Should I even be thinking about buying a 2005 Ford F-150 with 261,000 miles?
I have been in desperate need of a vehicle since my truck was stolen earlier last month and have come across, what seems to be a good deal. It is a 2005 Ford F-150 Lariat 4WD that drives great and doesn't seem to have anything wrong with it. But, it does have 261,000 miles on it. The dealer wants $8,980. What do you guys think? Again, I did test drive it and it seemed like a great feeling and sounding truck.
I think you are being ripped off. That truck is 60000 miles beyond its expected life. It could run another 50K miles, or it could completely drop the motor next week. There's a difference between owning a car anddriving it beyond 200K miles and buying a car with over 200K miles. One is smart, one is not.
If you want to know what the truck is actually worth, call your bank or credit union. Ask to speak with a vehicle loan officer. Before you call, find out what options are on the truck. The loan officer will need to know so he/she can find out what it is worth. They can even give you a loan value on the vehicle.
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