Get Excited, Used Ford F-150 Prices Are Finally Dropping
This could be a miracle if you’re in the market for a used Ford F-150 because prices are finally coming back down. But could this also be a little suspicious? As used truck prices remain pretty darn high, why is the F-150 becoming more affordable? Let’s see why used Ford F-150 prices are dropping.
Used Ford F-150 prices are coming down
It doesn’t matter if you’re skeptical or counting your blessings because used Ford F-150 prices are coming down either way.
iSeeCars has been studying over 1.8 million used vehicles between one to five years old between June 2022 and June 2023 to find the largest price drops.
The average used F-150 model currently costs $41,823, which still seems pretty high. But at least the prices are going in the right direction. The average price is down by 2.9% or $1,254. It’s a small start, but at least prices are starting to fall.
Also, used Honda Ridgeline models cost about $34,617, and the price is down by 4.1% or $1,469. It has the largest drop. Used Nissan Frontier models are ringing in at $30,097, which is a 4.3% or $1,248 increase. So, a lot of weird stuff is going on.
Why are used F-150 prices dropping?
Used Ford F-150 models might be getting cheaper due to the looming threat of a recession. Typically with a recession, interest rates for used vehicles rise as prices drop. People may be less interested in buying something new as well.
Reportedly, prices for used trucks will drop faster than the cost for new trucks. This is because it still costs a lot to build new trucks, and manufacturers need to make up for the difference.
If prices are dropping, it could also mean that there’s more inventory available. With more supply and less demand, prices can drop to attract more customers. However, Ford CEO Jim Farley expects the ongoing semiconductor chip shortage to last through the end of 2023.
Ford has been working to ramp up production for multiple trucks like the Maverick and F-150 Lightning. It’s possible that the effort is paying off for the F-150 as other models struggle due to missing parts and the rising cost of raw materials for components such as batteries.
Don’t forget that the F-150 is the most popular and best-selling truck. As leases end and people have paid their trucks off after five years, it might be time to upgrade. As a result, more F-150 models could be available.
But the F-150 is still a solid choice that maintains a high resale value. The average F-150 model is expected to maintain 57.3% of its value after five years. It depreciates by about 11% per year. It’s in the top four trucks with the best resale value. The Toyota Tacoma barely beats it at 60.6%.
Which used F-150 models are best?
One of the best used Ford F-150 models to consider is from 2018. This is when the new 10-speed automatic transmission was introduced.
There are five engines available, including two EcoBoost options and the Power Stroke diesel (no longer offered in the F-150 since Ford cut the feature in 2021). Plus, it’s faster and more fuel efficient than previous generations.
The 2014 Ford F-150 is another great year to consider. This is when the Tremor trim was introduced. But it was only available for one year until its more recent return. It also has the reliable 3.5-liter EcoBoost Engine.
Also, the 2011 Ford F-150 is worth considering. Sure, it’s a bit older, but it’s only one year after the Raptor was introduced with its available 6.2-liter V8 engine. The EcoBoost 5.0-liter V8 and twin-turbocharged 3.5-liter V6 engines were introduced.
The truck market might have some weird trends going on right now, but a used truck is still a solid investment. Used Ford F-150 prices might continue dropping, making them more accessible than brand-new trucks. Stay tuned as we track production and prices.
