2005 F150 5.6' Bed, V-8 Price?

I just paid $22,000 for this truck from a close family member.

Didn't even ask about price before hand bco the familial relationship.

But I'm seeing a huge (as in $10,000+) discrepancy between my price and what the various auto pricing sites come up with - even allowing $1,000 for prep work/cleanup/minor fixes.

First thing that comes to mind is that I'm keying incorrect data.

- 2005

- F150

- FWD

- XLT

- 5.6' bed

- Crew Cab

- Price new: $37,715

Can anybody comment?

Or don't I want to know?

Reply to
(PeteCresswell)
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First, FWD = Front Wheel Drive, 4WD = Four Wheel Drive. There is no such thing as an F150 that is FWD.

I'm in AutoTrader _right now_ looking for an Expedition, and I'm finding

2001s in the sub-$8000 range. Based on that, it seems to me that an '05 F150 for $22,000 is a bit high. If I was you, I'd be looking at AutoTrader and similar sites to see what your truck is being sold for in your area. You can price your truck on KBB.com too. There are lots of places where you can shop for your truck to see what kinds of prices they bring.
Reply to
Jeff Strickland

Per Jeff Strickland:

Mea Culpa: Sb "4WD"

Reply to
(PeteCresswell)

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The King Ranch is the highest price of the F150's for that year, and even if "Excellent" condition should cost ~$20,000 in this area (South Carolina) from a private party.

If you start from the beginning, you get to add whatever options are on it, the actual mileage, etc. But, it's always nice to help out relatives, if you can :-)

Reply to
SC Tom

Seven year old non-specialty vehicles are rarely if ever valued at 3 grand more than half their original MSRP.

But, you must have known that.

Guessing the color is white, no options, 100K miles, average condition, I came up with ~$9K Dealer Retail at Edmunds. -----

- gpsman

Reply to
gpsman

I'd say you overpaid by about $10,000 for an XLT.

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Reply to
David

Seven year old non-specialty vehicles are rarely if ever valued at 3 grand more than half their original MSRP.

But, you must have known that.

Guessing the color is white, no options, 100K miles, average condition, I came up with ~$9K Dealer Retail at Edmunds.

+++++++++++++++++++++++++++++++++ Using your formula, he paid about the right price.

He said the price new was 37,715. Half of that is 18,850. Add 3,000 (3-grand above half the price), and the current value comes in at 21,900-ish. If you go heavy on the -ish, then 22,000 is not bad.

I'm not in agreement that this is a good price for the truck, but using the formula you suggested then it seems okay. I'm speaking from my own anacdotal information, and I'm thinking the formula gives too high of a value, but I accept that solid data can change my position.

I've never heard of this formula before, but I kinda like it as a rule of thumb. Perhaps it needs a tweek here or there to make it work better, but the idea of taking half of the original price and adding a decreasing amount over time to arrive at a general current value is kinda cool. After ten years, then hallf the price with no add. After fifteen years then half the price minus 3-grand. I see how this works. I'm not onboard that it does work, but I see where you are going and I like it. Where did you get this formula?

Reply to
Jeff Strickland

Per Jeff Strickland:

My insurance company valued it (i.e. "Replacement Cost") at 23k.

I told the guy that seemed high, but if he had a good enough story, I might feel a little better about what I paid for it.

His story: Insurance companies do not go by "Blue Book", but they have their own figures that they call "Black Book"... which are nationwide average prices at which given vehicles are sold retail.

Hearing that, I felt a little better... not a *lot* better... but better.

Also, at least we kept the money in the family..... -)

Reply to
(PeteCresswell)

"I" got it from the car business, as a sales technique to devalue trade-ins in the minds of customers that overvalue their old rig they still feel is a rare and desirable treasure, even though they no longer want it.

It's just percentage of MSRP vs. age (+mileage). "You think your x y/ o rig with x miles is still worth half (or whatever) of what is was new...?"

It's nothing near a hard/fast rule, but does offer a different perspective of perceived vs. real market value. -----

- gpsman

Reply to
gpsman

"I" got it from the car business, as a sales technique to devalue trade-ins in the minds of customers that overvalue their old rig they still feel is a rare and desirable treasure, even though they no longer want it.

It's just percentage of MSRP vs. age (+mileage). "You think your x y/ o rig with x miles is still worth half (or whatever) of what is was new...?"

It's nothing near a hard/fast rule, but does offer a different perspective of perceived vs. real market value. -----

++++++++++++++++++++ I'm all over the hard, fast rule, or the lack thereof. I just never heard of the formula. Using the formula you outlined, the OP paid about the right price for his truck, and now I'm confused because you followed the formula with a statement about the truck being valued at $9-grand.

I get it, I can't read. Nevermind.

You said it is almost never valued that high. My bad. I read that a reasonable value is half + 3 grand, and you said that half + 3 is rare.

Reply to
Jeff Strickland

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