Hey all. I am really torn between this. I am extremely frugal financially and have been beating my head into the ground to figure this out. I was always told to buy used a few years to let someone else take the depreciation, but some thing with how my last purchase went had me thinking.

So in 2010 I bought a used Frontier with 40k miles on it. Drove it for about 4.5-5 years and got it up to 110k miles before some transmission problems made me decide to trade it in. I traded it in for 5.5k on a 2011 Ford Ranger with 30k miles on it, out the door for 9k. Currently, the Ranger has about 125k miles on it, for work I drive roughly 90 mile per day round trip. I never cared about resale and told myself the Ranger would make it to at least 200k miles... AND THEN I realized that some of the options I lost getting the Ranger I really want back (cruise control mainly), and after the past two trucks mentioned above being 5-speed manual, I want to get an automatic. I have a small skiff I take out and manual at the ramp in these tiny 4-banger trucks just isnt enjoyable - not that I have had any other issue other than wheel spin occasionally. I went to Ford to test drive the new F150 3.3l (I really think the design is great), and the said the Ranger would only yield a 2.5k trade in value (it does have a 1 accident, replaced driver side door, carfax), so I wasnt expecting much. This is where my dilemma stems from. I put so many miles on my truck in such a short time (95k miles in 2.5 years of ownership with Ranger), that to purchase a vehicle now is expensive since the Ranger is not worth much. This had me considering a new vehicle that might "last" longer. It seems like to get good deals on trade in etc. you need to start with a newer vehicle. Im sure I can get a slightly used on but anything over 10k miles would put me over 100k in less than 2 years. I dont tend to change vehicles frequently, but since priorities change over time (auto and cruise in this case vs manual no cruise), would you purchase new? It seems to me that resale value is truly something to consider, as I never have before since I planned to drive it to the ground - again, priorities change. I enjoy simplicity which is also another problem with resale since the base model trucks do not tend to hold resale as upgrades see 2.7L ecoboost.

I am driving the truck for at least the rest of this year, will probably add another 50k+ to the engine, loose another 500-1000 in resale most likely... What would you do? I know this is long winded, and pretty personal in choice - but I am just looking for suggestions and how some of you justify the used vs. new vehicle. I cannot afford to pay cash outright on a 20k truck, but might be able to get the financed amount down to 15k.. That old saying you only live once - drive what you like comes to mind here as I am a bit unhappy with the Ranger since I now want auto and cruise and something easier to tow my skiff with. Let me know your thoughts ladies and gents

EDIT: Just saw there was a buying advice forum 2 below this - I apologize and if mods can move down there that would be helpful. Sorry!

 

Try to edit your question down to a sentence or two - i.e. "Is it better in your opinion to _______ instead of _______, or _________?

 

90 mile round trip commute. Do you rent or own? Move closer to work if you can.

What can you afford? If you buy a basic F150 with the 3.3 and just a couple options you will have a substantial upgrade in all categories. You end up close to $30k on the "build and price" site by getting cruise and towing, but if you watch the dealer ads closely, the XL 2wd trucks are always shown with hefty discounts. You need to get up early, as there are usually only one or two at that price.

Back to "new or used". Finding a low mile lightly used truck is going to be a challenge. Well used trucks are everywhere, and deals can be had. But you risk the cost of repairs and replacements of brakes and tires etc. You've been down that road before.

With vehicles the way they are, I like new or CPO with a lengthy factory warranty. ymmv.

 

I'd buy a new truck for the pure benefit of enjoyment but I wouldn't slog all those miles on it. I'd keep the Ranger and run her till she dies even though she lacks the amenities that you want. Once the Ranger is dead and gone, I'd find a small used commuter car to run the miles and keep the truck for many many years of wonderful service.

 

85e150: I own, and unfortunately I chose the area I live because most of south Florida is pretty close to bad neighborhoods in the Dade county area. I work in Dade but live in Broward. That is honestly what I was planning on doing with the Ranger, but I have got so bummed about the amenities I dont own. You certainly have put things in perspective as the tires I already replaced and am doing brakes this weekend, along with blown shocks.

tseekins: I wish I could afford 2 cars. Being so frugal and cheap - keeping insurance on 2 autos and paying registration fees (only $60 per auto), can add up. Insurance is quite a bit roughly 1k in additional costs. I will certainly try to run the Ranger for awhile especially since the trade in value is almost nothing.

I guess this is more of a resale value question now. The KBB for a 2015 Base model with the cruise and keyless options trade in is at $8.6-10k with 110k miles, and 10-11k trade in for the 2.7l. I never thought I would be putting this many miles on my car, its more than just the round trip commute - my family lives 250 miles away in Tampa and I regularly go see them, I tow my motorcycle to the Smoky Mountains at least once a year and camp all over the state year round. Its just difficult for me to pull the trigger one way or the other...

 

get a used motorcycle... cheap insurance... real good on gas.... padlock and a chain...

nice truck at home and safe....

I do not care about fancy.. or high end electronics.. you can keep them...
I have an "XL" for a reason.....

I have an overpowered motorcycle.. and it still gets 45mpg..
100 horsepower and its 750 pounds...
but I used to have a 160 horsepower at 400 pound motorcycle...

my last freeway motorcycle went from new to 149,000 miles... and got 48-55 mpg...

but some of these baby shoe size cars are doing better ..


<< if you were truly CHEAP.... you would never purchase NEW....>>>
. I am cheap.. learned mechanics.. so I did not have to pay someone to fix my stuff...... so everything I get is used.
except for a few motorcycles...
.

 

Its a simple math equation. Just run it for new and used vehicle to determine if the extra cost is worth driving a new vs. used vehicle:

(Purchase price + maint cost + fuel + insurance) - sell price
——————————————————————————————- = cost per mile
Miles driven

 

With the type of mileage you drive I think your best bet would be to try to find a low mileage previously loved unit...and...drive it until it dies. The only reason to buy new would be for the resale...and...you don't leave anything there.

 

numbers.

my 2012.. I got in 8/2015 with 138,000 miles.. was less then half of when it was new. HALF...

here it is at 156,000 miles... I had a couple of oil changes.. and serpentine belt and idlers.. that is it...