Bronco Budget Poll & Financial Talk

[elmystico]

So I'm 35, make OK money (made a major career shift last year and am still working my way up in this new field), my budget is tentatively set at $50k with about $15k down (which should result in just under $600/mo x 60 months).

How can I afford that? Well my oldest is finally out of daycare this year and has started public school this week, my youngest will be out of daycare next year. Combined that accounts for about $1500/month freed up.

My biggest concern is not if I can afford this. It's buyer's remorse. I am fickle with cars and get bored very easily. I typically change my ride every 2-3 years, but I get the itch about 12 months after each purchase. The only new car I've ever bought was a Focus ST which I sold after 13 months. I am worried about dropping this much coin and then immediately regretting the decision.

You asked for fatherly advice, so I'll give you some even though we're the same age - the only debt I would recommend carrying is a mortgage (or rent if you haven't bought yet), and 1 car note at a time. If my wife's car wasn't paid off yet, or if either of us still had student loans, or if we had ANY credit card debt, all of those would come first before signing up for another $35k in car loan debt.

I totally get this and I'm not quite 20 years older than you and my oldest is now finally out of my house

The crappiest thing about the Bronco is that it's an unknown. And trust me when I say I know those kinds of unknowns make the buyer's remorse gut pretzel a real colon blow. The best I think we can do is to compare it with other recent Ford new products. The success/failure/mediocrity of those products will probably give us a good idea how successful Bronco's development has been.

But I have an escape chute ready: If the first several months suggest my Bronco is a horse turd, I will slap it on Craigslist while it's still the hottest vehicle in the land and still under warranty to cut my losses.

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[acetdeucy]

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.

Well, I live in CA, and I HATE all the taxes and tariff's that are bestowed upon those of us that want good weather and to try to live the simple life!!!

That said, my CA plan always seems to take me to a place where I do a Lease, with the option to purchase. I save enough to pay off the term of the lease, up front (on an average equipped Badlands, that might be $20k or $25k.

The reasons are: 1) if I decide that I like what I have, I can choose to either finance... or pay of... or some of each, if/when I decide to keep it; 2) hopefully, in the approximately 3-years that I've had a lease, with no payments, I've managed to save a few bucks to either pay off or to pay down the balance on the Bronco (the previously unpaid tax on the remaining $30k of value will only become due, if I decide that I like it, and I want to purchase it at the end of the lease); 3) in CA, you get no credit for the value of your trade-in against the new purchase price, so on a lease, I will only pay about 1/3 of the State's total taxes (up front) on a new Bronco.

Probably a lot more reasons that I can't think of right now... but give me a break, I'm 72-years old, and I've figured out this much!!!

 

[Edelfin]

I’m in my late twenties working in a startup. I reserved the Big Bend and probably going to cash out some of my stock for a healthy down payment. I purchase a new Prius (very different vehicle) several years ago. I think you’re going to love having a new Bronco! I agree with the other posters that are concerned that their investment will diminish in value rather steeply. I can see waiting a year or two helping significantly for the pocket book.

But even if you get the 2-DR BASE, you’ll still have a badass vehicle that you’re going to be proud of. Use this forum to find the best deal and learn what you NEED vs. what other people/salesmen tell you are important. I’ve already learned so much from this site. I was qualified through X-Plan this whole time and didn’t know!

 

[TaiKoi]

So I'm 35, make OK money (made a major career shift last year and am still working my way up in this new field), my budget is tentatively set at $50k with about $15k down (which should result in just under $600/mo x 60 months).

How can I afford that? Well my oldest is finally out of daycare this year and has started public school this week, my youngest will be out of daycare next year. Combined that accounts for about $1500/month freed up.

My biggest concern is not if I can afford this. It's buyer's remorse. I am fickle with cars and get bored very easily. I typically change my ride every 2-3 years, but I get the itch about 12 months after each purchase. The only new car I've ever bought was a Focus ST which I sold after 13 months. I am worried about dropping this much coin and then immediately regretting the decision.

You asked for fatherly advice, so I'll give you some even though we're the same age - the only debt I would recommend carrying is a mortgage (or rent if you haven't bought yet), and 1 car note at a time. If my wife's car wasn't paid off yet, or if either of us still had student loans, or if we had ANY credit card debt, all of those would come first before signing up for another $35k in car loan debt.

Thank you for this! My budget is about the same and I will also have a similar down payment. I don't have any credit card or car payment debt. I do have student loan debt but a low monthly payment on that. I'm planning on buy a house within the next 5 years too. My current truck is awesome but also at almost 300k miles. I feel like I'm ready for something brand new and reliable. Within my price range, the Bronco is the only thing I'm interested in. Technically, I could adjust my lifestyle (not get takeout as much) and cover the bronco cost without really noticing a change.

 

[TaiKoi]

New cars are fun, new car payments aren’t always that fun. Start saving now for all the extra BS like tax, title, registration, not sure where you live but that can be a big surprise! Shop around for a good loan, don’t go over 72 months so you don’t spend your whole life paying it off.
And remember, you can always sell a car if it’s too much on you each month. Especially these, shouldnt be a problem reselling.

Great advice. Thank you. I'm in AZ and my Ford dealer told me to expect about 12 percent added on to the MSRP to cover taxes and all those other fees.

 

[elmystico]

Lockers, 4 doors, rubber floors and $40,000. Thats all im willing to finance, thats including a $5000 down payment. If i need something more like accessories I have to save more cash for it. There will also be a mainland roadtrip and a $1200 shipping fee to Hawaii that I have to save for. I will have to save about $12,000 to do it all with the down payment. When i get back to work I make $22hr. Thats sbout 14 weeks of pay for me. So around 1/4 my salary for a year. I will likely have to chop about 3000 coconuts to make that. 24,000 machete swings. Then after I get it I will be making payments of around $500 for 5 or 6 years. Then its time for a turbo/intercooler upgrade. Then more lift and I think I will stop at 38" SuperSwampers. Boggers out back and TSLs upfront.

Thats my plans so far.

This is good plan with solid goals. My advice to the OP is to not load up on aftermarket additions from the start. Every dealer, even the best ones, are gonna charge retail for those. You will be able to buy them for less used or on sale DTR when it suits your budget. Doing that on my FJ saved me a lot of money after swallowing a $35K price tag and offered me a chance to learn all sorts of new skills as I built the truck I really wanted.

 

[elmystico]

Great advice. Thank you. I'm in AZ and my Ford dealer told me to expect about 12 percent added on to the MSRP to cover taxes and all those other fees.

Seriously, I can't recommend enough finding a better dealer. Several of those contacted by the AZ group buy organizers have been just f*cking brutal in their responses. Only one has really been honest and forthright so far, and even then their prices aren't gonna come close to the Granger and Stephens deals. But the solace is knowing you bought from someone who didn't do everything they could to screw you.

 

[TaiKoi]

Seriously, I can't recommend enough finding a better dealer. Several of those contacted by the AZ group buy organizers have been just f*cking brutal in their responses. Only one has really been honest and forthright so far, and even then their prices aren't gonna come close to the Granger and Stephens deals. But the solace is knowing you bought from someone who didn't do everything they could to screw you.

I'm definitely going to ask again about that 12% because that dealership has amazing reviews and the guy I talked to seemed really open and not salesmany

 

[ColoradoGuy]

My wife:

Me:

 

[Chrism81]

I will sell a kidney to get the Bronco I want if needed.

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

 

[jmalinov]

...
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 ...

Dear @TaiKoi -- this is a very educated post. without polling the entire nation, the fact that you are "thinking" like this, means you are ahead of the game.

a very simple action that you can take (since we have a dang year before our broncos come in), simulate a monthly payment for the next how many ever months -- and see if you can "live" with that.

 

[Villageidit]

I wasn't looking to buy a new vehicle as my truck is only a few years old and paid for. I typically keep vehicles for 10+ years. But my employer gave me a huge bonus this year. I'm retiring and cashing in a ton of vacation pay. My wife said It was time to finally get another 4X4. I can afford any trim level, the question is if I can make myself buy a nicely optioned BL or WT when a BD with just 2.7/auto, mid and hard top is all I need. I do have a budget but it's very flexible due to the money I've earned this year.

 

[ColoradoGuy]

Dear @TaiKoi -- this is a very educated post. without polling the entire nation, the fact that you are "thinking" like this, means you are ahead of the game.

a very simple action that you can take (since we have a dang year before our broncos come in), simulate a monthly payment for the next how many ever months -- and see if you can "live" with that.

This is very good advice... and to add to this if you are able to do it... put the money away into some kind of interest bearing account and use it for the down payment (and definitely don't do what I posted above).

 

[lobbs611]

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.

 

[DrewBronc21]

Pricing out what I Reserved comes out to well over $53k(badlands 4door manual) and I originally was budgeting for low- mid $40k. Bronco will be my 3rd car and is only a toy. Now I’m thinking getting a base manual 2 door for so much less ...$30k and build it as the aftermarket grows and it’s going to be a huge aftermarket. So my budget is between $30k-$53k lol

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