I Didn't Think My 2024 Toyota Tacoma Off Road Would Lose So Much Value After Just One Year, the Dealer Only Offered Me $38,000 Trade-In

Is the value of the Toyota Tacoma pickup dropping?

The Toyota Tacoma pickup truck's value has always been its strong point. However, one owner said his value dropped nearly $12,000 in one year. Is this a trend for Tacoma? While researching Tacoma pickups, I found this interesting post on the Tacoma Facebook owners page.

Jr Sandoval says his 2024 Tacoma lost nearly $12,000 of its value, and he only has 4,000 miles on the new truck. Here is what he says, and then I'll look at Toyota Tacoma truck resale values and see if this is a trend or an isolated issue. 

Jr says,

"Man, I didn't think my Toyota Tacoma would lose so much value after just one year. It only has 4,000 miles on it. I have the Tacoma Off Road Premium with a 6-foot bed, all the bells and whistles, and the Toyota dealer only offered me a $38,000 trade-in." 

"Not even my Rams have this much depreciation. The Toyota rep says they haven't seen anything like it in 20 years."

Why is He Trading His Tacoma In With Only 4,000 Miles?

He doesn't say why he's trading in his new pickup, but there are several reasons why he has to do so only after one year. He may have lost his job or had financial issues, and he may have had to trade his truck in to get a smaller payment.  

Jr. has a 2024 Tacoma Off Road Premium, and depending on his options, the value of the truck could have been close to $50,000 when he purchased it. So, its value has gone down around $12,000.

Is this normal?

A report from CarEdge says, "The Toyota Tacoma mid-size pickup is perhaps the best vehicle on the road for holding its value. It offers exceptional value as a new purchase and a used vehicle. With practicality, reliability, and good value, the Tacoma is a tough vehicle to beat regarding all-around greatness."

They say this Tacoma with 4,000 miles should depreciate 5% after one year and have a one-year resale value of $47,500 and will depreciate 13% after 2 years and have a 2-year resale value of $43,500. 

Kelley Blue Book says the 2024 Toyota Tacoma Double Cab TRD Off-Road Pickup 4D 6 ft has a resale value for this model of $44,044 after one year. 

If you split the difference, his truck's value should be around $46,000 after one year. 

This Dealer Is Low-Balling Jr Sandoval

The Toyota dealer's offer of $38,000 for Jr. 's Tacoma does not align with the current market value. With an abundance of Tacoma inventory, the dealer may not need his specific truck; they may have too many in inventory to sell. 

One comment says,

Eric Pulliam - "It's not the vehicle that's the problem. It's the financing; the dealers can't move used vehicles right now. I just bought one on Friday. I went to the lot looking at 2-year-old used trucks with 20-30k miles that were $10,000 less than new. Because of the difference in interest rates, I bought a new one at the same price. This will flip back to normal over the next year. It's just a weird time."

What Is the Best Way To Sell A One-Year-Old Tacoma?

Car Plus Finance says, "If you want to trade in your used Toyota Tacoma, consider whether you'd rather sell your old Tacoma on your own or trade it in. Trading your used Toyota Tacoma saves you time. But you can get less money than with a private sale."

1. Find out How Much your Used Toyota Tacoma is Worth

Rather than wait to understand what the used car dealership thinks, do some research at home to get a sense of your current Used Tacoma value. Some online appraisal tools, such as Kelley Blue Book, help you determine your Tacoma's worth. 

Rather than relying on basic details (model, year, and mileage), use a tool that can offer a more profound sense of the dollars your Tacoma will command based on additional features.

It's not all about your used Tacoma, though. Kelley Blue Book points out that external factors may also impact the value.

2. Take a Look at Your Bank Account

Trading a used Toyota Tacoma involves more than assessing the Tacoma. You also need to evaluate the state of your finances to know what you can afford on the other side of the Trade.

If you're trading in a used Tacoma with a loan, clarify whether the trade-in amount is enough to pay off the rest of the loan.

3. Start Asking for Offers

You don't have to go to the car dealership to start the trade-in process. Instead, you can make car dealerships come to you to offer a price. Many online price estimators, such as Kelley Blue Book and TrueCar, are linked to dealerships that extend offers based on the data you share about your Tacoma.

Final Thoughts and Questions For Tacoma Owners

Trading in a one-year-old Tacoma or any truck is never a good idea. However, there are situations where you may have to. It takes time to do your homework and find the best way to sell a one-year-old vehicle. You will always take a loss in this market. 

It's Your Turn

Have you ever had to trade in a Tacoma truck after one or two years? What was your experience with a dealer? If so, click the red Add New Comment link below and let us know.

Check out my Toyota Tacoma report titled; I Just Negotiated a Great Deal On a 2024 Toyota Tacoma, the Tacoma Deals Are Incredible Right Now

I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you'll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.

Photo credit: Denis Flierl