Is it really cheaper to keep her?

2007 4x4 Crewcab with 210k miles.

Known Issues:

• Timing chain tensioner & valve cover leaks $1400 repair
• Rear wheel bearings starting to make noise $1250 repair
• Minor paint issues
• Ripped front seats (could probably replace for $1000)

Guys I'm currently at a crossroads. I need to commit to spending almost $3k on repairs in the next few months or sell and move on to a newer model. Other than the issues above she is a solid truck, does fine on the highway, has good AC, etc.

If I sold I would be moving up to a later model tundra, likely a 2016-2020—something in the $28k-$38k range. Less than 100k miles on it.

At what point does it make sense to just trade it in? At this point, I think the most I could sell it for is around $12k. I bought it for $13k last year and have nearly $17k into it from some repairs/upgrades. (wheel/tires, tint, fix AC, upgrade A/V, fix fuel pump, new alternator)


I am leaning toward making the repairs, but it seems like I may be throwing money at a sinking ship. Watching my coworkers buy new-ish cars and trade them in a year or two later for nearly the same amount has me doubting my own strategy.

 

I just had to make this call with an engine replacement.

I’m happy to have repaired instead of replace. Used values are really high and there’s no way I could get a similar rig for the same money.

Good luck with the decision!

 

The truck your are looking for (2016+ 4wd CM with less than 100k miles) starts around $33k. Lotta coin to upgrade. Definitely cheaper to keeper’

 

First find your new truck cost. Are there good trucks available for 28k? Not sure you can get 12 if there are

 

If you do the math, you'll find the answer to your question.

 

Good point. $12k is definitely on the high end.

Maybe it wasn't clear, but I would be putting some additional cash into the equation. I am more looking at the long-term costs of ownership. Additional repair costs for the current truck vs depreciation/repair costs of a newer one. I'd have to sell for $10-12k and then add in another $20-30k on top. The question is if that would get me to a similarly equipped truck with the specs I'm looking for.

Yeah I really need to dig deeper into the market. My quick looks at Cars.com show trucks in my range but I need to filter down based on 4x4, CM, 5.7 and milage. I'm guessing most of the cheaper options will be gone fast.

 

Having an older car always has risk. Everyone carries a different aversion to risk so it is understandable. Many people refuse to own cars over 100k miles. Others laugh as then hit 400k.

For my own situation. I have zero plans to replace my 2010. If i have to put 6k in repairs into it, thats a lot, but its about 20k less than the alternative of getting a new truck

if i buy a new one, im spending 40k for a 5 year old truck. Stuff breaks on 5 year old trucks too.

 

My opinion is to keep her.... The only caveat to that is the fact that used pricing (especially FSBO) is coming down, so you probably won't get more $$ than you will now for it (to me this is the ONLY caveat)

Yes, you are putting money into it, but the same will be said about any other used truck; plus you never really know what is has and hasn't been through.

All of the new tech is big $$ when it goes bad, and those things are failing faster than they used to. Plus when the tech crap fails, it will sometimes take the vehicle out of service (TSS and other sensors, etc...). Your rig is just as capable and reliable as any other used Gen 2 or 2.5, so unless you're looking for bells and whistles I'd keep it and enjoy it as long as you reasonably can.

Plus interest rates and prices are high right now, especially on used vehicles. So, unless you're dropping $30k-$40k cash on the newer truck, it will cost you more now for payments than it might during ideal buying conditions. I think the last time I checked, even my credit union was running rates in the 7-8% range to finance a vehicle that is a few years old.

Good luck w/your decision

 

Pending repairs - engine, transmission, electrical, interior, exterior, etc are generally just the personal justification for replacing a vehicle - unless the cost of the combined maintenance, upgrades or repairs exceed the price of a "NEW" vehicle, the economics just don't support it. As mentioned, there is no guarantee that the "used" replacement vehicle won't have, or develop, similar problems. Then, you have traded one problem for another, and face making the same decision again. I will just keep repairing my 16 year old Tundra because it is the truck I need, for what I bought it for. Short of a collision that renders it "totaled", it really is a lifetime truck for me.

 

This x1000. Sometimes you get into a great used vehicle that was well taken care of. Sometimes you get exactly what you're considering trading in right now, a vehicle with ~$5k of delayed repairs, and then you're in the same boat but deeper in the hole.

I traded in my near-mint 2014 Tacoma on a 2015 Tundra a few years ago and didn't have to pay hardly anything to upgrade due to the market, but immediately had to replace the front brakes & rear brakes (not pads, the whole package was wrecked) for ~$1000, have a new fuel pump installed for $1400, tint the windows for $600, all weather floormats for $200, new bed cover for $300, etc... nothing huge but a disappointing amount of money to have to spend right out of the gate on a new-to-me vehicle.

 

I’d lean towards keeping it. Yes, there’s a risk that more can and will break, as others have said any car can break though too. I’ve heard if the repairs total more than half the value of the vehicle (value in good running condition), then that’s your breaking point. My thought is spending an extra $18-20k to avoid 3k in repairs may not make good financial sense. Now if you just want a newer truck, AND you have the cash to upgrade, then that’s understandable and there’s no shame in that at all.

I’ve personally been in the position of putting thousands into a vehicle only to have the engine go bad (timing chain break). That hurt. But that was also a Range Rover. I should’ve known better. These Tundra’s are much higher quality than that damned Range Rover. Obviously nobody can predict the future, but the odds are in your favor on this one.

 

This is the old age question across the board...I know, I've been through this very thought process as well as everyone else. Who are we kidding? It's not about the expense, it's about the shiny new toy to play with. If that's what's driving you, nobody can tell you otherwise. It's not about the money because you'll certainly drop more coin immediately to start making upgrades to the new truck. There's no real way to avoid the desire, it's the shiny new toy you want...I say go for it and don't look back. The sensible/logical choice is make the repairs...but we're driven by emotions more so than logic when it comes to matters of desire. Just don't kid yourself, it's not really about the money, it's the truck. Best of luck...and enjoy the new toy when you find her!

 

My first question is where do you live? That makes a huge difference. If you live up in the rust states then how much rust it has would play a big part in my decision. It's not just rust but everything is harder to work on.

 

whether you trade it or sell it privately, you're going to have to fix it first or you're not going to get much money for it. Maybe this is a good time to learn how to do your own bearings and timing belt leak repair. Unless it is a rusty mess in the rear brake/axle area, it isn't impossible, you'll just have to take it somewhere to get the bearings pressed on, etc etc. Also, make sure you have fluid in the rear diff. If you fix it yourself you'll never want to sell it, or at least you can take your time.

 

Can you, or are you willing to do any of the repairs yourself? Buying an older truck is definitely a smart way to go, IF you can do the work yourself. Timing chain tensioners and wheel bearings are a little more complex than oil changes, but anything is doable. It will be up to you to decide what it's worth to you. If it has been maintained well, regular oil changes, recalls done, you can see where they had things fixed as needed, then these trucks are awesome. Of the repairs/upgrades you listed (wheel/tires, tint, fix AC, upgrade A/V, fix fuel pump, new alternator), it looks like most are not maintenance related, other than alternator and having the A/C and fuel pump fixed. So you have been driving the truck for whatever those costs were. The rest, in my opinion, don't factor in, as they are upgrades, not required services. You will upgrade the next truck as well. You know what it needs and can space those costs out over the next few months, Seat covers are a cheap stopgap. Shop around and see if you can find another mechanic who is reputable that can do the work for you (if you can't do it yourself). If you like the truck, keep it and fix it. That way you know what you have. Newer trucks have issues too. More electronics, more hassle, more cost to repair (although they are nice!) and not much better gas mileage if at all. I just rolled 251k on mine (2008 CM). Everything is working properly, starts every morning and I expect to get another 200k out of it. I put new plugs in it, new A/C compressor, changed all the fluids, new tires and that's it. so I have about $3,000 in maintenance costs in it. These should have been done by the PO but weren't, so I got a better price and saved some money. Who gives a crap about what everybody else is driving or how often they change rigs.

 

Advice I’ve given 100 times in the first Gen section. Older cars only make sense if you can work on them yourself. Cost to repair by third party seems to be at an all time high.

 

I just made this exact decision
2007 sr5 crew max 224k miles
These trucks will run forever so I know its not close to being done
I figure I need to put $5k in to her for mechanical rehab ... BUT ... ive also found the problem is spending $$ on other things
I don't have that kind of willpower once I break the seal
Good luck