Who can afford a new truck anymore?

[MossRoad]

The perennial debate. New or used? Lease or purchase?

Last time I purchased, because the truck was cheap, and the lease rates were high. This time I least because the lease rates were virtually zero. So, with the small amount of interest and the depreciation I'm only paying about $400 per month for the 2014 F1 50 super crew with the XTR option. And, in two years, I get a new truck!

So that equates to renting a truck for about $10,000 for two years?

 

[sdef]

I agree with your outlook on things. However, near the end, you mention old vehicles... two-three years old isn't old. 8-10 is starting to get old and maybe out of date on advances in safety tech., etc...

And yes, this thread is on trucks, and they don't seem to depreciate as fast as cars. But any buck you can save and still get a good vehicle is a buck earned (my apologies to Ben Franklin).

Agreed. My reference point in years for "old" is similar to yours and I was most likely thinking back to my muscle car era. .

 

[kenmac]

You really believe that? :laughing:

The last two vehicles we purchased were less than two years old and had several years left on their factory warranty. They were both 1/2 the cost of new. Half. Excellent condition. Low miles. Good tires, etc.... we sent our kid to college debt free on the savings.

Some people spend what their friends think they make

 

[RollingsFarms]

I recently bought a 2006 Z71 crew cab with only 75k miles. It was owned by an older gentleman I know and was always garaged. You can't find a scratch on this truck anywhere, not a ping, not a ding, not even a rock chip. The leather seats aren't even showing hardly any wear. I also have a 2014 Z71 but wanted this truck for second vehicle and I knew how well it had been cared for which is why I bought it.

 

[dmccarty]

There was an article in the Wall Street Journal in the last few days about a new F150 model, yes 150, that is aimed at high dollar buyers. This F150 model STARTS at $60,000. :confused3::shocked::shocked::shocked:

The article mentioned a guy driving a high end Mercedes selling his car to get the F150. This F150 cost more than a Porsche SUV.:confused2:

Later,
Dan

 

[Will_C]

I am the perfect candidate for a used truck-I only drive a truck 6,000 miles a year or so. My 2004 needs a bunch of repairs-mostly for emissions related items and exhaust. The truck has spent 11 years on the salt drenched roads of the Northeast, and I am reluctant to spend $3-4000 on an 11 year old truck-it also needs some other maintenance.

All I can find are 3-4 year old trucks that cost 80-90% of what I can buy new for. I am willing to take that kind of depreciation to own a new truck. I have owned my 3 trucks for 7.5, 8, and 11 years each. If I can find a 3 year old truck, 30-40k miles for $25,000 that is the same as a new one I can buy for 35-36 thousand-I'll be all over it. In 2 months of searching, I haven't found a single one within 100 miles of home.

Will

 

[Jstpssng]

We purchased a used car from a guy that bought it for his wife. All factory options, etc.... after 3 years she wanted a jeep. He sold it to us for half the price of new. Yikes!

I worked for myself for 10 years. One of the biggest mistakes I made was buying used vehicles. At 50K miles you're looking at tires ($800-1000) brakes, and any number of other miscellaneous things.
I was traveling all over 4 states, about 50k miles per year... I really lucked out because every time I had a major breakdown I was close to home.

Contrast that with a friend who buys a new truck every 36k miles when the warranty wears out; sometimes trading after 8 months. He takes exceptional care of it, banks his mileage check, uses his GM credit card for everything and puts his "GM bucks" toward the purchase; all he pays in maintenance is oil changes and car washes, he still has the original tires when he trades. He once told me that he gave his old truck and 4K toward his new one... at that time they had 3 of his used trucks on the lot.
I've spent as much as $7500 in a year on repairs, because the 4year old truck wouldn't run long enough for me to get ahead.

 

[houstonscott]

I worked for myself for 10 years. One of the biggest mistakes I made was buying used vehicles. At 50K miles you're looking at tires ($800-1000) brakes, and any number of other miscellaneous things. I was traveling all over 4 states, about 50k miles per year... I really lucked out because every time I had a major breakdown I was close to home. Contrast that with a friend who buys a new truck every 36k miles when the warranty wears out; sometimes trading after 8 months. He takes exceptional care of it, banks his mileage check, uses his GM credit card for everything and puts his "GM bucks" toward the purchase; all he pays in maintenance is oil changes and car washes, he still has the original tires when he trades. He once told me that he gave his old truck and 4K toward his new one... at that time they had 3 of his used trucks on the lot. I've spent as much as $7500 in a year on repairs, because the 4year old truck wouldn't run long enough for me to get ahead.

If it has gaskets or hoses 4-5 years. Hoses, brakes, coolant, tires, plugs, serpentine belts, lots of stuff at 50k. HS

 

[buckeyefarmer]

I have never ever seen a 2 yo vehicle for 1/2 price of a new one. Matter of fact, most 2 yo vehicles are usually priced HIGHER than new, when you factor in rebates, lower interest rates, etc... Wish I could find one of those deals.

 

[ultrarunner]

I grew up in the car business... family always drove used cars or demonstrators... not a new car to be seen going back decades.

Something nice came in and it would be the new family car until something better came along.

People that buy new cars and keep them do very well... especially if they avail themselves of rebates and promotions.

The ones getting killed are often the ones shopping payment without regards to term or with no so good credit that are willing to sign just to drive new.

Cars are not the same as they once were... a new car was a real symbol that you arrived...

The hospital where I work is full of new cars... even those that make a little above minimum wage are driving new...

It seems the schools of thought are buy new and sell with a little warranty remaining so the new buyer has confidence... keep forever... lease... or find a good deal on a used car with a known history.

Sometimes you have to buy new to get exactly what you need... sometimes the model you want has not been around long enough for used to be available.

One thing is for sure... every new car becomes a used car as soon as someone buys it.