Used Car Market

Average Joe

Average Joe

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Over the past several weeks I’ve been in the market for a used truck. I know this isn’t a good time to purchase a vehicle, but I’m afraid my frugalness of buying a good used vehicle and driving it till the tires fall off has put me in a predicament. Really wasn’t in the market, but after talking to several people in the business, I learned they all believe it is only going to get worse before it gets better. Many predicting late 2023 early 2024 before the market turns the curve and starts to get better. Not wanting to chance needing something immediately, I decided to start my search now. So who has the best deals on a 2016 or newer, Ford F-150, crew cab, 4wheel drive, with towing package? And any advice on the 2.7 V6?


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I was briefly thinking about trading my F150 configured as you described for another as you described a month or two ago. Seems like there were more of that 2.7 available than others. I don’t know if that’s because they are unpopular or because dealers just ordered more of them.

My advice is to be willing to think a little outside the box on your search. Coincidentally, we ended up selling the wife’s car to one of the kids so they wouldn’t buy another unknown POS used-up car. Wife wanted another Escape just like it and we really like the Ford dealer close by where we get both vehicles serviced. But no new Escapes to be had anywhere in the base model that she prefers, and the used ones were priced obscenely, even though they appeared to be priced “fairly” according to NADA

Bought a Chevy (*gasp*) across the street and worked a deal that seemed fair enough on a comparable vehicle. By the way, I test drove their trucks the month earlier. Couldn’t get excited about the new ones.

The one thing I will say, shopping for a used truck as you have described even in a normal market will have you scratching your head as to why all the used trucks with 125k on the clock are priced as they are.

With the low interest rates that are available from time to time on new trucks and previous year models still in inventory, I’d be looking at new ones as well. They finance them forever, and if the rate is low enough (maybe even 0%), why not?

On the new 2021 base Chevy Equinox we bought, they offered 0% or cash back. We took the cash back, and financed the rest at 2.9% with good credit.

If I was going to pay on it for the full term it would probably be a wash, but we’ll likely pay it off sooner.
 
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That’s been my observation with the 2.7. Like you, not sure why there are more on the market. They seem to be in several different color variations as well. I’ve looked at Chevy, Toyota Tundra, and Nissan Titan. Not a dodge fan, long story about a past experience with a new dodge. I’ve looked at some new Fords. You are right about the interest rates. I would most likely go that route if I could find the right truck. However, if I’m going to buy new, it will be exactly what I want. The market is so screwy right now even they are hard to find.


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Average Joe said:
Over the past several weeks I’ve been in the market for a used truck. I know this isn’t a good time to purchase a vehicle, but I’m afraid my frugalness of buying a good used vehicle and driving it till the tires fall off has put me in a predicament. Really wasn’t in the market, but after talking to several people in the business, I learned they all believe it is only going to get worse before it gets better. Many predicting late 2023 early 2024 before the market turns the curve and starts to get better. Not wanting to chance needing something immediately, I decided to start my search now. So who has the best deals on a 2016 or newer, Ford F-150, crew cab, 4wheel drive, with towing package? And any advice on the 2.7 V6?


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Prices are moving in the opposite direction from what the people "in the business" are telling you.

www.businessinsider.com

Used car prices are finally cooling off, but it still won't be easy to buy one

The price of used vehicles barely budged last month. Even so, they're still at record highs, inventories are tight, and things aren't improving.
www.businessinsider.com www.businessinsider.com
 
Average Joe said:
Over the past several weeks I’ve been in the market for a used truck. I know this isn’t a good time to purchase a vehicle, but I’m afraid my frugalness of buying a good used vehicle and driving it till the tires fall off has put me in a predicament. Really wasn’t in the market, but after talking to several people in the business, I learned they all believe it is only going to get worse before it gets better. Many predicting late 2023 early 2024 before the market turns the curve and starts to get better. Not wanting to chance needing something immediately, I decided to start my search now. So who has the best deals on a 2016 or newer, Ford F-150, crew cab, 4wheel drive, with towing package? And any advice on the 2.7 V6?


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Click to expand...
My advice? Don't touch turbos on a gas engine. If a 2.7 v6 is good enough, you don't really need anything as big as a f150
 
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wvsig said:
Prices are moving in the opposite direction from what the people "in the business" are telling you.

www.businessinsider.com

Used car prices are finally cooling off, but it still won't be easy to buy one

The price of used vehicles barely budged last month. Even so, they're still at record highs, inventories are tight, and things aren't improving.
www.businessinsider.com www.businessinsider.com
Click to expand...

Thanks for the article. I’ll use it when negotiating. However, it say probably won’t get any better for some time.


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Notacop said:
My advice? Don't touch turbos on a gas engine. If a 2.7 v6 is good enough, you don't really need anything as big as a f150
Click to expand...

I personally would look at 2017-2018 because Ford when to alum bodies while at the same time releasing the ecoboost engines which are basically turbos. I never like to be first year adopter. IIRC the 2.7 V6 is a Ecoboost turbo.

As others have pointed out Truck prices are an odd bird. When I bought my 2014 F150 it was actually cheaper than buying a 2 year old one. When you factored in full warranty coverage, $3000 in rebates and a 1.99% finance rate the new truck cost us less than the 2 year old truck would have.
 
Notacop said:
My advice? Don't touch turbos on a gas engine. If a 2.7 v6 is good enough, you don't really need anything as big as a f150
Click to expand...

I don’t think it will fit my needs based on the factory specs. Just making sure I wasn’t missing something. Im not a fan of the turbo either.


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wvsig said:
I personally would look at 2017-2018 because Ford when to alum bodies while at the same time releasing the ecoboost engines which are basically turbos. I never like to be first year adopter. IIRC the 2.7 V6 is a Ecoboost turbo.

As others have pointed out Truck prices are an odd bird. When I bought my 2014 F150 it was actually cheaper than buying a 2 year old one. When you factored in full warranty coverage, $3000 in rebates and a 1.99% finance rate the new truck cost us less than the 2 year old truck would have.
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I don't belive in car loans.
 
Average Joe said:
Thanks for the article. I’ll use it when negotiating. However, it say probably won’t get any better for some time.


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Yeah but they are talking 6-12 months not years. I personally would not buy a car right now unless I had to. The market is not going to get worse. It can only get better IMHO. The chip shortage will end and people will start buying new, turning in their leases and the used car market will stabilize. Why push into the market this close to an all time high unless you have to?
 
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If you wanna stay gas burner id be looking a bit older and at tundras. Towing with a tiny gas engine under constant boost is not great
 
Notacop said:
I don't belive in car loans.
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Ok. I could have paid cash for the truck but instead I took that money and put it into the S&P 500. We have this no debt debate all the time. Think about it.

The loan cost me 1.99% fixed. The annual rate of return on the S&P 500 during the loan period was 8.39% with dividend reinvestment it goes to 10.56%. That is compounding. If I paid $30,000 for the truck after paying the 1.99% The $30,000 is now worth $45,234.57. That means I made $15,000+ by taking the loan. Time cost of money and compounding interest vs short term debt.

Now the alternative is don't buy anything new but if you are buying taking people's free or low interest rate money to free up your money to make you more money is the key to building wealth in this system. IMHO
 
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wvsig said:
Ok. I could have paid cash for the truck but instead I took that money and put it into the S&P 500. We have this no debt debate all the time. Think about it. The loan cost me 1.99% fixed. The annual rate of return on the S&P 500 during the loan period was 8.39% with dividend reinvestment it goes to 10.56%. That is compounding. If I paid $30,000 for the truck after paying the 1.99% The $30,000 is now worth $45,234.57. That means I made $15,000+ by taking the loan. Time cost of money and compounding interest vs short term debt.
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I also don't belive in cars and trucks that new lol
 
wvsig said:
Yeah but that are talking 6-12 months not years. I personally would not buy a car right now unless I had to. The market is not going to get worse. It can only get better IMHO. The chip shortage will end and people will start buying new, turning in their leases and the used car market will stabilize. Why push into the market this close to an all time high unless you have to?
Click to expand...

What they told me is inline with the article and the 12 month estimations. That would be late 2022. My only reason for venturing out in the market now, is bad luck on my part. Not sure how long my current truck will last, Nissan with 275K miles. I like being able to take my time buying a vehicle. Attempting to wait it out, may put me in a bad spot with having to buy whatever I can. Versus what I want, if that makes sense.


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Notacop said:
Like my newest vehicle was made in 2007 and my oldest is 73. I buy my stuff pre broken so I know I'm the idiot fixing it
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That's great but that advice does not apply to the OPs question about the cost of buying a 4-5 year old truck. I have only bought 3 new cars in my lifetime. Each time it was because buying new did not save me any money. The OP is trying to find the best "deal" on a 2017 truck telling him to buy a 2010 does not answer the question. LOL
 
Average Joe said:
What they told me is inline with the article and the 12 month estimations. That would be late 2022. My only reason for venturing out in the market now, is bad luck on my part. Not sure how long my current truck will last, Nissan with 275K miles. I like being able to take my time buying a vehicle. Attempting to wait it out, may put me in a bad spot with having to buy whatever I can. Versus what I want, if that makes sense.


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Click to expand...
What's wrong with the truck?
 
Average Joe said:
What they told me is inline with the article and the 12 month estimations. That would be late 2022. My only reason for venturing out in the market now, is bad luck on my part. Not sure how long my current truck will last, Nissan with 275K miles. I like being able to take my time buying a vehicle. Attempting to wait it out, may put me in a bad spot with having to buy whatever I can. Versus what I want, if that makes sense.


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Click to expand...

I hear you on that. I guess the way I look at it the trend is towards lower prices. I would bet that 6 months from now if your current truck goes tits up and you have to buy quickly you will pay less than getting into a used truck right now.
 
wvsig said:
That's great but that advice does not apply to the OPs question about the cost of buying a 4-5 year old truck. I have only bought 3 new cars in my lifetime. Each time it was because buying new did not save me any money. The OP is trying to find the best "deal" on a 2017 truck telling him to buy a 2010 does not answer the question. LOL
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I mean when people ask me what new car they should buy i always tell them no
 
Notacop said:
I also don't belive in cars and trucks that new lol
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That’s pretty much been my thoughts for many years. Like I said, I’ll buy used and drive till she just can’t go on and more lol. In other words if you see me selling a vehicle, stay away lol! Not unless you’re wanting a project.


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Average Joe said:
That’s pretty much been my thoughts for many years. Like I said, I’ll buy used and drive till she just can’t go on and more lol. In other words if you see me selling a vehicle, stay away lol! Not unless you’re wanting a project.


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Pushing my salvaged 300k plus econo garbage mobile as it screems for me to kill it and end its suffering is my hobby.
 
I learned something that could eventually be useful. As we all know, it’s difficult (if not impossible) to negotiate car prices these days. It’s certainly a seller’s market. So, this advice may only become helpful when (IF????) things ever return to normal.

Ford offers a discount to their shareholders. You must own at least 100 shares and hold them for at least six months. If you qualify, you can apply for a discount code which a dealer can apply to a new vehicle purchase. You might ask why you would want to invest in Ford when that investment could go down in value. At this moment, 100 shares of F would cost $1,313 (the shares are having a good day, up 3%). Ford will give you up to 2 codes per year and they’re valid for a year.

Somehow, I managed to find a dealer willing to sell a vehicle “at factory sticker” (The next closest dealer is adding $3,500 to similar vehicles). They applied my discount code and took $2,321 off the sticker price. That was enough to cover the taxes and fees so the OTD price was actually only $66 over the sticker.

Forgetting appreciation in the Ford shares, I consider that a decent investment. I suspect few dealers are willing to make this kinda deal today. But, I found one.

9F1464AA-43AE-42BC-91BA-FB5F53A46FC0.jpeg
 
Jeppo said:
I learned something that could eventually be useful. As we all know, it’s difficult (if not impossible) to negotiate car prices these days. It’s certainly a seller’s market. So, this advice may only become helpful when (IF????) things ever return to normal.

Ford offers a discount to their shareholders. You must own at least 100 shares and hold them for at least six months. If you qualify, you can apply for a discount code which a dealer can apply to a new vehicle purchase. You might ask why you would want to invest in Ford when that investment could go down in value. At this moment, 100 shares of F would cost $1,313 (the shares are having a good day, up 3%). Ford will give you up to 2 codes per year and they’re valid for a year.

Somehow, I managed to find a dealer willing to sell a vehicle “at factory sticker” (The next closest dealer is adding $3,500 to similar vehicles). They applied my discount code and took $2,321 off the sticker price. That was enough to cover the taxes and fees so the OTD price was actually only $66 over the sticker.

Forgetting appreciation in the Ford shares, I consider that a decent investment. I suspect few dealers are willing to make this kinda deal today. But, I found one.

View attachment 379244
Click to expand...

There are tons of hidden incentives for new cars out there. Things like USAA Military Discounts, Car Club discounts, Costco, recent College Grad etc...
 
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When looking for incentives this is a good place to start.

www.edmunds.com

Best Car Deals and Incentives for December 2022 | Edmunds

Find the best car deals and incentives on Edmunds.com. The latest car incentives, cash rebates, financing offers, and leasing deals on Edmunds.com. Search by make, model, or vehicle type.
www.edmunds.com
 
Notacop said:
I don't belive in car loans.
Click to expand...

Whether you believe in them or not, they are a thing that exists and an excellent tool for price negotiating.


I wouldn't have the 2.7 ecoboost, but I wouldn't be afraid of the 3.5. That engine has been around for a decade or so, I think we can stop being afraid of it.


The secret to finding a good deal on a used truck these days is the same as the secret to buying those elusive great value guns everybody brags about. $250 Garands and $500 Winchesters and that sort of thing.
1. Have money. Stacks of it, and right now. But be willing to finance through a dealer if they want. They'll lower the price, you can pay the loan off later.
2. Be looking. Seriously, what are you doing on here if you're looking for a truck? Be online looking.
3. Call ahead but physically drive to any dealership that has something you might want.
 
Carvana offered me $29,800 for my 2019 F150 4x4 5.0, 10 speed XLT extended cab. 44k miles avg 19 MPGIMG_20200815_105408.jpg
Their website has 2016 F150 XLTIMG_20200815_105421.jpg 4x4 with 80k miles for $29,000!!!!
WTF, over?
I'm asking $31,000, title is in my name.

I'm looking at Rangers and Canyons.
 
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wvsig said:
I personally would look at 2017-2018 because Ford when to alum bodies while at the same time releasing the ecoboost engines which are basically turbos. I never like to be first year adopter. IIRC the 2.7 V6 is a Ecoboost turbo.
Click to expand...

Double check the year. My 2015 is all aluminum with a scratch built 2.7L TT, not an existing engine adapted to the new TT tech.
 
Slacker said:
Carvana offered me $29,800 for my 2019 F150 4x4 5.0, 10 speed XLT extended cab. 44k miles avg 19 MPGView attachment 379259
Their website has 2016 F150 XLTView attachment 379260 4x4 with 80k miles for $29,000!!!!
WTF, over?
I'm asking $31,000, title is in my name.

I'm looking at Rangers and Canyons.
Click to expand...
They'd probably list yours for $35K. They are in the game to make money, not trade even. They offered me $43K for my Gladiator, and carmax has one almost identical for $47.9K.
 
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