Used Ford F-150 Models Actually Have a Slight Advantage
With prices for the Ford F-150, Toyota Tundra, Chevy Silverado, and other trucks soaring, it makes sense to try and save with a used model. But used truck prices are also out of control unless you consider taking less of a hit with a used Ford F-150 model.
Used Ford F-150 prices aren’t as severe
Used Ford F-150 trucks have a small advantage compared to other best-selling used trucks because they don’t have as much of a price hike. According to iSeeCars, the average price for a used vehicle has increased by 47.7% since the pandemic of 2019.
Low inventory levels are still hurting like the plague, making affordable used options with low mileage harder to find. In 2019, used vehicles made up 49.3% of the market, but in 2023, they’re only responsible for 12.4%.
But used F-150 models haven’t increased by as much as the used Silverado or Ram 1500 trucks have. The average price for a used F-150 in 2019 was about $31,520. In 2023, the prices have increased to about $42,104, which is a 33.6% increase.
Used Silverado models hovered around $29,629 in 2019 and are currently up to around $40,539. It has a 36.2% increase. In 2019, used Ram 1500 prices started at about $27,324, but now they are up to roughly $42,881. This is a massive 56.9% increase.
Why are used F-150 models more affordable?
Used Ford F-150 models might be more affordable because more options are available. The F-150 has been the best-selling truck for decades, meaning there might be more used models in the market. With more supply, there is less demand.
However, the F-150 has faced a few different issues, just like rival auto manufacturers since the pandemic struck. Factory shutdowns, supply chain shortages, and the ongoing semiconductor chip shortage still impact production.
But Ford has been working to solve pricing issues. For example, the price of the Ford F-150 Lightning was just reduced. This is the result of efforts to scale production, increasing plant capacity, materials costs, and battery improvements.
The F-150 also has a lower starting price. The 2023 Ford F-150 has an MSRP of $34,858, while the 2023 Ram 1500 starts at $37,905, and the 2023 Chevy Silverado begins at around $36,300. Cheaper costs upfront may lead to more affordable prices later.
The most popular F-150 model is the entry-level XL trim. It’s the most affordable work truck variant, which is a trim level that not all rivals have to offer.
Are used F-150 models reliable?
Yes, for the most part, used Ford F-150 models are reliable. Some of the model years with the fewest reports of trouble include 2009, 2012, 2014, and models built after 2016. More recent model years are a safe bet.
The 2023 F-150 has a reliability rating of 86 out of 100 from J.D.Power. It has an above-average rating as scores between 70 and 80 are average, and anything between 81 and 90 is above average.
This score is based on issues drivers have reported in previous model years. Also, the F-150 is expected to last between 200,000 to 300,000 miles. An F-150 model isn’t considered to be high mileage until it hovers around 100,000 miles.
Stay tuned as we continue tracking pricing trends and production levels. Hopefully, used truck prices will drop soon. But until then, used F-150 models have lower markups compared to competitors.