Buying a Used PB - WTH is Going On?

[draggam01]

Out of fear of "getting a bad one", and/or taking an incredible depreciation hit, for the moment I'm thinking the smart move is to look for a '22 or used '23. However, some of the area dealers are smoking crack. Or worse. I've got one even listing a used '23 for over MSRP. Lots. SMH.

For your comment, here's what I'm thinking:

1) I can buy a new truck of my exact wishes at 10% off. Nobody consumer or dealer, should be paying that for a used one.
2) Residual value (value after depreciation) is well documented. Generally 49-50% at 5 years, 63-64% at 3 years, etc. Lets expand on the three year for a moment. If we can buy new at 10% off, then the remaining depreciation (46% - 10%) is distributed over 36 months. No way that's straight line, so lets call it 16% first year, 12% second, and 8% third. Maybe 7% the next, then 6, then.... This is going to be relatively close, if not generous.

So OK, 10% new, 16% additional first year. I'm thinking a one year of should be roughly (wholesale) 74% off MSRP. Dealer profit is expected but I'm seeing crazy asking prices. What am I missing? Are folks so desperate for a deal they're actually buying used at the crazy prices I'm seeing?

I think I got a pretty good deal. Well someone else took the hit on my 21 PB XLT. It stickered at a little over 70k. It was as close to a base Lariat as you could get. I bought it for 46k with 33,000 miles on it. I went through its Carfax for the dealer records and it didn't seem to have the issues that many others have had. If this seems like a good deal then there are others out there. Like you stated above, haw fast will it continue to depreciate. Probably at a faster rate than other trucks. I'm still happy with my decision.

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