Buying a new truck or a used one?

[hondalrd]

Well I am looking for some opinions and some input on my current situation.

I have a 2012 pickup that Is approaching 200000km. I wanting to get into a newer truck. I could probably get 20-25K for the truck selling it privately. Dealer quoted me 15-20K for trade in. I also have a company truck that I drive mostly so I only drive my personal truck about 10000-15000km in a year. With most dealers offering 0% financing it is tempting to get a brand new one but I have not had a truck payment for a few years which is nice. So here are some options I am exploring.

Option 1. Sell the truck private. Put the 20k down on a new truck and finance the remaining. Payments would be a lot lower

Option 2. Finance the whole amount of the new truck at 0% interest rate and put that 20K into a low risk investment account and let it build slowly and if I ever need the reserve money for something it is still there.

Option 3. Buy a slightly used truck for 30-35K with cash money by adding some more on top of the 20K from the old vehicle.

I have only bought and sold a few trucks over the years and have never bought a new one so I am wondering what the best route to go is with only driving that amount of KM a year

 

[pfi572]

Do not buy new as completely throwing away a bunch of coin .
Sell the 2012 if you must get something newer and watch for a low km one . 25000 km ish is good as lots of warranty and someone has taken the big hit off the top like you would be doing if you buy new .
Plus you will get some extras like mud flaps , rock protection and blah blah for nothing .
IMO

 

[hondalrd]

Do not buy new as completely throwing away a bunch of coin .
Sell the 2012 if you must get something newer and watch for a low km one . 25000 km ish is good as lots of warranty and someone has taken the big hit off the top like you would be doing if you buy new .
Plus you will get some extras like mud flaps , rock protection and blah blah for nothing .
IMO

This was my original thinking plan but it’s hard to not invest that money or used it as a rental property down payment

 

[S.W.A.T.]

I usually buy the lease backs. Come in around 45,000km and you can still buy extended warranty. New truck around $80000, you can get a lease back for 45-50k. Usually only 1.5 years old. Bought the wife's ford expedition limited edition max at the beginning of 2013, it was a 2012 from a rental fleet. $75000 vehicle for 45000. It only had 2500km on so it still qualified for new car warranty.

Let some other sucker pay the fees. At the end of the day its just a vehicle.

 

[getzcold]

Last summer I needed a new truck. I usually look for a slightly used truck but found few and far between and the ones that I did the price was not really that much cheaper when factoring warranty. End of the day I bought new as never owned a new vehicle. Yeah you got to buy the mud flaps box liner and good floor mates but it is what it is. It also helped that my sister works for Ford with my decision.

 

[ABMax24]

I'm the opposite I'd rather buy new. I bought my '14 6 years ago and intend to keep it another 4. I bought exactly what I wanted, and didn't have to settle for something less than I wanted or a vehicle someone else kicked the crap out of for 50,000km. Over the 10 years I intend to own it the cost difference is very small per year.

 

[mountianguy]

Option 4 keep the 2012 and make payments to yourself, buy rental / investments. If you did regular maintenance that truck should have plenty of miles left.

New truck is nice (70k plus?) but your warranty will be gone in 3 years with 4 more years of payments and you have 30 to 45k on the truck. If you plan on keeping it for 20 years then it may make sense. You get exactly what you want or need.

Buying used can be a crap shoot you never know how the vehicle was maintained or driven. Unless you find the right private guy.Used at dealers seem to be higher priced and they are hard to deal on at least for premium units. My buddy went looking for a good used but ended up with a new one just for that reason, he did have specific requirements though. If you take your time you can find what your looking for just requires some patience and smarts.

Personally I think we haven't seen the worst yet (economy wise)and we don't know whats coming. What we do know is the government is over extended and someone has to pay for that, people with rentals and investments are deemed rich in there eyes and can afford to be taxed.

 

[pfi572]

Personally I think we haven't seen the worst yet (economy wise)and we don't know whats coming. What we do know is the government is over extended and someone has to pay for that, people with rentals and investments are deemed rich in there eyes and can afford to be taxed.[/QUOTE]


This ^^^^^
Not over by a long shot and election in US and probably one here in Canada this fall I would guess .
Plus a lot of other world problems.

 

[Oilboy]

I’ve been watching the used market pretty good the last year or so for a new 1 ton, my 2011 f350 has 445k on it. With what they want for a used truck now I think I’ll be buying new. I’m sorry but a 3-4 year old truck with 50-80k isn’t worth 55-65g when after discounts (Ford) a plan or z plan and wait for low interest finance I can have the same truck brand new for 70g. Just my though. I’ve priced out many and ran the # every way I can but new makes more sense to me.
if a guy could get one for close to black book and pay cash it would be worth it, but not at 6% finance off a dealer lot.
ill be waiting a while longer for the used market to drop significantly before I buy anyways, decided to see how may Kms I can run mine to and buy when the deal comes along or when the wheels fall off.

 

[pfi572]

^^^^
Exactly , I have had to buy new many times due to this .
Canadian dollar is killing us and people owe way to much .

 

[FernieHawk]

One or two year old vehicle with low Km has been my last two choices and it will be the same in the future.

I assumed someones loan on my last truck purchase. 3 years remaining on a 5 year term...truck had 9,000 Km and was two years old.

I was looking at small commercial vans 4 years ago...the Ram Pro Master City and Ford Transit connect. The MSRP for the ones I was considering was in the $31,000 range and none of the dealers were willing to move much on the new vehicle price. Someone told me about a Facebook ad they saw for a one year old Ram Pro Master City...I jumped all over it and paid $14,900 for a vehicle with 13,000 km.

Buying new is nice and I did that with my 3 previous purchases...but getting a screaming good deal on a vehicle that is one or two years old is way nicer. Keep you eyes open and look for the deal. Good luck.

 

[hondalrd]

Option 4 keep the 2012 and make payments to yourself, buy rental / investments. If you did regular maintenance that truck should have plenty of miles left.

New truck is nice (70k plus?) but your warranty will be gone in 3 years with 4 more years of payments and you have 30 to 45k on the truck. If you plan on keeping it for 20 years then it may make sense. You get exactly what you want or need.

Buying used can be a crap shoot you never know how the vehicle was maintained or driven. Unless you find the right private guy.Used at dealers seem to be higher priced and they are hard to deal on at least for premium units. My buddy went looking for a good used but ended up with a new one just for that reason, he did have specific requirements though. If you take your time you can find what your looking for just requires some patience and smarts.

Personally I think we haven't seen the worst yet (economy wise)and we don't know whats coming. What we do know is the government is over extended and someone has to pay for that, people with rentals and investments are deemed rich in there eyes and can afford to be taxed.

The main reasons why I am wanting sell is it seems trucks with a gas engine depreciate quick after 200000km and are hard to sell. It also gets bad fuel mileage so would like to step down to a half ton now. I agree the used prices are not that much cheaper In half tons average is 15000-18000 less then a new one and that is on a 2 year old model

 

[5Lgreenback]

I’ve been watching the used market pretty good the last year or so for a new 1 ton, my 2011 f350 has 445k on it. With what they want for a used truck now I think I’ll be buying new. I’m sorry but a 3-4 year old truck with 50-80k isn’t worth 55-65g when after discounts (Ford) a plan or z plan and wait for low interest finance I can have the same truck brand new for 70g. Just my though. I’ve priced out many and ran the # every way I can but new makes more sense to me.
if a guy could get one for close to black book and pay cash it would be worth it, but not at 6% finance off a dealer lot.
ill be waiting a while longer for the used market to drop significantly before I buy anyways, decided to see how may Kms I can run mine to and buy when the deal comes along or when the wheels fall off.

I agree I bought new 18 months ago and was blown away what people wanted for used trucks. I see things haven't changed and I always told myself never to buy new worst investment etc etc. Figure with incentives and the deal I arranged it may have cost me 5 grand more than a 1 year old used truck, but I could choose what I wanted and get the extra year warranty.

The used market for toys right now seems to be insane, people are asking crazy prices for 10-20 year old travel trailers and dirt bikes etc. Like others above mentioned it feels like a bit of economic craziness before the bubble bursts to me.

 

[Anvil1010]

I bought my Denali brand new two years ago. They were blowing them out as there was the new body style coming for 2019.
Out of curiosity I checked kijiji to see what they are worth now, used. Theoretically, based on what I saw that people are asking for them now, I could get almost the same price for my used truck that I paid for it brand new. That shocked me.

 

[Luke The Drifter]

I agree I bought new 18 months ago and was blown away what people wanted for used trucks. I see things haven't changed and I always told myself never to buy new worst investment etc etc. Figure with incentives and the deal I arranged it may have cost me 5 grand more than a 1 year old used truck, but I could choose what I wanted and get the extra year warranty.

The used market for toys right now seems to be insane, people are asking crazy prices for 10-20 year old travel trailers and dirt bikes etc. Like others above mentioned it feels like a bit of economic craziness before the bubble bursts to me.

Same here. When I bought my ‘19 f350 last March I briefly looked at the used market and came to the same conclusion. A 1-2 year old diesel with low KMs was not much less than a new truck and I wouldn’t have a to look for a needle in a haystack (long box lariat) if I went new. Ended up cutting a deal at zender ford and got a new truck with extended warranty

 

[Stompin Tom]

I have done both, had success with both, do your research and make an informed buying decision, both ways can work well.

 

[mountianguy]

The main reasons why I am wanting sell is it seems trucks with a gas engine depreciate quick after 200000km and are hard to sell. It also gets bad fuel mileage so would like to step down to a half ton now. I agree the used prices are not that much cheaper In half tons average is 15000-18000 less then a new one and that is on a 2 year old model

I hear you and its true if you keep your current truck much longer you need to drive it till she drops. Half tons are alot better when it comes to used there is more of them and better pricing. Enjoy your search i have bought used the last few times and found premium low mileage with warranty.

 

[Bnorth]

If you want to save money to invest in markets or real estate then suck it up and drive your existing truck into the ground. 10-15k km a year is nothing and it should have a ton of life left in it. Take the $1000/month your new truck would cost and put it into savings. Tough it out for 2 years and you've got a down payment on an entry rental property. Pay yourself first instead of the bank on a depreciating status symbol.

 

[arff]

I just bought a used 2016 Ram Dually Laramine Limited.
I keep trucks for 10 years as put less that 15 thousand km a year on them.
Need to sell my 2008 Ram 3500 now.

We sold Vals 2016 Nissan Murano did really well on that sale.
Leased her a 2020 Terrain Denali

I was happy with the deals we got.