Trade time or not?
Fleet Mechanic
Joined: Jun 2015
Posts: 1,556
Likes: 878
From: Rome as it burns
Lead Driver
Joined: Oct 2014
Posts: 5,940
Likes: 1,355
From: NY/Canada border
Definitely looking like the interest rates are not our friend. And with indications of more increases on the way.
Fleet Mechanic
Joined: Jan 2022
Posts: 1,410
Likes: 712
Good point there, had they remained low I may have ordered a 23 F350, but my 1.99% rate which I got in May 22, looks a lot nicer than what's available now. Even financing half the price, the difference in interest paid along with the price increase made me decide that I'm content with my 22.
Lead Driver
Joined: Oct 2014
Posts: 5,940
Likes: 1,355
From: NY/Canada border
The new truck prices are outrageous, and supply is still super short.
You will lose your azz buying a new truck today.
Just screwing around yesterday, I went on the super duty build and price page and tried to recreate my current 2022 as a 2023, and the closest I could get to it was OVER $10,000 more money for just a one year newer truck!!!
So glad I bought mine when I did.
You will lose your azz buying a new truck today.
Just screwing around yesterday, I went on the super duty build and price page and tried to recreate my current 2022 as a 2023, and the closest I could get to it was OVER $10,000 more money for just a one year newer truck!!!
So glad I bought mine when I did.
I'm not in any rush to spin the wheel again. This truck is exactly what I wanted and does the job more than adequately.
More Turbo
Joined: Mar 2013
Posts: 607
Likes: 377
6-12 months ago I would have said go for it. The trade in prices have softened, and the days of getting invoice or below are gone. I was able to get 2% below invoice at Granger, and got a good trade value combined with an interest rate lower than what I am getting on savings now. I was going to upgrade to a heavier truck this year, but new one comparable is $8500 more. I will "upgrade" my truck myself and make it do what I want. Maybe in a couple of years see how things look. And this is for a business truck, not personal, just didn't pencil out.
Lead Driver
Joined: Feb 2022
Posts: 7,958
Likes: 4,039
The only reason today to trade in a perfectly good truck is if you plan to upgrade to a bigger truck, otherwise keep what you got. Nothing at all wrong with a 2019. I just bought a 2019 F-450 last August right at the cusp of downed trades and upped finance rates. Then was the time to buy, but not now as trades are far below back hen and rates are up even if dealers are now willing to negotiate below MSRP on new. The used market has softened quite a bit as well which means trades are no longer top dollar unless you have one of the rare trucks that are hard to get.
More Turbo
Joined: Jan 2004
Posts: 708
Likes: 75
From: Houston
This is the best advice I have read on the forum in years.
Originally Posted by Bananasfoster;[url=tel:20736814
20736814[/url]]Take a step back and make the decision a financial question about how you handle money, not a question about timing the market for the trade.
Get out of debt and stop financing cars.
Your existing truck is new-ish, a good truck, and has generally low miles. You can put 200k+ on these trucks without a problem if you maintain them.
Set up a savings account and make a "truck payment" to it every month after you pay off the 2019. Then when you want to buy a new truck, do it with the savings account, not with the financing.
You'll be enslaved to one less debt, and you'll think differently about major purchases if you are doing it with cash as opposed to what you think you can afford to cover every 30 days. Dropping $60,000 in one check feels different than doing it $700 per month for a million years plus interest.
Besides man, you've got the venerable 6.2 and a 6 speed. Plenty power. Reliable transmission and motor. And made the LAST YEAR that Ford made a passable product before the world went cray cray and Ford started making trucks that were VERY noticeably lesser quality with new trick pony motors and transmissions that both stumbled out of the gate.
Get out of debt and stop financing cars.
Your existing truck is new-ish, a good truck, and has generally low miles. You can put 200k+ on these trucks without a problem if you maintain them.
Set up a savings account and make a "truck payment" to it every month after you pay off the 2019. Then when you want to buy a new truck, do it with the savings account, not with the financing.
You'll be enslaved to one less debt, and you'll think differently about major purchases if you are doing it with cash as opposed to what you think you can afford to cover every 30 days. Dropping $60,000 in one check feels different than doing it $700 per month for a million years plus interest.
Besides man, you've got the venerable 6.2 and a 6 speed. Plenty power. Reliable transmission and motor. And made the LAST YEAR that Ford made a passable product before the world went cray cray and Ford started making trucks that were VERY noticeably lesser quality with new trick pony motors and transmissions that both stumbled out of the gate.
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More Turbo
Joined: Jun 2020
Posts: 715
Likes: 337
From: Texas Hill Country
@Bananasfoster wins the Internet today. You don't have to be in debt. It makes the bankers richer and you poorer. Ride that 6.2 until she dies! Which will be a long time.
Fleet Mechanic
Joined: Jul 2008
Posts: 1,937
Likes: 1,221
From: Southern Crescent
^^^^ Like that. ^^^^ I kept my Ranger 12 years and 275,000 miles and my F-150 15 years and 210,000. This should be my last truck, very likely. And I have not had any trouble with it. Fuel and oil changes, no other expenses except dolling it up a little. Living without debt is good.
Last truck. Long life.
Hotshot
Joined: Jun 2003
Posts: 12,340
Likes: 4,361
From: SW VA
The truck bug nearly grabbed me a year or two ago much like you OP. Thinking long and hard on it, the 7.3/10spd was too new for me to gamble on it. I realized I already had one of the most reliable trucks Ford offers with the 6.2/6R140, so it should last me another couple decades. And to top it off, I will have it paid off next month, vs adding thousands and a couple more years of payments if I did trade it in.
You can always modify your truck with the money saved by not trading, which will give you a small feeling of a new truck for a while. I’m going to add a flatbed to mine this summer to ‘celebrate’ paying it off and keeping it.
You can always modify your truck with the money saved by not trading, which will give you a small feeling of a new truck for a while. I’m going to add a flatbed to mine this summer to ‘celebrate’ paying it off and keeping it.
Mountain Pass
Joined: Feb 2021
Posts: 241
Likes: 153
Like said above, keep your truck and pay it off, then keep making payments to yourself and pay cash for the next one.
I drove my last truck for 20 years and 268,000 miles, and make payments to myself for 16 years. Those payments built up but the thought of writing a check for a truck makes you really think about if you need a truck or want a truck.
I drove my last truck for 20 years and 268,000 miles, and make payments to myself for 16 years. Those payments built up but the thought of writing a check for a truck makes you really think about if you need a truck or want a truck.
