Bronco Budget Poll & Financial Talk

[Jr87mustang]

I have found that an internet forum is a good place to act like who you really want to be without actually being that person. I would imagine that quite a few people who say they have no budget or those that ordered the First Edition will end up no even getting a Bronco. We have all met those people that act like they have money only to find out they really don’t. Ya know?

ALSO, there is a big group of people that can “afford” what ever they want at the moment because they are forgoing saving up for retirement. I don’t know how many people I have met that are saving $2000 or even less per month for retirement and driving around Denalis or Platinums or whatever trim fits the bill. Spending what should be your retirement on cars or whatever else it may be is no bueno.

PS there are also a lot of people pulling money out of their houses right now and refinancing....another no go.

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[ronstar]

I'm a retired 65 year old and the bronco will be my retirement toy. I will probably use a combination of loan and retirement savings to buy the Bronco. I won't know how much I'll spend until the B&P comes out, and I won't know how much will be financed until delivery. A lot depends on how my retirement investments do between now and delivery.

 

[ColoradoGuy]

I have found that an internet forum is a good place to act like who you really want to be without actually being that person. I would imagine that quite a few people who say they have no budget or those that ordered the First Edition will end up no even getting a Bronco. We have all met those people that act like they have money only to find out they really don’t. Ya know?

ALSO, there is a big group of people that can “afford” what ever they want at the moment because they are forgoing saving up for retirement. I don’t know how many people I have met that are saving $2000 or even less per month for retirement and driving around Denalis or Platinums or whatever trim fits the bill. Spending what should be your retirement on cars or whatever else it may be is no bueno.

PS there are also a lot of people pulling money out of their houses right now and refinancing....another no go.

 

[Nickp]

That's funny cause I was thinking I would sell a strangers kidney for a bronco

 

[tyrobronco]

Mine is a number. My goal is to get as much as I want and come in under 50k.

49,995 is under 50k. I am shooting for 45k - and will be ecstatic if I get there and am happy/content with what I am getting.

Ideally, I'd like to take a note for 30k or less (after down payment) - so we'll see what I can get for that amount...

Advice:

We started years ago (maybe 8? 10?) creating a car savings to go with savings, emergency, house savings, 25th anniversary savings account, etc.

The car savings is $400 a month. When I bought my truck, the $400 a month went to that. When we paid it off 5 years ago, the $400 kept going into a savings account.

My wife bought a Fusion and the $400 went towards that. That was paid off around February (paid off in 3 years) - and so $400 a month started going back into the car account.

From there, we bought tires for the Fusion (from the account) but $400 goes in every month. That is going to be the Bronco down-payment.

I worked extra jobs this summer to get even more money into the car account.

We have our money set aside for certain plans - and we use that money for those plans - so there is a lot less buyers remorse or surprises.

And while 50k is a lot of money - I plan on keeping it a minimum of 15 years - and probably longer. That comes to $278 a month - leaving our car account with a balance of $122 a month in the black.

Financially, it doesn't make sense and reasonably I should wait a year to 2 years and get a used one for a heckuva lot less - but I'm a father of a college student and a 16 year old and soon it will be just the wife and I. For me, I'd rather spend 12k getting 2 years of memories and adventure with the wife than pushing that back and saving 12k ($67 a month).

 

[Coldsteele]

It's not just rich old guys like some commenters mentioned. I'm 26, my budget is around 45k but has some flexibility to it if I see something I can't live without. I won't be paying cash but I will probably be making a 30% down payment and will have a 2.59% APR at MAX (unless rates change) thanks to my credit score and my preferred financing credit union. I'm expecting my payment to be right around $450-$520/month with 72mo financing.

Keep reading only if you want to be annoyed with my life story/a lecture/advice on how us younger guys can afford it too.

I used to be terrible with money, made less than $10,000/year. Luckily my credit score was pretty good.... until someone stole my identity and knocked it down to about 430. I got tired of not being able to afford the life I want so I started putting away little bits of money at a time. Then I got a job at a tire shop and worked my way up to manager in 6 months and started putting away a little more until I earned enough to go take some CompTIA courses and get certified in the information system field. That was 4 years ago. Since then I started a career, worked my ass off to fix my credit (finally got it back up over 720 this month), bought a house, bought toys, bought a truck that I loved that I thought was going to be my forever truck. Then I saw the bronco. I've wanted a 60s bronco since I first saw one at 11 or 12 years old at a car show. When I saw the bronco re-released and saw the design I decided that I HAVE to have it. Sold my truck, selling my toys, and am now driving a 1995 Subaru outback and putting away money every month to pay for my Bronco.

It's achievable for anyone. Educate yourself on finances, educate yourself on credit and how important it is, better yourself career and knowledge wise, and be patient. Don't go buy that new phone/TV/XBOX/etc unless that's what you're working towards. Make yourself a goal and make some sacrifices to achieve THAT goal.

 

[RG7]

Keep in mind it seems that A LOT of folks here talking about getting a loaded high trim level Bronco are likely not making it past ordering, delivery and signing papers. Just look at the outrage when the survey options pricing came out. TONS of individuals were shocked, awed and angered that their badlands that starts at 44k will cost 50k by the time they add a few options to it. Lots of folks on here right now will not convert their Res to an order/eventual purchase, but their votes on polls and such are clouding the waters.

I think the much more likely enthusiast spec is some level of black diamond. Personally, I think that the Base 2D/Sas/2.7+auto is hands down the best value, maybe Base 2D/Sas/7MT could sneak in there if they end up offering a manual squatch. But I don’t need any tech and as long at it has power windows and locks it works for me. Others may feel differently.

Regarding affording it— I work in finance and I see the results of a lifetime of good planning vs the results of no planning. Here’s my perspective: if you plan for anything, you can make it happen. Personally, I wasn’t planning for a new car purchase for at least 10 years, I was planning to buy a B5 S4 and gut it to turn into a street/trackday car before the Bronco launch... But then I saw the Bronco launch and my dad and I decided to each get one so we can get out and enjoy some of the more far out parts of this great country before he’s too old and I have kids to deal with. The environment in which I was operating changed, so the plan needed to change as well. I ran the numbers and the Bronco I want will work within my financial plan, so I’m all in on it now; but that’s only because I won’t be sacrificing more important things to make the purchase. IE 401k/IRA contributions, taxable savings buildup etc. If you’re gonna be sacrificing a quasi-obligation, or something you know takes priority, you might feel worse about making the purchase and may need to downgrade trims or wait a little bit. Remember: planning (generally) guarantees execution, not immediate execution.

TL;DR plan for it and make sure the purchase doesn’t cut into your necessary spending + savings/retirement obligations, you’ll feel much better, and actually stoked for this purchase instead of apprehensive.

 

[Heelabaloo]

Sorry there's a lot of words here and if this info exists elsewhere let me know and I'll delete this post

Bored waiting for B&P so...

Reading through a lot of the threads on here and have come across a lot of people's comments that make it seem like money isn't much of a factor in buying their new Bronco. People with multiple nice cars already or people with BMWs, Corvettes or nice new trucks talking about getting a fully optioned out Badlands. If you look at the 'which trim are you getting poll' the majority of votes is for the Badlands (the 2nd most expensive option without counting FE).

I'm just wondering if it's that a lot of people on here make a lot of money OR are at an age where they are settled and can make this kind of purchase easily/intelligently OR have people taken the time to research their budget in depth and can, again, make an intelligent buy OR if people have just never made big purchases like this and don't really understand the financial affect and are just running off of hype and hopes OR are people okay with debt in general and they just want that fully optioned Bronco that bad?

I feel like I have a decent income, I don't have kids, don't have a huge amount of debt, split rent so it's not that bad and yet with the budget I'm giving myself, I'm maxed out at a Big Bend with MAYBE the mid package and even then I look at that monthly payment and it hurts a little to think about.

Are some of us getting false confidence by reading all these rich/older/whatever it is people's comments? haha I understand that everyone should do the research and understand their realistic budget. Just curious if this forum is full of older guys that are settled with money going "I don't understand why people don't just get the WildTrak with the Lux package and a 9.8 triple turbo diesel with the spoiler." Nothing against those guys (I'm jealous). As someone who's never made a big purchase like this, though I can technically afford it, I'm always looking for confidence boosts lol.

To go along with this, maybe the more experienced buyers could throw out some fatherly tips and things that new buyers should expect or understand in terms of APR %, monthly payments, buying a new car VS buying a house first, if you make less than x then you probably shouldn't consider buying the Bronco right now, you only live once so if you can afford it you should definitely do it, it's only worth it if you are settled down, etc.

Great questions. I‘ve been there, I guess I’ll always be there. I’m mid-50s, married, no kids. Own my own home and have a very good income but live in an expensive region. For me, I’m looking at the Big Bend or the Outer Banks and, for what I plan to do with the Bronco, I don’t need the WildTrak, Badlands, or even the Sasquatch package. First piece of advice is don’t let others talk you into what you need, figure it out for yourself. Check out the Ronnie Dahl 4 wheeling Western Australia Myth-buster videos on You tube. He breaks down what is useful In a 4wd and why. Learning as much as you can about it only helps you.

Second piece of advice, don't be car poor. I wouldn’t have bought a FE even if I could. Thats a luxury beyond what is reasonable for me and I don’t need it. I’ve driven a Mazda3 for the last 12 years and it’s been a fantastic car. Got it when I needed to replace my 15 year old Toyota 4wd but I had debt and my wife at the time had some unforeseen medical problems. It would’ve been nice to get another 4wd but I couldn’t justify it. First and foremost, an auto should get you to where you want to go, it shouldn‘t put you in the poor house. Especially don’t buy this if you’re going to have to take a 5+ year loan or have some outrageous payment. I made that mistake when I was younger and you really shouldn’t do that to yourself. You’re better off saving the money for a home and, if possible, an early retirement. I recommend putting down a decent down payment. If you can‘t pony up a decent down payment you probably shouldn’t be looking at this. And, most importantly, If it keeps you from affording a home, you shouldn't buy it. A home should be an investment. A car is closer to a luxury. Don’t put luxury ahead of investing in your future.

I don’t trade every few years b/c that’s too much money for cars, IMO. I’m buying a a Bronco b/c I’m ready for a new car, I want to get a 4wd again, I love the design, and I’m not likely to buy that many more new cars in my lifetime. Also, I can afford it even though It is a want and not a need. I’m in a position to treat myself but I’m not taking it lightly. Unless this turns out to be a lemon I plan on keeping it for a long time. Everyone is different but, for me, this is what I plan to drive for a long while. If I didn’t own a home or if this was going to eat a huge portion of my income, I’d likely not be going for this. Nevertheless I’m still going to try and limit it to what I really can use and what makes sense for me.

 

[gonyr]

I think I'm one of the people you've described, although I don't remember posting any comments like that. I'm in my late 40s, one kid in college (state school with scholarships), house paid off, and a good income job with zero chance of being laid off. I'm in the very lucky position of not really having financial worries.

My advice is this - do whatever you want and can comfortably afford. Other peoples' opinions don't matter. At all. Beyond that, take care of needs before wants. I think purchasing a house (if that's part of your plans) and putting away money towards retirement are both much higher priorities than a new vehicle. Once those are locked in, then you can figure out what your reasonable budget is. You don't necessarily need a Bronco right now. They will be readily available next year and beyond.

I currently drive a 10 year old pickup. I could certainly have bought something nicer over the past few years, but there was nothing that piqued my interest. Until now. I have no need for all the features on a high package Wildtrak, but I think it looks cool. Maybe it's a midlife crisis, but I'm ok with that.

 

[Bronco4lyfe85]

My best advice is probably this: Buy a house before you buy all kinds of cars and have debt. When buying a car, never settle. Always buy exactly what you want, you’ll always regret it later, I know from experience.

Also to those who are fixated on retirement. Live your life and have fun you don’t even know if you’ll make it to retirement. Just be smart, pay your bills and be debt free by the time you’re 65 while saving for retirement.

 

[Lowcountry Bronco]

Good question, I'm a little of all the answers, not independently wealthy but not out picking up cans either. I have worked hard for what I have and I'm at and age and point in my life where I can splurge on occasion. New cars aren't cheap and the Bronco, even at my budget, will be the most expensive one I've ever bought but I'm comfortable and secure enough that it won't hurt much. Only fatherly advice I can give is this all takes time, buy what you can afford, if you have to save up a little more then odds are that the Bronco will still be around when your ready.

 

[Blksunshine06]

I have wanted a Bronco since the reveal a couple years ago and have been preparing for the release. I have paid off all of my debt (divorce, credit, and college) and sold off all of the extra cars that I had( 1978 Bronco, 1979 Bronco, 1979 F150, 1994 Toyota Corolla, 1997 F150, and a 2013 Sportster. My wife and I have been saving for a house that is currently in the build process, which is why I wont be able to cover the whole Bronco price in cash. So we should be moving in the first week of December and hopefully ordering a Bronco at the same time! I haven't lived with a single vehicle since before I got my drivers license (like 20 years ago)!

 

[dck82]

I've been married for about 20 years now. I've got a pretty good idea what level of a payment will make her a little grumpy. So, the goal is to stay just under that or worst case not too much over.

This! 400/month seems to be the limit. I plan to get base+sas I figure that will put me around 40k I’m going to save between 15-20k for a down payment. Since I’ll probably get velocity blue I should have enough time. That should get it where I need it for a happy wife.

 

[Ajusaf]

This! 400/month seems to be the limit. I plan to get base+sas I figure that will put me around 40k I’m going to save between 15-20k for a down payment. Since I’ll probably get velocity blue I should have enough time. That should get it where I need it for a happy wife.

Rent the bronco or do uber for prime $$$ and that will more than cover your monthly payments. Just do enough a month to cover two months payment and pay more into the principle each month, that's just one idea if you need $$

 

[Zero_chance]

Sorry there's a lot of words here and if this info exists elsewhere let me know and I'll delete this post

Bored waiting for B&P so...

Reading through a lot of the threads on here and have come across a lot of people's comments that make it seem like money isn't much of a factor in buying their new Bronco. People with multiple nice cars already or people with BMWs, Corvettes or nice new trucks talking about getting a fully optioned out Badlands. If you look at the 'which trim are you getting poll' the majority of votes is for the Badlands (the 2nd most expensive option without counting FE).

I'm just wondering if it's that a lot of people on here make a lot of money OR are at an age where they are settled and can make this kind of purchase easily/intelligently OR have people taken the time to research their budget in depth and can, again, make an intelligent buy OR if people have just never made big purchases like this and don't really understand the financial affect and are just running off of hype and hopes OR are people okay with debt in general and they just want that fully optioned Bronco that bad?

I feel like I have a decent income, I don't have kids, don't have a huge amount of debt, split rent so it's not that bad and yet with the budget I'm giving myself, I'm maxed out at a Big Bend with MAYBE the mid package and even then I look at that monthly payment and it hurts a little to think about.

Are some of us getting false confidence by reading all these rich/older/whatever it is people's comments? haha I understand that everyone should do the research and understand their realistic budget. Just curious if this forum is full of older guys that are settled with money going "I don't understand why people don't just get the WildTrak with the Lux package and a 9.8 triple turbo diesel with the spoiler." Nothing against those guys (I'm jealous). As someone who's never made a big purchase like this, though I can technically afford it, I'm always looking for confidence boosts lol.

To go along with this, maybe the more experienced buyers could throw out some fatherly tips and things that new buyers should expect or understand in terms of APR %, monthly payments, buying a new car VS buying a house first, if you make less than x then you probably shouldn't consider buying the Bronco right now, you only live once so if you can afford it you should definitely do it, it's only worth it if you are settled down, etc.

We already have one $700 per month car payment, my Mustang, which is why we are waiting until the wife graduates and starts bringing in the registered nurse income before committing to another similar payment. We’re not planning on ordering any sooner than March of 2022. We already have a ten year old and our dream home however, so we don’t have to worry about either of those items coming up again, which gives us more flexibility. If you want to buy a house in the next 5-7 years (i.e. the term of your prospective Bronco loan), I would make sure your debt to income ratio won’t be maxed out with the Bronco payment plus any other debt still on the books. Otherwise you’ll likely have to wait until the car note is up. Above all else, don’t go crazy and get a trimmed up version you won’t actually use to its potential if it’s going to make finances tight. We set a budget of around $50k for the Bronco, which based on the preliminary numbers we’ll be able to get exactly what we want, and will be putting $10k down on it. I think the build and price / order time will separate the men from the boys and you’ll see a lot of the Badlands reservations being shelved entirely or trimmed down to a more realistically priced version for some people.

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