Thinking of selling my 2019 Tacoma TRD Sport- Replacing with Classic Truck

I'm spit balling and tossing around some things in my head and looking for your thoughts and opinions and perspectives and advice.

Last week I dropped into my local Canadian Toyota dealership and paid off my 2019 Tacoma TRD Sport 6M early. I paid $40,000CDN new for the truck in August 2019 and I have modified it with some Cali lights and a set of killer speakers and box cover and bed matt to the tune of $3500CDN. I love this truck and because I'm now working from home and not driving it much, I only have 23,000 km's (14,200 miles) on it. Which is nice and I am planning to continue with working at home until I retire in the next couple of years.

Because of COVID supply chain issues with Toyota in Canada, the Manager at my store indicated my truck without the mods would now likely fetch $48,000CDN because of no inventory available new or used. I did a search online and confirmed what the Manager told me and there are only two trucks similar to mine in a 300 km radius each asking $47- $49,000. Typically there would be 10-15 trucks for sale. I could actually make money (less the 19 months interest paid and the lights and speakers) on my newer used truck if it would sell that high in what I believe will be a short event window. That would be a first for me.

So do I sell this future rapidly depreciating very nice truck and cash in on the shortage and take that money and do a frame up to better than new 100% cherry restoration on an older classic Tacoma or Toyota truck which would not depreciate as much into the future?

What do you think it would cost to restore an older 1990's Toyota truck to Wow factor - cool truck status?

What would you do?

 

It's a trade-off for reliability versus 'Cool Factor'. If it's your only vehicle, I wouldn't do it, especially since it looks like you do some towing. If however you have another vehicle you can drive while you work on your older vehicle then it might make sense to sell the Taco to finance a build-up of something older.

I own an early '90's T100 ('93, first year they made them) along with some other, older vehicles. One of the reasons why I bought my Taco was I wanted something turn-key which I could take off-roading and drive reliably for many years. That doesn't mean that my T100 just sits around (well, okay it does do a lot of that) but I do still take it on trips sometimes, however it's mainly relegated to running around town, going back and forth to Home Depot (mine has an 8' bed). To put it another way, if the T100 evaporated tomorrow (which would break my heart, it was my first car; I've had it since High School) I likely would not replace it since my Taco can do probably 95% of what the T100 can do (the T100 has a larger bed and a higher load capacity than my Taco).

Bottom-line it comes-down to what works best for your needs, not just looks cool in your garage.

 

I would keep the '19 Taco. I just let go of my '06 TRD OR AC - 14+ years old, 127K miles, but with some serious angst. It ran great, was equipped with everything I wanted. Sold it for about half of what I bought in for in 2006.
I don't understand why you think your '19 is a "rapidly depreciating very nice truck." Do you really believe that when the COVID thing is behind us Taco values will plummet?
You will likely spend all of what you get for you '19 on bringing a "classic" to "better than new" shape. But its resale value won't match what you invest.
Your truck is paid for. Enjoy it. Maintain it. It'll hold value better than you might expect.
That said, if your retirement years will bring hours and days in the garage with a "classic" restoration and this brings you joy and satisfaction, then go for it.

 

Have you ever daily driven an older vehicle out of choice? How about done the work to restore one? IMO, the closing line of "how much would this cost" is an indicator that this potentially isn't for you. A proper restoration should be a side project, otherwise you run into get-it-done fixes "good enough" because you need your vehicle.

Keep your truck.

 

Even the dog's are thinking it's cool, nice set up's are cool.

 

The '19 is paid off...Great, Keep it and get the Classic you want

 

Good Tacos of any age don't seem to depreciate very rapidly. I have a buddy that bought a first gen in the 90's and sold it like 15 years later for $500 more than he paid for it. I recently traded my '18 TRD OR 4x4 with 60k miles for a new 2021 TRD OR 4x4 and my monthly payment actually went down. Whatever you do, stick with a toyota!

 

I do believe this COVID inventory supply problems will be short lived. Once the inventory comes back the premium which is currently available to me right now will disappear overnight and my trucks value will then reset to the normal pre-COVID values. Which would be in the $34,000 range I would expect. Thats what I mean by rapidly depreciating values.

I have been driving Tacoma's since before they were called Tacoma's and I know they hold their values much better than other makes.

 

I don't see the value plummeting at all. With low miles on it in a few years YOURS will be a classic...

Prior to picking up a 2021 I yapped with a neighbor about his 2016.
He said if he remembers correctly he paid $26k for it.
I offered him $27 on the spot and he laughed me out of the driveway....said no-way.

Buy a nice fly-rod, a good Nikon DSLR camera, and enjoy the great outdoors...

 

This sounds like one of those Nigerian uncle scams.. lol.
Thing is if you sell your truck now, and buy a 1st gen to restore.. what are you going to drive?

I mean I love to sit an pontificate on how many old vws I'm going to save and restore when I retire.. but I'll probably still need a daily driver for part runs and meets at Peter's drive in..

I vote hang onto your truck, it looks great where it is.

 

Yes I have driven an older vehicle and understand the possibility of less reliability. Thats valid for a young person depending on their only vehicle to be reliable to commute daily on a tight budget. Been there done that. It wouldn't be my daily driver if it's a fully restored classic. I would buy a beater Corolla to do the towing

No I have never done one myself. I didn't say I would even consider doing the restoration myself. Your right - that's not what I do. I would be hiring a custom shop to do the work if it was feasible financially. I know if I did it myself it would be crap and not right. I could assist under the direction of someone who knows what they are doing- but I would not do it myself. Thats why I am curious as to what this kind of restoration would cost and is it feasible.

 

The time to sell is when people are buying; get rid of it

 

That was my original plan before the my discussion with the Dealer Principle this week. It just got me thinking that my Tacoma just became a well performing investment if I sold it taking advantage of the current situation. No different than folks selling their home because the market is on fire.

I will just have to start a savings envelope for my classic Toyota truck restoration without the kickstarter contribution from my 2019.

 

You almost never get money off of a restoration. I don’t see a 90s Toyota pickup being very valuable in the future either. Just like the early 70s Toyota trucks that are <8k for good shape older restorations.

The truck will be worth a good bit right after you restore it, but restorations depreciate rapidly too. I do nearly the equivalent of a full restoration on my Opel GT every 5 years just in the work required to maintain my diy restoration.

it’s a little better if you have a professional shop do it (in terms of maintaining value and restoration quality long term) but it will take usually 12 months in shop and probably 30-40k for a full mid grade restoration. 60k for a true full restore.

 

In less than 20 years, your 2019 TRD Sport will be a classic old truck . I bought 2019 TRD Sport with MT with the intention to be my old truck when I retire to drive around and work in it.

 

My 2¢... You're going to want to actually find this proposed classic vehicle (and likely a back-up) before you'll even be close to calculating any meaningful cost numbers. The same Covid-inflation is going to affect the value of any classic vehicles the same - or maybe even more - than your current truck.

That is, unless you can live with getting rid of your '19 right now and waiting a year or so before looking to buy the classic. Do you have another vehicle already? Maybe buy a beater Corolla until the Covid prices drop???

You're right about it being the same situation as the housing market... but to actually make money on this would be to sell now (or soon) and then wait until the pre-Covid prices return. But who knows when that will be? At this point, it's total speculation...

 

Why would you want old ...my personal opinion if I was to buy something older it wouldn’t be my daily driver . I purchased a 2002 fz1 back in the day it was such a pain in the butt to get parts for . Ya lots of Tacomas out their most of of the time you would be putting used parts on .

 

Good point

 

Are you talking USD$$?

 

Your spot on. Thank you.