4Runner Arbitrage

Just thought I would post this for any other late model year 4Runner owners who are looking for a ‘free’ upgrade.

I went by my dealership this morning and saw that they had two '22 4Runner Limited models on the lot. I have a '21 and am constantly putting my vehicles value into online car buying services such as Carvana and Vroom. I was interested in some of the new features of the '22 so I put my vehicles information into all the various websites and got the following offers:

  • Carvana = $48,798
  • Vroom = $48,555
  • CarBuyerUSA = $49,871
  • ALGO = $49,600

I purchased the vehicle in January of this year (2021) and managed to get a significant discount before all the vehicle shortages were taking place. My sale price for the vehicle was ~$43.2k on an MSRP of ~$48k. So after seeing these offers I was excited as my vehicle had appreciated a good amount over the past 10 months.

I call up my dealership and he says best he can do on trade is $46.5k, well below what I was seeing from the online services, I get talking to the GM and he says he can’t match the online services. I go for the Hail Mary play and head over to CarMax. I give them my unwashed 4Runner for an appraisal and they come back with… $51,000!

My dealer said without the trade he wouldn’t sell me the car for less than MSRP so the new '22 I’m in was $49.7k MSRP + tax + doc fee. I live in Virginia where we pay tax on the vehicle selling price regardless of trade so taxes were $2.2k and doc fee was $800 bringing my net cost to $52.7k. I effectively got the new car for less than what I just sold my 1 year old car with 10k miles for.

End of story:)


Garage shot for evidence.


4Runners never lose value and they’ll run for 20 years

1 Like

Parents have a '15 4Runner TRD PRO that I’m pretty sure they could sell for what they paid for it 6 years and 50k miles ago.

1 Like

I had multiple 4runner trd pros from 2016 to 2020 and never had a single problem with any of them. Probably getting another when the redesign comes out.

1 Like

Nice work!

Did you purchase or lease the new one? Finance / Int Rate or pay cash or MF? TFS Financing or Bring your own?

Purchased (previous was purchased as well). Financed. NFCU @ 2.19 for 60.

Not sure what you mean. You pay tax on the selling price minus trade equity (if any). Besides, it is the same for other states on a purchase, which you did. And we got it better than most other states at 4.15%

Great for you. I’m not trying to take anything away, but I find your math curious. You paid $52.7k for the new and sold the old for $51k. The new is certainly not less than the old. You paid $1700 for the upgrade.

He made $8k on the old one :slightly_smiling_face:


Updated language in the post. My experience has always been tax at the selling price. Any equity would be deducted from that number after tax is calculated.

50k purchase - 25k equity would still have tax at 50k. At least that’s how my calculators always work out.

No, your tax would be on the selling price - $25k

Even when my trade was in play tax line item was still north of $2k which doesn’t add up, but I have no idea on tax law.

On this truck your selling price was 52k at 4.15% sales tax, hence $2k tax.

Would all these (reliability, maybe resale value) change with new turbo engine redesign?

If they switch to iForce Max technology on the 4Runner using a 4 cylinder engine it would definitely make things more complex. Toyota has been doing hybrid powertrains for awhile, but I think resale value would depend upon how much more power they get out of the hybrid and the boost to fuel economy. At the end of the day overlanders prefer something simple to get them from A to B.

If the $8k was from personal income and not a car sale in this scenario would the same thought process apply?

6K if the sales price listed is without Tax & Tag…

pretty sure he was being facetious. It has been an ongoing theme around here that people somehow think they “made money” when they use it towards a new car that they are paying more for than they would have before the market went nuts.

1 Like

Yeah. Actually I was being facetious and he was serious lol

1 Like