Cash Vs Bank

[Uncle Gump]

Selling my pizzeria and a home that we're in really good shape on would allow me to buy one outright. In my right mind with interest rates as they are... I'll keep that money in the bank and invest in the new homestead in Northern Michigan.

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[Fireman Dave]

The biggest reason I wouldn't even consider leasing a Bronco is that I fully intend on doing a lot of upgrades and customizing like I did on my Jeep and that is not something that makes sense with a lease.

 

[Chewcudda]

Mine is a weird situation but here we go:
I will trade in my POS car, put some money down and some on loan(no more that 5-7K)
next month pay off wife's car and start paying extra on the loan to hopefully pay off in two years on a 5 year loan. rinse repeat for new car for wifey in 2 years.

I have to keep a car loan going for interest rate reasons. (if you want a better explanation but it is kind of convoluted the reason)

 

[MCG DAWG]

Bought wife a new expedition at Christmas. I thought she set up auto payment, she thought I did. Did a refi on house in march and almost lost great rate as three months no payment on the expedition blew my credit up. Immediately paid it up to date and filed with each of the three credit bureaus to get it taken off. Need to check and see if my score recovered.

 

[deejaybee]

Any one plan to save for the purchase ?
In my country banks required 20% down payment with around 2.5% to 3.5% interest rate for cars ..
My sweet spot is to pay 40% then 4 years but in this case we know we need to wait 1-2 years so what is your plan ?

Paying cash in full ?
Sell your current car ?
Trad it with the bronco then pay the deference ? ( not good idea )
Bank ? Personal loan, car loan, property loan ...


Your idea may help someone lets share it

It's typically never a good idea to pay cash for a new car because of how much and how quickly they depreciate. Unless that isn't something that's a factor for you.

 

[LarryZiegler]

No body can give correct answer because it's a brand new, but lets compare it with Jeep, Wrangler hold it's value so for 50K you may lose $8-12 K

In Calif, there are no used 2018-2020 Wrangler Rubicons for under $42,000 on Autotrader.com....that tells you how strong their value is....and has been for years

 

[BroncoFanBoy]

You will end up loosing around 20-30%, unless it's a FE serial 1 and you know someone that really really wants it. The first C8 was sold at millions in a Barrett auction. But the coo told yahoo finance that this will be a mainstream car, they probably wont keep value like a 4runner per example. You have pretty good deal on F-150 used it's the downside of being the most sold model in USA. The more unit on the market the more you can expect to loose value.

This and the price war that will occur for sure with Jeep. Ford wont offer employee pricing on the first year for the Bronco but 2022 2023 you can expect a 3 to 5 k reduction in price just to fight the Jeep market.

I believe the c8(like most first serial number sold are Barrett) also went to charity and this will be a crazy high bid. Can’t compare.

 

[LarryZiegler]

Did I miss something? Knowone has mentioned leasing? Advantages smaller montlhy payments, new Bronco vehicle in 3 to 4 years, no worries of an accident and depreciation! IMO leasing all the way!

I have to disagree unless your goal is a new car every 3 years, otherwise leasing is just a long term rental and at the end of the term you have to turn it back in with nothing to show for it. The Bronco for me, is intended to be a long term keeper

 

[Weld3z]

In Calif, there are no used 2018-2020 Wrangler Rubicons for under $42,000 on Autotrader.com....that tells you how strong their value is....and has been for years

My friend love the old TJ was looking for 2003 -2004 the one with NV1550 5speed
110k miles
Just last year he bought it
To be honest it was clean green Jeep
Payed 12k for it

For me no way for him totally worth it and he is very happy today !

 

[Chewcudda]

Mine is not for that reason. the issue is I literally have no debt. no house payment, credit card payment, Columbia music club, school loans, personal loans, or bad credit score.

a few months ago we bought my wife a new car. I got turned down for loans left and right because the algorithm to find if you can afford your car payment from most places cannot handle a zero in the equation. 1/x is a valid input but 0/x makes the computer shit itself. At least that was how it was explained to me when I went to my credit union and asked why they refused my loan.

 

[LarryZiegler]

Thankfully, I've got pretty good credit, close to 800. Hoping that's good enough.

You are good.....740 is the typical number for Tier 1 credit status

 

[LarryZiegler]

My friend love the old TJ was looking for 2003 -2004 the one with NV1550 5speed
110k miles
Just last year he bought it
To be honest it was clean green Jeep
Payed 12k for it

For me no way for him totally worth it and he is very happy today !

Yeah.....the years when you could buy a beater Jeep for off roading for under $7500 are long gone!

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