Selling 2018 F150 to upgrade to 2022 F150 - worth it or not?

[OregonMan]

Hi guys so money is pretty tight for me right now. I've got a 2018 Ford F150 with about 60,000 miles that I'm financing with about 7 grand left to pay off. I'm tossing around the idea of selling the truck privately and have seen similar used 2018 F150s selling online for 25 to 30k, realistically in a private sale I expect could maybe get 20 to 22k.

Then I would pay off the 7k remaining on the 2018 F150 and use the remaining cash from the private sale to put a 4 or 5k down payment on a 2022 F150, hopefully NET'ing 10k+ from the sale after all is said and done, although of course I would then have a whole new truck to pay off.

My question is: have any of you done something like this and is it worth the trouble? I've seen a lot of headlines that the used car market bubble has "popped" whatever that means. Are people having trouble selling their used trucks right now?

I know that selling a vehicle privately can be a challenge and times are kinda crazy right now so I'm definitely not sure about doing this, but really need the cash. Appreciate any feedback/thoughts/experiences on this.

[p220sigman]

I suspect he did not get the advice he was hoping for. It sounded like new-truck-itis from the start to me.

[Grit_dog]

^Not sure what your point is. Not very many scenarios where trading in is beneficial for anything other than the convenience of not selling it outright.
This is another troll thread anyway me thinks

[mkirsch]

Grit dog wrote:

Lantley wrote:

PA12DRVR wrote:
"Could be loaded cc 4wd and never cleaned and totally trashed out.
Could be a base model 1 wheeler peeler and cherry.
And another $20 that the OP doesn’t come back and respond anymore."

-- Where's the like button?
-- See the $20 and raise you another $40 on that same topic.

The issue is not so much selling the old truck regardless of its value.
The bigger issue is buying a new 2022 truck.
In the end buying a new truck is going to cost the OP more money, which the OP states is in short supply!

True, and while the OP has received much sage advice regarding financial responsibility, his story left so much to the imagination, greatest part being how/why he could only get $20k out of a 2018 F150.

"Only?" Best I can get out of my 2015 Silverado 1500 is $14K. Back in the spring the dealer I get all my service done at had an IDENTICAL truck as far as body config, color, trim level, mileage, and they wanted nearly $29K for it, and they would not budge a dime. Compared to mine it looked like it had been through the war.

What's mine worth? Meh, we'll give you $14K for it.

[Grit_dog]

Lantley wrote:

PA12DRVR wrote:
"Could be loaded cc 4wd and never cleaned and totally trashed out.
Could be a base model 1 wheeler peeler and cherry.
And another $20 that the OP doesn’t come back and respond anymore."

-- Where's the like button?
-- See the $20 and raise you another $40 on that same topic.

The issue is not so much selling the old truck regardless of its value.
The bigger issue is buying a new 2022 truck.
In the end buying a new truck is going to cost the OP more money, which the OP states is in short supply!

True, and while the OP has received much sage advice regarding financial responsibility, his story left so much to the imagination, greatest part being how/why he could only get $20k out of a 2018 F150.

[Lantley]

PA12DRVR wrote:
"Could be loaded cc 4wd and never cleaned and totally trashed out.
Could be a base model 1 wheeler peeler and cherry.
And another $20 that the OP doesn’t come back and respond anymore."

-- Where's the like button?
-- See the $20 and raise you another $40 on that same topic.

The issue is not so much selling the old truck regardless of its value.
The bigger issue is buying a new 2022 truck.
In the end buying a new truck is going to cost the OP more money, which the OP states is in short supply!

[PA12DRVR]

"Could be loaded cc 4wd and never cleaned and totally trashed out.
Could be a base model 1 wheeler peeler and cherry.
And another $20 that the OP doesn’t come back and respond anymore."

-- Where's the like button?
-- See the $20 and raise you another $40 on that same topic.

[Grit_dog]

ferndaleflyer wrote:
Around here that truck would bring in the mid $30k area. Son in law took his 2018 into dealer for service and was offered $36,000. I would never consider what OP suggested

But you don’t even know what it is other than a F150.
Could be loaded cc 4wd and never cleaned and totally trashed out.
Could be a base model 1 wheeler peeler and cherry.
And another $20 that the OP doesn’t come back and respond anymore.

[ferndaleflyer]

Current administration keeps on they will be twice as much and electric.

[PButler96]

Sometime over the last week, on both Fords and GM's Chevy or GMC build your truck feature, final overall pricing has went up @ $2800.00 +/-across the board when you configure one. Thats a fairly stiff increase overnight and probably reflects the fact that anything you order now is going to be a 2023 despite those websites still reflecting 2022 models.

[spoon059]

Hard pass...

[ferndaleflyer]

Around here that truck would bring in the mid $30k area. Son in law took his 2018 into dealer for service and was offered $36,000. I would never consider what OP suggested

[Krusty]

mkirsch wrote:
What part of "money is tight" do you "Pay off the $7K" types not understand?

It's pretty much assured the OP does NOT have $7K laying around to pay off the truck, otherwise money would not be tight.

I must have missed the part where he was waiting around to have it repossessed. I don't think anybody was telling him to pay it off today. Continue making the payments until it is paid off.

[valhalla360]

SpeakEasy wrote:

p220sigman wrote:
You are likely going the wrong direction if your goal is to be less tight on money. If anything, sell the '18 and look for something older you could pay cash for with the proceeds from the '18.

This is wisdom. If you (OP) are truly looking for advice, you can't get any better advice than this.

-Speak

This ^^^^^

Currently have a 2008 F250 and heading out to Montana staging for an Alaska trip next year. Paid $10k for the truck 4yrs ago.

If the OP get's $20k for his 2018, he could pay off $7k, buy a $10k truck and put $3k in the bank with no more payments.

Then if you want a newer truck, stockpile payments for 2-3yrs and pay cash, so money isn't "tight".

[time2roll]

mkirsch wrote:
What part of "money is tight" do you "Pay off the $7K" types not understand?

It's pretty much assured the OP does NOT have $7K laying around to pay off the truck, otherwise money would not be tight.

The term then is to simply drive your way though it. Or in other words just keep making payments. Money will continue to be tight for the duration of the loan vs a few months of relief followed by a full 6 to 8 years of even tighter money.

Best to focus on increasing income instead of finding ways to spend money.