The 2020 Ford F-150 retains its value over time
The average new vehicle can lose up to 40% of its value after five years of use. The Ford F-150 isn’t one of the vehicles with the lowest depreciation rate over time, but it still retains its value well. According to Kelley Blue Book, the 2020 Ford F-150 XL Regular Cab has a fair market price range of $27,663 to $34,400.
The 2020 Ford F-150 XL retailed at around $30,440. It uses a 3.3-liter V6 engine that makes 290 horsepower. Buyers can also opt for a 2.7-liter EcoBoost V6 engine that makes 325 horsepower.
The F-150 gets 19 miles per gallon in the city and 25 miles per gallon on the highway. It comes standard with an 8-inch display screen, Apple CarPlay, and Android Auto. The 2020 F-150 also comes standard with Trailer Backup Assist, a feature that helps drivers maneuver when a trailer is hitched to the back of the pickup.
The 2020 Ford F-150 includes blind-spot alert, lane-change assist, and a special attention assist feature to keep drivers vigilant and safe. It has a 5,000-pound towing capacity. The pickup can carry a payload of up to 1,142 pounds. The F-150 comes in several different trims that offer different engine options, added comfort, and increased towing capability and payload capacity. The 2020 Ford F-150 was America’s favorite truck in 2020 because it is the quintessential workhorse pickup truck. It’s powerful and provides incredible utility at every trim level.
Should you buy a 2020 Ford F-150?
The 2020 Ford F-150 is a great truck, although its price hasn’t decreased much in the time since it debuted. The new 2021 Ford F-150 offers increased towing capacity for most engine options. The payload capacity for the 2020 and 2021 models is the same.
The 2021 Ford F-150 comes with new body panels, grille styles, and headlights. It also features a more refined cabin. The 2021 model starts at just $30,985. Its manufacturer suggested retail price is only $545 more than the previous model year, yet it comes with plenty of improvements.
Ultimately, the 2020 Ford F-150 is still close in price to the 2021 model year. That being said, consumers will get more value out of the newest F-150 iteration. Used F-150s may be capable, but they won’t be great deals until their owners put some serious miles on the transmissions before putting them up for sale.
Which used Ford F-150 should you buy?
The average driver travels about 15,000 miles per year. Since most vehicles depreciate close to 40% after five years, the used F-150 models that provide consumers with the most value for their price will likely be models at least five years old with under 75,000 miles.
According to Kelley Blue Book, a used 2016 Ford F-150 XL with about 71,601 miles has a fair market value of $20,776. Ford F-150 trucks typically last 200,000 miles without having any major mechanical issues. If the average driver purchased a used 2016 Ford F-150 XL today with 70,000 miles on its odometer, they could drive it for at least eight years before hitting 200,000 miles.
The 2016 Ford F-150 received a 4.6/5 expert rating and a 4.6/5 consumer rating on Kelley Blue Book. The 2020 Ford F-150 is a great truck, but there are plenty of other used Ford F-150 models that provide more value for their price.