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Discussion Starter · #1 · (Edited)
So back in May I bought a brand new 2021 F-150 STX 2.7L 2WD crew cab truck. Thanks to an amazing deal, and a killer trade on a leased vehicle, I wound up financing $31K with $0 out of pocket. Out of curiosity I was checking values on CarMax, Carvana, and Vroom. Carvana and Vroom offers both in the upper $37K range, and CarMax wanted me to bring it in for an appraisal. Between those 3, and the roughly 10 Ford dealers within an hour of me I can sell it for upwards of $38K I'm sure.
I'm thinking of selling it and taking the money and just buying something outright, maybe adding a few thousand on top. I love the truck, and I can afford it comfortably, but I love the feeling of no car payment, and I can put the ~$500/mo to better uses and savings. If I were to do this I would want to replace it with something in the Toyota 4.7L V8 family (Lexus LX/GX 470, Sequoia, Land Cruiser, V8 4Runner, Tundra), preferably with 4WD. Most of those in the $7K-$10K range have upwards of 150K miles on them, so I know they'll require maintenance. I'd look to get something with at least a recent timing belt replacement and maintenance records.
So my question is, am I nuts for even considering this? Out of those replacement vehicle options are any better than others? I'm in FL so I don't have to worry about rust on cars that have lived their lives down here. I know that motor, when properly maintained, will pretty much run indefinitely. Will the rest of the vehicle fall apart around it, and make me wish I had just kept my truck? I don't drive much since I work from home, so I'm not worried about gas mileage, and I can throw a headunit with CarPlay in any of those vehicles to suit my needs there. Thoughts?

Picture of my current truck if you made it this far.
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You are not crazy if you could live with something that old and used in FL. Note that you may be also paying an inflated price for that used vehicle. Are you going to get the itch again to buy new? Before making moves, post some examples of what you would buy.
 

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This seems like a bad move, but I’m also probably biased as I’m getting a little tired of daily driving an older vehicle.
 

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Discussion Starter · #4 ·
You are not crazy if you could live with something that old and used in FL. Note that you may be also paying an inflated price for that used vehicle. Are you going to get the itch again to buy new? Before making moves, post some examples of what you would buy.
Something along these lines catches my eye. Although this one is due for a timing belt, it looks in great condition otherwise. I have a neighbor who owns a mechanic shop that I would have inspect anything before buying.
 

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No car payment is nice, as long as you don't replace with with car repairs.
 

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Well, you bought a brand new 2WD half ton, so unfortunately the answer to "am I crazy" might be "yes." 😂

But the good news is the used car market is giving you a fantastic chance to trade, and so long as you're not afraid of a wrench, your logic to get out of a payment is reasonable. My only advice would be to frontload what you can and get the mileage/wear down on the used replacement. Entirely possible for a $12k truck with 100k miles to actually be cheaper than an $8k truck with 150k.
 

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No car payment is nice, as long as you don't replace with with car repairs.
This. I got an absolutely pristine Lexus GS 400 from my pops some years back, but it was right at that point in life that it needed a whole bunch of stuff. After 15 months I was $8000 in on repairs and maintenance
 

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I take my comment back. It could be that you end up spending more per month in repairs than the F-150 will cost you over the same amount of time. There's something a little romantic of some older style Lexus/Toyota product but the reality is that it could nickel and dime you. Timing belt now, but then it could be AC compressor later, then alternator. Not counting your time and stress. Or you could just drive the F-150 and not worry
 

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Here comes only-buys-new-cars-everything-old-sucks-balls-for-daily-driving puma, so you already know my recommendation.

Keep the truck. Swapping a $500 payment for a low mile, warrantied vehicle with modern safety, tech, and comfort just to drop 5 figures out of the gate for some 150-200k mile car that's 15+ years old is insanity. At some point, as it approaches 250k, 300k, the value will finally plummet - don't be the last owner stuck holding the bag,

I've been there, and you can predictably spend $500 a month on a new car, or you can unpredictably spend $500 a month keeping an old outdated car with worn out ass seat foam on the road. Can you keep an old Toyota product on the road for under $500 a month? Probably, but what things COULD be done but won't get done that you will ultimately be skimping on ("Well, this piece of weatherstripping COULD be replaced but it's $200 and the doors are triple sealed anyway and it's an old car so it's not really worth it")? Then multiply that outlook by the last two owners who also could've done X/Y/Z, but got away without it. It'll nickel and dime you to death.

VERY few people truly keep a car in what is truly "needs nothing" condition for 15 years, let alone 5.
 

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I bought a (then) 14 year old 2004 V6 Highlander with 83k on it, have driven it now 4 years and put 50k miles on it. Replaced all belts, brakes, and recently spark plugs . Bought it for $8k, prob put $2k into it, and plan on driving the crap out of it.

Ran into other owners of same model Highlander that have 300-400k miles on theirs. They said basic maintenance .


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Think short term with the V8 family suv since gas prices are climbing and likely to stay there (like with diesel). Find something with resale value, that will get you around for 2-4yrs until EV SUV's are an affordable thing.
 

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Here comes only-buys-new-cars-everything-old-sucks-balls-for-daily-driving puma, so you already know my recommendation.

Keep the truck. Swapping a $500 payment for a low mile, warrantied vehicle with modern safety, tech, and comfort just to drop 5 figures out of the gate for some 150-200k mile car that's 15+ years old is insanity. At some point, as it approaches 250k, 300k, the value will finally plummet - don't be the last owner stuck holding the bag,

I've been there, and you can predictably spend $500 a month on a new car, or you can unpredictably spend $500 a month keeping an old outdated car with worn out ass seat foam on the road. Can you keep an old Toyota product on the road for under $500 a month? Probably, but what things COULD be done but won't get done that you will ultimately be skimping on ("Well, this piece of weatherstripping COULD be replaced but it's $200 and the doors are triple sealed anyway and it's an old car so it's not really worth it")? Then multiply that outlook by the last two owners who also could've done X/Y/Z, but got away without it. It'll nickel and dime you to death.

VERY few people truly keep a car in what is truly "needs nothing" condition for 15 years, let alone 5.
This all the way.
 

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If you can shoot for a vehicle with lower miles for a few thousand more, I would do that. But other than that, the earning potential of 500/month vs going to a car payment should be encouragement enough.
 

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Do you have another new-ish car in the household or is the truck the main vehicle? Personally I would be reluctant to rely on something 10-15 years old with an unknown history, and in this case something that gets much worse MPG, as my daily.

I am in a similar situation as you with my Tacoma - bought new in May for $30k, owe $25k and the trade-in is $33-34k. I have had similar thoughts but don't want to lose capabilities or end up spending more money total so probably won't do anything for a few years.

The logical thing would be to sell it and put the proceeds toward something like a new Civic hatch, but we are really enjoying #trucklife and I don't really want another car.

Honestly, if I do anything, and if the Tacoma value holds, I'll probably go in the other direction and upgrade to a next-gen PHEV or hybrid Tacoma or maybe the base Tundra after 5 years which seems to be the sweet spot for truck upgrades.
 

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Well, you bought a brand new 2WD half ton, so unfortunately the answer to "am I crazy" might be "yes." 😂
Ha, if I weren't in a climate that needed 4WD at times, I'd rock a 2WD half ton. I don't go off roading, it would have a (marginally) higher tow & payload rating, and frankly there's less sh*t to go wrong.

I take my comment back. It could be that you end up spending more per month in repairs than the F-150 will cost you over the same amount of time. There's something a little romantic of some older style Lexus/Toyota product but the reality is that it could nickel and dime you. Timing belt now, but then it could be AC compressor later, then alternator. Not counting your time and stress. Or you could just drive the F-150 and not worry
I'm in this camp as well. Even though the market is crazy on a late model F-150, you beat the market so IMO, assuming you still need the capabilities of the truck, you should keep it and ride out the ownership until you don't need it.

I fell into the trap of trading out a newer vehicle for an older one in the name of saving a few hundred, and realized that it was a mistake. Thankfully, I was able to remedy that during the initial upswing in values and bought a newer F-150 while getting near maximum value out of the older vehicles. Even though I beat the next upswing in values - bought the F-150 for $25K, and it's now a $30K+ truck - I wouldn't cash out of it because I need its capabilities and I can't get a better deal for the same age/mileage that I have now. I'm also not willing to go significantly older / higher miles just to save a couple hundred $$ because it'll likely get eaten quickly by additional maintenance and repairs.
 

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I don't get it. You recently bought a brand new truck and at that time you were happy to pay $31k plus some type of interest. Now you want to buy an old crusty truck/SUV for ~$10k? Why not do that in the first place? I don't care what the internet say, trading a brand new vehicle with what essentially amounts to 0 miles when you got it for something old and lots of miles seems silly. When you get to old cars with miles, you run into issues due to age, potential accident damage, and questionable maintenance. Are there exceptions out there? Absolutely. I wouldn't even consider this trade personally. Unless my situation changed and I needed to tighten my belt, in which case, you're making a smart decision IMO. In addition, that you're asking about whether the car will fall apart around you if you make the trade suggests to me that this might not be the best option for you.
 

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I owned a 4th gen 4runner for 11 years before buying a new Tacoma a few months ago. It was a V6 2WD. It was a great vehicle, but I wouldn’t go back to one unless I ran into financial trouble. It was cheap and easy to maintain till I couple of years ago when I hit around 170k. I ended replacing the front struts, front and rear brakes, AC started leaking Freon, the alternator and a few other maintenance items. I ended up selling it with a 190k on it due to power steering started leaking and the control arm bushings were due to be replaced. I did not feel like pouring $4k into it.
If you don’t need a V8 or 4WD a low mileage V6 runner might be worth it. I don’t know much about the Lexus GX trucks, so that might be a better option. I guess you have to ask yourself, if you were offered what your truck would have been worth during normal vehicle depreciation times, would you even be considering this kind of trade? If not, I would keep the truck.
 

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I won't get into the new car vs. old car debate, but $7-10K is probably NOT going to get you any kind of Toyota 4x4 you'll want to rely on, at least without spending several thousand more on deferred maintenance and repairs. This especially applies 100 Series LC/LX470 or GX470 - I would consider $7K to be well into "beater" pricing for any of those.
 

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Discussion Starter · #19 ·
Thanks for all the replies. I will probably keep the truck for now, but still be on the lookout for a creampuff Toyota 4.7L product that might pop up at a good price. Our other vehicle is a 2013 Honda Pilot with 105K miles on it (paid off) that is in top condition. I'll be getting the timing belt service done soon and then it should easily last another 100K miles if we decide to keep it that long.
I work from home so I don't drive much other than local errands, or when I go out to meet clients at houses occasionally (I do real estate as a side gig). We use the truck as our family vehicle when we go out just because I prefer driving it to the Pilot. I don't really NEED a truck, but I like driving something bigger because I'm a big guy, and I do haul stuff from the home improvement stores frequently, but the Pilot met 99% of those duties before I bought the truck.
 

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I mean, it's a natural train of thought in the current market - when has it EVER been the case that you can buy a new vehicle and have it immediately be worth 10-20% more than you paid for it, rather than the other way around?
 
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