Trade value shock

[dww]

Agree with the posts about the incentives lowering trade-in on last years trucks. I got my Lariat ER a couple of weeks ago. $80k - $7.5k Ford incentive - $5k dealer Incentive - $7.5k Federal Tax credit.… essentially a $60k truck. The $45-55k trade in sort of makes sense when scenario’s like this are common. I wasn’t opposed to used LIghtning’s, but the ones I saw cost equal or more than a new one.

Having said that, trade-in values are being impacted across the board. Car buying is back to normal. The lots are packed. I traded in my one year old Sierra 1500 Denali 6.2L with 16k miles. Purchased new Dec 2022, traded this Dec 2023 and got $55k. The highest a dealer offered me was $58k. Not much different from the Lightning losses. Purchased a used C8 in July, lost nearly $10k when I sold it back this week, after six months and minimal miles. Aside from specific speciality vehicles, markups are a thing of the past.

That was a great deal. Congrats!

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[mefly2]

I paid $71k for a $81k 2023 Lightning Lariat ER after rebate and dealer discount plus I get to claim $7.5k tax credit so I’m only into it $63.5k. if I bought at peak with no rebate or tax credit it would have cost me $25k more.

Isn't there an $80K msrp limit for tax credit?

 

[VTHokies]

Isn't there an $80K msrp limit for tax credit?

Destination and delivery charges are not included in the $80k max…

 

[flyct]

Isn't there an $80K msrp limit for tax credit?

Bottom Line MSRP was $81,840
Before the $1,995 Destination and Delivery charge it was $79,845. It just squeaked by $155 under the $80,000 limitation to qualify for the Federal Tax Credit. Some State Income Tax Credits include D&D to qualify. Florida doesn't have a State Tax Credit and doesn't even have any State Income tax.

Directly from IRS Site
https://www.irs.gov/credits-deductions/credits-for-new-clean-vehicles-purchased-in-2023-or-after

MSRP is the retail price of the automobile suggested by the manufacturer, including manufacturer installed options, accessories and trim but excluding destination fees. It isn't necessarily the price you pay.

The Form the dealer gave me and sent to IRS is below

 

[jdmackes]

I’m glad I love my truck. Just thought about the upgrade for leather seats and adaptive cruise. Curious when ’24 roll out how values shift.

You can add adaptive cruise to your truck, just have to buy the parts and adjust some settings. I added it to my Pro, absolutly love it. You could always do katzkin leather for the seats too, that way you'd have both the things you want for around 2k total.

 

[Peddyr]

22’ Lariat ER, love the truck and at this point I feel pot-commited to the vehicle. Contemplating buying extended warranty and keeping it longer than I had originally anticipated.

I did this when I bought my truck knowing I was going to put lots of miles on it and I planned on keeping it for 5 years minimum. I figure in 4/5 years there will several different options for EV trucks and my note will be low enough that I can break even on the trade at the very least. Definitely playing the long game as long as the truck cooperates.

 

[DanielM92563]

Lots of media recently about how EVs including the Lightning depreciated more than ICE vehicles but what those outlets aren’t considering is the fact that many of those EVs came with a 7500 dollar tax credit (in some states even higher incentives) which is factored into the market. Used EVs need to sell for way less than new because otherwise people will buy new and get a tax credit, also those selling are more willing to sell at a lower price because they took advantage of the tax credit.

 

[Jseis]

If we were rational, a Maverick hybrid would’ve been the rational choice. But when the S.O. says “the truck matches my eyes”, well the R Train had long left the station.

 

[Overlook637]

I just got my quote for my Platinum... $44K.. lol. I still owe well over that at the moment...

91,000 MSPR down to 44,000 in less than 24 months. That's German Luxury car value loss.

 

[Overlook637]

I tried Driveway, and Carmax - both of which didn't give me a number for my Platinum. Driveway says they need to review, and Carmax says that it needs to see the truck.

Most dealerships use Manhiem or other large car auction results to get the value. On new models that have little to no auction results its difficult for them to appraise. Most dealership only offer what the car would bring at auction plus or minus %.

Are you trying to sell your truck? How many miles?

 

[Pod]

All of this makes me a little crazy. Would be nice if Ford offered a nice private cash offer for early adopters. I would definitely upgrade. Seeing the 50% depreciation is a bummer.

 

[F150ROD]

EV's are really Taking a hit in General. My Model 3 is only worth $24k with 12K Miles. Paid $38000.

 

[PungoteagueDave]

Just received an offer to trade my July 2022 Platinum Lightning in on a PowerBoost Limited. $51k for a $94k MSRP truck. Oh well. But I’m giving up on EVs to tow, must do. CarMax offer was equal, but would lose that sales tax benefit for trading.

 

[RickLightning]

Just received an offer to trade my July 2022 Platinum Lightning in on a PowerBoost Limited. $51k for a $94k MSRP truck. Oh well. But I’m giving up on EVs to tow, must do. CarMax offer was equal, but would lose that sales tax benefit for trading.

Thought Ford was buying your truck back months ago when the V2H system never got working?

 

[PungoteagueDave]

Thought Ford was buying your truck back months ago when the V2H system never got working?

Can’t respond

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