Ford F-150: Most Popular Truck in the US but What About Resale Value?
The Ford F-150 pickup truck is the undisputed most popular vehicle in the U.S. But with so many prowling the highways and off-road fun spots, does the F-150 hold its value in the secondary market? After all, over the past five years, Ford has cranked out almost 850,000 F-Series trucks a year, on average. That’s a lot of trucks. And remember, it is all about supply and demand.
What were the criteria for determining 2020 Ford F-150 prices?
So to help determine real-world prices for used F-150s, we’ve chosen 2020 4×4 F-150s. We looked at east and west coast prices to see how similar, or different, those prices can be. It’s 2022, so used truck prices are already crazy high. Still, there are an awful lot of F-150s for buyers to choose from. Could this negatively affect prices?
Ford offered seven trims in 2020. These were XL, XLT, Lariat, King Ranch, Raptor, Platinum, and Limited. The spread for the MSRP was between $28,500 for a stripper, to almost $68,000 for the Limited.
So we kept our search to XLT or Lariat trims when possible. These are all 4×4 trucks with the V6 EcoBoost engine. We looked at Los Angeles prices, then swung east to Atlanta for comparison. Some had upwards of 60,000 miles, but most were in the 20,000 to 30,000-mile range. For a two-year-old truck, those are like new.
What is the 2020 F-150 price average?
On average, the 2020 F-150 with XLT or Lariat trim comes in at $42,500 in the Los Angeles area. These are real-world dealer prices. They’re not Limited or Platinum models, but are in the middle of trim levels.
If the higher trims or the Raptor are factored into the average price, then it falls in the mid-$50,000 range. Looking at the Atlanta area, dealer prices are a bit higher at $45,000 on average. When we checked into the Lakewood, New Jersey area, prices were slightly lower at around $39,000 on average.
When new, an XLT trim MSRP started at $34,500, while the next model up, the Lariat, has an MSRP price starting at $42,500. None of these trucks are equipped exactly the same, nor were they priced similarly. But the conclusion is that these trucks are selling on average about what they sold for new.
What determines used truck prices?
Through private sellers, you can expect to pay $4,000 to $7,000 less, but with no 90-day warranty, for sure. And as a trade-in, the price is less. Keep in mind that dealers don’t determine the market price. That is determined by consumers. If a truck is priced too high, it will sit on the dealer’s lot. But not for long, as they’ll lower the price to move on to something else, even if they lose a bit, which usually never happens.
The other thing we can conclude is that in spite of the gang of them having been sold, the supply has not hurt the prices. At least, for now. As of March 2022, used vehicle prices are starting to stabilize since the crazy market went nuts in 2020. So these prices may come down in the near future.
But whether they go down or not, the F-150 continues to be popular, either new or used. However, with the EV zeitgeist picking up steam, will gas-powered trucks maintain their values? We can’t say for sure right now. We’ll cover that down the road.