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Bronco Budget Poll & Financial Talk

Do you have a Bronco budget?

  • Yes - a very strict one

    Votes: 53 12.4%
  • Yes - but it's got some flexibility

    Votes: 201 47.0%
  • Yes - but if it comes down to it, no

    Votes: 71 16.6%
  • No - I'm confidently gonna get whatever I want

    Votes: 92 21.5%
  • No - I don't think I need one

    Votes: 5 1.2%
  • No - I haven't really thought about that yet...

    Votes: 6 1.4%

  • Total voters
    428

FourHorses

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If financing... A rule I’ve lived by... a new vehicle you buy shouldn’t be more than half your annual gross income. It’s not exactly a science, and there are tons of variables but it has worked for me. Similar to the logic that your monthly mortgage payment shouldn’t be more than 25%-30% of your monthly gross.
So in this logic, if you make 50k, shoot for a 25k vehicle, you make 80k, shoot for a 40k vehicle, etc. you should work to pay them off as early as you can, you should do a lower term to get a lower interest. Lots of variables, but some guidelines I have went by at times.
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dck82

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Anyone retiring before 65 is far more wealthy than I. I do just fine for myself but I can’t envision retiring before 65!

Hypothetical:

You work from 25-55 and live to 85 so you have to cover 30 years.

At 3K month for 30 years you would need $1,080,000 saved up. I know stocks change things but I can’t calculate rate of return.

So you would have to save 3K a month in a 401K. 10% would be 360K a year. If you made 180K that’s 20% a year in a 401K.

10% on a 401K is a fairly significant amount of money for most people. Not to mention the 19.5K contribution limit. Obviously savings accounts exist though lol. I’m only saving like 1200-1500 a month currently.
That’s why it’s important to start saving as early as possible. I would say at least by 25. Compounding interest is one of the keys to building wealth. Save early and don’t touch it.
 

Garbone

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Smiles per miles. I bought a 2019 Scat Pack Challenger and I can afford it but that 48K was worth every penny. When I push that start button and hear that symphony of sound my heart melts. When I get in and can turn on my AC seats and flip into track mode and hit the gas and hear the tires squeal while the car just unleashes the most beautiful noises a mans ears have ever heard it’s worth it. So worth it. I took it to the track and I did a burnout and then lit me up with launch control and I squealed like a moronic 6 year old as I got 100+ mph while passing that finish line.
We brought our 62 C10 home from granddads on a trailer with a blown head gasket. No budget, 350, posi, headers, flow masters, 4 barrel with intake, sparing nothing. Old truck still is rusty and sorry looking but she sounds better than anything I have ever owned and goes like a raped ape. Even jaking it down a hill she sounds sweet. Sometimes money does buy happiness and every time my wife rides in the truck that she sat in when she was a little girl it proves it.
 
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Bronco4lyfe85

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We brought our 67 C10 home from granddads on a trailer with a blown head gasket. No budget, 350, posi, headers, flow masters, 4 barrel with intake, sparing nothing. Old truck still is rusty and sorry looking but she sounds better than anything I have ever owned and goes like a raped ape. Even jaking it down a hill she sounds sweet. Sometimes money does buy happiness and every time my wife rides in the truck that she sat in when she was a little girl it proves it.
I bet!! That’s awesome!
 

Bronco4lyfe85

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Im sorry, did you just say the same as your mortgage?
 

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Bronco4lyfe85

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Im not going to even say my mortgage but that’s just not right. Let’s just say i’m easily 3X that. $700 a month? I’d feel like a millionaire.
 

Bronco4lyfe85

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Yeah, lol. I live in Colorado, i’m very salty. 350K is an average house.
 

LSU Jonno

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Here's some advice:
Only you can decide what you can afford. However, are you buying a bronco to look cool in a bronco? Or are you buying a bronco for the lifestyle? (camping/overlanding/off-roading) If you're buying it to be a daily driver, don't over reach your budget, you'll be disappointed soon. If you are buying it as a gateway into a lifestyle of adventure and experiences, it might not hurt to splurge a bit.
 

CDN Jen

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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.
A "midlife crisis" purchase is simply the act of rewarding oneself for 20+ years of hard work. Wear it proudly!
 

Garbone

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Good for you, hope it is a 15 and you can pay it off quick. Sadly, I pay more for insurance and taxes per month... Yech...
 

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Jr87mustang

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I always laugh at the home makeover shows that my wife watches when they aren't in California, New York, Florida, or Colorodo. The prices of houses blows my mind......SO CHEAP. I live in probably one of the cheapest areas of California and a 2000 sq ft house with an acre is around $500,000 for something built in the 60's or 70's. If I head south to Sacramento or San Francisco......oh jeez.
 

Bronco4lyfe85

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Well damn, base it is then. This thread makes me wanna be responsible.
Buying a new car is never responsible but should always be reasonable.
 

Firefly

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Buying a new car is never responsible but should always be reasonable.

Agreed. I was fairly content to never have a car payment again and keep buying used high mpg cars like my Mitsubishi mirage for the rest of my life. Then this dang Bronco came along.
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