For owners who have sold their Lightning, I have questions

[nash_diego]

So I'm in an interesting position. Absolutely love my truck but also the dream house for my wife, kids, and I became available and I need the liquid funds for earnest money - like by next week. So while I hate to lose my truck, also selling my truck provides me the liquid funds for us to use for earnest money on this new house.

Which leads me to my question... for those of you who have sold your truck, how was your experience? I see that CarMax has my exact truck for sale for $94k but obviously they would low ball me but I'm going to have them give me a quote regardless. I think I'll contact the dealer I bought it from to see what they would offer. I doubt I'd be able to line up a private party in such a short time - especially when I have a lien that needs to clear for about half of the truck's value.

Lots of moving pieces going on but would value any feedback from anyone who has had to sell their truck. With this being so new, and in high demand, I'm curious if anyone has advice on the best approach.

Thanks!

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[BennyTheBeaver]

So I'm in an interesting position. Absolutely love my truck but also the dream house for my wife, kids, and I became available and I need the liquid funds for earnest money - like by next week. So while I hate to lose my truck, also selling my truck provides me the liquid funds for us to use for earnest money on this new house.

Which leads me to my question... for those of you who have sold your truck, how was your experience? I see that CarMax has my exact truck for sale for $94k but obviously they would low ball me but I'm going to have them give me a quote regardless. I think I'll contact the dealer I bought it from to see what they would offer. I doubt I'd be able to line up a private party in such a short time - especially when I have a lien that needs to clear for about half of the truck's value.

Lots of moving pieces going on but would value any feedback from anyone who has had to sell their truck. With this being so new, and in high demand, I'm curious if anyone has advice on the best approach.

Thanks!

My understanding is the resale market on these trucks have cooled. Dealers have some stock and almost all the demos and mannequins will be hitting the market soon. I could be wrong but I don't think you'll make much, if anything over MSRP (most people would rather buy new for the tax credit).

*Unless you have a SR XLT or Pro, then you might make a very small profit.

 

[nash_diego]

Hmm good point about the tax credit. Good to know. Thanks!

 

[lightspeed]

LOL good luck with carmax. They quoted me 74K on a brand new Lariat ER. Just go craigslist or ebay motors, etc...

 

[Grumpy2]

I need the liquid funds for earnest money

Strange, from my experience earnest money is usually $1-2k check submitted with the purchase offer.

 

[RickKeen]

Your buyers won't get the tax credit, but you are competing with dealers selling new units that will qualify for the tax credit. So they will be able to boost their asking prices a bit until the end of the year. Your price has to be at least 7500 below local dealer prices on new.
Once the dealers sell out of their undelivered and mannequin 2022's, the 2023 price increases will start to hit the dealers.
Also, on Jan 1, the tax credit is not a sure thing anymore, Its kind of up in the air for 2023 as the battery requirements kick in along with max sales price and income limits.
Not really clear what the right time to sell will be.

 

[nash_diego]

I need the liquid funds for earnest money

Strange, from my experience earnest money is usually $1-2k check submitted with the purchase offer.

Eh. It’s San Diego prices. So 3% earnest money is pretty substantial. Back in Nashville, yeah, no biggie.

 

[nash_diego]

Your buyers won't get the tax credit, but you are competing with dealers selling new units that will qualify for the tax credit. So they will be able to boost their asking prices a bit until the end of the year. Your price has to be at least 7500 below local dealer prices on new.
Once the dealers sell out of their undelivered and mannequin 2022's, the 2023 price increases will start to hit the dealers.
Also, on Jan 1, the tax credit is not a sure thing anymore, Its kind of up in the air for 2023 as the battery requirements kick in along with max sales price and income limits.
Not really clear what the right time to sell will be.

Yeah, agreed on all points. Pretty wild to figure out what a fair used price is.

 

[F150ROD]

Be prepared for the low ball offer from everyone in the So Cal area.

Carvana offered the highest a couple of months ago now they are in line with others.

Ford dealers will be the worse saying there is no demand for the Truck right now because of interest rates and back to normal gas prices.

Good luck!

 

[Pioneer74]

I need the liquid funds for earnest money

Strange, from my experience earnest money is usually $1-2k check submitted with the purchase offer.

Earnest money can be any amount the seller wants. The last property we bought it was 2% of purchase price. And could have been forfeited if we backed out for any reason other than the inspection failed.

 

[MM in SouthTX]

Go to eBay Motors, select Ford and F150 Lightning. Hit Find Vehicles.

On the next page, Select Used. Select Auction. Select Sold Items from the Show Only list on the left (need to expand list).

Here is what it shows, if the link works. If not, follow the above instructions.

The last two Lariats sold for $88,000 and $91,750. This will not tell you how many were listed and not sold. These two got 2 bids and 1 bid. Not exactly indicative of a hot market. When I looked a few months ago, they were selling at about the same price, but after a lot more bids. The gap between sales is Nov 20 to Dec 10, so not a lot of selling going on on eBay.

There are probably a lot of things to navigate to get this done. Good luck.

 

[nash_diego]

Go to eBay Motors, select Ford and F150 Lightning. Hit Find Vehicles.

On the next page, Select Used. Select Auction. Select Sold Items from the Show Only list on the left (need to expand list).

Here is what it shows, if the link works. If not, follow the above instructions.

The last two Lariats sold for $88,000 and $91,750. This will not tell you how many were listed and not sold. These two got 2 bids and 1 bid. Not exactly indicative of a hot market. When I looked a few months ago, they were selling at about the same price, but after a lot more bids. The gap between sales is Nov 20 to Dec 10, so not a lot of selling going on on eBay.

There are probably a lot of things to navigate to get this done. Good luck.

Great data piece. Thank you! I’ll definitely be taking a look. I do have Carvana checking out the car too. Carvana has my exact truck, Lariat SR + Tow Tech + BlueCruise for $94. Same for CarMax. Now getting them to pay anything near that is the tricky part I think I’d even be happy with $75k at this point based on what everyone has said.

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