Here's How Much A 1-Year-Old Toyota Tacoma Is Worth Today (2024)

Pickup trucks are among the most popular vehicle types in the United States. In fact, four of the top ten best-selling vehicles in the United States are pickups. However, all of these four pickups are full-size ones, and while they are indeed the dominant pickup class in terms of sales, not everyone needs their hulking size and, at least these days, astronomical price tags.

This is where midsize pickups come in, because these pickups are the right size for a good number of American buyers, and oftentimes, at the right price. You can get a decently-equipped, family-grade midsize pickup for less than $40,000, and in the case of the best-selling midsize pickup truck, the Toyota Tacoma, an SR5 4x2 variant with a double cab and five-foot bed starts at $37,200.

Yes, you read that right. While the full-size pickup segment is dominated by American brands, the midsize pickup segment is where a Japanese leads the race. For the first half of 2024, Toyota sold 69,473 units of the Tacoma, which is actually a more than 40 percent drop from last year. The drop in sales is due to the retail transition from the older generation model to this new one.

Toyota has managed to make an extremely desirable midsize pickup, and so it's unsurprising to find out that the resale values of this pickup are extremely strong. Therefore, is it wise to purchase a one-year-old Tacoma, or is it a better idea to save up for a new one instead?

A One-Year-Old Tacoma Isn’t Cheap

According to iSeeCars, a one-year-old Toyota Tacoma has an average price of $40,696. Yes, that’s more than the base price of a new SR5 dual cab with a five-foot bed, but the high average used price is due to the Tacoma having such a broad price spread. It also must be noted that a one-year-old Tacoma, as we speak, means an older-generation Tacoma as well. The current new generation Tacoma started hitting showrooms in late 2023, so these new generation Tacomas have yet to reach a year old.

When You Should Consider A One-Year-Old Tacoma

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Getting a one-year-old Tacoma will be worth it if you want to step up to a higher trim for the same price as the variant you originally intended to purchase when brand new. For example, an SR5 dual cab with a five-foot bed is worth $37,200, but this is the base version of the family-oriented Tacoma variants. If you consider a one-year-old Tacoma, you can get a TRD Off-Road or TRD Sport even for the same amount of money as you would a brand-new SR5.

Now, we wouldn’t recommend settling for the base SR5 when going the one-year-old route, because the leap in technology and creature comforts between the two generations is quite significant. Also, the previous Tacoma barely received any changes throughout its eight-year production lifespan, which can be both a blessing and a curse.

Why Tacoma Values Are High

There are two major reasons why the Tacoma’s resale values are robust. First is the fact that it’s a pickup, and even in the second-hand market, these are extremely desirable. According to iSeeCars, pickups have the most robust resale values across all body styles, even better than SUVs in general. Our market simply loves pickups too much, which is why, even in the used car market, these remain desirable for a very long time.

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And then the second reason for its strong resale values is something that barely needs any explanation, especially for car nuts. The fact that it’s a Toyota is why its resale values are so good. The brand is pretty much synonymous with reliability, durability, and ease of maintenance. Especially when it comes to used cars, the vehicles that you probably want are those that you won't have to worry about too much when it comes to their longevity.

Everything Else That A Tacoma Offers

In this context, the Tacoma we'll be taking a look at will be a 2023 model year vehicle, which means a Tacoma from a prior generation. The Tacoma has been the best-selling midsize pickup for a long time now--a lead that was further grown when Ford didn't offer the previous generation Ranger in the United States until its 2019 model year comeback. Since then, customers have loved the Tacoma for the following reasons.

Rugged Exterior

The previous Tacoma first came out for the 2016 model year, and throughout its eight-year lifespan, the Tacoma received incremental changes. The design is very rugged and brimming with personality, especially when it came out in the 2016 model year, and even more splashes of color and character are injected into the Tacoma as you climb up the trim ladder. It has modern touches like LED exterior lighting and smart entry with push-button start, but where it truly comes alive is when it's fitted with various accessories and features that match your lifestyle.

Want a highly rugged and racy Tacoma? That's where the TRD Off-Road comes in. Want the most premium Tacoma you can possibly get? The Tacoma Limited offers everything you'll need, and more, out of a midsize pickup. And with various bed sizes and cab configurations, the used market is brimming with choices for a used Tacoma.

Utilitarian Interior

However, if there's one thing that you'll never associate the Tacoma with, that would be luxury. Even in the highest Limited trim, you won't find an ounce of soft-touch plastic on its dash, while the upholstery used--even the leather or leather-like ones, is more on the durable side as opposed to supple. That's by design, however, since Toyota knows that its target market prioritizes a durable interior as opposed to one that's premium but fragile--though the new Tacoma got a significant step-up in premium feel.

The tech you get is also not cutting edge, but just enough for you to stay happy on the road. You've got the usual touchscreen infotainment and, depending on the model year, comes standard with Apple CarPlay and Android Auto, while a six-speaker JBL sound system is fitted on higher trims. As a model that first came out in 2015 for the 2016 model year, it's one of the last few vehicles to come with a mechanical hand brake. Take note of that feature as it becomes rarer and rarer these days.

What The Tacoma’s Like To Live With

The previous generation Toyota Tacoma had a long shelf life, which is both a blessing and a curse. For one, the mechanicals and any possible recalls of this generation are most likely resolved at this point, but since Toyota is a company that keeps its technologies and drivetrains for a very long time, the Tacoma isn't exactly the most refined or comfortable midsize pickup if that's what you're looking for.

Robust Mechanicals

Remember the part when I said that its oldness is both a blessing and a curse? While the Tacoma when it first came out didn't push the boundaries of tech, design, and mechanicals, what you can't dismiss Toyota for is the Tacoma's bulletproof reliability. The reason why it's so reliable is that the mechanicals aren't ground-up new. The 2TR-FE 2.7-liter four-cylinder has been fitted to various Toyota pickups and SUVs, including the highly-robust Hilux and Fortuner, and that engine dates back to 2004, with the addition of Dual VVT-i at some point in its life. Its most desirable engine, however, is the 2GR-FKS, 3.5-liter V-6, which was new in 2015.

The then-new V-6 engine had some problems, particularly rattly noises from its release until 2019, according to Car Care Nut, but after that model year, the engine has become mechanically perfect, and bulletproof reliable. This V-6 delivers better power than the four-cylinder, but the way it's tuned is more for highway drives with its tall-ish gearing. It does sound nicer than the four-cylinder, too, and that may be a selling point compared even to the more powerful and newer 2.4-liter turbocharged iForce Max hybrid powertrain in the new generation Tacoma.

And A Purposeful Drive

Ah yes, the driving experience. Our friends from CarBuzz have taken the previous generation Toyota Tacoma for a comprehensive spin. Unsurprisingly, the previous Tacoma wasn't known for offering a comfortable or refined driving experience. If that's what you're looking for, then competitors like the Ranger and Colorado are much better options, even in their previous generation or pre-facelift forms. The engines, whether it's the V-6 or the four-cylinder, provide linear power delivery. Opting for the V-6 is our recommendation because the 2.7-liter four-cylinder is just too tepid and not much separates it from the V-6 in terms of fuel consumption, either.

Likewise, in terms of ride and handling, the steering has enough weight, but it feels indirect and slow to respond. Combined with the stiff and bouncy ride that's only resolved when it's hauling a few hundred pounds, the Tacoma is not a pleasant pickup to own if outright comfort is what you're after. But, if you want your truck to indeed perform like a truck, as well as perform pretty much unfazed for the miles and years to come, then a 2023 Toyota Tacoma, whose kinks have already been mostly resolved, will be trusty and reliable.