Tacoma engine knocking power loss

That sounds rough! I had something similar happen with my old Saab 9-3 a few years back. Knocking, loss of power, the whole shebang. Does the knocking sound like marbles rattling around inside the engine? For me, it turned out to be pre-ignition, likely from carbon deposits building up in the combustion chamber. Are you sure the ignition timing is correct?

Marbles rattling... yeah, that's a pretty good way to describe it! Carbon deposits, huh? How did you figure that out? And how do I check the ignition timing? I'm pretty clueless when it comes to engine tuning.

The sound was the giveaway for me, plus the error code pointed toward misfires. Think of your engine like a finely tuned piano; if one string is out of tune (in this case, the timing), the whole song sounds off. Pre-ignition is like hitting the piano key a split second too early – it creates a nasty vibration (the knock). I'm afraid checking the timing is best left to a pro with the right tools. Given the smoke and power loss, it's time to visit a reliable workshop. They can scope the cylinders and check for deposits.

Thanks a bunch for the advice! Sounds like I'm in over my head. I took it to my mechanic, and you were spot on! It was carbon deposits causing pre-ignition. They cleaned the cylinder heads and did some engine tuning. Cost me about 425€, but she's running like new again!