Waiting to Buy A Used Toyota Tacoma Could Save You Thousands
Despite its age, the Toyota Tacoma is still the best-selling midsize truck. The used truck market could be saturated with used Toyota Tacoma models that retain their value. However, waiting a little longer could provide more savings.
Are used Toyota Tacoma models worth buying?
Yes, buying a used Toyota Tacoma is an excellent way to save while getting a reliable, durable, and capable truck. One benefit includes how cheap it is to maintain the Toyota Tacoma. You could get years of dependable service without breaking the bank.
But it might be best to wait a little longer because used Tacoma prices are expected to drop. According to Cars.com, average used prices for the Tacoma decreased by six percent from November 2021 to November 2022.
Other popular used vehicles, like the Honda CR-V and Toyota RAV-4, experienced about a three percent drop. Plus, used vehicle prices are on the decline. They seemed to peak in February 2022 and have been falling.
Will used Tacoma prices drop?
Currently, used Toyota Tacoma prices are expected to drop because vehicle inventory is rebounding. Newer models are being hit with as many delays, and used vehicles are starting to spend more time on the lot.
Used vehicles were sitting for an average of 30 days, but now this number has increased to 46 days as dealers seek to make room for newer options.
With more used vehicles available, power should shift back to the buyers. But prices may take time to fall back to pre-pandemic levels.
Prices skyrocketed by 26 percent in 2020 due to limited production and supply chain constraints. Therefore, you still might pay a little more than you would have back in 2019.
Plus, a recession could be on the way. Prices for used trucks like the Toyota Tacoma could drop faster because it costs more to manufacture new trucks.
Fans may jump on the 2024 Toyota Tacoma once it debuts with a total redesign. As a result, more fans could trade in the trucks they’ve been holding on to get behind the wheel of a new model. This could contribute to a larger inventory of used Tacoma models.
Should you wait for the 2024 Toyota Tacoma?
There are a few reasons to go for the 2024 Toyota Tacoma over the current generation. For example, the new Tacoma could have more engine power, a better fuel economy, and increased towing power.
The new Tacoma will also have an updated tach and a modern layout. You may find that a used Tacoma is behind the pack regarding its infotainment screen, digital gauge cluster, and graphics. But the software is fast, and the system is intuitive.
Also, the 2024 Toyota Tacoma price could be incredibly high. The 2023 Tacoma starts at $27,750 with an underpowered standard engine. Only time will tell how much it will cost to cover significant upgrades.
However, we do know that used Tacoma prices are expected to drop. Plus, the Tacoma maintains its value and is affordable to maintain. You could save with a used option and upgrade to a newer model later.