The truck that built Ford's empire now costs what a luxury sedan did five years ago, and that's the whole story in one sentence. Well-equipped F-150s run $60k, $80k, double the inflation-adjusted price of a decade ago, while dealer markups on desirable trims push buyers toward used lots. The product itself hasn't failed, the 5.0L V8 still runs to 300k miles, the PowerBoost hybrid doubles as a mobile generator, and the aluminum body laughs at rust, but Ford chased luxury margins and left its core buyers behind. If you find a fair deal or buy used, you're getting the most capable half-ton on the market. If you're stretching to afford a new XLT at $55k, ask yourself if a three-year-old Silverado at $38k makes more sense. The F-150 is still the truck to beat; it's just not the truck most people can afford to buy.
You're shopping two completely different trucks under one badge. The old compact Rangers (1990s-2011) earned their reputation the hard way, owners routinely push them past 300k miles on original drivetrains, fix them with junkyard parts for pocket change, and replace them with another Ranger when rust finally wins. The current midsize version (2019+) tows 7,500 pounds, rides like a car, and packs a punchy turbo four, but it's grown to F-150 dimensions at near-F-150 money, and 2021-2023 models are showing up with oil leaks and transmission hiccups while still under warranty. Buy a clean old one if you want a proven workhorse that'll outlast your career. Skip the new one unless you need modern towing and safety, and even then, you're betting on Ford ironing out first-generation kinks.