Bottom line is "overpriced" or not is basically a matter of opinion.
General concensus is that MSRP is just a guideline - manufacturer's asking price (just like what a seller is "asking" for their truck) - up to the buyer to haggle with the seller and arrive a mutually acceptable price.
And I see that some posts have segued into the "New vs Used" arguments.
There are some that would argue that any new vehicle is overpriced - that the hit on depreciation is so great when you drive off the lot that it never, ever, makes sense to buy new, and that sounds right, up to a point.
I would argue that new car buyers have all kinds of reasons for buying new - some like "new" and whatever status that gives them, some can't get/find what they want in used, some "don't want someone else's junk/headaches/discards/"fill in the blank", some people just have too much money to spend . . .whatever . . .
I would say that whatever factors differentiate new car buyers, the one common factor is that they all want 3 years/80,000 or more kilometers (60,000 miles or more), of vitually trouble free driving - that is the standard of most time/mileage warranties out there.
So no one drives a new car off the lot expecting to sell it the next day - yes it will depreciate, and a lot (very, very heavy front end loaded depreciation), but if expectations run true, that new owner doesn't really expect to sell before 3 or 4 years, so in their case, the depreciation is leveled out over that time - yes, still a hit, but not as heavy as some would have you believe.
So the next owner will be covering the cost of "wear and tear" items if they haven't been addressed - and will likely say, "well, it's getting old, things wear out" and pay out the costs; so what you saved on depreciation by buying it after 2 or 4 years, you'll be giving back in a higher than average cost of repairs in your next 3 or 4 years of ownership.
Which brings me to the next point I would like to present:
Why do you thing the government was paying all sorts of good money, and manufacturers giving rebates and incentives (all on paper at least), for people to bring in perfectly good used cars and then junk them?
Many of you have seen and heard of vehicles that were not only really affordable, but in many cases would have made great parts vehicles - would have kept your own trucks on the road for many years to come, but were instead scrapped/destroyed/mangled, with no hope of salvage.
The rebates and incentives to junk vehicles meant that there was no way they would ever reach the private/used car sales market - they were being "bought" to be junked, to keep them out of the private market, to keep new car production lines going, to "clean up the environment" by increasing a greater percentage of "emissions compliant" (read "new") vehicles on the road, to get people to buy new . . . and so on.
The rebates and incentives were way above "market" price; way above any kind of logical, sensible, realistic pricing.
Does anyone think that kind of pricing structure made any kind of sense?
So, overpriced or not?
If you haggle, compare it to your choices if you want a new "not full-sized truck" from the competitors (I'll refrain from the categories "compact" and "mid-sized" - you say "to-may-toe", I say "to-mah-toe" . . .) - not too bad comparably;
yes, old design, but balanced by "easy to work on" and reliable;
not great on gas for 4.0, balanced by lots of 4 cyls bought by fleet owners;
could be upgraded/made newer and more current, balanced by design costs amortized and paid for - still a profitable product for Ford;
MSRP seems kind of high, balanced by "well then, use common sense and bargain the price down to an acceptable amount" . . .
So, Overpriced? at new?
Not if you compare MSRPs, not if you understand the product, not if you know how to bargain . . .
Not if you've done your homework, not if you understand the product, not if you fit everything within your budget and know how to bargain . . .
So, what's the common denominator(s) when trying to arrive a fair price?
Now if you're talking about "asking price" and "selling price", well, that's a whole 'nother can of worms . . .
Sorry about the long post, it's an involved topic