A perfect deal? Low mileage 3rd gen

Earlier today I was doing the usual search for any underpriced 4x4's within any distance of me. This is a routine search as I've been looking for a reasonably priced (in today's standards) used 4x4 that could be my daily driver or an overland rig depending on the day. I'd come across plenty of 4Runners, but most were >150k miles, in rough shape, and/or out of my price range.

So even though my daily search began with a 4Runner, I was looking all over the place and came to terms with buying a lesser vehicle.

But today I came across a beaut. In my nationwide search I found a single owner 2001 SR5 with only 75k miles, in exceptional condition, and only 20 miles from my hometown. The (private) seller was only asking $11.9k and I was sure there was something wrong with it, despite the description saying it needed nothing. Also in the description it also said, "Driven by my elderly dad. It was his baby. We are a Toyota family. We know how sought after these are. Serious offers only."

Cautiously optimistic, I called my dad to give him a heads up so he's ready to make the trip and sign the papers. I offered the seller full asking price, but at this point the listing was 6 hours old and I was skeptical it was still available. Sure enough, the seller responded "I've had 30 emails since 8am. I'm sure it's sold." I wasn't surprised so I asked if $13k would put me towards the top of the list. Unassumingly he said he'd already been offered more than asking price. I thought about it for .5 seconds before throwing out $14k.

I was now the high bidder on a gorgeous, low mileage, 3rd gen 4Runner that "needs nothing."

I called up my dad again and told him to get his a** down to this 4Runner before it's gone. I almost had to bribe the shop to stay open long enough to get the car up on a lift and checked out.

The mechanic agrees that the car is in wonderful condition. Around this time I run the vin to see there have actually been two owners. The first owned it for two years, and the second owner for 15. The seller said it was transferred within the family but his dad was the sole driver. The other flag on the report was an accident 15 years ago with another car and 'multiple points of impact' (obviously no evidence of this today).

At this time I agreed to buy the vehicle for $14k. My dad gave him $500 consideration and I am to pay the remaining $13.5 when I pick up the truck next week.

Now is where you all come in. Who's the sucker here? This 4Runner is priced way off from anything else I've seen and would expect the seller to ask $18k+ in this market. Is this a case of "I just want it gone"? Or do we think he's holding something back? Am I overestimating what a good deal this is? I've only been looking for the past couple of months so maybe it's a bad sample bias.

And if we determine this to be a good deal, my question is wtf do I do now? My intent was to get a vehicle that I could take off-road, go camping, and live in for short periods of time. I wasn't expecting to buy something I'd want to store in a garage for the next decade. You guys have seen enough of these; is this one that should be garage kept and off of back roads? Bone stock instead of aftermarket modifications?

Any input would be greatly appreciated!

 

Where is the vehicle located? I would be concerned with rust first of all. In the pic. Of the engine compartment i see rust & corrosion in some areas, the alternator for one.

 

There is minimal rust underneath and the mechanic said it's the best 2001 he's looked at. We are in the midwest, so the rust is hard to avoid

 

I would have paid 15-18k for that thing! Awesome find. With a 2” lift and 32s that thing would be amazing

 

It's a 4Runner, it's not meant for a garage or storage building, it's meant to be used.

It looks to be in great shape, but if you're worried about your use degrading it's future resell you're only doing the next person a favor, not you.

Buy it, use it. Make memories.

 

exactly....it's not a museum piece.......it's meant to be driven

 

I'm considering this. If I can find someone who's looking to trade their rig for a low-mileage blank slate, this would be ideal.

If anyone is interested:
I was looking for something <$10k that I wouldn't mind beating on, but with plenty of life left in it. Some mods preferred (tires, suspension, bumpers) but nothing too crazy. I'm not going wheeling but I need something capable. A stock runner with moderate mileage is also good. In either case, meticulously maintained and excellent mechanical condition.

 

toss your 4runner 'line' out in the sales water......and see what you might snag....good luck !

 

Grab it! And drive it.

 

If you choose to sell it will sell instantly.

 

wow thats awesome! I'd undercoat it even yourself good to go for next 300k

 

Interesting it has LTD running boards and sport bucket seats...yet its an SR5? Thunder Cloud...I believe is the best color Toyota 4Runners EVER had.. She's a beauty BUY IT !!! USE IT, TAKE HER TO CLIMB SOME MOUNTIANS. We bought ours from a original owners with 30K miles on it 16 years ago...now she has 320K happy miles and will be in my will when I croak..to one of my grandkids. =)

 

Are you asking me if it’s a good idea to pay $14,000 for a 20 year old truck of a particularly common and readily available model?

You either should sell it right this minute if you want to get your money back or keep it for a long time because used car prices are about to tank down to nothing.

For perspective, I bought my 2001 4x4 back in 2001 for 27.5.

 

You are spot on with your assessment!

The issue with a lot of buyers is emotion when searching for a vehicle. A 2001 SR5 4X4 has a high retail of $6275.00. No matter what someone is willing to pay for it that is the NADA value. Right now it's a sellers market so not a good time to make vehicle or home purchases.

Over the years I take out the emotional aspect out of any purchase. I buy and sell strictly on NADA and invoice values. My sells are done quickly and my purchases are done slowly. If I can't get a vehicle at or under NADA or invoice, I move along and wait until I can. Also I will not spend more than 30 minutes in a car dealership or private party once the price is nailed down. I refuse to put up with the BS and dickering for a vehicle. My bottom line is my bottom line.

The only vehicle I paid over NADA (used) or Invoice was my 2005 KTM300. It was a new frame year model and I wanted it for racing. Being the only one for sell in CA at the time (Oct 2004). I snatched it up. And I paid dearly for it. I knew what I was getting into and made the decision.

 

The big thing to remember is that this market is not going to last. And if you did overpay, by more than twice what it’s worth, you’re not gonna be able to sell it for that for much longer.

 

It seems to me the OP made the same decision. Contrary to popular belief, these vehicles, with low miles in mint condition, are not readily available any more, and are getting harder and harder to find. If he decided it was worth it, who's to criticize him? It's no one else's money.

If I was in the market for that generation 4R, I most likely have been hard pressed not to do likewise.

 

Yes I am happy you quoted my post. I am in no way criticizing the OP for his purchase. I'm simply sharing my process in which I purchase a vehicle. Believe me I really want a 4Runner . I had to make a smart decision for my wife and I to hold off a year or two. The prices are insane right now and the choices are very limited. This also includes the suspension upgrades I'm looking for.

We are more than happy to make due with my 16 year old truck and my wife's 21 year old Lexus. During all this COVID crud I dropped over $5,000.00 on upgrades and repairs to my truck in order to squeeze another 150,000 miles or so out of it. It was a hard pill to swallow and I thought it over carefully.

Heater core, plugs, wires, various emission control components, tie rod ends, hubs, clutch, TO bearing, pressure plate, flywheel resurface, rear main seal, 3:73 gears, TruTrac diff, headliner, dual battery install, solar charge controller, marine relay, etc, etc.

This gives me some breathing room to wait until I can get a 4Runner on my terms. I do not want to be in a position where I don't have a reliable vehicle.

 

Toyota love is irrational.

 

Agreed. Some purchases are made not solely based on whether the vehicle is by-the-numbers worth it, but also by how-likely-are-you-to-find-another worth it. And at some point, it’s only money, and you’re getting older. Life is to be enjoyed when you can. Ten years from now you can tell yourself, “Boy, I’m glad I didn’t spend the extra $3,000 on that”, or, “Boy, I’m glad I grabbed this when I did.” Either is right depending on your values. Go with your values. My two cents.

 

He asked if $14,000 is too much for that truck. I think it is, the used car market is insane right now. It will cool off soon.

He asked if it’s concerning that the seller changed the story and it seems that it has been in an accident and some of the parts don’t jive, indicating it has been rebuilt at some point. I think it probably is, given how much they want for it.

I think if he waited for the used car market to cool off, and searched outside the rust belt, much finer examples would have presented themselves for less eventually.

I traded my 2001 in for an FJ cruiser in 2007 W. 140,000 miles on it with a bad AC and got $16,000 for the trade. That was a very long time ago.

 

It's all water under the bridge at this point anyway.

 

All valid points. I consider myself extremely fortunate to have picked up my 4R pre-pandemic, when deals were still to be had.

 

The 3rd gen is transitioning from a "used car" to being a "toy" for a TOYOTA enthusiast. I'm loathe to call it a collector car yet as it's not there yet and may never get there.

When used car prices drop, the 3rd gen market is probably going to shrug it off. So much has changed since you ditched...er "traded" your 2001.

Several years ago, there were indeed a bunch available for cheap down here in NC but now that supply is really low. Right now there are only two 2001/2002 on CL in my area. One is a $25k 2001 45k miler and one a $6k 260k miler. I used to be able to pull up like a dozen near me in all sorts of conditions and colors. It will be interesting to see if and when the used car market loosens up, whether I start seeing more listed. People may be hanging tight with what they have for now.

 

And this is going to pass. I'm predicting in the next year to two years max the prices will drop like a rock.

 

For normal cars yes.

For Jeeps and Toyotas, unlikely. They have maintained unreasonable high resale for 15 years. The Pandemic isn't affecting those used car sales.

 

I have to disagree. While used resale has always been higher for Toyotas, it's nothing like it is currently. And Jeeps are a dime a dozen here in CA. They lose there value similar to a European vehicle.

 

Oh I don't mean they will retain their current levels. I mean they have always had elevated prices in general.

Regarding Jeeps, they aren't worth it but they consistently hold their value even when they shouldn't. It's perhaps somewhat affected geographically but it's normally not.

I'm too lazy to google it, but some basic research easily supports this.

 

the price of 4runner are going up period and will stay up 15 yrs ago I sold a mint 1973 Bronco for $2750.... now NADA says $29,000 average and high $63k.... when I sold NADA had it about about $4k... and the Bronco although retro was not as good a truck as the 4runner and got 11 mpg.

 

doesn't matter what price you pay for a 2nd/3rd/4th gen 4Runner....whether it's 1500, or 15,000 +...you can't put a price on pleasure. ignore the haters and know it alls...