Why Are Used Toyota Tacoma Trucks Still so Expensive?
If you’ve been waiting for used Toyota Tacoma prices to drop, you aren’t alone. It’s the most popular truck in its class, and you can possibly save tons of money with a used model. However, costs for used Toyota Tacoma trucks are still sky-high, so let’s see what’s going on.
Why are used Toyota Tacoma trucks so expensive?
Used Toyota Tacoma trucks are still in pretty high demand. In fact, the 2023 Toyota Tacoma is incredibly popular, and there might not be enough models in production to meet the overwhelming amount of orders.
The Tacoma already has more than double the sales of each competitor in its segment for the year. Plus, the automotive industry is still recovering from pandemic-related shutdowns, supply chain constraints, and shipping delays.
While three-year lease periods might be up, allowing some owners to upgrade, Toyota faces low inventory levels in 2020, 2021, and 2022. 2023 is going better so far.
There might be fewer used models available, causing prices to increase. People hold on to their Tacoma models for years, limiting inventory even more.
While the standard 2023 Toyota Tacoma has an MSRP of $28,250, Edmunds recommends sending about $28,962 for a used SR base model for 2022. So, the used Tacoma is going up in value.
Does the Tacoma have a good resale value?
Yes, both new and used Toyota Tacoma models have a high resale value. The 2023 Toyota Tacoma is in the top five vehicles that are expected to have an above-average resale value after five years of ownership.
After five years, the 2023 Tacoma is expected to maintain 66% of its value. Only the Toyota Tundra came ahead of it and is predicted to withhold 73.3% of its value.
The average new vehicle is only expected to return 45% of its value based on the average five-year ownership period. But if a $45,000 vehicle that’s predicted to maintain 60% of its original sale price could bring an extra $6,750 at trade-in time.
If the Toyota Tacoma has a depreciation rate of roughly 33%, then it could have a resale value of about $28,011. This relates to Tacoma models that sell for about $41,774 while brand new. Also, the truck’s condition, accident history, maintenance records, and mileage will impact its worth.
Why are used Tacoma models so valuable?
Used Toyota Tacoma trucks hold their value because they are tough. They serve as a practical option for work and adventuring. They can take a beating and keep on going with a stout towing and payload capacity.
The Tacoma is a reliable truck. It has an above-average reliability rating of 83 out of 100 from J.D.Power. The average Tacoma is expected to reach 250,000 to 300,000 before experiencing a significant issue.
It’s not uncommon for some models to surpass 400,000 miles and provide 20 years of service on the road. Plus, the Tacoma TRD Pro has been the off-roading king for years. Rivals like the Jeep Gladiator are just now catching up.
Overall, the Toyota Tacoma is a well-rounded workhorse that’s comfortable, capable, and dependable. Maybe used Tacoma prices will dip as people upgrade to the brand new 2024 model.
