It Does Not Make Sense to Buy a Used Ford Ranger
The new Ford Ranger has had some of the most resilient used car prices of any recent car, especially a relatively cheap pickup truck. While usually I am a supporter of buying 2-4 year old cars to take advantage of your typical 30% depreciation, in the Ford Ranger case it does not make any sense to buy a used car and you might as well buy a new car.
What is the current market for used Ford Rangers?
The updated Ford Ranger came out in 2019 and was immediately a sales hit. The smaller truck proved to be popular amongst urban and suburban buyers. This led to units being sold out on dealer lots, and there is still a wait for hybrid units that get over 40mpg. With the limited availability of new cars, used car prices for the Ranger have been surprisingly stubborn.
Prices for used Ford Rangers have hovered within 10% of MSRP
If you browse used listings, you will find 2 year old models with over 20,000 miles listed for just 10% under MSRP. Typically when looking at used cars you want to see a 30 - 40% discount from MSRP. Even though the used car market has been fairly stubborn, the Ranger is an outlier.
Used Ford Rangers for sale
What should I do if I am shopping for a Ford Ranger?
My recommendation would be to buy a new car. Browsing available listings across America I saw a lot of dealers publicly listing prices for Ford Rangers below MSRP, telling me the initial rush for new cars has subsided. 2023 XLT models are listed in the $39-$43K price range, while used models are frequently as high as $37,000. The discount is not worth losing 2 years of warranty and additional upcoming maintenance costs associated with buying a used car.
I would also recommend exploring alternative cars in the used car market. When looking at the $30,000 - $37,000 price range I was able to find 1000s of RAM 1500s, Ford F150s and Chevy Silverados. You can buy 2019 or 2020 models with under 50K miles for the same price range and the smaller and less equipped used Ford Ranger. If size is a concern, you have a wide selection of Jeep Grand Cherokees or other mid size SUVs that offer comparable capability in the used car market.