If you are the owner of a Toyota Tacoma truck, particularly those trucks made between 1995-2000, you may have a goldmine on your hands. Or, at least a rust bucket that Toyota wants to fix.
Toyota has initiated a special program to buy back the trucks after complaints that the frame rails on some of these models have overly rusted and cannot be repaired. Toyota is planning a mass mailing to more than 800,000 Tacoma owners, instructing customers to bring their car to a local dealer for an evaluation. If dealerships discover sufficient rust damage to the frame, Toyota promises to either repair or repurchase the vehicle. If there’s no rust perforation present, an extended warranty of fifteen years — with no mileage limitation — will be given.
The goldmine for Tacoma owners is in the price that Toyota indicates they are willing to pay for each vehicle. Jalopnik says that owners will receive 150% of the truck’s value as compensation. Owners won’t be required to purchase another truck — they can cash their checks for whatever purpose. Even if your truck is in poor condition Toyota will consider its condition “excellent” and base its payment to you on that value. Thus, if your 1994 Tacoma is on its last legs you could be given enough money to buy a new one.
More recent model Tacoma trucks have been experiencing acceleration problems, an issue that is also under investigation.
27 Responses to “Toyota To Resolve Tacoma Problem Through Mass Buyback Program”
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Very clever of Toyota to take an issue that has owners worried that they bought wrong and turn it around so that those people feel good about the deal.
Would that other manufacturers were as savvy…
I hadn’t heard this. But, I have noticed an increase in the cost of these trucks at the auction lately. I’ll keep my eyes open for them now.
Driving Course, it can also be a way for Toyota to sell a bunch of new trucks. In effect, Toyota is giving a hefty rebate check even without a truck purchase. For owners who decide they want a Tundra instead, then another $5500 in savings could be realized.
Enigmanuma, if you find a junk Tacoma at auction then go ahead and buy it and turn around and sell it to Toyota for a hefty profit!
I’m extremely impressed with the manner in which Toyota is handling this. My truck is one of the affected units. First of all, Toyota owned up to it’s fault. The dealership offered me a brand new loaner (which I declined, I don’t think my truck’s going to fall apart in two weeks). I haven’t received my offer yet, but from what I hear everyone who already has is extremely pleased. When I was telling a Lincoln/Mercury salesman about this, he had a hard time believing me. Yet again, the foreign automakers trump the domestic ones on almost every front. Kudos to Toyota!
Love toyota……they have it right from the CEO down to their products.
All the objective literature says the same things about toyota…..it’s just a good company!
The offer is real, however, the dealer told me you have to own the vehicle for a minimum of two years.
Thanks for sharing that information, Jim. It makes sense too — otherwise anyone could run out and get a Tacoma and flip it for a new vehicle.
Does anyone know how to go about this program?
Hi Jaime, contact your local Toyota dealer and find out how they are handling it. If your truck qualifies, they’ll tell you what to do next. Likely, you’ll have to bring it in for a personal inspection.
Nice to see a builder back it’s product. I bought a Ford Pinto in the 1980’s, brought it back to the dealer who sold it to me 9 months later with rust perforations all over it, the dealer laughed at me and told me ‘Buyer Beware’ some nice, and some nasty letters later, Ford pretty much told me to go to hell on the matter. I never bought another Ford product because the company was not behind what they sold.
PS Good show Toyota, way to go!
I agee completely with taco-owner. Toyota is backing up its reputation for quality and doing right by customers. I am also affected and have not yet recieved my offer but the estimates are well above what I could get in a private sale.
I am looking at a used Tundra - with the price of gas probably not the best move but at the same time I have a lot of faith in Toyota products
Hi,
I’ve got a 94 Toyota Corolla with the same problem. The rocker panels are so rusted the shop basically said I’d be better off junking the car. Any chance Toyota would give me a rebate?
Thanks
Dave, that is hard to say. Your best bet is to go to your local Toyota dealership to find out if you’re covered. Also, check this site out for “secret warranty” information that you may not know about:
http://www.consumeraction.gov/caw_automobiles_warranties_lemon.shtml
Hello
For anyone that is getting a hard time from Toyota in terms of the Toyota Tacoma Frames rusting out please try this website The Center for Auto Safety It has alot of valuable information on it and you can file a complaint if you wish. Another website is Home | National Highway Traffic Safety Administration(NHTSA) | U.S. Department of Transportation file a complaint and they will start investigating your complaint. Hopefully this can help alot get many of these defective vehicles off the road and correct corporate irresponsibility.
Thanks
“if your 1994 Tacoma is on its last legs you could be given enough money to buy a new one.”
A new Tacoma is about $15k, more or less. Where in the world is a ‘94 Tacoma sell for $10k?!
Ham, the owner of the ‘94 Tacoma would still have to come up with some money, but since Toyota is giving owners well over book value (not condition) then the owner of a rusty Tacoma could fetch a nice amount for their relic.
Hi,
Another thing to remember is if your Tac does fail inspection, Toyota is suppose to provide you with a free loaner vehicle from the time you turn in your truck to the time you pickup your check. I rec’d my check last Thursday for more than what I paid 4 years ago. The problem I’m finding with this program is that it’s driving up the cost of used Tacomas. It’s almost impossible to find one around here (Central New England). I believe Toyota had a great marketing strategy. Although they will be taking a financial hit, they will be profiting in the long run. I miss my truck.
This is to Matt whos mouthing off about Toyota “corporate irresponiblity”. I can tell Hes a typical liberal with a victim mentality. Toyota is a highly responsible company and they should be held up as a great example for the way companies should be run (without need for unions, by the way). I just got my 150% check for a rusted out 98 Toyota Tacoma. How many other companies would back their product up like this?
I would be checking craigslist for these! You could get a really good deal on one and have toyota rebuy it or get hooked up with an awesome warranty. Toyota knows what they’re doing imo
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