dealership didn't have anyone to do it because they are short techs and techs are on vacation. So rather than using the closest dealership I am going to a bigger metropolitan area to have service done. I wish i could use the selling dealer but they are about 8 hours away which was 30 minutes when i bought it but have now moved. They were great. I was thinking about going back but don't want to drive the almost 600 miles.

 

Great idea! Do you recommend another Toyota shop or find an independent shop? I will also get a 2nd opinion. This happened last year during the winter time but went away after several days. I thought it was bad fuel. it's cold again hovering around 15 degrees over the last several weeks. I'm wondering if it will get better when it warms up.

 

Lack of dealers around you sucks.
We got 9 ( count 'em ) in Metro Phoenix.... NINE...!!!

 

I was planning on scanning the web to see what I can find for new trucks, determine what my current truck is worth although would disclose the torque converters, likely have it replaced before selling it. The trucks are just expensive. No different than most other products out there.

 

WOW! I live in the far reaches of northern WI. Love it up hear. I currently have an appointment in Minneapolis not because i want to take business away from the local dealer but because of convivence. I'm basically paid to drive which my job requires to be effective. If the local dealer could have gotten me in this upcoming week I would have made it work but I'm unable to sit around for two weeks.

 

I get it’s all highway mileage but 135k miles on the original brakes is impressive!