In recent times, we’ve all felt the pinch in our wallets with vehicle prices soaring to dizzying heights. This spike in the cost of mobility has hit hard, with trucks and SUVs feeling the brunt due to their unwavering popularity. The price tags on these beasts of burden have not spared even the older, well-traveled models. But there’s a glimmer of hope for truck enthusiasts and budget-conscious drivers alike—the mid-size Ford Ranger, particularly the 2019 and newer models, has been holding its own as a value purchase in the used vehicle arena. It’s not just talk; the Ranger snagged a “Best Certified Pre-Owned Value” award from Vincentric, attesting to its worth.Â
Now, let’s talk numbers and sense. Recent insights from the automotive research firm iSeeCars have shown a light at the end of the tunnel. The Ford Ranger has made it onto the list of the top 23 vehicles that have shed some of their costliness. Positioned at number 21, the Ranger’s average price took a 4% dip over the year, settling at an average price of $33,080 for a three-year-old model.Â
Here’s where it gets interesting. This price drop has nudged the Ranger below the so-called Affordability Index threshold. This index is a bit of financial wizardry that weighs the median household income against what you’d ideally earn to finance a car without sweat. A score of 100 means your household income is in perfect harmony with your car-buying aspirations. A score above 100 signals that vehicles are becoming more within reach. Conversely, dip below 100, and you’re in a zone where cars start to feel like luxury yachts. Despite the market’s erratic behavior, the Ranger’s latest index score is a sign of a cooling used vehicle market.Â
Karl Brauer from iSeeCars puts it into perspective: Despite interest rates climbing like never before over the past year, nobody saw improvements in vehicle affordability on the horizon. Yet, here we are, witnessing used car prices retreat from their peak and begin to stabilize after a lengthy spell of inflation. Electric vehicles, in particular, have seen their prices plummet, enhancing affordability for both new and pre-loved models. Couple this with a hike in median household income, and suddenly, buying a used car doesn’t feel like a financial Herculean task anymore. Indeed, the list of vehicles that have become more budget-friendly has grown by 23 models since last October.Â
So, if you’re in the market for a dependable truck that won’t have you dining on ramen noodles for the foreseeable future, the Ford Ranger might just be your smartest bet in this fluctuating economy. Keep your eyes peeled and your calculators handy; your next ride could be both a trophy and a steal.Â
