Fix up or buy new?

My 07 has 320,000miles on it and is starting to need multiple repairs. I don't really want to part with it and have the money and time to get it fixed. How long do these trucks run? Is it worth it to repair?

 

That entirely depends on what those major repairs are. Does the engine need overhauling? Transmission need rebuilding? Is the frame solid? Or is it little gremlins here and there and cosmetic work. All of the above?
None of these questions should be the end-all for your decision. It's your truck and you obviously like it enough to get it this far. If you don't want to part with it AND you have the money and time... well that's your answer.

Big question is, what's wrong with it?

 

at 320k

• Standard fluids change. (Engine, Brakes, Transmission, Transfercase (if 4wd), Rear Differential, Front Differential (if differential exists)
• Replace the engine if it's burning oil/leaking oil
• Transmission/Transfercase (maybe if it's seen a lot of 4wd)
• Check/Replace All rubbers (cab/bed mounts/swaybar/carrier bearing, Door + Window Seals, Vacuum lines, etc)
• Lube Drive Shaft (and anythe else with a zerk fitting)
• Replace with new wiring harness (if driving through lots of hot areas, the plastics can crack or they might get dust and crap inside them and mess up the connections w/ the sensors)
• Replace door cards so they look new again
• Replace window regulators so the windows go up and down smoothly
• Replace door lock solenoids, in case any of the locks stick
• Clean Driver's Side door lock so it works w/ a key again (usually gets clogged)
• De-odorize vehicle (Ozone generator, Chlorine Dioxide Treatment, or Toyota AC Refresh kit)
• Cooling System refresh (rubbers eventually crack, esp on a 14 yo vehicle
  • Coolant piping
  • Radiator
  • Thermostat
  • Radiator Cap
  • Water pump (check the weep hole or surrounding area for coolant)
  • Check AC for pressure and see if it runs cool (if runs cool, no issues except maybe smell(does it smell?))
• Replace Driver's Side Seat cushion, textiles, or both
• Wheel bearings are probably toast F/R and rear is probably leaking oil out the rear axle shafts making the drum brakes useless, front bearings probably make a lot of noise
• Replace brakes with new disc/rotors and pads/shoes, resurface disc brake pistons inside calipers.
• Upgrade suspension
  • Replace Shocks w/ King/Fox/ADS/OME and Toyota TSB Leaf Pack (I have leaf packs you can have if you need them FYI, might even have original 2012 Offroad Shocks still somewhere. They have like 15,000 miles on them)
  • Check Coilover Buckets in the front to see if they needed to be welded back together (weld if cracks are there)
• Replace battery w/ an AGM so the battery contacts stop corroding
• Replace headliner
• Update radio with Bluetooth
• paint correction to remove scratches in paint, re-clear if clearcoat is chipping, repaint if significant damage
• Rust mitigation
  • Remove Bed
  • Wire wheel out all the rust in the underbody and repaint with Rustoleum Rust Reformer
  • Install braces (Bed Stiffeners like Total Chaos)

If we're talking about everything in parts, that's like 10k ish including paint.

It's mostly just work.

The vehicle will last for a long time as long as it doesn't get crashed. It just needs parts overtime to keep performing in tiptop shape.

 

Your 14 year old truck is worth around $8,000 as is. Maybe less. You COULD spend $10K on it and get it back to like new for a lot less than buying a new truck. But for insurance purposes it is still an $8000, 14 year old truck. If you're sitting at a traffic light minding your own business and get rear ended by a distracted driver your insurance company is going to give you $8000 minus your deductible if it is totaled. You'll lose everything else and could have used that $10K on a down payment on a new, or newer truck.

I ain't saying sell it, just think about that before you make your decision. The general rule of thumb is that if repairs are going to exceed 1/2 the vehicles value it is better to sell. So an $8000 vehicle needing more than $4000 in repairs is usually best to let go.

My 07 is at just 215,000 miles and other than needing new paint is still in good shape. I'm trying to make the same decision. For now I'm going to keep her a bit longer. The Tacoma is a 3rd vehicle for us at this point and isn't getting the miles it used to get so I'm thinking I can put off major repairs for a few more years. I'm on the fence about getting it painted. Was quoted around $3500. I think it will be easier to justify keeping it if I take care of the little things one at a time rather than waiting until it needs them all at once.

 

https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=589927679

Autotrader says more than 503,000 miles.

 

If an insured driver taps his rear end, why would he have to pay a deductible?

 

Sort of. Let's say you have 8k in value but you just added another 10k in stuff. You now have something that's worth 18k as far as an insurance claim is concerned. They will offer you the value of a stock truck. You wouldn't accept their offer because you just put 10k into it-so you present copies to back your claim. You may or may not get the whole value depending on depreciated value. It could be enough to get your boo-boo fixed (changes the value of your truck).

Of course, that all depends on having full coverage and not just liability as required by the state.

Also, if you get hit from behind, that shouldn't require a deductible.

 

I agree but I think it would make good financial sense to talk with your insurance agent and get the improvements added onto your policy. That way there’s no guessing on what was covered.