When is it Time to Trade?

[Blake1107]

I have a 2016 F150 with the 5.0. I purchased it in 2017 with 49K miles on it and I am just 50 miles short of hitting 150K miles. The truck came with a Limited Lifetime Powertrain Warranty (for as long as I own it) and I also had a Bumper to Bumper warranty that expired at 127K miles. I have taken great care of it and up until a few months ago the plan was to keep the truck long-term, drive it until my oldest son turns 16 (2030) and then it be his. To be honest, I have been happy with the truck until recently thinking about it all and the issues/repairs needed over the last 6 years I have owned it. If I didn't have the Bumper to Bumper warranty while I did, I don't know if I would have owned it past 2019 though.

Trans Rebuild in 2018 (2X) **Second time was on Ford's dime under their warranty (68K miles)
Trans Replacement / Driver Seat Heating Element Replaced in 2021 (116K miles)
Upper Radiator Hose / T-Connector / Drive and AC Belts Replaced in 2022
Water Pump / Idler / Steering Wheel Controls 2022

I looked back through those service receipts and without that Bumper to Bumper warranty, $10K+ would have been spent just on the trans rebuild and the trans replacement combined. Instead I only had to spend a $200 deductible each trip and that does take away a lot of sting and I guess why I wasn't really all that upset with the truck then.

The reason I am contemplating if it's time to trade now is it seems like the new issues are starting to add up.
1) Two oil changes ago I noticed the evidence of a seep at the back of the oil pan. My most recent oil change I just did last week I noticed it's become worse than a seep as oil is able to drip from the rear bolts on the pan, it's very wet down the back of the pan with some drips forming on the bottom, and the sway bar even has oil on it that is able to form drips. This is my third fill of High Milesage oil and I am assuming the gasket has failed and nothing can help it. Have only received one quote so far and it was estimated at $400. $60 for the gasket and the rest for 3.5 hours of labor as it requires removing the sway bar and disconnecting the front diff to drop the pan.
2) The VCT Solenoid Gaskets on both the driver and passenger sides have been progressively seeping worse and worse over the last year. When those eventually get bad enough to need replacing I'll have to decide on what to replace since I could be around 175K miles by that point. If I have the valve covers already off I should probably just consider replacing the VCT Solenoids and instead of purchasing gaskets, spend the extra $$ and just put new covers on since they come with the gaskets I would need otherwise. Of course from what I have researched, labor on all that wouldn't be cheap either.

The final thing is the only vehicle getting cheaper in value these days is mine. Estimated trade-in is down to $15-17K now. I really want to believe that by 2030 (when I had planned on needing to buy my next vehicle) new and used car/truck prices will have come back to reality, but I am worried that won't be the case.

So, help me think this over some more.
Would you guys stick it out and keep fixing what comes up? Or would you lean towards trading if finances allowed?
Any other high mileage 5.0 engine issues I should be watching/looking for?

Thanks in advance for any and all help and thoughts!

 

[dishdude]

I'd say it's time to move on.

 

[Lubener]

I would fix those items and continue on your jouney with your truck provided that rust hasn't taken over. . Those repairs are not too expensive and will be far cheaper than the sales tax on a new vehicle.

 

[Boomer]

Yep. Sales tax here in PA is 6%. Buy a 75000 dollar truck, get 15,000 in trade and you are on the hook for the tax on $60,000 or $3600. And you have not received ANYTHING for the $3600. Compare that to the potential cost of repairs.

 

[facility1]

keep the vehicle,if no to little rust,,repair as needed,the leaky pan,,reach up in there and try to re-torq the bolts on pan,it may help the problem, continue to properly maintain the vehicle.

 

[Donald]

I we would not bet on vehicle prices coming back to reality by 2030.

Is the transmission on the vehicle known to have issues? If so dump the vehicle and move on.

 

[SC Maintenance]

The short answer is if you actually trade, they will under value your trade, and you will over-pay for the new one. In a few years the new one - with post pandemic quality, will be worse.

It is at 150K miles so some repairs are expected. All the thing you have mentioned will be "deducted" from your trade in value. Do you actually have a trade in amount from your dealer or are you using KBB? My guess is you will get $12K trade?

 

[fsdork]

Out of pocket repairs sting, but the math rarely supports trading to a newer vehicle as an alternative.

You say your truck seems to be the only one depreciating - is that actually true compared to other 2016 pickups? If so, I would suggest figuring out why that is. It makes me think of how 5.4L F-150s are hard to give away, because the engine is problematic. In that sort of case, dump it for what you can get and run.

 

[Astro14]

I would say it is not time to trade in the case of your truck. Make the minor repairs. Drive it another couple of years, and you’ll save a great deal of money.

 

[atikovi]

Do you actually have a trade in amount from your dealer or are you using KBB? My guess is you will get $12K trade?

^This. You're in no hurry to sell. Sell it yourself. List for $18K and take the first $16K offer.

 

[gfh77665]

I would definitely repair and keep it. Sales taxes alone would cover some of the repairs you mention. "Seepage" is not that big of a deal. That aside I bet your well maintained engine is sound.

What will a truck cost in 2030? Cost of taxes then? Keep and drive on!

 

[Sequoiasoon]

Tough call all the time. I'll be the same with my Pilot as warranty comes to end but because of known tranny issues might get rid of it once not covered. Lack of confidence, ditch it. Confident in life with minor repairs, keep it.

One finance person suggested this it to me also. Start your fund for new truck as car payments you expect now (or the difference between). You can use that for the smaller repairs. If it starts to get too much you'll have the balance of saved money to put toward the new one with the trade in.

 

[Cujet]

I keep my trucks to the 250K to 350K miles range. I'm utterly convinced that's the right lifespan for an F150 in "tough use". As we are not easy on our trucks. We drive them like sports cars, tow and generally run to redline, force downshifts non stop to get ahead on highway trips.

I typically repair body damage ASAP, and ensure a great job is done. I also keep the interior nice by reupholstering seat bottoms. My 2009 Lariat with heated/cooled seats now needs a new drivers seat bottom. Easy enough to do, as the parts are available. Point being, a few repairs keep it comfy and looking nice.

Cost per mile matters, as does reliability. Components (hoses, radiator, etc) have known lifespans of about 20 years.

There is no question that keeping a vehicle to the end results in the lowest cost per mile. And in the past, a well purchased new vehicle was only 10-15% more cost per mi. However, today's trucks are 56% more expensive than inflation would predict. So, the per mile cost of new/lightly used is now terrible.

My 2009 (fyi, the entire side of the truck was opened up like a tin can, due to an accident. Doors replaced with new OEM parts)

200K miles:

 

[joekingcorvette]

I would probably trade however in my case I don't want to be broke down 150 miles from home because I use my F-150 to pull my boat 3 miles but have to drive 150 miles one way. The new trucks have a lot of transmission issues too however newer is usually better however it's a lot more expensive and still a depreciating asset. The $30,000.00 difference for a new one would be a nice little income in a CD at over 5% APR. You did state you could probably afford it therefore I would go with a new one with a warranty and no oil leaks.

 

[Vitamin Yoda]

Yep. Sales tax here in PA is 6%. Buy a 75000 dollar truck, get 15,000 in trade and you are on the hook for the tax on $60,000 or $3600. And you have not received ANYTHING for the $3600. Compare that to the potential cost of repairs.

If it's an emotional purchase, then the $3600 will buy you emotional fulfillment, aka short-term happiness. A new car is like a new girlfriend, fun to drive, until the payments come in, and the money starts going out. That's why long-term relationships are the best, not to mention the safest.

 

[JTK]

Like said above, from a financial standpoint, putting some repair dollars into something that's paid-off is the wiser move.

It depends if it's a rust belt or non-rust belt vehicle though. What scares me about vehicle's today is the control modules and electronics that are quickly no longer produced. I saw a video recently of this exact scenario on a 2014 Jeep grand Cherokee. Road salt corroded the electronic bits.

When I financed some of my recent 2021 Chevy Traverse purchase, the best I could find was from a local small bank. 6.5% for 48mo. I actually couldn't find a rate that low myself. The dealer did for me, in the hopes I was going to add the ~$3K ext. warranty to the bill, which I didn't.

 

[Zee09]

I agree with Yoda.
You will never see me buy new vehicles. What a rip off.

 

[Nick1994]

Why won’t the lifetime powertrain warranty cover both of those items? Powertrain warranties typically cover anything that oil touches.

 

[Vitamin Yoda]

I keep my trucks to the 250K to 350K miles range.

That's a sharp looking truck. Do you play Half Life?

 

[cptbarkey]

100k was the best time to trade in.

I would downgrade it to a "farm" truck instead of a daily driver. You have 6 years to find a better vehicle to hand down, i'm not a fan of giving a kid a full size pickup as a 1st vehicle.