Would it be worthwhile to part-out Dad's F150?

[Xist]

We finally found the paperwork, so I could look up the bluebook myself, with the actual model.

2,008 Ford F150 Super Cab XL 4D 6 1/2 ft with:
130,000 miles: $6,911
105,000 miles: $8,335 (7 x 15,000)
70,000 miles: $10,570 (7 x 10,000)
200,000 miles: $5,466

I find it strange that mileage in and of itself is more relevant to value than actual condition. Those numbers are for a truck in "Good" condition. Fair would have been $5,986 and Excellent would have been $7,611, a 27% difference, while the difference between 130k and 105k would be 20.6%.

I forget how much Dad owes, but I believe that it is fourteen or fifteen thousand. According to the paperwork, the truck was worth $18,000 three years ago, at 35k.

[redpoint5]

Originally Posted by Xist

I find it strange that mileage in and of itself is more relevant to value than actual condition.

Well ultimately the value is based on all aspects of the vehicle as evaluated by potential buyers, not KBB.

People assume the life of a vehicle is associated with mileage. If they assume a vehicle will go 200,000 miles for the life of the vehicle, then at 130,000 miles it has only 35% of it's life left. Not only that, but the repair cost generally goes up exponentially with the odometer. It's no surprise that mileage is a significant factor when you consider that the purpose of a vehicle is to travel distance, and that the distance it can economically travel is finite.

Stained carpets, dented body work; that doesn't affect the purpose of the vehicle, which is to travel a distance. A few loose wires can be repaired.

What is the rundown on all of the issues with the truck? Is it mechanically sound?

[user removed]

Book values assume a good state of condition. My Ranger would be totalled from the accumulation of dents and dings overall by themselves. To me it means I got a reliable relatively low mileage truck fairly cheap. It can sit out in the weather never get washed or waxed and it will look practically the the same in 5 years. It uses no oil in 5 k miles and does everything I need it to do and if I get a couple of scratches when they dump 1000 pounds of gravel in it with a front loader or rub the bucket on the bed top, I won't let it bother me like it would if the body was perfect and the paint like new.

Let the "friend" make18 months payments until the value equals the amount owed, or take that "friend" to small claims court.

regards
Mech

[Xist]

I enjoy driving the truck, just not filling the tank. One of the shops pulled a metal shard from the differential, but I do not have any idea about that. The guy put some dents in it and I hammered at the tailgate in order to make it operational. I set up an alert for tailgates on Craigslist, but the site shut down, and I figured out how to do that with a newsfeed, but so far everyone has wanted at least four hundred dollars, and it has probably been the wrong color.

Small claims court is an interesting idea, but he has failed to show up to court before, and I doubt that he is working. Not that he has a work ethic, but it is not likely that he has a job, living in a very isolated area, without a vehicle.

My parents' insurance agent said to use the dealer KBB price, which does not make any sense, since we are not dealers! Actually, she said N.A.D.A., but I doubt that matters as much as the private\dealer issue. Actually, KBB dealer is $8,246 and NADA was ten thousand or more. I guess that we might as well try, it just did not seem reasonable, but looking at F150s on Craigslist, 8-10k seems common!

[P-hack]

Your dad is a big boy, he can sort it out, live with his own choices.

[Cobb]

Be interesting if you can file a claim with your insurance about this, but sounds like you may need gap insurance to break even.

I guess if it runs alright otherwise, then just suck it up to a bad experience. Lot of trucks are beat up, but run well. I wouldnt let the metal piece in the diff bother you either. I find lots of stuff in diffs, transfer cases that looks like chips, rocks, dirt and metal filings.

[Xist]

Mom allowed the bank to repossess it, which seemed silly; we would have dropped it off.

[Cobb]

Sometimes you got to let them play their game. When the body shop was holding my car I went to my local bank and explained the situation asking for help since its small and local. They basically told me I had a great payment history, they cant give legal advice, but they will take legal action if I quit paying. They will take the car, sell it and go after me for the difference.

[user removed]

Originally Posted by Xist

Mom allowed the bank to repossess it, which seemed silly; we would have dropped it off.

One reason why I never wanted any thing to do with a repo. If you can't pay for it you sure as hades aren't going to maintain or repair it. Theft recoveries are probably better chances.

regards
mech

[Xist]

Originally Posted by Old Mechanic

One reason why I never wanted any thing to do with a repo. If you can't pay for it you sure as hades aren't going to maintain or repair it. Theft recoveries are probably better chances.

regards
mech

Ah, so people drive their cars like they stole them?