The Constant Debate

Not sure if this has been covered before so bare with me on it. My taco is currently coming up on 230,000 miles and am just wondering what everyone else is doing with theirs during this weird market changes. Used vehicles demands are at an all time high right now, and am curious to see if anyone is trading their high mile tacos in for a better vehicle with lower miles or holding out. Personally I am debating trading in as I am worried about my truck losing value in itself before I manage to pay it off due to the high miles. Any idea is helpful, just trying to find a plan.

 

The issue is all vehicles are a premium right now, if you had a 2nd vehicle and aren't particularly attached to your Tacoma then maybe now is a good time to sell, but if your Tacoma is 20% more valuable in the current market everything else is too so now s not the time to trade, but perhaps sell high and wait.

But you could be waiting 1-5 years for things to stabilize.

The 2nd gen Tacoma is a great platform, it does have it's short comings like anything but it's reliable as all hell.

I just invested a couple grand into mine as I don't plan to ever part with it willingly.

When it's time for a new rig I will bob and chop and solid swap etc make it a true trail toy and keep my "daily" stock.

I have 250k+ FWIW and everything is in great shape.

 

I’m keeping mine. I only have one vehicle.
I’d have to buy a new(er) one if I sold mine.
And the new(er) one is is going to be be higher in price to adjust to market price.

I wouldn’t benefit by selling now.

 

I have 225K. In great shape with new frame
I will bring this to my grave one day. Lol

 

Thanks for all the replies. Maybe I’ll just hold onto my beauty.

 

If you are still making payments on a high mileage, 12 year old Tacoma, there is NO upside for you. Keep making your payments, maintain and repair as necessary and rethink after you've made you last payment. Mfr's expect the chip shortage to ease beginning first quarter of "22, used vehicle prices will stabilizer then fall as new vehicles start flooding the dealerships.

 

Most financially responsible option: Sell the truck and buy something with cash. Take the money you have been paying for the truck payment and put it in savings.

Next best: Keep the truck and pay it off. After it is paid off try and drive it another 5-10 years and put that money you have been spending on truck payments in savings.

Worst plan: Trade in and roll what you owe into a loan on the new vehicle that you finance over 5-7 years. Follow this model and you will just build a deeper hole.

 

Ditto the sentiment in the room, if you are buying something to replace it you are paying the same premium that you are trying to benefit from.

I have a relative that owns a dealership. He told me he has a number of customers that buy a truck, finance it for 6 or 7 years, trade it in with negative equity after 2-3 years, roll the negative equity into the new loan, rinse and repeat. If I had to guess, bad car decisions are probably the biggest financial drain of middle class America.

 

I'm at ~167k mi, 2014. Paid off. I'll be keeping it for a while.

Eventually regearing and 35's.