A truck you can lean on

By Samantha TiburzioPeople Sitting in a Truck Talking

Picture this: It’s warm, it’s sunny and you’re cruising along the blacktop with the windows down. Warm wind in your hair and old country crackling on the radio. What are you driving?

A truck, right? And chances are, if you’re Canadian, it’s a shiny new Ford F150, the most popular vehicle purchase in Canada year after year. Most people spend upwards of $40,000 on a new truck. But here’s another option: A shiny, new (to you) late-model F150, only this time you’re on your way to the cottage you saved up for because your car payments aren’t leaving you cash-strapped each month.

Let’s run the numbers.

Brand New vs. Late model Ford F-150


Brand New You can go low or you can go high, but the 2017 F150 Lariat is about middle-of-the-road and comes nicely-equipped. 
If you don’t mind that someone else drove your Ford off the lot, you can get a 2014 F-150 XL for much, much less.


Brand New Do you have $40,000 lying around? Didn’t think so. Looks like you’ll be financing this dream. You’ll need to put down a deposit though.
Many buyers prefer to save up and pay for their truck in cash. It can save hundreds of dollars in financing fees and interest. But many still will take out a bank loan. You’ll still need a deposit.


Brand New Most experts suggest stretching your loan over no more than 48 months, but 60 months (or five years) is very common.
$693 monthly
*60-month term, 2.90% annual interest
Pre-owned We’ll do the same for our 2014 XL, though the smaller price tag is a great opportunity to pay it off faster.
$329 monthly
*60-month term, 2.99% annual interest


Brand New Insurance is one area where newer vehicles offer a small discount.
$137 monthly
It may seem counterintuitive but thieves are more likely to target older model cars because they’re easy to disassemble and sell for parts. 
$156 monthly


Brand New The cost of fuel doesn’t change, but the newer Lariat model sips a little less fuel than a late model pre-owned XL
$295 a month
Just as you’d expect, the maintenance costs for a vehicle that is several years old can add up. 
$332 a month


Brand New 2017 Ford F-150 Lariat: $69,500 over five years
Pre-owned 2014 Ford F-150 XL: $51,020 over five years

You could save $18,480!

So what’s the verdict? Trucks are expensive! But buying a late-model pre-owned truck would save you more than $300 a month. This raises two important questions: How much is that new-car smell worth to you? But also: What would you do with the $20,000 extra in your pocket?

Make saving as easy as spending

Set a goal and make it happen.