I have a 2014 F150 with 120k miles on it. I bought it new and paid it off a long time ago. Out of curiosity, I was looking at what a new modern truck would cost me with the same packages and I'm up to 70k ish.
It seems to me that prices have become so outrageous that I would have to spend 5k a year plus on my current truck to equal buying a new one. Im tempted to just do that...one year replace the engine, one year the whole suspension, and after a few years Id have a "new truck" for a fraction of the price.
What am I missing here?
Side note: Fords website also has a price at the top of the page as you build your truck that only shows you the monthly payment and its based off of an 8 YEAR LOAN. They don't want you to consider the price you are paying. If it becomes more commonplace for people to do longer loans on cars, all that does is allow Ford to raise the price because people's monthly payment threshold would stay the same.
i think the concept certainly makes sense for the right person..... i like the concept, but i don't think i would do well with it.... i have a hard enough time keeping up on normal maintenance, and couldn't see myself thoroughly and proactively fixing wear parts before they become an issue.... just being honest.
a vehicle breakdown is a very big inconvenience most of the time, but that's generally all it is.....
another reason it's not for me is i despise working on vehicles, and it would be tough for me to pay someone to fix things that aren't broken.... my brain wouldn't accept "fixing this is still cheaper than a truck payment" even if it's true.
my disclaimer is, i generally drive rigs for a couple years and trade them in, i usually don't plan on paying it off, it's an ugly cycle, but i am hard on vehicles, once things start needing fixed, it seems like it doesn't end.
i do plan on keeping my current pickup, there is nothing better on the market for me, and i love that little pickup.... another incentive is, when i was trying to find one, my least favorite vehicle color was what i ended up finding a "good" deal on, me and black pickups aren't a good match, when i wash it, it looks like hell from all of the brush scratches that show up so well on black... thinking about wrapping it (solid color) but want to talk to a vinyl guy to see if it makes sense for me.
i like and appreciate the idea of just proactively fixing paid off rigs, it's just not for me