What the heck should I do. Buy new or restore.

Hey guys, long time lurker.

So many forums and never time to sign up for them all.

I have a 2008 5.7 dc in silver. Typical contractors truck. Beat up a bit, small dents and dings. Interiors rough. Only 137k miles and still going strong. So my wife keeps saying I need a new truck. I looked for awhile and gave up after seeing the prices. After a recent incident I decided to look again. I found a 2019 limited lifted with beautiful 35’s. Few minor upgrades and only 45k lol. My trucks worth around 10k so it’s a 35k upgrade.

My dilemma is should I buy this thing and regret the payments after the novelty wears off or restore. I was thinking of doing the
few mechanical fixes. 2k
Paint or wrap it 5k
Lift it 3k
Rims and tires 3k

Total upgrades come to 13k
Or take the 10k off the 45k which brings me to 35k


I am 100% on the fence here. 35k to buy a truck that I already own basically. It’s nicer and cleaner. But it won’t be for long.

Thank you for reading

 

Welcome from NY.
13k or 35k ....... the mileage on your 08 isn't high and you said you use it as a work truck. I think I would fix up the 08 to avoid a payment and maybe you can write up the 13k for business expenses. If you weren't using it for work I would go for the new one.

Good luck with your decision.

 

Welcome from Colorado. I recently acquired a 14 Limited for 24.5K with 104K, and full service records. I put maybe 8K miles a year so not even worried at all about the "low" miles. I had the same dilemma. My 07 was just approaching 100K. Same truck in theory but I love my 14. Do you need a brand new Tundra?

 

All I can say is that I have got where I am by staying out of debt. If you can keep your ol girl running, put the payment amount in a new account and save till you absolutely have to upgrade.
Just my.02
Good luck!

 

Very wise Ray..

 

It's a low mile 11 year old contractor truck...spend the 2K on the mechanical issues and drive the wheels off the thing. Spending 11K on suspension, wheels and wrap is basically like lighting that money on fire. Save or invest the remaining 11K you were thinking of spending on the truck for upgrades. Revisit this thought in a couple years and see what you think then. My .02

 

Keep what you got. Put a couple bucks into it, skip doing suspension (unless broken) and wheels. Save your money for a 4th gen Tundra. That's 1 to 2 years of not having payments saved up for a deposit on a new one.

 

If you are a contractor, you could use 179 deduction, you could buy a brand new truck every 3-5 years

 

If the only two options are to fix up the old truck or buy a new one, then you should buy a new one. You will never recoup mod money on the old truck, and it sounds like you are planning to use the truck for more than just work.

Someone on here just bought a new Platinum for 44k. Buy that instead of a used Limited.

 

I think a lot has to do with the upgrades. They rarely add into the purchase price but on a 9k mile new it helped. The platinum for 44sounds like a great price.

 

ride it out to 200k. nothing is sexier than an empty mailbox. i'd never buy a lifted truck and i'd never lift a truck with 137k, but i'm a chicken shit.

 

I'm about ready to lift my 14 to 2.75". Have all the goodies to do it. I need the clearance but quite frankly I'm loving the nice stock OEM street suspension ride for now.

 

Thanks guys. Another sort of wrench in the mix is that the truck is my daily driver too. The cosmetic part would be a terrible investment. But I sort of feel conservative is only good if you enjoy the fruits too occasionally. If the new truck was stock I wouldn’t consider it. It is a beauty. Many of the conservative comments fit my life and that’s what’s holding me back. The money’s not as important as the decision to spend it if that makes sense.

 

Yes.

 

The old girl

 

I'm thinking you want that new Tundra...buy it!

 

You got me. So many good points here Though.

 

You could make the old girl look even better than the one you want at a fraction of the cost. Hell, you could rent a car, put your truck in the shop for mods and get it all done at once, and come out having saved a monthly payment with essentially a new truck. I think the old girl has alot of potential still. Nothing better than a truck that's paid off.

 

The old one doesn't look bad at all. Would lifting it make it a pain in the ass to actually do your job? Reaching over the bedside won't be as easy.

 

Keep what you have... repair it as needed and mod it as you go.

I rescued my '07 two years ago, it was a dirty work / farm truck with 270k.
I repaired & modded it, and it now has 287k. No monthly payment is awesome!

 

Honestly, you have a great looking truck, doesn't look bad in the picture anyways. I would upgrade it and avoid buying a new truck. Also, I think your truck is worth more than $10k, especially if it's 4WD. Your mileage is lower than you think for that year. Not that you mentioned this, but even a slight upgrade with the interior is a great option. If you don't have leather seats, you could buy Katzkin leather and have a shop install it. An upgraded interior that looks and feels new will also change your mind on buying something different. I had a Tacoma with the TRD interior, hated it. I upgraded to katzkin leather and it was a totally different truck inside. Loved driving it after the leather was installed. A stereo system is also a great interior upgrade. So, even with what you mentioned for upgrades, you could really change your truck and save a ton of money. To be honest, I have a '18 OR Limited, it's OK. They haven't really changed a whole lot since '07. Keep it and wait until the new and improved Tundra is announced and comes out, then decide to get something new - just my .02.

 

I’ve recently been in the same boat. I’ve currently got a 2010 CrewMax Rock Warrior. Love the truck but I really like the idea of going newer. I eventually decided to keep it and fix it up a little. I would say I’ve put $3-$4k into it. It has 156k miles. It is a solid truck. Has some brake squeaks going on right now that I am trying to figure out but overall it’s a good truck. It’s nice looking and is solid.

I was ready to buy a nice used one but decided to stick with mine and not have any truck payment.

But then I just started thinking of going brand new with a TRD Pro or any level trim really.

It’s so tempting to see a brand new beautiful truck with hardly any miles with a warranty and that fresh new car smell. But then there’s that payment! Shucks!

But then there’s that new truck, but then there’s that payment! ...well, that’s the problem. I can see reasons to go either way!

 

Could you explain how this works a little better? I am a school teacher but I also have a lawn care business. I use my truck as a daily driver for all activities. I also use it as a work truck for my lawn care business. I’d be interested in buying a new truck. I like the idea of what you mentioned but I don’t know anything about it. Thank you for the help!

 

Most of us buy Toyota trucks because they are reliable, and you can usually keep them going for a very long time. Just set some money aside for repairs because big repairs can get costly, but it is almost always cheaper to repair what you have than it is to buy a newer vehicle.

 

@Cobshop out of curiosity how does your frame look for rust?

 

I personally would keep the old girl and fix it up mechanically. I think the old girl looks better than the new one you are considering. If it's going to be used for contracting jobs, then skip all the other things on your list. I may even say get the supercharger and it will be a whole new truck!

 

You buy a new truck to use 50% personal, 50% lawn care business. Truck cost $60,000. Therefore, you'll be able to deduct up to $30,000 of your truck. Then you can deduct 50% of your costs for repairs and maintenance, gas, insurance, etc.

Alternatively, if you don't use the truck for at least 50% of the time for your business, you can deduct mileage going from your home to work site and back using a standard deduction rate of 58 cents a mile. Make sure you keep a log of business use miles.

 

The old truck looks just fine in that picture. I'd drop the money into her and keep it running. If the interior is rough, Katzkin leather will refresh it big time. Spend a few thousand and get the old truck spiffed up and run it for another 3 - 5 years while banking the monthly payment of a new truck. In 3 - 5 years, you'll be able to buy a newer truck cash or at least put down a sizeable amount.

For what it's worth also, I agree with the other poster above. I would never buy a used truck that was already lifted or modded. The quality of work and components could be iffy and at least in my area, people who lift trucks tend to drive them pretty hard.

 

I went from an 07 paid for truck to a 16 NOT paid for then to an 18 NOT paid for, I wish I would have stuck with the 07. Absolutely nothing wrong with the new trucks but I owe a lot of money that I regret meow. The 18 and I are going to die together, I don't care how much I want a Voodoo blue TRD Pro. Moral of the story is you don't need a new truck but just want one and you are the only person that can answer that question.

 

Keep your 08. You will not be happy going to a 2019 CM. Toyota added lots of stuff you dont want and they eliminated several nice features. I always laugh when I see a contractor driving around in a bro dozer. I would avoid any of the mods you listed on an actual work truck. Get a new topper/toolboxes/anything that is functional over the bling.

A clean/modest work truck tells me a lot about a contractor.