Engine Failure

But that doesn’t mean that 2 or 3 out every sample size the same size as the forum contributors here has the same issue. It just means that our particular sample size is so small as to be meaningless excepting the individual cases. It can’t be scaled up to the entire population with any level of confidence.

 

I’d be cool with a rebuild and extended warranty or Toy Certified. Unfortunately bad things happen, Toy just needs to step up to the plate.

I’ve read same problems with new Corvette.

 

well if you can find someone like car care nut, there is a video of him replacing an engine with a short block

https://youtu.be/ug--U5FkTTo

 

Full coverage doesn’t cover actual cash value. That’s why there’s GAP insurance for those that only put down $1-2k when they finance. Some don’t even get it or know about it. A vehicle depreciates roughly 20% in the first year. So if you financed and put $0 down and wreck it in a year, who covers that 20% depreciation, unless you bought GAP. Everything is offset by something, there are no free meals. Pay now or pay later. Everyone does what they see is right, me personally I don’t see paying for a car cash or paying it off years early as good. Only benefit I see if not having the payments but if you have the money set aside you still have the payments and nothing to worry about. I just prefer my money on my side as long as possible.

 

It’s just my way of seeing it. I prefer to have that $50-60k in my bank than giving it to a bank right away. Regardless, you have the money there so why part with it. I just don’t see the benefit.

 

I get it. But i have seen a few first posts that are about a major failure or complaint. People can come to the forum to vent, get advice, or otherwise because of a big issue. This is someone who would have never been a member otherwise, so that can skew failure vs member ratio.

Those posts are easy to remember too because some nice members heckle the OP for negative first posts on this gen

 

I was going to refrain from engaging in this side conversation as it’s unrelated to the thread, but I’d just make one point. I’d say the difference is risk and financial freedom.

I could lose my job tomorrow for a pretty long time and not have to worry because I’m not swimming in debt. I wouldn’t have to worry about selling my truck to cover the more essential bills since it’s paid off (and if I wanted I could sell it and just bank that lump sum), it’s mine to do as I please with. I’d probably get to keep and enjoy my nice paid off truck without fear or guilt. Not making a 1,000 dollar payment on it every month also allows me to invest that money in retirement each month or sock it away as cash.

When emergency strikes I’d rather stop investing that extra less essential 1,000 a month than have to sell my truck and buy a shitbox car to free up that same 1,000. Bottom line, when you owe money you have to work to pay it off with no option. You better show up at work, cause you NEED that job! “The borrower is slave to the lender.”

 

Different strokes for different folks. Some members have traded in a 22 for a 23 because they want heated something or another. I am on my 2nd lease and so is my wife. Some call leasing stupid. You on the other hand have a 07 that works perfectly for you. I have a friend that only buys used, high mileage and rebuilt title most of the time. Diversity is what make the world turn and usually not one way or the other is 100% the right way. I see some people living it up now on looks and dancing on TikTok making money but eventually looks fade and so does the money. But that’s how they seem to want to live life. You, me and other prefer to work hard for our money and save for retirement.

 

That’s perfectly fine the way you see it. I think of it this way. If I have the money in a separate bank account and use it only to pay for the truck, why would it matter if you lose your job? Regardless, you either paid upfront or paying over time. Just think that you don’t have that money. Some debt isn’t bad, living paycheck to paycheck because of debt is. That’s what makes “The borrower is slave to the lender” or the difference.

 

Regardless, I would want a very long warranty on that engine. That’s my take.

 

I have a very small mortgage payment compared to income and am otherwise debt free. I am an avid investor and do not enjoy spending other people’s money (read: paying significantly more in the long run) on depreciating assets.

Leveraging yourself by paying more to spend others’ money as a strategy for investing your own money at a desired higher rate of return is not something that I believe Ben Graham or Warren Buffett would ever suggest. You’re not beating the system. You’re paying into it and setting yourself up for failure when the perfect storm comes along.

 

Again for the OP
I would be shooting for a new truck to make up for your "experience" plus a loaner until it arrives.
That works best in a cash situation where you bought the truck from them.
The issue comes if you financed whether through Toyota or third party.
The current vehicle needs to be cleared off and the new one added.
Rates have gone up (alot) and when any kind of financing is applied to the new vehicle if Toyota went for this, may mean it makes more sense in the end for someone in this situation to have to accept the current vehicle back - rebuilt with warranty. Payments as before. So maybe the negotiated settlement amount is better depending on your situation.
Just a consideration and remember when you go to sell or trade in that vehicle down the road if you keep it; the rebuilt engine work status is showing.
It has decreased value (it would to me) because of it.
This is the argument I would use to get a new vehicle from Toyota. Well just thinking over morning coffee.
Hope this helps - must be million things going through your mind right now. Would be for me if I saw my engine apart and laid out at the dealer like that.

Regarding the conversations on financing.
I will just say there are still people out there (I know I have talked to them) that think the last 2 1/2 years of "free money" was a normal situation and not an anomaly pandemic induced. They actually think rates are going to come down again to those levels.
Some are getting additional private monies through lawyers to cover them at very high rates. These private "loans" whether for house or car.... are usually short term 6 month loans and never renewed. Depending on whose view point you follow, there could be a world of financial hurt coming.

 

Sorry this happened. I'd absolutely refuse to accept a motor rebuilt by a random dealer you are only involved with due to the proximity of the failure.

Good luck

 

Your method works when interest rates are low, and invested money is returning a decent %.

Currently rates for auto loans are nearing 7%, and markets can charitably be described as “flat”. If the average target for ROI is 8% per year, and my auto loan is at 7%…. that potential 1% gain is kind of meaningless to me. I’d rather just eliminate the hassle of the debt.

That is setting aside the outrageous costs of new vehicles and ADM in some instances. I could still see financing even at current rates if you could get a “good” deal on price, but that doesn’t seem to be the case right now. So I will continue to sit this car market out, and invest instead.

 

Came to this thread to read about an engine failure, stayed for the economics and financial debates

 

As long as we stay out of politics and religion we’ll be OK.

Back on primary topic I will be very curious how long it actually takes Toyota and the dealership to get the truck back on the road.

 

That is correct and I agree 100%. That’s why I am not buying the shiny new toy. And that’s why like you I am sitting this out. Whether I have the money or not, I am not paying the outrageous prices for a 1/2ton truck. You have to make good financial decisions all the time depending on the market.

 

I thought Toyota Nation was a religion?

 

Stay long enough and you will get love advice.

 

How can I help?

 

You are confusing a casting plant with an assembly plant.

 

Might look closely at your picture. Tha's not going to inspire a lot of takers LOL

 

OP said he's "leaning toward trading it in." If I were you I would be much more than leaning toward it. Let Toyota screw around with it (long block/short block/accessory dingdongs) who cares what they said or what they're going to do to it, just let them fiddle around with it however they please. After you get this "new engine" and it's a functioning vehicle again, get rid of this piece of crap as soon as possible.
Personally I would be scrambling to dump this vehicle, it would be gone within a few days. You can get another 3rd gen if you love rolling the dice and going through all this BS again. Or get a 2-2.5 gen. The financial discussion here makes sense but personally no amount of warranty or x% APR saved or couple bucks here-and-there is actually worth the headache and risk of having my trucks engine randomly fail. Fuck that noise, what a waste of time and money. Give me a 1 million mile warranty and reduce my APR to 3% under market or whatever and I'll still be dumping the piece of shit.

 

I would take a snapped t-belt any day over oil starvation. All it takes to fix the engine is two new valves, piston, connecting rod with bearings, gaskets, etc to fix it. And it's back on the road. Compare to oil starvation that acts like cancer.

 

Interesting thread, me I would sell the truck as soon as I got it back unless I had a free transferable extended warranty. If no warranty I would sell it and buy a Gen 2-2.5 and buy a Gen 3 in 2-4 years when Toyota has all the bugs worked out-which they will eventually.

 

If you have big cash in the bank you have a multitude of options for every opportunity or threat in your life. That is one lesson I have learned.

 

So what size tires can the OP put on his truck without a lift? Or what oil should he use?

This thread has gone down a rabbit hole. HAHAHA

 

I can provide updates when I receive them from the dealership if you guys are interested. Right now ETA is still 6-8 weeks due to lead time on some parts. I’m pretty confident that I will end up getting rid of the truck, I’m just exploring options at this point. The dealer has a Limited trim coming in the pipeline soon that I may consider (my SR5 was optioned out so the price difference between it and the Limited is only ~$2.5K I believe, so similar initial price points at least). I don’t think I want to go back to the previous gen, so I may explore options from other brands as well. I think Toyota’s response and follow-through will play a big part in next steps!

 

I wouldn’t be afraid to get another 3rd gen and if they facilitated a trade up at minimal cost that would be amazing, I also wouldn’t go back in time and get a previous gen over this incident, that just makes zero sense

 

Please provide updates as you can.