If you are in the market for a truck right now you might be considering options between a new truck and a used one. This is especially true if you are looking at a truck that is only a few years old, say 2014 or newer. As a result, you probably fall in the range of closer to new than you might think.
You see, right now truck residuals are ridiculous. I’m not even talking about just Toyotas, which have had the Tundra and Tacoma respectively hold very high residual values. For example, Autotrader and Kijiji are showing used 2018 Ford F-150 XLT Supercew examples with 25,000-30,000 miles for $37,000-$39,000! Here is an example from Autotrader, and while this is a clean truck, its basically a base model for $38,900.
This is a truck that has a MSRP of $40,000 BEFORE any discounts. Ford is not alone, there are 2018 Chevrolet Silverado 1500 LT models with 20,000 miles for $37,000. This link here shows a good example, and it’s even flagged as a “Great price!”. This is a truck that has a MSRP of around $42,000, again before discounts. Yes, the same is for Dodge Rams.
Now I briefly touched on the “discounts”. Right now, manufacturers, especially the big 3 domestic brands are blowing out these trucks. Ford is offering $5,000-$10,000 in discounts depending on the model. Chevrolet is offering $4000-5000 discounts, even better cash deals, and $1,000 in free accessories. RAM is offering up to $7,300 in discounts. The rates are pretty low with any of the local financing should you not have your own lined up. Of course, this is also onto of any additional negotiations you might be able to get at a dealer level. I would seriously push for you to press dealers hard on these, I’m sure you can get more discounts on top of that.
When you factor the MSRPs, factory incentives, and additional discounts, you could probably score a new equivalent truck for less than a used one or just a few dollars more. For the record, for my Canadian friends, it’s the same!