New Pickups & SUVs Are Crazy Expensive: Should You Buy a New Truck or Fix Up an Old One?
We don’t need to tell you that pickup trucks and SUVs are expensive right now. Even the most casual observers of the car market are aware that trucks are more expensive than they’ve ever been.
This is true for new models on dealer lots, where MSRPs seem to inflate every month and average sale prices from just five years ago feel like they are from an ancient, pre-inflation era.
It also applies to used trucks as well. Especially those trucks that are starting to become desirable and/or collectible. And those trucks are a lot more in demand today than they were in the 2010s.
It’s not fun for buyers, but that’s the reality of the time we are living in. The rule of supply and demand is never defeated.
But once you’ve accepted this new "normal" of prices, there’s still a big question to answer for truck enthusiasts. Are you better off biting the bullet and buying a new truck, or buying an older pickup and restoring it and/or modifying it to your liking?
Along with your personal tastes, this will largely depend on your total budget and what tasks specifically you need your truck to handle.
More for Your Money?
Let’s start with the budget and basic needs. Are you looking for a “cool” truck? A workhorse truck or a new truck?
The "workhorse" option is going to be the cheapest. Think of something from the mid to 2000s to mid 2010s. It’s here you’ll likely find the greatest value. These are trucks that are too old to be “new” but aren’t (yet) old enough to be classics.
In most cases a truck like this should be cheaper to buy, but also still new enough to not need any major mechanical work or heavy cosmetic restoration. And they should be modern enough to drive every day without being uncomfortable or risky.
If you are buying a truck purely for “truck” things, this is the way. Though today’s prices are higher than they used to be, you can still find a nice truck with lots of life left in it without breaking the bank.
The trade-off is that you won’t have the refinement and performance of a newer truck nor will you have the “cool” or fun factor that are so many are looking for in “classic” trucks.
But if you are looking for the sweet spot in truck value, something like 2007 Ram Hemi or a GMT800 or GMT900 Silverado or Tahoe is a great choice right now.
Can you Put a Price on Style?
There’s no denying the style and simplicity of a classic truck or SUV. Compared to the size, weight and complexity of today’s new offerings, even a truck from the early 2000s can feel like an analog classic.
This is both a good and bad thing. It’s good if you like working on vehicles yourself, or if you like upgrading your truck to your own style. But not as good if you’ve become spoiled by the convenience and refinement of modern vehicles.
For example, if you’ve got kids that you haul regularly, a newer truck starts to make a lot of sense. Likewise if you are buying a truck that you plan to spend a lot of time driving in.
And speaking from a financial standpoint, there’s an argument to be made that you might get more peace of mind making a payment on a new truck with a warranty than taking your chances with an old one.
If you are a seasoned mechanic this isn’t as big of a deal, but if you are gonna need to pay someone else to maintain and/or upgrade your truck, the value proposition can disappear quickly. Especially with today’s parts costs and labor rates.
There’s certainly an undeniable character that older trucks have and for a lot of people, it’s hard to put a price on that.
And that's not to say can't fix up and restore and old truck without ruining yourself financially, you just need to be smart about doing it.
If you aren’t smart about it, buying an old truck and spending tens of thousands of dollars customizing it could be just as likely to put you underwater as making payments on a depreciating, brand new vehicle.
Fun vs Function
A classic truck is great in that it can double as a fun enthusiast vehicle while still serving as a truck when you need it to be. It’s just a matter of finding the balance.
With the money it takes to buy a new truck these days, you could build or buy one of helluva nice classic truck. And that older truck will surely get you more compliments, street cred and “fun” than a new one.
But will it be as easy to own, and will you get enough use out of it to justify the investment? A fixed up old struck is sweet, but do you want it take it to Home Depot on a 100 degree summer day or cold rainy winter night? Those are the important things to consider.
You could spend $50,000 on a new Ford Bronco quite easily. You could also spend $50,000 fixing up an old one pretty easily. And each will give you a totally different experience.
As with any vehicle purchase — be it a brand new daily driver, a beater workhorse or a classic project — spend time doing the research and have a good sense of what your needs, wants — and budget are.
The more time you spend doing that, the better off you’ll be — no matter which way you decide to spend your hard-earned money.
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