Should I get rid of my Tacoma?

If you think you can sell yours for $23.5k, go for it. I'd be really surprised if you end up getting over $20k for it though.

 

You'll always be able to trade it in and dealers can finance a vehicle of any age if they want. If you want a new truck, then go for it. I wouldn't let the way private banks finance dictate what you drive.

 

Or a bank that will lend the buyer that much on a 2005???? Not around here, that's for sure.

 

Banks/finance companies are wacky sometimes.

There was a 2007 fully loaded meticulously maintained and immaculate 4wd dclb with cap and weathertechs throughout belonged to a long distance sales guy for some seed company.
Really a nice truck and documented dealer maintenance since new.
But at ~110k miles, dealer needed a cash buyer even at 13k. He said the money guys get scared of high mileage 4x4's because of mechanical issues and especially offroad damage.
If somebody breaks it 4-wheeling they want to walk away rather than keep payments on some wreckage.
Some insurance companies won't pay comprehensive for trail wrecks.

Just what he told me, but I can almost believe it. :shrug:

 

Won't be a problem at all. A close friend works at a Toyota dealership and said they'll give me $20,500 on trade, no question. He said he thinks I could ask more than $23,500 and sell it right away.

A good bank will loan blue book value.

 

If you can sell it or even trade it in for $20k+ do it. With the way the economy and world is going this value won't stay this way for much longer, jmo. What other vehicle can you do that with that's just shy of ten years old? If you can get even 3/4 of the original purchase price back nine years later jump on that and if you can get $1k less than original purchase price, jump on that.

Remember, it's nine years old and has 68k miles on it, that's not much but the OBII emissions equipment is out of warranty (8yrs/80k miles in most states). Those parts aren't cheap and usually go just after the warranty. Plus all of the suspension, streering and other components are getting close to replacement miles as well.

 

Wouldn't hurt to get an appraisal and see what they offer. If it is $20,500 (or abouts) it may be worth the tax savings to go the trade-in route?

 

If you feel you want a new truck while your present truck still has Bank appeal, then OR AC TRD 4X4.

 

Of course they'll show you $20,500 in trade, but that will be against their fully loaded sticker price. You can ask whatever you want, getting someone to buy it is another issue... Good luck with whatever you decide to do with it and if you can really get that kind of money out of the truck, power to you and enjoy the new ride

 

Personally I would hold onto it and see what the redesign is like.

 

This is mainly due to the fact that 10 year old cars are high mileage and have little value in the marketplace, so if a loan defaults then the bank is left with a car that is difficult to sell. Tacoma resale value and OPs low miles don't put it in the same ballpark as the majority reason of why 10 year old cars are difficult to finance. For that matter, a 7 year old car is too.

 

for $23,500 sell it!!

 

this is the reason I sought out the tacoma for a new vehicle

I completely Agree, and that is why a smart buyer works off "Difference" vs. "Trade Value". Paper shuffling is one thing, but difference is the bottom line for any deal. I am assuming that since OP is asking the question of its value now vs. later that he is one that is not going to fall for the normal dealer number shuffle.

 

I would sell it on my own, but I get what you are saying. On the flip side because they hold value so well in this area, the dealerships do not budge a lot when selling new. I'm sure it has a lot to do with used Tacomas in this market holding strong value as well. It's not uncommon to see a 12 or even 13 Tacoma with 25k miles for $33k.

Ideally, I'd love to. But the bank aspect is why I will most likely sell sooner.

 

Wtf dude, at 68K all suspension components are close to replacement? and what emissions will crap out right after 8/80? and what's gonna happen with the world that all vehicle values won't stay this way for much longer?

Puts on aluminum head gear. Please answer without getting poitical.

 

You will not make money with 99.99% of any automotive purchase you ever make. If it puts a smile on your face when you drive it, keep it.

 

So, after work today I called several banks in my area, along with several credit unions. The two banks I called (big name national banks) said they wouldn't touch anything over 7 years old. The 4 local credit unions I called said they loan several years over 10 depending on the vehicle, mileage ect. However, the ones I talked to said 1 percent is added for any vehicle over 10 years... For example, if the current rate is 2.9%, it would automatically be 3.9 on a vehicle over 10. I'm comfortable with that. I'll hang onto it for at least another year. Hoping for a redesign mid 2015.

Thanks for all of your suggestions.

 

My $0.02, you have been smart financially and seem to keep your vehicle in excellent condition.What does a new truck gives you that your current one can't? You have a wanted DC 4x4 with low miles that will last you quite awhile with the low usage that it has been through. Any differences in the new trucks versus yours can be upgraded aftermarket. Keep piling on your savings for things much more important in life than an item that loses value.