To sell at a loss, or fix and sell at a loss....or keep

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Joined
Jan 26, 2025
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I've only had my '08 for about a year, it's been good to our family. I am currently under-employed and taxes are due, so I was comtemplating letting it go and using the money for paying off Uncle Sam and shoring up for an unpredictable 2026 job market. I paid a bit too much for it, so I'm already behind the 8 ball, but some issues have appeared - the steering rack has a leak, the rear main seal looks like it has one too, and there's a minor coolant leak at the heater tube (also brakes/possibly rotors are coming up for replacement).

Here's the conundrum - I could dump it as-is for something like 'trade-in' value, or I could fix all the above (at a Toyota shop, not the dealer) and sell it for around 'retail' (maybe more) as a sorted out LC (more marketable?). I could just keep it as well, but the reason I was thinking about selling it in the first place is because we're not going off road etc., and have only put ~2k miles on it since buying it; honestly it's total overkill for us. I would be fine replacing it with something cheaper, not a money pit and not too much of a downgrade, for what is my/our current day to day. I've been to that rodeo before and it can be made to work. I can also drive another 'classic' car we have, but being from the '70s it'll be a little less user friendly in colder months.

Either way, I'm going to be out some money, so I'm trying to decide if I'll be out more selling it as-is, or getting it sorted out first, then selling. Would keeping it be the wisest move? Nothing wrong with having a good vehicle in good condition, but sometimes it feels like I'm bringing a T-34 to a pillow fight....
 
My .02. Focus on getting good employment right now.
 
Sorry to hear. Most any vehicle you buy next will cost more and probably not hold up as well. I”ll ask what type of work are you looking for?
 
Hard to say without more details and lifting the veil on some personal stuff. Not sure if you're financing and what terms you have. And without knowing more about the car (mileage, general condition, maintenance history, mods, etc), it's impossible to guess whether throwing money it to fix the issues will actually net you more if you sell.

If you could sell and really need the car, I'm guessing a 4Runner would be much more friendly on the wallet. But like others have alluded to, this would just be increasing your liabilities and the priority right now should be locking down stable revenues.

Best of luck with the search; hopefully something comes up very soon so you don't have to make the tough choice you're facing.
 
How about fixing the coolant leak, replacing the brake pads, and simply keeping track of the power steering fluid and engine oil while continuing to drive it. That shouldn’t be too expensive. Those oil leaks are probably ok for a while until you can afford a fix. If you’ve only driven 2K miles in a year, you don’t really need a replacement vehicle and it seems to me the least cost option is to keep it. I doubt you would recover the cost of fixing everything before a sale. Repairs don’t normally add much value; sometimes listing a bunch of repair work in a sale turns off buyers who might think they are getting a basket case.
 
A bit more info for those asking. We own it outright, no loans or anything. It was one of the most decent looking ones I could find not too far from us and it had a big stack of regular maintenance records from Lexus/Toyota dealers, which was convincing enough for me to pull the trigger.

It's got 207k miles and is in good condition, and drives fine, no mods other than some TRD wheels and 5 new tires. Carfax wasn't great but not horrible. I had the dealer do an oil service and coolant flush (it was due) a little after I bought it and I should have asked them to explain the 'caution' they noted about 'fluid leaks' on the invoice.

Might do what @Sandroad mentioned, I'm headed to a Toyota specialist shop on Tues to see what their 2 cents is.
 
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