How much money down y’all putting?

[flatlander40]

Depends on when it gets delivered

Sponsored

 

[Austin26]

FYI to test the waters I was approved for a 2.29% for up to 72 months with 650-720 credit score with Navy Federal Credit Union. Yes my scores are quitefar apart apparently. Hopefully rates will be near this in a year.

 

[PSUTE]

Yep. Even after a -27% stock "over-reaction" in March, my investments are still over 10% to the good for the year. Amazing year to watch (or to NOT watch depending upon your risk tolerance)!

I don't watch, so I guess my risk tolerance is low. But I remain aware of the over year growth. It far exceeds my anticipated 2% interest rate...

 

[fergthulhu]

I hate these questions. There are no correct answers and only a couple of wrong ones. Maybe that's the point, to just check in with your fellow Bronco lovers.

I'm always torn between hating paying interest, so I pay as much as I can as early as I can, and trying to understand how compounding interest works, either as you pay or you earn! It takes some mental gymnastics and discipline to tolerate a $700/mo payment at 1.99% when your savings are earning 8%.

Spoiler... I always buckle and pay off the loan (and thus lose money in the long run). I have good intentions, but poor (emotional) decision-making generally prevails!!!!!

You're not alone...

 

[JHawk]

I am a late reservation on purpose. It buys Ford time to deal with supplier related issues so I can order the Bronco with the late availability items. It also buys me time to save more for the down payment. My funds are going to retiring my kids college debt and funding my daughters wedding next August. I would like to put down 10-15k and then pay it off aggressively. Paying my house off this past year has been a big boost. On a side note I am very pleased that my daughter (24) is a fan of Dave Ramsey but thinks a grand in a rainy day fund is absurd. Amen

Edit: Meaning a grand is not enough

 

[XirallicBolts]

I'm paying for half up front (~25k), my wife is taking out a loan for the rest.

Of course, keep working overtime and car keeps getting delayed, may end up paying more upfront

 

[Pie Grande]

I'm going to add this question. What are your State's taxes because some of these replies makes it seem like a lot. South Carolina is 6% capped at $500. It was raised from $300 in July 2017. I'm putting at least $7000 down and waiting to see what the interest rates are in the Spring.

It’s about 9 percent tax in Cali

 

[Pie Grande]

Depends how much I can convince the salesman a handy from my wife is worth. Shh...don't tell her!

Hahah bro stoppppppp haha

 

[AMK610]

This. Ultra high net worth individuals leverage low cost debt to their advantage all the time, even tho they have more than enough money to pay cash. Just don’t use financing or leasing to buy more car than you can afford.
I personally hate the feeling of having debt, but saving cash for more important goals other than a depreciating asset is generally the best approach

 

[RBF 1401]

I can’t believe how much cash everyone has.

I was thinking the same thing.
Plus I keep forgetting that people with "real" jobs can make such hefty car payments.

 

[Designkid]

16-18k trade-in depending on delivery date plus another 5k cash. Just paying extra principle on the trade-in now so I save on the lower sales taxes at purchase time. Just an FYI to everyone, a Toyota Tacoma purchase is a great financial decision. Can sell to carvana today 7k less then what I paid for it over 3 years ago and 50k miles. I can only wish for the same residual on this Bronco.

 

[RBF 1401]

If you can’t put down 10k+ you shouldn’t be buying an expensive vehicle imo. Maybe it’s different for me since I’m getting a 4door Wildtrak at 57k but I could see the minimum being 5k if someone is going with a much cheaper model.

To be fair, you really can't make a blanket statement like that without taking into account someone's unique financial situation.

I, for one, consider name-brand Kraft Mac'n'Cheese a splurge, my house isn't heated, and 3 of my last 4 cars were free or cheap.
Even so, I sure as hell am going to buy a brand new Bronco, and I will be just fine.
????

 

[GatorDave]

If you can’t put down 10k+ you shouldn’t be buying an expensive vehicle imo. Maybe it’s different for me since I’m getting a 4door Wildtrak at 57k but I could see the minimum being 5k if someone is going with a much cheaper model.

I keep reading articles that Americans don’t have $500 in savings, so I guess bronco enthusiasts aren’t average!

 

[FishKzor]

I have a 2009 Mustang 4.0 (195k miles) in good-great condition, other than a slight dent in my rear bumper from someone clipping it while pulling a U-turn down my street in the middle of the night. It has immaculate 20" 5-mag rims, upgraded OEM front and rear bumpers, Silverhorse racing flush mounted louvers, GT500 hood, exhaust, tune, sway bar, intake.....this thing is my baby.

I CarMaxed (and I obviously understand they don't take all of those cosmetic upgrades into consideration), but their cash offer is just short of $1,000. So my plan has been to sell it privately to some youngin that can appreciate having a "cool-looking" car, that might be willing to spend a bit more for that bragging right. I get comments, thumbs ups, and offers to race all the time. The car really is a head turner. Ideally I'd like to secure $8k for it.

I have a normal 9-5 graphic design job, and I also have a couple of side businesses (eBay, Etsy, and freelance design).Right now I'm banking 250 a week into a separate account for the Bronco, as well as money in savings that I'd prefer not to touch.

Ideally I'm hoping to have $15k-$20k to put down.

 

[Philly]

By the time I have to start paying for my Bronco, I will have more than enough to pay cash for it, but I like to be a bit more liquid. I will put enough down so that I don't feel like the payment is a burden if the world is crashing and burning. I can get 2.5% from my credit union, but if I get better somewhere else I will put down less.

It might just be me, but I like to know that I can pay off the loan at a moments notice if for some reason I had to.

Sponsored