Toyota Tacoma vs Chevrolet Colorado
The 2022 Toyota Tacoma and 2022 Chevrolet Colorado are the two most popular compact pickup trucks in America, constantly cross-shopped by buyers who want a capable daily driver without full-size truck running costs. The Tacoma wins on legendary resale value and reliability reputation, while the Colorado undercuts it on purchase price and offers a more refined on-road ride — making the choice far less obvious than brand loyalty might suggest.
Despite a higher sticker price, the Tacoma's dramatically superior resale value and lower long-term repair costs result in a lower true 5-year cost of ownership, effectively making it the cheaper truck to own even if it costs more to buy.
2022 Toyota Tacoma
Winner- Industry-leading resale value offsets higher purchase price
- Exceptional long-term reliability reduces unexpected repair bills
- Lower average insurance rates than many competitors in class
- Worst fuel economy in the compact truck segment at roughly 20 MPG combined
- Higher purchase price requires more capital upfront or larger loan
- Interior tech and ride comfort lag behind rivals, limiting appeal for commuter use
2022 Chevrolet Colorado
- Lower purchase price reduces initial financial exposure
- Better fuel economy with 2.5L turbo four-cylinder around 22 MPG combined
- Smoother on-road ride makes daily commuting more comfortable
- Significantly steeper depreciation curve erodes value 15-20% faster than Tacoma
- GM 2.5L and 3.6L engines have documented reliability concerns increasing long-term risk
- Discontinuation after 2022 model year creates parts and support uncertainty long-term
Category by category
The verdict
Over five years and 60,000 miles, the 2022 Toyota Tacoma costs approximately $2,580 less to own than the Chevrolet Colorado despite its higher purchase price — driven almost entirely by its superior resale value and lower repair frequency. The Colorado is the more pleasant truck to drive daily and sips slightly less fuel, but its steeper depreciation and reliability risk undermine those advantages. For most buyers, the Tacoma is the smarter financial decision; only committed short-term owners with a tight upfront budget have a genuine case for the Colorado.
Toyota Tacoma: The 2022 Toyota Tacoma is best for buyers who plan to keep the truck 5+ years, prioritize long-term reliability and resale value, or need a proven off-road capable platform for trails and work use.
Chevrolet Colorado: The 2022 Chevrolet Colorado is best for budget-conscious buyers who want a comfortable daily driver, plan to sell within 3 years, and are less concerned about long-term depreciation or the model's discontinuation.
Frequently asked questions
Does the Toyota Tacoma really hold its value better than the Chevrolet Colorado?
Yes — the Tacoma consistently ranks among the top 3 vehicles in any segment for resale value, retaining roughly 65-70% after three years compared to 50-55% for the Colorado, a real-world difference of $4,000-$6,000 at trade-in.
Which truck is cheaper to insure, the Tacoma or Colorado?
The Tacoma edges out the Colorado by roughly $75 per year on average full-coverage premiums nationally, though rates vary significantly by driver profile, location, and trim level.
Is the Chevrolet Colorado being discontinued and does that affect ownership costs?
GM discontinued the first-generation Colorado after the 2022 model year before launching the redesigned 2023 model; this creates some uncertainty around parts availability and dealer support for 2022 units, which could modestly increase long-term maintenance costs.
Which truck is better for towing and payload?
The Tacoma and Colorado are closely matched, with both offering around 6,700-7,700 lbs towing capacity depending on configuration; the Colorado's max payload can exceed the Tacoma's by roughly 200-400 lbs in certain trims.
Which is more reliable, the 2022 Tacoma or 2022 Colorado?
Consumer Reports and J.D. Power data consistently rank the Tacoma above average for reliability while the Colorado scores near or below average, primarily due to powertrain and electrical issues reported by owners.