The F-150 is a pretty versatile and productive truck. It is arguably the most popular truck on the roads today and has been redesigned a good number of times.
Yet, even though your favorite truck has so many features and advantages, many consider it to be too expensive. Let’s agree or disagree.
Here’s the short answer to why the F-150 is so expensive:
The popularity of the F-150 is one reason for its cost. Ford builds the F-150 with high-quality materials. Its superior engineering and sturdy frame make it a highly sought-after truck. The truck’s versatility, including a remarkable towing capacity that contributes a lot to its demand, so buyers drop top dollar for the pickup.
Is the Ford F-150 Overpriced?
First, trucks are more expensive today compared to the last decades. As people start more businesses, more deliveries are needed, and this causes an increase in the demand for trucks.
The F-150 is also made of a significant amount of aluminum. Although this increases the cost of purchase, it usually turns out to be more economical in the long term. Reports show that the aluminum bodied F-150 is easier to repair than its steel siblings.
Hence, in events of crashes where dents are clear in the body, it’s better to have aluminum by your side.
Besides this, the F-150 boasts of a modern infotainment system with above average safety features. They include cruise control assist, traction control, collision mitigation, driver monitoring alert, etcetera.
With these factors considered, one might say the F-150 provides enough value and is worth every penny.
However, others believe the F-150 is overpriced. This is because there are other trucks that offer these same features but are much less expensive.
More emphasis would be made on comparisons later on.
How Much Has the Price Increased Year for Year?
Let’s begin with the 2017 model year. The 2017 F-150 had a starting price of $28,405 for the base XL trim. Other trims like the Platinum and the Limited costs as much as $54,930 and $61,495 respectively.
However, for the sake of simplicity, we’d focus on the XL and XLT trims alone. The XLT trim for the 2017 model cost $33,775.
For the 2018 model year, the XL trim cost $29,200, while the XLT trim cost $34,795. The ‘18 model had more sophisticated engines and came packed with a more comfortable interior.
The 2019 model also had powerful engine options and more advanced technology. That’s why it’s surprising that it only cost $29,750 for the XL trim and $35,755 for the XLT trim. The 2020 model cost $30,440 for the XL trim and $36,455 for the XLT trim.
The XL and XLT trims for the 2021 model cost $30,985 and $37,095, respectively. However, the SuperCab and SuperCrew configurations cost $34,720 and $38,345, respectively. For the 2022 model, they cost $31,685 and $38,325, respectively.
Using the base XL trim as a case study, the ‘18 model had a $795 increase from the ‘17 model. The ‘19 had a $550 increase from the ’18 model. The 2020 model increased by $690 while the 2021 model got a $545 increase in its price.
The biggest hike since 2018 occurred in the 2022 pricing, with a $700 increase. That being said, the average increase in prices over the last 5 years is $656.
Many of the above prices are for the base trims RegularCab. It is noteworthy that the SuperCab and SuperCrew models would be significantly more expensive than the RegularCab, as observed with the 2021 model.
Why Does the Ford F-150 Cost More Than Other Similar Trucks?
Available sales data shows that the Ford F-150 is one of the cheapest full-size trucks on the market, despite its huge popularity.
The base 2022 XL trim has a starting price of $29,990 for the regular cab. Meanwhile, the Toyota Tundra starts at $35,950 while the Chevy Silverado has a base sticker price of $30,000. The base trim of the Dodge Ram 1500 starts from $35,000, while the Nissan Titan has a starting price of $38,310.
From the above, it’s clear the Ford F-150 is the cheapest of these trucks. However, the reason some competitors are more expensive is that they only come in crew cab configuration. A prime example of this is the Toyota Tundra, which just received an extensive upgrade for the new generation.
When you start adding options, such as choosing the crew cab configuration, leather upholstery, and other available equipment, the price of the F-150 can quickly become high, even higher than the competition’s.
Buyers can’t complain though, as they’re buying more than a truck when the F-150 is concerned. You’re buying an important piece of American automotive history and the most popular truck in the U.S. when you cop one of these pickups.
Why Are USED Ford F-150 Models So Expensive?
The F-150 keeps its value pretty well. A used F-150 would still have a high price based on several factors. Most times, used F-150s that haven’t exceeded 5 years can fetch a much higher price in the market than older models.
The major reason the F-150 keeps its value is the quality of the truck, the popularity and exceptionally consistent high demand. The F-150 is the most sought after truck in the United States. Such a great demand allows for it to command a substantial price even after years have gone by.
Another reason the F-150 would fetch a higher price is its mileage. If it hasn’t been driven much relative to how long it’s been owned, it’d be sold at a higher price. A 7-year-old F-150 will have a good resale value even if its mileage is just 40,000 miles.
The truck’s color, along with how well you maintain the vehicle, helps drive the price higher.
How Much Should You Pay for a Brand New Ford F-150?
The 2022 F-150, for example, costs $31,685. However, it is difficult to put a general price to the F-150.
This is because the F-150, like many other vehicles, comes in many trims. According to Kelley Blue Book, other trims would be more expensive, costing as much as $80,000.
On Edmunds.com, the manufacturer’s suggested retail price ranges from $37,700 to about $77,700. Of course, this range is wide because of the many available trims.
The XL trim comes with the basic features of the F-150 has. It also has a lower manufacturer’s suggested retail price (MSRP) than the others, which stands at $29,990 for the 2022 model year.
The XLT has more features compared to the XL trim. For this reason, its starting price is much higher, at about $38,130.
We consider the Lariat and the Tremor trims to be the midrange trims in terms of affordability. Even though the Tremor has more features than the Lariat, their prices place them in a close range. Thus, the Lariat and the Tremor cost $47,640 and $52,920, respectively.
The King Ranch has an MSRP of $58,610 while the Platinum starts at $61,390. Meanwhile, the 2022 F-150 Limited starts at $75,835. The Tremor has an MSRP of $52,235, while the performance-centric Raptor starts at $68,675.
Note that the figures here are the starting prices for each trim level. You can customize your truck with myriad available equipment and accessories, and this can add thousands of dollars to the price tag.
Does the Ford F-150 Hold Its Value?
The F-150’s updated features make it more coveted. It is constantly being upgraded with the times and this adds to its already popular and respected name.
That being said, the F-150 would depreciate about 39% after 5 years of the purchase date, according to CarEdge’s estimate.
That’s about 71,315 miles based on a yearly average of 14,263 miles in the United States.
While there are different opinions out there, it is widely acceptable that the F-150 keeps much of its value. An added advantage is that it sells as quickly as it hits the market. This can be attributed to its popularity and excellent reputation.
Hence, F-150 owners don’t have to worry about reselling their trucks, as it has a great price and sells fast. Still, note that the F-150 must be kept in good condition to be sold at a good price.
Some cars have been involved in a crash or gone through a major component change. Car buyers are usually skeptical when buying cars with replaced components like the engine or the transmission. The general belief being that nothing beats the original components.
Such cars will probably lose their bargaining power, hence, their value.