Why are used F150s so close in price to new ones? (2021 and newer)

Hey all, I’m trying to figure out what’s going on with F150 pricing. I’m looking for a truck with under 40k miles at a dealership, and I’m seeing some weird stuff. For example, I found a brand-new 2024 STX for $43k (with dealer discounts), but then they have used 2021 or 2022 XL models with around 30k miles priced at $37-38k. Even ones with 50-60k miles are still $35k!

Am I missing something here? How are these used trucks selling when, for a little more, you can get a brand-new one? Should I just wait it out, or is this how things are now? Honestly, if a new one is $43k, a 3-year-old truck with 40k miles feels like it should be more like $32-34k. What do you all think?

A big part of it is dealerships clearing their lots. New trucks haven’t been moving fast this year.

Another thing is that some buyers can’t get approved for the extra $4-5k needed for a new truck with the better financing rates. Dealerships know this and price accordingly. Until that market slows down, used prices won’t drop much.

Used prices are inflated because of how crazy MSRP was in 2021 and 2022. Trucks back then were selling for full sticker price or more.

Ford raised XLT and Lariat prices by $10k to capitalize on demand, but now discounts are bringing prices back to pre-COVID levels. For example, those 2022 Lariats you see for $45k now were selling new for $70k just a couple of years ago.

The 2024 STX is Ford’s answer to the $50k market. It’s similar to what the 2020 XLT used to be. I’d say go for the new STX at $43k—it’s a solid deal. Avoid paying those crazy prices for used 2021 or 2022 models from the supply shortage era.

@Peyton
Spot on. I bought mine with a $63k sticker, and I’m pretty sure the first owner paid every penny of that.

@Peyton
I had a 2017 STX I bought new for $34k. I put 40k miles on it and traded it in during the 2021-2022 market for $29k. It was insane back then.

Leith said:
@Peyton
I had a 2017 STX I bought new for $34k. I put 40k miles on it and traded it in during the 2021-2022 market for $29k. It was insane back then.

Same here. I sold my 2020 XLT for $34,500 in early 2023. The dealer turned around and sold it for $40k after some reconditioning. Now I’m back in another 2020 XLT I got for $29,500. These 2024 STX models are looking just as good—it’s a great deal for the price.

@Peyton
Yeah, skip the Lariat and just add leather seats later. Way more practical.

Cade said:
@Peyton
Yeah, skip the Lariat and just add leather seats later. Way more practical.

Doesn’t adding leather aftermarket mess with the airbags in the seats?

Leith said:
@Peyton
I had a 2017 STX I bought new for $34k. I put 40k miles on it and traded it in during the 2021-2022 market for $29k. It was insane back then.

I sold a Lincoln MKX during that time for more than I paid new. It was wild.

Don’t forget, with the used ones, you’re missing out on the full bumper-to-bumper warranty that comes with a new truck. That’s worth something, too.

This same thing happened back in 2012 when I bought mine. A brand-new truck with more options was only $5k more, and you got the warranty and no mileage. It’s an easy choice.

The F150 is super reliable, but its resale value stays lower because it’s so popular. There’s a massive supply of used ones on the market, which keeps prices competitive. It’s basic supply and demand.

Expand your search! I just got a 2023 XLT, 6.5ft bed, FX4 package, powerboost engine, trailer tow package, 38k miles, and a clean title for $36k. The dealer was 650 miles away, but it was worth the trip. An independent mechanic checked it out for me and said it was in great shape.

I just bought a 2022 XLT with 29k miles for $40k cash. I thought about going new but couldn’t deal with the idea of monthly payments.

Zev said:
I just bought a 2022 XLT with 29k miles for $40k cash. I thought about going new but couldn’t deal with the idea of monthly payments.

Same here! I grabbed a 2021 XLT with 9k miles for $40k cash. No payments = freedom.

That said, if you have a super low interest rate, like 2-3%, it might make sense to keep the loan and invest the extra money instead.

@Skyler
Exactly. My house is financed at 2.49%, and my 2022 Lincoln Aviator was 2.59%. At those rates, paying them off early doesn’t make financial sense when you can make more investing.

Zev said:
I just bought a 2022 XLT with 29k miles for $40k cash. I thought about going new but couldn’t deal with the idea of monthly payments.

Good call!

I’ve been wondering the same thing. These used prices are crazy. I’m tempted to just go new, but I might hold off for a bit longer and see if both new and used prices drop.

I got $16-17k off MSRP on a brand-new truck the other day. Just go for new.

Dru said:
I got $16-17k off MSRP on a brand-new truck the other day. Just go for new.

Did you custom order it or grab it off the lot? Where did you get that deal?