When is the best time to trade a truck?

[bdog]

Here is my situation. I have a 2008 F-350 4x4 king ranch crew cab diesel. Paid cash for it used in 2009 for 35k and now it has 117k miles. I figure it is worth about 25k now.

I love the truck and don't really care if I get a new one or not but I feel that I am at a crossroads so to speak in that right now it is still worth quite a bit but if I keep driving it the miles are going to get up there and before I know it I will have a bazillion miles and a truck worth pretty much nothing.

I use the truck for work and realistically buying a newer one every few years is justifiable. I am trying to figure out what makes the most sense from a financial standpoint - drive this truck I have until it has 200-300k miles and is worth essentially nothing or trade it now and get something newer?

 

[Bob77064]

With that many miles a new car dealer will wholesale it to a used car dealer. The best time to go to a car dealer is the end of the month when they are trying to meeet their quota. Good luck, you can look on NADA for a value.

Ford Pricing and Information - NADAguides.com

 

[Martian]

Last year I traded in a GMC 2500 in December for a Yukon. Dealer said that that was a really good time for my trade in because the snow was coming and people were looking for 4x4s.

 

[bdog]

With that many miles a new car dealer will wholesale it to a used car dealer. The best time to go to a car dealer is the end of the month when they are trying to meeet their quota. Good luck, you can look on NADA for a value.

Ford Pricing and Information - NADAguides.com

Thanks for the reply. That is good info on the timing of the trade and definitely useful but is not really what I was trying ask.

I was wondering if my strategy should be to trade every two years, or should I wait longer? I have never bought a new vehicle in my life and don't really want to I like to buy two year old vehicles. Just trying to figure out what makes the most financial sense.

In my scenario now I figure my truck has cost me 5k a year since I bought it for 35k, had it two years and it is now worth 25k. I figure if I drive it another year it will lose 5k, and so on. I bet if I drove it four more years it would probably be worth 5k.

On one hand one would think that driving it as long as possible would save money but on there other hand trading every couple of years would keep me in newer and likely more reliable trucks and I would still be losing 5k a year or so.

 

[jeffsw6]

This is just my $0.02, but I think modern pickup trucks are going to either have a bunch of issues fairly early in their life, or they are going to last a very long time. If your truck has 117k and 4 years in service and the gadgets are still working, you keep up with the maintenance, paint isn't falling off, then I would consider carefully whether you want to trade it in for a new(er) one.

Some guys really like having a late-model truck. There's nothing wrong with that, but if you are just trying to make the smartest buying choice, keep in mind there is some fraction of trucks that spend a lot of time in the shop way before the warranty expires, too. They have to build some of these trucks on Fridays.

 

[two_bit_score]

Here is my situation. I have a 2008 F-350 4x4 king ranch crew cab diesel. Paid cash for it used in 2009 for 35k and now it has 117k miles. I figure it is worth about 25k now.

I love the truck and don't really care if I get a new one or not but I feel that I am at a crossroads so to speak in that right now it is still worth quite a bit but if I keep driving it the miles are going to get up there and before I know it I will have a bazillion miles and a truck worth pretty much nothing.

I use the truck for work and realistically buying a newer one every few years is justifiable. I am trying to figure out what makes the most sense from a financial standpoint - drive this truck I have until it has 200-300k miles and is worth essentially nothing or trade it now and get something newer?

There used to be a good Chevy dealer in Haskell or Plainview that was good to deal with. Not know about the Ford dealers in the panhandle. Wherever you decide go to the fleet dept and bypass the buzzards up front. But you already knew that.

 

[downslope]

Here is my situation. I have a 2008 F-350 4x4 king ranch crew cab diesel. Paid cash for it used in 2009 for 35k and now it has 117k miles. I figure it is worth about 25k now.

I love the truck and don't really care if I get a new one or not but I feel that I am at a crossroads so to speak in that right now it is still worth quite a bit but if I keep driving it the miles are going to get up there and before I know it I will have a bazillion miles and a truck worth pretty much nothing.

I use the truck for work and realistically buying a newer one every few years is justifiable. I am trying to figure out what makes the most sense from a financial standpoint - drive this truck I have until it has 200-300k miles and is worth essentially nothing or trade it now and get something newer?

Would you be looking to buy another late model used truck like you did with this one, or are you thinking brand new? Also you don't really say whether you did the last transaction late or early in the model year and how many miles were on the current truck when you bought it and how many miles you put on each year. All of this will have a bearing on your decision.

I feel if you're able to pick up a slightly used truck still under warranty like it seems you may have done with this last one, then I would look at upgrading to another slightly used unit. It all depends what the availability of late model used is in your area, how much it will REALLY cost you and how much time and interest you have in shopping for a used truck.

 

[xtn]

The depreciation isn't evenly spread over the years. You figure it's cost you ten grand for the two years you've owned it. It cost the first guy ten grand or more for one year. If you buy a new truck, you're going to be that guy.

Your truck, assuming it doesn't explode, ought to be worth four or five grand even when it's ten years old. That means the depreciation hit is less and less the older it gets.

You only need decide if the increased maintenance costs for an older truck adds up to more or less than the depreciation saved by keeping it. On my 2003 Super Duty crew cab 4x4 diesel that is the case. I've spent a couple grand in the last two years on repairs, but my depreciation loss is getting pretty low.

 

[Diamondpilot]

Using it for work I would want the piece of mind of newer.

Chris

 

[dodge man]

If its vital for your work, I would say trade in the next year. Money wise, its best to drive a vehicle into the ground, but at some point it gets less and less reliable.