Depending on your relationship with your parents and how well you anticipate both you and them dealing with the whole affair, to me that would weigh in as a heavy factor. I should precise. Even though your parents may sell the vehicle to you, they may remember it as theirs and retain 'ownership' despite you now maintaining it, etc. If you're ok with this, that's fine, even the time your mom invariably calls you telling you she crashed your car (I'm speaking from personal experience), and you end up wrenching on it to fix it in freezing temperatures (or when you're already swamped) -- because naturally, once something goes wrong, it's "your car"! Consider a total loss condition (i.e. the vehicle is not salvageable), and they just took the truck out to go pick something up (because you have a pickup after all!) and the truck is written off. Are you prepared to be left in the dark like this?
Alternatively, if you plan on throwing 35's on it and driving their beloved old truck through a mud hole, you'll get to constantly hear about how you ruined their 'pristine' truck, despite you paying the bills, doing maintenance and hosing it off. Oh, and if you do too much maintenance, you'll be called obsessive, etc.
If I could do it over again, I think I'd still have taken the vehicle (mine was more inherited than a purchase), but in your case, given the recent maintenance on the vehicle, I'd recommend paying them out either in full for the recent repairs (and say at 50% for the tires if your parents are feeling generous), or whatever fair market value is for the truck in equal shape as close to you as possible. Take whichever is lower and approach your parents with the offer, if they're expecting money. If there are any issues whatsoever, in my view, you should walk away from the deal, as preserving your family ties is far more important than an old Toyota. Based on the work you've described that's been done to the vehicle over the past few months, it seems to fit in the $1200 - 2000 ballpark.
If you'll be using this to commute around town and don't plan to offroad, consider that a Civic, Camry or otherwise would be far safer in an accident and far more fuel efficient than the truck. Depending on what you can find in your area, you may be able to match if not exceed the reliability from the pickup with a newer platform.
Best of luck.
Last edited by khany2002; 01-09-2013 at 11:52 PM.