2003 Sport, V6, GG, w/97K miles when I bought it back in April for $11k. I put over $3K into it which included a transfer case. Brought all the maintenance up to date: plugs, filters, fluids, brakes, intake cleaning, also had to replace an axle. Tires are at 7/32. I'm at $15k total including taxes, licensing, etc. I just hit 100K miles. So I'm wondering how much I'm under water at this point. As it sits what's it worth? $13,500-14,000? Keep it or move it and start over? I sure would know what to look for the 2nd time around.
Need Perspective on my recent 4r purchase
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I don't think you are that bad off. I have a 03 v8 with 116k that I bought a month ago for $11k. I have to get the timing belt done on it, so that'll be around a grand, plus I already put 4 new tires on it, plus it will need all the other stuff you mentioned. The thing is, once that maintenance is done it's done. I don't mind normal maintenance items and the occasional repair, I just don't want something that needs another substantial part replaced every month, as was my case with my 3 Jeep Cherokees.
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03_4x4Runner
Senior Member
Any time you buy a vehicle with that many miles you take a chance. Sometimes you win sometimes you loose. You just pay your money and take your chance.
1. Sorry.
2. Cars are not an investment. Unless you intend to keep a car for 50 years in prestige condition, or you think maybe, one day it will be a rare keeper. 99.9 percent of cars are just that, cars. They are not stock options.
Because of this, you gotta get your head away from thinking things like that. If you do, you will always be upset. Hell, buying a new car would make you sick since the moment you sign the paper and drive it off the lot it losses about 20% of its value. BAM!
3. You can't determine worth like you did. While it would be NICE to say, "LOOK! I put 3k into it, that makes it worth 3k more, right?" It doesn't work that way. In particular, the Transfer case. When you simply repair a broken part, the value doesn't go up from what it is market value is considered.
Occasionally you may find someone who values some aftermarket goodies enough to pay extra for it, but in general, it doesn't work that way. New tires don't increase value. New spark plugs don't increase value. When people look at a car to buy it, the SUBTRACT for ****ty care but they don't usually INCREASE for proper care. A well maintained vehicle is worth more than a non-maintained, but not above what is usually considered market.
Sure market is all about what people will pay. But, you bought it for 11k and so I have to assume that is close to market. Maintenance isn't going to increase its worth. It def. isn't worth 13-15k. I bought a newer and in better condition truck a year ago for less than that.
All this is to say, if 11k is considered fair market in your area; you won't get people willing to pay above that because you replaced the transfer. In fact, they may actually ask you to lower it since the truck NOW has proven history of mechanical issues.
This is why on older cars when the total value of the truck is 3 or 4 k, it is sometimes not worth it to spend multi-grand on a new engine if you are thinking resell. It isn't worth it.
Finally. If you have developed a hatred.... and some serious buyers remorse, then do sell it; but be very, very, very realistic in what it is worth.
As for underwater. Did you finance? On a truck that old, that is unwise; simply because it sucks to owe 11k on an older vehicle that is starting to have issues. But if you DID... I suggest you pay as much as you can to get the loan value below the fair market.
If you own it outright, then your not underwater. Keep it till it dies. Also, anytime you buy used, you will discover stuff about it that irks you. My seat creaks and my factory rims are starting to bubble...
But, like others have said, if you it runs (and now you know your transfer is good)... then keep it.
You won't get ANYWHERE near 15 for it, so you will take a huge loss.
2. Cars are not an investment. Unless you intend to keep a car for 50 years in prestige condition, or you think maybe, one day it will be a rare keeper. 99.9 percent of cars are just that, cars. They are not stock options.
Because of this, you gotta get your head away from thinking things like that. If you do, you will always be upset. Hell, buying a new car would make you sick since the moment you sign the paper and drive it off the lot it losses about 20% of its value. BAM!
3. You can't determine worth like you did. While it would be NICE to say, "LOOK! I put 3k into it, that makes it worth 3k more, right?" It doesn't work that way. In particular, the Transfer case. When you simply repair a broken part, the value doesn't go up from what it is market value is considered.
Occasionally you may find someone who values some aftermarket goodies enough to pay extra for it, but in general, it doesn't work that way. New tires don't increase value. New spark plugs don't increase value. When people look at a car to buy it, the SUBTRACT for ****ty care but they don't usually INCREASE for proper care. A well maintained vehicle is worth more than a non-maintained, but not above what is usually considered market.
Sure market is all about what people will pay. But, you bought it for 11k and so I have to assume that is close to market. Maintenance isn't going to increase its worth. It def. isn't worth 13-15k. I bought a newer and in better condition truck a year ago for less than that.
All this is to say, if 11k is considered fair market in your area; you won't get people willing to pay above that because you replaced the transfer. In fact, they may actually ask you to lower it since the truck NOW has proven history of mechanical issues.
This is why on older cars when the total value of the truck is 3 or 4 k, it is sometimes not worth it to spend multi-grand on a new engine if you are thinking resell. It isn't worth it.
Finally. If you have developed a hatred.... and some serious buyers remorse, then do sell it; but be very, very, very realistic in what it is worth.
As for underwater. Did you finance? On a truck that old, that is unwise; simply because it sucks to owe 11k on an older vehicle that is starting to have issues. But if you DID... I suggest you pay as much as you can to get the loan value below the fair market.
If you own it outright, then your not underwater. Keep it till it dies. Also, anytime you buy used, you will discover stuff about it that irks you. My seat creaks and my factory rims are starting to bubble...
But, like others have said, if you it runs (and now you know your transfer is good)... then keep it.
You won't get ANYWHERE near 15 for it, so you will take a huge loss.
calikev
New member
DCRUNNER is "spot -on"
My biggest question is... Why in the world would you consider buying ANOTHER used vehicle and then doing all the maintenance to it? You're gonna feel the same way. Your truck is solid now. You know the quirks it has and doesn't have. Love it and use it however you choose. Some decisions we make only compound when we try to correct them.
In my opinion your truck is worth another 100k before needing another overhaul...that's the only value that matters at this point.
My biggest question is... Why in the world would you consider buying ANOTHER used vehicle and then doing all the maintenance to it? You're gonna feel the same way. Your truck is solid now. You know the quirks it has and doesn't have. Love it and use it however you choose. Some decisions we make only compound when we try to correct them.
In my opinion your truck is worth another 100k before needing another overhaul...that's the only value that matters at this point.
I spent quite a lot of time prior to the April purchase researching and waiting. Equivalent dealer vehicles locally were $15k. This one was a POV out in the sticks 100 miles away. It was the TC repair that got me on this one. I typically figure $1,000 or so to update a used vehicle.
I would disagree that vehicles are not investments. It may well be a financial loss management process. I've made money on a number of vehicles I've bought low, spit shinned, and resold for a profit. I would hate to have to live off such a process...but there are plenty of people who do. Part of the reason I bought a 4R was the expected longevity I would get out of the purchase. It was partly a bang for the buck decision made from a long-term perspective. From a LT perspective it makes sense to keep what I've got. I know it and my mechanic knows it. We've been under it and through it extensively. All known issues are fixed.
We also replaced the battery last month. The guys in the shop were gathered around it and one of them said, "That battery was original, 9 yrs out of a battery maybe 10, that's insane." They've been impressed with the build quality. Thanks for the responses. All of them were helpful.
I would disagree that vehicles are not investments. It may well be a financial loss management process. I've made money on a number of vehicles I've bought low, spit shinned, and resold for a profit. I would hate to have to live off such a process...but there are plenty of people who do. Part of the reason I bought a 4R was the expected longevity I would get out of the purchase. It was partly a bang for the buck decision made from a long-term perspective. From a LT perspective it makes sense to keep what I've got. I know it and my mechanic knows it. We've been under it and through it extensively. All known issues are fixed.
We also replaced the battery last month. The guys in the shop were gathered around it and one of them said, "That battery was original, 9 yrs out of a battery maybe 10, that's insane." They've been impressed with the build quality. Thanks for the responses. All of them were helpful.
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