We would like to trade our 1997 F-150 pickup for a newer cargo van. The truck is getting older and so are we. Our getting older makes it more of a strain to climb into the back of the truck to put things way up front or to pull them back out.
So, should we have taken advantage of the "Cash for Clunkers" program? The trade-in value of the truck is $1900+, depending on whether it is considered good condition or very good condition. "Cash" for it would be between that and $4000.
But, we want to trade it for a cargo van; I don't think they meet the mileage requirement. Yep, they don't. I just checked Edmunds "Cash for Clunkers" calculator.
We were also reluctant to buy a new vehicle then because we don't want to take out a loan to do it. We wanted to save up and pay cash, even if it meant selling some mutual fund shares.
We may have saved also by waiting. Some have recommended waiting to buy until October when dealer inventories will have built up and they may bargain more. Also, the "Cash for Clunkers" may have increased the value of our truck. I have no idea how many F-150s were destroyed for the Clunker program, but I imagine that enough were to raise the value of mine. Not a lot, but, hey, an extra hundred or two dollars can pay for some nice option on a new vehicle.
