Trade in for upgrade?

[neririn]

I am at 32k miles on my existing MY22 Lightning. I love it, and I am curious if anyone has experience with or considered upgrading. Frankly, I could use the tax rebate and with the cost of money these days, financing a new ride at 0.0% interest now doesnt sound partcularly worse than sticking my original plan and parking the same money in the bank each month for 2-3 6 years and buying one then.

I have a lot of cool stuff in my first gen lighning that might not be available anymore (like heated steering wheel, wireless charging etc) but I am curious what the over all vibe is for the new model year 2024’s? I assume they are still CCS rather than the Tesla typeNACS port chargers?

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[astrand1]

Well the hard part is the value drop. You might be surprised at what they might offer on trade in. I personally don’t give a shit! I love my 23 ER lariat. I only had 2 deletes. The advanced security pack and lighted cup holders. Both of which have been added back. And yes the 24’s still have the ccs plug. I have no plans to give mine up. The 24’s lost even more stuff. Although they did gain a heat pump. I kinda like my resistive heater it gets nice and hot very fast! I’ll take the range hit and it’s really not been that bad overall here in Michigan.

 

[Nomoregas]

got a 22 and 92KM going to run her HARD into the ground no need for a trade in, if our dollar here up north was not so bad and the Donald telling us 25 points tariff coming I would likely add a cyberbeast to the mix, think in black they look sic

 

[Scorpio3d]

I am at 32k miles on my existing MY22 Lightning. I love it, and I am curious if anyone has experience with or considered upgrading. Frankly, I could use the tax rebate and with the cost of money these days, financing a new ride at 0.0% interest now doesnt sound partcularly worse than sticking my original plan and parking the same money in the bank each month for 2-3 6 years and buying one then.

I have a lot of cool stuff in my first gen lighning that might not be available anymore (like heated steering wheel, wireless charging etc) but I am curious what the over all vibe is for the new model year 2024’s? I assume they are still CCS rather than the Tesla typeNACS port chargers?

Personally, I love my 23 lariat ER and will drive it until the wheels fall off unless when the next gen (T3 ?)truck comes out It is just too much better that I just can’t resist!

 

[MotoGary]

Trade it as soon as you can before the tax credit goes away.

 

[Mach Turtle]

So, which of two great options to choose... nice problem to have.

What trim is your truck? Seems like a pretty high-end model. You'll almost certainly be financially better off in the long run to keep it for another 5 years or more, and AFAIK the changes for 2024 are minimal or slightly negative except for the heat pump. Heat pumps seem to work best in moderate climates, not extra cold ones, so they're good (if a little noisy) for us Californianos but not so hot (sorry) in snowy areas. Mostly what you'll get with a new truck is the warranty and newness. Well, the tax credit is nice too, but small compared to depreciation.

If you have extra cash and can afford the hit, you'll be doing whoever buys your used truck, and our country, a real favor...

 

[Hceren]

Hi everyone:

I just found this thread, but I ran into something similar last month.

I had a dealer offer (via email) to trade in my 2023 Lariat for a 2024 model (same exact trim/color). They were offering 0% APR whereas before I had a 4.5% rate.

My truck had almost 2 years and 33k miles on it. I was also nearing the end of a standard 3 year/36k mile warranty.

With the offer from the dealership, I got:
1) A brand new truck and the literal same exact ride I had before other than adding a safe to the console
2) A 7 year, 100k mile warranty
3) Tire/Wheel protection plan
4) A new monthly rate that was $280 less than what I was paying before.

I'm a "drive the car into the ground" type guy after paying it off, so eating the last almost 2 years of payments stung, however, to pay a few hundred less each month and having peace of mind about something going wrong with the car made me pull the trigger.

I know these trucks have lost value and are selling for less. And we may very well be about to experience a decline in the car market that sees some more deals like this. I'd rather have a declining value truck that I'm covered for and paying less monthly as opposed to what I had before.

Hope this helps!

 

[Pioneer74]

You said your monthly payment is less, but didn't say the length of the payments. Did you have to go to a longer term contract?

 

[TaxmanHog]

With the offer from the dealership, I got:
1) A brand new truck and the literal same exact ride I had before other than adding a safe to the console
2) A 7 year, 100k mile warranty
3) Tire/Wheel protection plan
4) A new monthly rate that was $280 less than what I was paying before.

8 years or 100k

https://www.ford.com/support/vehicle/f150-lightning/2024/owner-manuals/
https://www.fordservicecontent.com/...ion/2024_US_Ford_BEV_F150_Lightning_WG_V2.pdf

 

[Hceren]

8 years or 100k

https://www.ford.com/support/vehicle/f150-lightning/2024/owner-manuals/
https://www.fordservicecontent.com/...ion/2024_US_Ford_BEV_F150_Lightning_WG_V2.pdf

Apologies, I just looked at my paperwork and it was the 8/100,000. A far cry from what I had before.

 

[Hceren]

You said your monthly payment is less, but didn't say the length of the payments. Did you have to go to a longer term contract?

I basically restarted payments on a new 5 year loan (the same as my previous terms that I was about 22 months into).

 

[Hceren]

The only part of the math problem you left out is acquisition taxes, title fees etc, higher property taxes on the new 2024. If I could do it all over again, I would lease so I could also take the $7500 fed rebate (which I don't qualify for in a buy scenario).

Pluses
1. New car
2. warranty
3. $7500 Tax rebates (if you don't exceed the income caps, if you do then lease)
4. zero percent for financing
5. Free home charger

Negatives
1. Depreciation on current vehicle
2. Acquisition costs (taxes, tags, sales taxes)
3. increase property taxes
4. increase insurance costs
5. hassle and time of transacting with the dealer

I have an April 2024 build Platinum that I bought in October, already put 7K miles on it, will drive it until the frame rusts out. (Did get 0% for 60 months, did get massive discount - close to $20K, as it was a scratch and dent special). I don't think I could have done better, still have a CT on order, but will not get it now and will let the reservation time out on the CyberBeast, which would cost almost $55K more than what I paid for the Platinum with every option.

I understood all the taxes, fees, and acquisition costs as well as the restart on the loan. Insurance costs were the same for me.

I work for a major oil and gas company and got a partnership rate on the vehicle, the $7500 rebate (which I was pumped I still qualified for), 0% rate, & incredible warranty. With a young baby at home, the monthly money save as well as peace about the truck should anything go wrong made it an easier decision for me.

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