The new generation Taco is far more sophisticated. With a V-6, auto, and option upgrades, it makes a superb daily driver...as quiet and comfortable as most pasenger cars. Add TRD and 4x4, it is also a fine offroad vehicle. And that new V-6 is vastly more powerful than the previous gen, with little if any decrease in mpg. I have the short bed double cab, which is admittedly a little "short" on cargo capacity. But it meets 95% of our truck requirements, is relatively agile in traffic, and not ungainly in parking lots. If you have kids, you might like the new gen's optional side curtain airbags (we got those.)

On the other hand, when you throw in all the most desirable options, the new Taco is pretty pricey. If you're willing to spend the money, they're well worth it.

If you want to spend around 35 to 50% less, the previous gen is a great bargain. We had an 03 extended cab Taco, and that long running model was refined to near perfection. Probably, one of the most long term trouble free, reliable vehicles in the world. It had front airbags, but almost as much old school "retro charm" as a VW Bus. If I hadn't injured my back, and needed to trade the 03's manual trans for an auto, we would have kept and loved it forever.

The deciding factor is how much money you are able or willing to spend. You can't go wrong either way.