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Friday, December 1, 2023

Why Are Used Toyota Tacomas So Overpriced? Should I Buy One?

Oh….my goodness, guys. Are used Tacomas overpriced or what? This must be why everyone’s just buying new ones these days. They’re only a couple thousand dollars more expensive than those with 40,000 miles on them, according to TruckYeah! Yes, they’re legendarily trustworthy but at a certain point they’re just too expensive. Many of you pickup shoppers should probably look at the Chevy Colorado, Nissan Frontier or Honda Ridgeline. 

The Residual Value

Toyota Tacomas (and Toyotas in general) hold value well for a long time. However, their value does drop significantly when they’re around 11 years old, depending on how much mileage they have. You could try to sell before the biggest dip in value. Or, you could plan to keep your truck for the long haul. They’ll last. The question is whether you’re OK with having an older truck that needs higher-mileage maintenance such as transmission and steering fluid changes. Usually it’s not a big deal, and not too expensive, but it is extra time and money.

The Alternatives

Lets assume you don’t hate Honda. If this is true, you might consider the Honda Ridgeline. Let’s say you looked at a 2004 Tacoma with 120K miles. It has an advertised price of $10,000. You could get a Ridgeline with nearly 40K fewer miles that is a few years newer for around the same price. That assumes both vehicles are in good condition. The same (or something similar) goes for the Nissan Frontier. This is a scenario that is likely to play out in reality. Drivers are crazy about Tacomas and the rest of the pickups just aren’t getting as much attention.

Want an American brand? As you might expect, prices are even better for them. A mid-line 2006 GMC Colorado with 100K miles might go for around $7,000. You could easily swap the Toyota brand name for a top-of-the-line GMC model, in many cases. It’s something to think about.

You’re Not Helping! Should I Buy a Toyota Tacoma?

OK, sorry. You’re right. We’ve probably made the decision even more difficult for you. We love Toyota. We love the Tacoma but these prices are just too high right now. We think they’re too high even considering Tacoma’s reputation. The good news is that there are respectable alternatives you can own. We recommend delving into features and taking some test drives. You will find something that really sets one of the trucks apart from the rest and makes the decision easy for you. Try to eliminate the minor differentiations from your comparison and focus on the things that really matter to you. You’ll find the right truck.

You should also think about buying a brand new Tacoma. If you’re dead set on a Tacoma and you have the money to get a new one, there’s a good chance its the best financial option.

Whatever you do, make sure you get free, local quotes to compare. You can get them from each of your local dealers right here at Buying Advice. Good luck!