Pick-ups hold value

Discussion in 'Homesteading Questions' started by Kathy in MD, May 13, 2004.

  1. Kathy in MD

    Kathy in MD Well-Known Member Supporter

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    Last Sunday night there was an unofficial tornado that went thru our area. It snapped off tops of 100-foot poplar trees and downed many others. One of the treetops landed on my husband’s pick-up truck. The cab was crushed, the windshield scattered and the hood dented. The front of the truck moved about two feet. Luckily the insurance company totaled the truck. We were amazed when the adjuster told us the value was $4,400.
    This was a 95 Dodge Ram 1500 V8 heavy transmission with a purchase price of $18,000. We were equally amazed when the new 04 Dodge Ram 1500 V6 cost only $1,500 more than the 95. Pound for pound a pick-up is the best value in town.
     
  2. True, and they can't depreciate but so much. Around here anyway, as long as it still runs and isn't completely eaten away with rust (not a huge problem here in VA) it will always be worth at least $1,500. You can buy a used pickup for that much and sell it for the same amount 2 years later.

    That's why I never buy a new car or truck. Why pay $18,000 for something that's going to be worth only $4,400 in 9 years? For that much money I'd rather buy more land and drive an older truck with some character.
     

  3. OUVickie

    OUVickie Well-Known Member Supporter

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    That's so true. My husband has two trucks and I bet he could get 1/2 of what he paid for his '93. Plus, the insurance on his 4x4 truck is cheaper than my car!!
     
  4. Blu3duk

    Blu3duk Well-Known Member

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    my wife rolled her96 dodge 2x4 in '00, and we had it insured for everything [she paid $15k cash for it a year before we were married] and the insurance paid $13,250.00 cash to us to go buy something else.... so she bought 2 older rigs....4x4's

    but yep the price dont change much on a new one...the auto companies got them high enough that no one can really afford anew rig and a homestead at the same time in payments.

    William
     
  5. comfortablynumb

    comfortablynumb Well-Known Member

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    I bought a 65' F250 for 700 bucks anout 6 months ago.

    after doing the needed minor stuff needed to get it inspected, i took it to get inspected yesterday, and UGH I had to wait...
    some guy came in and loked at it a while, said his dad had one years ago just like it.
    he offered me 2500 bucks. I politely refused.

    if its worth 2500 on first sight to him its worth a bit more to someone else once it has a decent paint job and all the rest of the bugs fixed in it.

    but it sure is easy to work on, cheap too. I may just keep it till its worth 5K!
     
  6. Cygnet

    Cygnet Guest

    My daily driver picked a real bad time to die, 3 1/2 years ago -- I had about $300 in the bank, and while I had decent credit, I had NOTHING liquid. I'd just bought my place three months before. Fixing it would cost substantially more than the vehicle was worth and would have maxed my credit cards.

    So I went down to the Chevy dealer and bought my first-ever new car, a 2001 S10. It runs like a top, most reliable car I've ever owned, but after three years, and with zero interest, I'm still three grand in the hole. It's depreciated more than 2/3rds in value and similar NEW pickups now cost several grand less than it cost when I bought it. (And I checked around, they didn't rip me off, they charged the going market rate.)

    I've got twenty payments left, of sixty and I can't get rid of the sucker. Reliable, but it's also the most underpowered pickup I've ever owned. It can't even get ITSELF up a hill, much less me and a pickup bed full of goats and hay. Trailering is out of the question. *sigh*

    Leva

     
  7. BeeFree

    BeeFree Well-Known Member Supporter

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    Older trucks do hold their value. I sold my 85 Chevy Blazer in 95 for $3500. This past year the lady traded it and the place she traded it at told me the lowest they would take was $3500.

    We bought a new Silverado in 99 and six months after buying it they lowered the prices on new trucks. This year we could have bought a new one for less than what we gave in 99. I guess they brought down the price because they weren't selling enough.
     
  8. reluctantpatriot

    reluctantpatriot I am good without god.

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    The local Ford dealer in Versailles, Missouri, nine miles north of where I live still has a few 2000 through 2003 model NEW vehicles on his lot to add to the 2004 models. When I drive by his dealership it is almost pitiful to see how bulging his lot is, mostly of the overpriced luxury trimed models of the Expedition and F-Series trucks. If they were the standard or work trimmed models, they might sell more.

    If I could get my old 1963 GMC 1-ton fixed up, and perhaps get a 4x4 chassis to merge with the 4x2 that I have now, I would be happy. My Jimmy has a 305 V-6 (produced from 1960-1963 only for the 1-ton model) and a 4 speed on the floor with granny first gear. If it were a 4x4 it would be a real stump puller. I would love to make one good homestead truck out of it. I don't really want to restore it to showroom condition, rather make it into a homesteader workhorse.

    I have a hard time seeing a current model pickup or SUV being durable enough to use in the boonies. They seem too full of delicate electronics and fiberglass to survive the abuse. That, and they can't be worked on easily without a computer.

    But I do agree, those trucks hold their value. :D
     
  9. Most newer trucks will hold more of their value than most newer cars... but you'll still lose a wack of cash in the first five years of any new vehicle. For example, a new $30,000 pickup vs a new $30,000 car. If the pickup is worth $17,000 after three years, and the car worth $12,000... then the truck held more of its initial purchase price. Either way though, you've lost money.

    With anything worth under $5,000, the value is pretty much whatever someone will pay you for it. Is it worth 5k, 3k, 4k... nobody knows.

    When it comes to trucks, my favourites are those which are as new as possible without having all the computer control. When was that... maybe mid to late 80's? I like the Fords with inline 6 300ci... because I save on insurance rates.

    If you can find an older truck which has not been abused... even if you have to spend a few thousand to repair it... you'll be ahead of the game.

    cheers,
     
  10. HermitJohn

    HermitJohn Well-Known Member

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    I dont know about one tons, but that 305 V6 was offered in half and threequarter GMC only (chevies offered 261 or 292 straight six)from early '60s thru mid 70's anyway. Monster things that had huge main/rod bearings and just wouldnt die. They also sucked gas like crazy (I think due to inefficient head design). There were larger versions of this engine offered in medium duty trucks. 403 seems to stick in my brain, but I really dont remember. Something real exotic although I never saw one up close, but heard there were even big trucks with two of these engines hooked together to make a V12.