Originally Posted by ddellwo
Head on over to F-150online and read a few posts -- resale values for F-150's (as well as Chevrolet and Dodge fullsize trucks) are dropping like a rock! All I can say is that if your brother got that much for his F-150 in trade (especially a stripper XL model) he should give the dealer an open-mouthed kiss on the lips!
I'll guarantee you that right now here in Houston I can buy a brand new XL Scab for less than they gave him in trade on his used '05 model!
I will pass that suggesstion on to him...his wife may object, but under these circumstances, she may have to accept it and downright agree.
On another note, when I went to trade in my Fusion at one dealer (the car cost approx. $24K new and was about 8 months old at the time of trade in), I was only offered $10,500 for a fully loaded '06 Fusion SEL V6 that had average mileage, in excellent condition, and had several upgrades. I obviously rejected that offer. When I did end up trading the Fusion in for my F-150 (at the same dealer my brother went to), I ended up getting $19K for it. At first I was a little taken back that a new car from Ford in excellent condition had depreciated that much in a short time. I grant, I understand that traditionally, you loose a couple grand of the value the moment you drive it off the lot. Plus if you happen to put very little or no money down on top of paying close to MSRP and then financing the tax/license/registration, then of course you are goign to be upside down in just about any car. I just did not expect it to drop quite that much so quick. But in the end, after I thought about it, I decided it was about right.
In my case, it tuned out that I eneded up getting very close to payoff value. Plus with 0% financing, it was all good.
I must make note, that if anyone has been following the news, buying ANY American car (except maybe for the Vette) is a risky investment. Since all of the American car manufacturers are having financial woes of their oen, best to remember, if buying American, buy for purpose or practicality not for investment.
I remember at one time (okay for many years) the Ford F-150 was one of two best resale vehciles in the world (dollar for dollar), second only to Merrcedes. NOW, a F-150's value plumets like a brick being dropped from the sky.