2024 Tundra vs 2023 F150 vs 2018 Tundra

This should be fun. I have a friend in the market for his first truck. He really likes the 5.7 Tundra, but he is having a hard time dropping $40k on a used truck when he could get a “new” (unsold 2023) EcoBoost F150 for $53k at 1.9%.

He is not totally opposed to a ‘24 Tundra, but he is frustrated by Toyota’s 4.99% financing.

What would you do if you had to buy right now?

 

Wait 6 months I feel deals will be epic both new and used.

 

I’ve been hearing some version of this for a few years now. What makes you think it will actually happen? I’m skeptical.

 

Given only those choices, honestly, I'd probably buy the F150. Mostly because of that interest rate.

 

I'd go for the 5.7, but I'd shop lower mileage. If he's willing to travel you can find them with less miles in the 40K range.

 

Buy the proven and reliable 2018. Save $13,000 while doing so, as well as cheaper auto insurance for an older vehicle. Take the saved $13,000 and put it in a high yield savings account making 5 percent APR. Make $650 a year for doing nothing and have a great truck at the same time. Have the 2018 for the next ten years easily.
$650x10=6500 back to him over the life cycle of the truck which essentially covers a third of the original purchase price.

Im sure you can get that price down a few thousand also. Somewhere between 35-38k depending on model and specs. Is it a Pro? Platinum, etc.

 

I always see everyone saying to put money in a high yield account with 5-7% but I've never actually seen one. The "high yield" accounts I see are always 3-3.5% at best. Where are these 5% and up accounts?

 

I mean, it depends on the person. In 2013 I bought my '13 F150 for $28.7K (XLT, 4x4, SuperCab, towing package, etc.). For what I got it was a great deal.

7 years later I traded it in on my Tundra after having had multiple issues. Small, to be sure, but annoying as hell and often unfixable issues (left rear door would not stay closed in subfreezing weather; media system was crap; had to replace defroster back glass 3x; and I could go on). I got a whopping 11K for it.

What I'd find interesting would be what a comparable new Tundra would be going for. Were it me, I'd buy the used one all day long KNOWING it'd be more reliable. I love the idea of moar powar but not at the cost of reliability.

 

Ironic. In 2022 I owned a 2018 Tundra with much less mileage due to sitting during the Pandemic, and also considered those two other vehicles (Toyota and Ford). I did a ton of research. I still own the 2018 Tundra.

My circumstances. My 2018 Tundra is a pure utility and an off road vehicle for me. I don’t rock crawl, but where I go if I have a break down AAA CAA is not coming. When I use it, its always full and hauling, or towing and its payload and tow ratings are more than enough as I am usually the only one riding in it. The heaviest of my boats these days is maybe 5000 lbs. Its not great to drive in town and I would when I could steal my wifes Outback for this. About a year ago I bought my son’s 4Runner from him as he has a work truck and he barely used the 4Runner for 2 years. It has become my daily driver and it has full time 4wd. I will now put about 10000 kms on my Tundra from Spring through late Fall until I can no longer drive in to the cottage. The 4Runner is the winter vehicle.

So which I would buy is very biased right now. I can vote in a more neutral way if you answer these two questions.

Does the 2018 Tundra with 60k Miles have any warranty remaining ?

How many miles will your friend put on a year and any in real winter weather?

For me. The 24 Ford, 24 Toyota (all full size pickups) have a shelf life - expiry date now, due to evolving tech, and mechanically trying to meet EPA standards. They expire the day the warranty ends. I don’t want to be responsible for mechanical and electronic repairs after warranty. This means if I owned them they would both need to be let go, with at least one year of warranty remaining, to be of value to the new buyer. This needs to be considered.

Toyotas Canadian Finance rate is 6.99% / Ford rate is 6.49% with 5000 rebate.

 

Because the Ford dealership is loaded with new trucks. Parked on the grass even. I suspect used trucks are going to lose value soon also. This in the last two weeks. It’s Happening.