A quality, rebuilt long block for a 97 Tacoma would have cost me $7,000, add about $3,000 for the install. So $20K sounds high to me. At that cost you can probably pay to have a completely different engine put in it (like if you wanted a Cummins BT6 conversion).
Is the rest of the truck solid? Get a second opinion and have someone take a look everything else too. A new engine will be cheaper than a new truck. But, if it becomes a money hole, that will not be the case. If you will need a new truck in a few years anyway, it might be worth looking at them now. I ended up with a new truck because I really wanted a 4x4 that would fit my whole family.
The current market is not great. If getting a new one, spend a lot of time looking and be willing to travel to pick it up. Also, be willing to wait. I'm not sure on Fords, but for a Tacoma a new truck with a 3 month wait was cheaper than a used one with 40K miles.
Never buy extended warranties. If your state does not charge a fortune for transferring titles, consider using a dealer loan as they count on making extra money on the interest, then refinance for a better interest rate. In Alaska refinancing cost me all of $30.00, in some states it will be closer to $1000.00.
From a durability perspective, naturally aspirated engines will likely last longer than turbocharged ones like the Ford Ecoboost, plus naturally aspirated engines have less to go wrong and will be cheaper to fix. Of course, you will get poor gas mileage, so it is a trade.
Anyway, a lot to consider. I chewed my issue over for a month and a half before making a decision. Don't rush it, if you have that luxury.
Is the rest of the truck solid? Get a second opinion and have someone take a look everything else too. A new engine will be cheaper than a new truck. But, if it becomes a money hole, that will not be the case. If you will need a new truck in a few years anyway, it might be worth looking at them now. I ended up with a new truck because I really wanted a 4x4 that would fit my whole family.
The current market is not great. If getting a new one, spend a lot of time looking and be willing to travel to pick it up. Also, be willing to wait. I'm not sure on Fords, but for a Tacoma a new truck with a 3 month wait was cheaper than a used one with 40K miles.
Never buy extended warranties. If your state does not charge a fortune for transferring titles, consider using a dealer loan as they count on making extra money on the interest, then refinance for a better interest rate. In Alaska refinancing cost me all of $30.00, in some states it will be closer to $1000.00.
From a durability perspective, naturally aspirated engines will likely last longer than turbocharged ones like the Ford Ecoboost, plus naturally aspirated engines have less to go wrong and will be cheaper to fix. Of course, you will get poor gas mileage, so it is a trade.
Anyway, a lot to consider. I chewed my issue over for a month and a half before making a decision. Don't rush it, if you have that luxury.
