This same question came up recently in this thread:
Problem area to look for in used t100s
My response is duplicated below, but you should read what others say in the above thread too.
For a 3.4 v6 4x4 (what I have), the mileage you suggest is accurate for conservative driving. a 2x should do better. I typically get 21ish highway when I drive like a granny. I've gotten as high as 22.5. On a few long trips I've run 76-82MPH, flooring it as necessary for passing, and still gotten 19MPG. "around town" driving will get pretty good gas mileage unless you're in a high traffic or hilly area. I've gotten as bad as 13MPG around town where I presently live. It's hilly and traffic(k)y.
On a high mileage vehicle, mechanically I would be looking for oil anywhere it shouldn't be - weeping at engine gaskets, etc, though a very small amount is no big deal. I would be concerned about the front end: Ball joints, tie rod ends, etc - look for play in the wheels while jacked up, uneven tire wear, or a lag that differs wheel to wheel when someone turns the steering wheel (that is, you see one wheel start to move before the other - though this is a pretty advanced indication). It's always good on a 4x4 to check that the 4 wheel drive works properly.
For the body, i would look very closely for rust around the rear wheel wells / bed sides. This is a common place for cancer to start from salt/sand/water getting above there from the open space below the bed. It is VERY expensive or time consuming to repair correctly, and VERY hard to find used parts (like whole beds) which don't have the same problems.
A lot of north east T100s have problems with the gas tank / fuel system rusting. Salt/sand can get packed above the gas tank and cause the lines to rust, and the lines running from the tank can rust also. No one makes an aftermarket tank so you're looking at a repair or OEM replacement (expensive). Just something else to keep an eye out for.
Check that the emergency brake works properly - they freeze up if not used occasionally.
Generally, it's good to listen for rattles or funny noises. They can be an indication of something wrong in the drive train or engine, depending on where you here them. It's also good to check the shocks and exhaust on any used vehicle.
One thing you should NOT be concerned about is a squeeking/metal on metal noise that only is audible on sharp turns. This is common on the T100 - all it requires is some grease on the sliders for the turning bump stops, and is not an indication of a problem.
Sorry to give you such a long list of things to watch for, but things you watch for now will save you money later. The t100 is a GREAT truck and extremely reliable. There are a few things that I mentioned that can cost you money, but over all the truck is very strong. My T100, other than a revamp in body work, has had less mechanically demanded of it than my father's 2000 Tundra. Mine has 220K on it and counting, and has never left anyone stranded.
As an aside which may be contentious, the 3.4 liter V6 (5VZ-FE) is the motor you want (96/97 4x4s all have it, others may too). Some people think this motor may go down as one of the best Toyota made.
Cheers,
Rob
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I also would rather have the 5spd manual, as I don't want to deal with potentially expensive automatic tranny problems.
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