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Should I give up the dream or is there hope?

lobbs611

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I honestly don't like the idea of financing more than $30-35k. That puts me at needing $20k-ish to put down between cash and trade. We've got a year. Since my car is paid off, I've been taking what would be my old payment and dumping it into savings for the Bronco. I've also been sticking $100 a week or so into the same account. Mostly just savings from bad habits like too much fast food so I've been bringing my lunch more often. Time really is on our side as far as strategies to get that payment down to what you're comfortable with.
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cybersal

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Everything that was said above. Definitely shop around for financing, and wait for a '22 MY if you can't swing it now. If all else fails, cut expenses, dine out fewer times or make your own coffee, for example, and/or get a part time job. I did that in '02 when I bought my Escape.
 

Duke.Roughneck

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That’s the fun part, we got a home loan for more than the sell price of the house to make some improvements to the house and then decided to use some of it towards a down payment on a vehicle. I have a decent savings, but don’t just have 20k laying around on my own, it’ll be a mix of my savings and extra money from the home loan. I’m by no means rich or make a ton of money, I’ve just been very blessed so far in life to be able to get myself ahead of the curve a bit. This is also my first vehicle I’ve ever financed so I’m trying to learn as much as I can now. Also, my dad and I have a 76 Bronco that we plan to sell before the new ones arrive, my portion of that sale will also go towards the down payment, so I’m pulling from a lot of angles to build this down payment as high as possible.
This is not a great idea. You're now paying for that "cash" down payment for 30 years..
 

L8apex

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What!?!?! Just bring your phone and do a google search for “car loan calculator”. It pops up on the search page and you don’t even have to go in to a website........
Sure if you want to take the easy way out! JK. I do prefer my little sheet that I've had; I can compare multiple builds and really weigh the head vs. heart vs. wallet battles.
Ford Bronco Should I give up the dream or is there hope? 1599063020567
 

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Joshua_D_44

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If you're freaking out about the payment on an $18k car. Then yes you should give up the dream of a $35-55k car

Cars aren't worth putting yourself into a bad financial situation for
Didn’t really freak out, just thought it was a terrible deal and didn’t want to get stuck with a similar deal on a bronco.
 

Silver-Bolt

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Have your bank/credit union quote you on their financing rates. Most will easily beat the dealers. Or take it with you to the dealer and make them beat it. The only time dealer financing works in your favor is if there are factory incentives that you qualify for or they work directly with your bank/credit union. You have to know what your bank will do first.
 

BroncoBuckaroo

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Ok, so without giving away too much of my own personal info, I recently got really discouraged about whether or not I’ll be able to afford a bronco or if it will be a good financial decision. My wife went to look at a new Nissan Versa and for an $18,000 car, they wanted an insane monthly payment and had a crazy high interest rate. We ended up walking away because the deal seemed ridiculous. Now, her situation and mine are pretty different, but that still discouraged me quite a bit. I’m like everyone else waiting for B&P to see what will fit in my budget, but I’m not planning on going over $42k or $43k. Really I’d like to stay below $40k, but I don’t know if that will be possible after seeing the pricing survey. I’m hoping to put somewhere between 48% and 52% down and my credit is over 700... I just don’t want to end up with a huge car payment and a house payment. I figured putting that much down would really help the payments be super manageable, but after seeing what Nissan wanted for a payment and interest rate on a far less expensive car, it kinda discouraged me. Anybody who wants to completely destroy my dream before my hopes get too high or give me some encouragement is welcome to do so.
Try a loan through your bank or credit union first -
 
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Joshua_D_44

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This is not a great idea. You're now paying for that "cash" down payment for 30 years..
Well we’ve already got the home loan and if it doesn’t go towards a down payment it’s gonna go towards home improvement so it’s the same either way.
 

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MJJ

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Do you have at least 6 months living expenses if you and your wife to lose your job? If the answer is no, don’t even consider a new vehicle. These things will be mass produced for years to come. Buy one when you can enjoy it stress free.
 

Kickit

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Lots of auto loan calculators that are super helpful. I usually put in an anticipated rate on the higher end just to prepare for the worst, hope for the best.
 

Straight 6

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Well we’ve already got the home loan and if it doesn’t go towards a down payment it’s gonna go towards home improvement so it’s the same either way.
No it's not the same either way

If you take 20 grand towards a down payment on a bronco, you will have a truck worth 1/2 of what you paid for it 5 years down the road

If you take the same 20 grand and improve your home wisely, in 5 years your home will be worth 20 grand more plus appreciation

You could also take the "extra" money and send it back to your lender to pay down principal on the loan and save yourself a lot of interest charges

It's pretty far from the same either way, your decisions have a pretty big impact on your future
 

zaki

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Help your wife get a reliable car.
Hold off on the Bronco for now.

How would she feel if she cannot get an inexpensive basic transport and her husband buys himself a new Bronco??
 

The Driving Viking

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Not to be negative. But I have a feeling there will be a lot of people on the reservation list get their dreams crushed and not actually get the Bronco.

Thats why the 160,000+ or whatever it is now reserved isn't really an issue. A lot of people will either drop their reservations or back out when the paperwork is ready to be signed and they cant afford it or don't get approved.
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