I had a 2011 Lariat with the 5.0...at 2K miles I had to get 4 injectors changed to get the CEL to clear. No other problems other then a slight knocking sound but I ended up trading it in at 37K miles for my '13.

Nice truck and got more then I thought on a trade in. Here's a quick picture of the '11

 

I'm in for the long haul. Would like this 5.3 or whatever I get next to last me for at least 10 plus years. I just think this one is on the downhill. That sounds like a killer deal you got. Around here in North Carolina you can't find trucks like that unless someone went belly up on their auto loan. Most 4x4s have 60k+ miles and want $26k and up. For $20k mark you can find a couple but they're abused or something really doesn't feel right about it. Just my gut talking. I like listening to it - it's usually right.

But here I'm not sure which way to go. I'm talking to them about financing now. If I get it right I will pull the trigger on it - if not, I guess that solves my problem for now.

 

As already stated, if the motor sounds quiet, it will be fine. The transmissions are actually pretty stout. Some shift odd, but usually sorted out with the latest Firmware update.

There are a lot of 5.0's out there now well into the 200k mark. You would get a lot of use out of it.

One thing to consider is the cost. Having the same payment for 2 years on your current truck (just guessing) vs. the same payment strung out for 5-6 years makes a massive difference. Your truck may be on the "Down slope", but if you can maintain it for less than the cost of a payment, it will be cheaper and you won't be giving away more money to interest.

Just to play the flip side, if you have something that always needs wrenching, it can be a pain in the butt too.

 

^^This.

I see this all too much on this forum. All people look at is the payment - not the true cost.

Why do you think a lot of dealers, when starting out with talking price, will start out with "what payment do you want?"

Let's make an assumption on a $400 per month payment and you have 2 years left on the loan. The total is $9600.

Then you go to a different truck with the same payment of $400 - but this loan is for 4 years. The total is now $19,200.

It's simple math.....really.

 

That is great advise and honestly why I came back here to f150online. You guys are always brutally honest and I appreciate the heck out of it. I do need to do some wrenching: CV needs replacement on pass side, and both tie rod ends need replacement or new fittings, and all ball joints need replacement. However, after some research, it doesn't seem that difficult or expensive. I think 1A Auto sells all the parts I need for about $400. So that's about a payment and a half for me. But considering that vs spanning my payments out another 5 years, I suppose I can wrench it all together and have some fun and keep it going for another 100k or so. I could definitely use something reliable, but all things considered I think I will do better buying some beer for a few buddies and brining out the tools every now and then. Plus I don't know how these new f150s are put together but I know a lot is electrical now which scares me some, but this old 2007 is mostly mechanical issues which fortunately I grew up on and can fix. Thank you very much. I really do hope one day to rejoin the f150 family - especially now that they've rid themselves of the 5.4 "blah."

I love Chevy and I love ford. Grew up driving trucks. Hope to never own anything else. But I seriously thank you for your input and I'm sure my wife does too lol. Who knows, maybe they'll have trouble selling that one and drop the price to where it's feasible. I would love a good 5.0.

 

That doesn't mean you can't hang out here!

 

I'm sure when you get the issues fixed on the Silverado it'll serve you well for years.
I know mine was pretty much bullet proof.

Ya, don't be a stranger but make sure to get another Ford ASAP. Everybody get tired of wearing a bow tie eventually

 

Good for you!

Like you said, a $400-$500 repair once in a while is only like 1 payment once in a while. Keep on top of the maintenance and repairs - as soon as something looks like it needs fixed do it right away. Don't let it get away from you.

Something I like to do - a couple times a year I will take a day and do a really good detail on my truck. While doing and and especially when done it gives me a new appreciation of what I have.

And since you won't have those extended payments, treat your truck (yourself) to a little accessory of some kind once in a while. Like a set of driving lights, a bull bar - anything that will dress it up a little to your liking.

 

I have a '14 with the 5.0. Only has 13k miles on it (you know, best truck ever lol) I love the truck. Very strong feeling ride. No weird noises or anything yet and I drive it hard. 2wd so its a pavement pounder. No regrets. Good luck with whatever you decide.

 

I am 62, I've had a lot of vehicles, I mean ... "a lot" ..... over the years. Maybe just luck, but the only ones I had problems with was problems brought on by my own abuse. Maybe some 5.4s are "bleh" ..... but I've seen some with some really high mile histories. Had one guy come into store wanting to read codes his was showing a couple weeks ... he had a few "misses" ..... 269,000 miles on oem plugs too. Sent him to a shop when he asked if I knew of any, I found out later he was so happy he decided to cancel the trade in he was going to do and kept the '08.

But yeah .... I think the OP is better served to keep the paid for ride, enjoy no payments, tend to some delayed maintenance, and take time shopping for the next ride. The "real deal" will come along.

 

I've always been in the camp of keeping a vehicle is better but while it is a savings it isn't as much as I though.

Ex. My truck is a 2011 SCREW F150 xlt 5.0 4x4 with 66,000 miles. It is 5 years old in two months. My trade in value median is $18,913

If I keep it anther 5 years my 2011 will be 10 years old with 135,000 miles roughly

Trade in value of a 2006(10 year old) F150 SCREW 5.4 4x4 with 135,000 miles trade value median is $8,302

So:

$18,913
- 8,302
= $10,611 depreciation over the 5 years
So while I do not have a truck note the depreciation rate over that 5 years equals $176.85 a month. Plus you add in the extra maintenance needed for an older vehicle you are over $200.00 a month in depreciation cost.

So while it is still cheaper to keep a vehicle it isn't nearly as good as I thought and see why some people just chose to buy a new one every 3-5 years especially if you don't know how to work on vehicles yourself.

Now if you planning on keeping your vehicle for 15 years THEN you will see a big savings in keeping your vehicle

2006 trade in $8,302
2001 trade in $3,714
depreciation $4,588 divided by 60 equals: $76.47 a month

 

It also depends on how many miles you drive the truck. If you put 10k miles or less on the truck, it is almost always much cheaper to keep what you have. If you drive 20 to 30k miles a year, trading more often may be better.

I got a temporary potentially long term contract job in the frozen north in 2009. I didn't want to take my fairly new rear drive car to a winter there. So, after looking around a I found my 2002 F150ScabLariatFx4 for only $9500 with 69k miles on it. The recession was going on at that time contributing to the good deal I got from an unemployed new home cable installer. Still driving it and it has 135k miles on it now. It hasn't depreciated that much and it still appears to be in great shape with only wheel bearing, front suspension and brake work needed so far. Oh, the AC quit working. I think I need a new compressor. I do most of my work so I plan to keep the old boy for the forseeable future since I am now retired and don't drive as much. Besides, I love my old truck!

 

This is one way to look at it. But you also need to take into account the depreciation and interest paid on a new vehicle and compare that. This is a bit different now than a few years ago with most companies offering 0% interest for 5 year terms.

In a broad blanket type of statement I learned over the years that you need to either trade off every 2 years (or 3 at times) or keep the truck for at least 10 years. It seems that anything inbetween you are loosing more money.

I am just getting done with a horrible 7 year loan @5.9% interest - my credit is excellent but back in 2009 that was a good rate. This was my dream/retirement truck. Because of what happened along the way in those last 7 years I am very happy that I did it when I did as I became disabled 4 years ago and will never be able to afford a new truck equal to what I now have.

So I am keeping this one for as long as I can, At 7 years old now it still looks the same as new. Pricing out the same truck today gives me a retail price of $55k. And while looking at these new trucks I don't find anything that I would want over what I have now - there are no new features that would entice me to trade my truck for a new one.

After 7 long years of a big payment (I consider a $500+ per month payment a big one) I am going to enjoy actually owning my truck now.

 

I've been fortunate in that for quite a few years, I've paid cash for my vehicles. It's a lot harder to make yourself write a huge check for the entire amount than it is to sign a loan committing yourself to years of future payments. I joke about buying a new car saying that the first 3 months is the honeymoon and the rest of the loan payments are the hangover. My car is 11 yrs old and my truck is 14 yrs old. I really like both of them and plan to keep them for the foreseeable future. A couple years ago, I bought my wife a new Inifniti that required the biggest check I've ever written for a vehicle. I don't intend to do that again any time soon.

 

The only car I have ever financed was a new 1965 Mustang when I was a senior in college. Paid it off early by making double payments. Since then, wife and I saved and paid cash for every vehicle since then. We kept the 82 Olds for 18 years. We have always been fortunate and never had a major repair on any vehicle.