Opinion on used Toyota Tundra

[Todd780]

No, I’m not. But there is a reason why professionals in the industry do not use KBB.

Except for one time, years ago, when a small dealer offered me $5k for my 2001 Tacoma DC w 120k miles, stating that’s what KBB had it listed for. Showed me the print out. We had a good laugh.

Again, not familiar with KBB as Canada we use the black book. Dealers at auctions that tried to buy using Blackbook values were considered newbs by other dealer / buyers.

Good luck getting inventory...

Even cars coming in on trade were often given clean or extra clean values. So retail wise, they were always priced higher. Again, Black book here is used as a wholesale guide.

 

[MTVR]

...there is a reason why professionals in the industry do not use KBB...

Sure they do.

...a small dealer offered me $5k for my 2001 Tacoma DC w 120k miles, stating that’s what KBB had it listed for. Showed me the print out.

I find that hard to believe. If your '01 Tacoma Double Cab was a 4WD, it would be worth about $8,000 today. Even the trade-in value would still be about $6,000 today.

And Toyota pickups do not appreciate, they DEpreciate, so it would have been worth even more back then...

 

[MTVR]

Again, Black book here is used as a wholesale guide.

Again, KBB lists trade-in values, retail values, and private party values.

 

[bkg]

One of the often-overlooked risks of over-paying for a vehicle, is that if someone runs into it and totals it, the insurance company is only going to pay out what the vehicle is actually worth, not what you paid for it. So if you pay $20,000 for a vehicle that's only worth $10,000, and it gets totaled, the insurance company is only going to pay you $10,000, and you lose the other $10,000. It gets worse if the vehicle is financed, because the vehicle is the security on the loan, so if you somehow got a loan for $20,000 on a $10,000 vehicle and it gets totaled, the security on the loan (the car) no longer exists, and you owe ALL $20,000 to the bank right now.

Depends on the policy... and if a person has receipts. I've had appraisals and stated value policies on offroad rigs before. Currently just keep receipts as that is all my current policy requires.

Certainly not fool proof, but also not as dire as you suggest.

 

[bkg]

Sure they do.



I find that hard to believe. If your '01 Tacoma Double Cab was a 4WD, it would be worth about $8,000 today. Even the trade-in value would still be about $6,000 today.

And Toyota pickups do not appreciate, they DEpreciate, so it would have been worth even more back then...

uh.... not necessarily.

Three things have happened that impact prices:
1 - frame recalls
2 - Quantitave Easing
3 - demand within a location

QE is probably the largest impact to overall prices since it drove more money into a market with a fixed amount of product. 1st Gen tacoma's have appreciated, sotospeak, because of the three items I mentioned.

 

[Todd780]

Sure they do.



I find that hard to believe. If your '01 Tacoma Double Cab was a 4WD, it would be worth about $8,000 today. Even the trade-in value would still be about $6,000 today.

And Toyota pickups do not appreciate, they DEpreciate, so it would have been worth even more back then...

I don't understand how a 2001 Tacoma 4WD can be worth $8,000 and a 2008 Tundra 4WD only be worth 2 grand more?

Given same condition avg mileage for the year etc...

I'm curious what KBB is on a 2001 Tacoma double cab 4x4?

 

[MTVR]

Depends on the policy... and if a person has receipts. I've had appraisals and stated value policies on offroad rigs before. Currently just keep receipts as that is all my current policy requires.

Certainly not fool proof, but also not as dire as you suggest.

I covered that in another post- insurance policies cover only what they say they cover, in black and white.

You can obtain a stated value policy if you want, but if you just take out a regular insurance policy and then spend a ton of money on add-ons without updating your policy to cover them, you're on your own...

 

[MTVR]

I don't understand how a 2001 Tacoma 4WD can be worth $8,000 and a 2008 Tundra 4WD only be worth 2 grand more?

Given same condition avg mileage for the year etc...

They're completely different vehicles. The only thing they have in common, is that they are both American-made pickups.

I'm curious what KBB is on a 2001 Tacoma double cab 4x4?

Isn't that what I quoted?

 

[Todd780]

They're completely different vehicles. The only thing they have in common, is that they are both American-made pickups.



Isn't that what I quoted?

Didn't realize you were quoting KBB. You just said it would be worth x amount.

 

[MTVR]

Didn't realize you were quoting KBB. You just said it would be worth x amount.

Ah, thanks. I missed that...

 

[al_burpe]

You know as well as I do, that KBB factors for location, condition, mileage, and exact vehicle model/equipment.

They couldn't possibly have this information from every car sold. Having bought and sold a number of private party vehicles, the most they would have access to is location, mileage, and price. KBB would have no idea that I sold my last vehicle for far less than book value due to it needing major repairs. It also wouldn't account for the number of times people sold their vehicles to family members and friends for less. Also, people lie about sale prices all the time to save on paying sales tax. These would all drive down the average price of vehicles sold.

 

[bkg]

They couldn't possibly have this information from every car sold. Having bought and sold a number of private party vehicles, the most they would have access to is location, mileage, and price. KBB would have no idea that I sold my last vehicle for far less than book value due to it needing major repairs. It also wouldn't account for the number of times people sold their vehicles to family members and friends for less. Also, people lie about sale prices all the time to save on paying sales tax. These would all drive down the average price of vehicles sold.

Unless KBB has agreements with state licensing and registrations...

 

[rruff]

I am a bit curious about what a fair price for the vehicle would be. KBB was about 11-13k

Here is the KBB selling site list for 2nd gen Tundra, 100k miles max, 5.7L, 4wd, and only those deemed a "Great Value" by KBB, ordered by lowest price.

https://www.kbb.com/cars-for-sale/u...y=derivedpriceASC&numRecords=25&firstRecord=0

Cheapest regardless of condition is $14k. The 18th truck in the list (out of thousands) is >$20k.

 

[al_burpe]

Unless KBB has agreements with state licensing and registrations...

State licensing and registration does not have information on mechanical condition of a vehicle though.

 

[bkg]

State licensing and registration does not have information on mechanical condition of a vehicle though.

So? It does have pricing information... and a little big data/machine learning and they can extrapolate plenty from other sources (carfax, police reports, etc).