At What Point Do You Sell?

Hello,

I have a 2007 4x4 SR5 Double Cab with 175k miles. I've absolutely loved this truck, really never had any issues but over the past year I've spent around $6k on it- I'd say around half of this was regular maintenance, while the other half was unexpected- rack and pinion, canister pump module/purge valve, etc. No current issues on the truck, though I believe I am still on the original starter and alternator which seems to not be too uncommon in going out around this mileage.

What is everyone's rule of thumb on when to sell a truck and get a newer one vs continuing to put money into it? I do not have much interest in the tech on the newer Tundra's/F150's outside the MPG improvements. If I were to get another truck it would probably be a 17/18 Tundra, just having a hard time justifying the $30k difference I'd pay on a newer Tundra.

Thanks!

 

I wouldn't have put $6k into a truck with that many miles. That's just me though.

 

That's personal preference. I've put at least 2x into what I paid for my '07 used w/ 135k miles. Body work, new paint job, headlights, taillights, bumpers, leaf springs, shocks, HU, speakers, amp, subwoofer, TRD supercharger, sway bars, 46 gal fuel tank, tires & wheels, RCI skidplate, remote start, and much more. Currently has 225k+ miles. I'll probably never get rid of this truck. It's practically new with everything I've done to it and I'm still not finished with upgrades. I've done most of the work myself so I've saved a lot in labor. Outside of oil changes, the only maintenance item I have on my list right now is the starter.
I drove by the Toyota dealer yesterday and noticed silver and dark gray '22 Tundras in the lot. I thought about going to check them out eventually, but only out of curiosity. I'm not paying the crazy prices they want for new trucks these days.

 

If you still love the truck and if it’s still meeting your needs, why buy another one? $6k is a lot of cash to put into an old truck, but averaged out over the truck’s life, it’s nothing. It would be very hard for me to justify spending $60k ($45k after trade?) vs keeping and maintaining that truck.

 

With that age, and mileage, I'd check KBB or somewhere to get a ballpark value on the truck. Lets say in your case $12k (no idea, just tossing out a number). The $6k you spent is half of that. obviously needed to make it run/run well. I'd put my figure at about 50% of the value of the truck (trade-in vs PP won't be too much variation) as my limit to what I'm spending on the truck. Especially if it's not mandatory items. Maybe if it's $5-6k in maintenance stuff - I'd sell it/trade it in, get my $12kish, and spend the 5-6k I was going to in maintenance towards the down payment of a new or newer used model.


edit: Again. just if youre in the market for newer. If the truck is otherwise flawless and you dont really care about newer, then $6k over a couple more years isn't bad vs a new truck payment. $6k every year? Yeah I'd be looking at swapping.

 

In my opinion the cheapest thing to drive is always the vehicle you already own, especially if it’s paid off. It would have to be a real piece of unreliable junk with a reputation for being problematic for this to not remain true. You can buy a lot of gas and replacement parts if you are saving that money from not having a payment. Or, invest that money that would be going to a payment and it will in the long run be worth a lot more (on average double in value every 7 years.)

 

Not to mention higher taxes and insurance for a newer vehicle. $45k vehicle is approx $750+/ month, plus insurance and property taxes. Easily $1000/ month to own/operate 1 vehicle. NO THANKS!

 

why not? are you filthy rich or something? 175K is nowhere near the end of its life.

 

No, which is why I'm not blowing $6k on a truck with that many miles on it. You can

 

our situations are probably a bit different but i don't ever plan to sell my supercharged 08 that ive owned since new. it only has 100k miles and is now retired at a second residence to take me fishing, camping across the pacific northwest. kids grew up in it, i love the boosted v8 and they just wont ever make them like that anymore. i followed all maintenance and expect it to last the rest of my life then hopefully one of my daughters will take care of it. lol. also have a 22 platinum gasser bought in feb 22. that one i may move in 2023/24 for a pro. love the truck and all the features but no real attachment (yet). i generally always buy for long term ownership.

 

The short answer is the same as it is with wives: "It's cheaper to keep her." More so right now than ever before.

 

Because it's cheaper to spend another $15k on a newer truck? Like @Silver17 said, the cheapest option is usually keep what you have running since the alternative is spend more on something else or spend less and get a shittier vehicle usually.

 

That’s nothing on a Tundra, and you’d pay a lot more to upgrade, especially for another with low miles.

 

Ok

 

A newer truck that won't need $6k in repairs with more on the way. Absolutely.

 

So this is why they say don't take financial advise from forums

 

I keep my vehicles until the wheels practically fall off of them. I've done the math, and if you have a quality vehicle to begin with (Tundra checks this box), even an occasional couple of thousand $ spent for minor repairs is cheaper than getting something new, which includes anything less than three years old at today's elevated prices. The last truck I sold was still running well but my wife hated the fading marks on the paint (it was pretty bad but I really didn't care) so she pushed me to sell it and get something else. I bought my Tundra in March 2020 and it is very likely the last vehicle I will own. I might consider a replacement when I am 75.

 

Or do what you want with your money cause you know it's your money

 

How do you know more high dollar repairs are on the way? You don't, especially with Toyotas. The starter and alternator can both be replaced for under $1000. And the OP admitted that $3k of that was for maintenance.

Although it sounds like he could find better pricing for his maintenance work.

 

And you don't know that you won't have more severe and costly issues come up

 

One exception to upgrading being wise financially, I’d say is if you want to upgrade to a newer 2nd gen tundra because you have no interest in the new stuff, and want one of the last of the good ones (IMO) to keep for a long while. I kind of did that when I bought my 17’ to invest in and sold off my trouble free 2010 with 4x the miles.

From here out I’ll only consider getting a new truck if I’m forced to for more hauling capabilities, or if there is something that comes out that I just have to have. Looking at the direction the auto industry is going, the best vehicles for my taste have already come and gone. I doubt anything I’d actually want to own will be coming out in the near future with all this hybrid, electric, overbearing nanny technology they’re stuffing in vehicles today. Some simple heated seats would be nice, but you’ll need a subscription or they’ll just turn those off remotely on these new ones

 

Lots of negativity in this thread. If a vehicle is serving your needs I see no problem with spending a little to maintain it. Hell even if you buy a brand new truck eventually it will need maintenance too. In my mind I would rather keep something I already know, know the issues and what is likely to come up soon, than to take a chance on something new. That being said, there is a point where repairs will become too costly. Personally I bought a 07 CM in December for $12.5k, put in a quick $5k to get it reliable and looking right. I am happy to do that because I now have a better vehicle than what I would have been able to buy at the $17.5k price point and I know exactly what's been done to it.

 

Well, unfortunately some folks like to crap on other people's opinions when they deem them to be incorrect. The OP asked for everyone's idea on what they'd do in a similar situation. There is no one way or the highway scenario.

I've put money into older trucks and I've had plenty. I also know that I'm not willing to pour thousands into a money pit. In that case I cut my losses and move on.

 

Yep. Not everyone here turns in their truck once it hits 60k miles. I would think more people in this forum would recognize the longevity of these vehicles.

 

So what’s your plan when your truck has 175K and needs two new catalytic converters? Or something else that costs thousands to keep it running?

 

Well I'll see if I already spent $6k on repairs & maintenance within that year and go from there.

 

Or you can be like me where I found a cheap job milage Tundra knowing I'll have to put in a few $ on repair. But for me as long as I know it will last, having a good reliable truck is what matters.

The things that have already been changed are done mostly. Although I do have to do a starter now on the truck. But the cost of smaller repairs is why cheaper than a $700-900 monthly payment in a truck for at least 5+ years. No thanks.

Also I tend to do these repairs on my own so that keeps the cost of repair low. Part in the truck are relatively cheap.

 

Not all Yotas are lemon proof Also, some folks are a lot harder on their rigs than others. Takes a toll.

 

My point to sell or get something different is usually when I no longer feel it is reliable or safe. I don't want to be stranded anywhere and with climate or location that can be dangerous. Before getting something new I also consider if I can afford it and will the payment oe finances of it put me in stress. With 6K put into the OP's truck what else is left to go wrong with it?

 

I sell when my truck drop ½ of its value, if my truck already pass the ½ point marks, then I’ll just keep it till the engine blow up, and use it as a beater. Just fix the necessary to keep it going…