used car and oil leak question

[palooka23]

I have been shopping for 3rd gen T4Rs and Tacomas....but every single one I have seen has oil present on the undercarriage.
The latest one I have seen is a 2002 sport edition in fairly good condition. The owner is asking for $7700. I was prepared to offer 7500, but upon test drive, noticed oil smell and smoke.
My questions are these: how common are these leaks? How expensive to fix? Is 7500 fair for a truck with a leak? Are there any out there without leaks?

Thanks in advance

 

[Drcoffee]

Very common. You'll just need to re-seal the valve covers. They leak from the rear half moons and drip down the block making it look like a rear main seal leak and then terminates on the steering rack. I would say to the seller, the rear main seal is shot. I will give you $7000. He may bite on it. The gaskets and rtv will cost you $50 and a few hours. Warning though, dont just go around a tighten them down. It will leak worse and you risk snapping off a bolt. Use a torque wrench to tighten the Bolts. It takes only 5 foot pounds (51 in pounds).

 

[palooka23]

Thanks for the prompt response.

I did offer 7k. He immediately said no. He has responded that he will accept 7500. While I have worked on cars and trucks many times, I feel weird about buying a truck that immediately needs me to commit to fixing. Esp since I lack the tools and manuals needed to do so. I am sure I can manage....but not exactly ideal.
Should I consider having dealer fix? Obviously, I would be covered under some type of warranty if they did the work.

Thanks again.

 

[koulee]

Also, when you do an oil change the oil filter will drip some oil directly below where the filter is screwed onto, thus making it oily and appear to have a leak.

 

[jreask]

Thanks for the prompt response.

I did offer 7k. He immediately said no. He has responded that he will accept 7500. While I have worked on cars and trucks many times, I feel weird about buying a truck that immediately needs me to commit to fixing. Esp since I lack the tools and manuals needed to do so. I am sure I can manage....but not exactly ideal.
Should I consider having dealer fix? Obviously, I would be covered under some type of warranty if they did the work.

Thanks again.

I think the stealer will want about $400-$450 to do the valve cover gaskets. You can do it in a couple of hours. There is a good writeup with pics on here somewhere.