We love Toyota off-roaders. The 4Runner SUV and Tacoma pickup are cool, capable and their build quality leaves little to quibble about. If you’re not doing performative feats of rock climbing on the regular — and most SUV owners aren’t — a Tacoma or 4Runner may be the best tool for the job.
But 2023 may be a terrible time to buy one new off the lot. Here's why.
The 2023 4Runner and Tacoma models are outdated
The case for buying a 2023 model 4Runner or Tacoma would come from the heart, not the head. Both are overwhelmed by more modern competition. The 4Runner and Tacoma have big, inefficient, naturally aspirated engines. The 4Runner and Tacoma feature wonky five-speed and six-speed gearboxes, respectively, at a time when the competition packs smooth and seamless eight, nine or 10-speed units.
Rival interiors, meanwhile, are much more comfortable and tech-forward. Going from a current Tacoma or 4Runner to a new Wrangler or a truck like the GMC Canyon AT4X can feel like traveling into the future.
New 4Runner and Tacoma generations are coming very soon
Toyota already unveiled the all-new 2024 Tacoma pickup. And while Toyota has not confirmed it yet, the new 4Runner is likely arriving next year. And the changes to both vehicles should be worth waiting for.
Better performance? Better fuel economy? Better handling? Better ride quality? Nicer interior? Enhanced safety tech? The new 4Runner and Tacoma are getting all of it. A new hybrid may push fuel economy toward 30 mpg (and provide 326 horsepower and a mammoth 465 lb-ft of torque). And an electric version of at least the Tacoma may be on the way.
Prices are high right now for Toyota off-roaders
Dealer inventory is improving as the chip shortage and supply chain issues ease. But the prices of new vehicles are increasing with inflation (even before you factor in dealer markups). High interest rates have jacked up the cost of borrowing. And both the 4Runner and Tacoma are exceedingly popular.
Were you inspired during the pandemic to build out a sweet overlanding rig? Well, so was everyone else. As a result of all this, the days of being able to score a decently equipped Tacoma on a lease for less than $300 per month are gone.
And no one knows whether that vaunted Toyota resale value will last
The justification for paying a lot on the front end for a 4Runner or Tacoma is their durability and glacial rate of depreciation. In days of yore, you could drive these cars for a decade, run the mileage count into six figures, and still get $20,000 or more for it on the back end. That may be about to change.
The shift to battery-electric vehicles is coming quickly. It will be the most remarkable transportation shift since moving to internal combustion. EV skeptics are looking more and more like the people who said they'd never buy a smartphone.
We don't know what EVs will mean for the resale value of gasoline-powered cars. But we suspect that 4Runner earning less than 20 mpg on the highway may take a hit in a climate where states like California have outlawed gasoline cars, companies like GM have ceased selling them and Toyota sells trucks and SUVs with solid-state batteries. Gas-guzzling vintage SUV prices may already be falling.
A 4Runner or Tacoma may be a high-quality item built to last. But so was a custom-built carriage in 1910.
