If you're looking to buy a Toyota Tacoma, buying used versus new could present a questionable value. While strong Tacoma resale values aren't surprising, a recent study says the gap in price between used and new has narrowed.
According to iSeeCars, the Tacoma is among the most expensive vehicles to buy used vs. new, with just a 4.2% difference in price, or $1,557. For reference, the site says that the industry average is currently 17%, or $6,279.
High prices on used Tacomas aren't hard to find. Here in Los Angeles, preowned listing site CarGurus says the "worst deal" based on a national search is a 2013 Tacoma V6 Access Cab in Maryland with 47,000 miles listed at $28,541.
While the mileage on the truck in question is certainly low, it's also an 8-year-old vehicle with 2 previous owners based on the associated CarFax report. Buying a new Tacoma may seem more appealing but good incentives remain elusive.
New Tacoma prices start at less than $28k, but base trucks come in an Access Cab configuration with a 159-hp 4-cylinder engine. Opting for a Crew Cab with the 278-hp V6 brings the cost to nearly $34k before optional equipment.
About a year ago, Toyota offered new Tacoma buyers 0% APR for 60 months for Memorial Day. At the moment, the best deal here in Southern California is 2.9%. On a $35k truck, that difference equates to just over $2,600 in interest.
A report published last week by Cox Automotive says Toyota has been operating with some of the lowest inventory levels. The Tacoma currently has less than a 25 days' supply, considerably less than the industry average of 71 days.
With a global chip shortage still wreaking havoc on supply chains, the Tacoma is continuing to command a significant premium. As a result, Tacoma buyers looking for a deal may be disappointed by the sheer lack of available choices.
Current Toyota offers end on March 31, 2021.
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