Dilemma: Keep my '97 or go with a new one

My 4 cyl '97 Tacoma 4x4 extended cab truck is a work truck and all costs associated with it are write offs.
It's got a little over 250,000 miles (400,000 kms) on it and is still in pretty sound shape as it gets regular maintenance.

However, I'm at the point where I'll need to consider pumping some money into it (a bit of body work, paint job, new leafs in the back and possibly a rebuild).

If I consider what I could get for it if I sold it right now as is (around $4000), and other money I'd be spending on it (rebuild $2500, bodywork and paint job $2500) I'll be looking at around the $9000 mark.

I am fairly attached to this truck as I believe Toyota reached a pinnacle with this model at that time period. They're SUCH well built vehicles. And repairs only amounted to around $400 last year - unbelievable for a 16 year old work truck.

I recently did some number crunching and I could actually justify going with a lease on a 2013 with a possible buy out later. If I made a down payment of $5000 my monthly would be under $300/mo. The thing is, I'm just not convinced that the brand new Tacomas are better or even as good quality as the 1st generation models.

Would I be crazy to sink a bunch of money into my '97, as it would still be an old truck that would still require more maintenance as time goes by?

Or is it really better for my business to go new? I'll be speaking to my accountant soon about this, but I thought I would ask you Tacoma enthusiasts this one as well, perhaps some of you have gone through the same quandry. I've asked all of my friends who have a business mind, and it seems like it's a 50/50 split between those who think I shouldn't get too ahead of myself, and those saying treat myself to something new
and fresh, and enjoy the write offs that my business needs.

Any thoughts?

 

Drive it until it breaks. It's still got 10 years in it IMO

 

In my heart of hearts I am inclined to keep it, but ALL feedback is welcome!

 

Honestly, I would keep it. One of my family members had a 2006 double cab TRD offroad and all that, Sure it was fun to drive, but I really honestly enjoy driving my 2003

 

Dude if I told you how much was sunk into my 96...you'd have no problem spend that much haha

95-97 the best years man! Keep it

 

Seems to me there's less on the 1st gen (especially manual hubs, standard and 4cyl) to go wrong than something more modern. Easier repairs.

 

Maybe I'm understanding this wrong but.. just because you put 5 grand into it doesn't mean it's going to be worth 9.

You haven't given enough details about your financial situation in my opinion to make a decision. Go test drive one, if you can get it for a decent price, why not?

 

My financial situation is the most stable it's been in recent memory. My business can handle the writeoffs of the monthly payment. My insurance would also go up by an extra $50/mo, but then if I go with another 4cyl I'm thinking the fuel economy would be a fair bit better so I'd be saving at least that much.

A few people have suggested to me that we have no idea what's going to happen with the economy in the coming years, so a caution to not get too ahead of myself.

Good point that if I sink that money into my '97 that it wouldn't be worth 9K. I'd be looking at keeping it for years.

However, with a new truck there are all the dealership warranty visits, so they add up each year as well.

 

Oh, you're in Canada.. how far away is the nearest dealer?

What warranty visits? I bought my truck brand new and got 3 years free maintenance with 'ToyotaCare' or whatever it's called. I've taken it in once for the free oil change/tire rotation before I moved to the UK. Since I'm on 3 year orders I won't even get to take advantage of it as it's only valid in the US and will run out several months before I get back. HA!

When you say work truck, I'm assuming you have another vehicle as well? You could just find a gently used newer truck with 1/4 of the miles for cheap. http://www.cars.com/go/search/detail.jsp?tracktype=usedcc&csDlId=&csDgId=&listingId=127428787&listingRecNum=26&criteria=feedSegId%3D28705%26rpp%3D50%26isDealerGrouping%3Dfalse%26sf2Nm%3Dmiles%26sf1Nm%3Dprice%26sf2Dir%3DASC%26stkTypId%3D28881%26PMmt%3D1-1-0%26rn%3D0%26zc%3D53545%26rd%3D50%26crSrtFlds%3DstkTypId-feedSegId-mkId-mdId%26mdId%3D22250%26stkTyp%3DU%26mkId%3D20088%26sf1Dir%3DDESC&aff=national&listType=1

Sorry for huge link.