I wanted a V8 4x4 Sport.
Looked for 13 months. The exact truck I wanted in a V6 finally popped up. I had driven a bunch of non-Sport V8s, and I said to myself to just give it a try.
The V6 was very nice, and I am not towing with it (most important factor!!!).
So I pulled the trigger, and never regretted it (though for a few weeks I was doubtful).
So if you are not building up a substantial rig, and or aren't towing, a V6 is very nice.
FYI, before they released the VTTi version of the V8 in 05 , the V6 actually claimed more horsepower.
Mine is an 04, so the 04 V8s didn't have VTTi, so the only advantage in that year is torque. That really surprised me.
When they released the V8 VTTi in 05, the claimed HP numbers were slightly higher than the V6, then the numbers were lowered in 06.
I think the word "claimed" is very important here.
04: V6@245 HP vs. V8@235 HP
05: V6@245 HP vs. V8@270 HP
06: V6@236 HP vs. V8@260 HP
Then Toyota dropped the V8 from 4runners in the 5th gen.
IMHO when they created the VTTi version of the V8, they were expecting it to be a bigger jump in HP over the non-VTTi V8.
Add in the higher fuel prices and the recession back then, with many more V6s getting sold, and now we can't even get a 5th Gen in V8 at all!! (The good news is the 5th gen dual VTTi V6 has claimed 275 HP, 5 HP better than the 05 VTTi V8!)
You get more torque with a V8. But early in the 4th Gens, the V6 had better fuel efficiency, a timing chain (less maintenance), slightly more HP, were an aluminum block vs. iron (lighter) and you can turn the 4wd off (to me a quirk, and in no way a good or bad thing either way).
In hindsight, would I have gotten the V8 if I had had the chance?
Sure!
Gas mileage is very close. I'd do the timing belt myself. More torque without a substantial penalty is always good!!!
Is a V6 not as good? Depends on your needs. You can't go wrong either way, though.