If new trucks are facing low inventories, then it’s a great time to buy a used truck, right? Maybe. But used Toyota Tacoma models almost cost more than the brand new models. Is buying an older Toyota Tacoma model a good decision, or are they currently overpriced?
Is buying a used Toyota Tacoma a good idea?
Generally, it’s a great decision to buy a used Toyota Tacoma. If you can find a Tacoma for the right price, you can trust it as a dependable, long-lasting option. The Tacoma also holds its value pretty well, depending on vehicle history.
But according to a recent iSeeCars.com study, used Tacoma prices are up. The Tacoma is third on their list of 16 vehicles that currently cost more used than new. The new car price is $37,902, but the used Tacoma price is about $39,857. This is a 5.2 percent price increase that comes out to about $1,955 more.
iSeeCars Executive Analyst Karl Brauer explained that Toyota halted incentives on its new trucks due to a lower supply. Buyers who want these highly sought-after trucks may only be able to find used models.
Toyota has the leanest inventory of all automakers. For example, demand for the Toyota 4Runner has outpaced supply on the new car lot. This sends prospective new vehicle buyers to used models.
Are used Tacomas reliable?
Used Tacomas have low reports of maintenance issues regarding the engine, transmission, body integrity, power equipment, suspension, and more. But the 2018 and 2019 models have more problems reported than other model years.
The 2016 Tacoma is the first model year with the 3.5-liter V6 engine with 278 hp and 265 lb-ft of torque. This could be why models after 2015 are much higher in price. Even 2016 and 2017 models with over 100,000 miles are being listed for around $30,000.
While 100,000 miles sounds steep, but the Tacoma will last. Standard vehicles are known for making it to 200,000 miles. But a well-maintained Tacoma can last over 300,000 miles. Some even make it past 400,000 miles. Meanwhile, the Chevy Colorado taps out around 200,000 miles.
Do used Tacomas hold their value?
Typically, a Toyota Tacoma will depreciate but about 28 percent and five years and have a five-year resale value of $27,149. That’s only a few thousand less than what used Tacomas are currently selling for.
Used Toyota Tacomas from 2018 and 2019 are currently the best model years to purchase based on their value. Buying a Tacoma between two to four years old is your best bet based on price, condition, insurance, and predicted maintenance costs.
If you have the Tacoma bug, it’s not crazy to buy a used model right now. Prices are up right now, but this truck proves to hold its value well and lasts for miles. Just be sure to check over the ownership history before making your purchase.