Just as a bit of advice to everyone on here, don't bankrupt yourself trying to get a Bronco

[Bullitt]

I'm making the sacrifices now so I can afford my Bronco in the future.

In our early 50s, my wife and I are empty nesters now and are debt free (minus a small mortgage payment). I've been saving for the Bronco and driving my 2004 Grand Cherokee with over 250k miles.

We all have choices to make when it comes to finances...I just wished I had made better choices myself when I was in my 20s-40s.

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[BroncoMike]

No way am I going to take money out of a 12-16% annual earning stream to pay for a car that I can buy at +/- 2%.

 

[Builtdadbodtough]

For those to whom the Bronco is merely a Toy, perhaps a third car or a weekend joy ride, the $40-60k price is easily managed and not a financial burden.

For those to whom the Bronco is a do it all daily and a fun off-roading toy, perhaps their only vehicle, the joy it can bring to the daily grind can make the cost well worth it especially if they are going to need at least one vehicle anyway.

Furthermore, the Bronco can be a blast and very capable even if optioned such that it is no more than 35k.... not a bad way to buy a practical and fun toy at all, I think.??

Only base or BB with maybe 1 option then lol

 

[Garemlin]

I thinking about doing a two year lease. Just to make sure this is my forever vehicle. Which I hope it is. If so I'll finance the rest at lease end. If not I'll turn it in and move on.

 

[SpecOpsHippie]

No way am I going to take money out of a 12-16% annual earning stream to pay for a car that I can buy at +/- 2%.

Me either.

I think the OP is addressing the guys without several months worth of salary in a liquid account and no other significant investment.

That’s a decision driven by easy metrics. He was just trying to look out for the people that rent wheels, do rent to purchase programs, and have ANY credit card debt.

 

[mrklas]

FreezingOK....I think your intent is good; however, given the variety of financial situations out there your advice may need some context.

• The Bronco is a depreciating asset - don't care if you have a first edition because its not a Ferrari and the chances of it appreciating is much like buying a lottery ticket.
• Finance responsibly if you finance for longer terms at low rates you may be upside down on your loan if you have to sell the vehicle before its paid off.
• COVID-19 is not over until it's over - keep a financial reserve available.
• Leasing generally sucks, its a form of financing that is to fulfill your immediate needs only.

Money is a tool. I have a loan on my house at 3%, I used a car loan because I can for my car but paid it off early when rebalanced my portfolio in February because it made me sleep better at night.

My contingency plan for retirement if I loose all my money due to taxes or hookers and blow is to live outside near the beach in San Diego.

 

[Megawatt]

Thanks dad.

I was thinking, thanks Mom.

 

[JesseS]

Seeing as I HATE paying interest I will just pay cash, I am not sure where one poster is getting 2% loan but I want to move there, out here a new vehicle is 4-6%. I paid off a $90K Motorhome in 4 years because I can't stand interest, same for our home. I understand not many can do that, but I saved and invested for 40 years so I could enjoy my retirement, and I am dam well going to. If there is anything left when I die the kids can have it.

 

[jayhawkco]

Seeing as I HATE paying interest I will just pay cash, I am not sure where one poster is getting 2% loan but I want to move there, out here a new vehicle is 4-6%. I paid off a $90K Motorhome in 4 years because I can't stand interest, same for our home. I understand not many can do that, but I saved and invested for 40 years so I could enjoy my retirement, and I am dam well going to. If there is anything left when I die the kids can have it.

If you just look on Ford's own website for the Bronco Sport and estimate price, you'll see:

36 months - 0.0%
48 months - 0.9%
60 months - 1.9%
72 months - 3.9%
75 months - 4.9% (why would someone ever do this one?)
84 months - 5.9%

EDIT: At least for my zip code.

Chris

 

[indio22]

No way am I going to take money out of a 12-16% annual earning stream to pay for a car that I can buy at +/- 2%.

I bought Zoom a few months back, and last I checked, it was around a 90% increase for me. So I get what you are saying in terms of using financing creatively.

That said, some people in financial trouble, started out with rosy scenarios on how they were going to leverage debt.

 

[BuckWildOffRoad]

I'm paying cash. I just have to sell a kidney... Not my kidney, but someone's... ?

 

[JesseS]

If you just look on Ford's own website for the Bronco Sport and estimate price, you'll see:

36 months - 0.0%
48 months - 0.9%
60 months - 1.9%
72 months - 3.9%
75 months - 4.9% (why would someone ever do this one?)
84 months - 5.9%

Chris

I did see that, and if I was financing that would be the way to go for sure, and if anyone who is financing and can qualify this is a no brainer. I would suggest to go 36 months no interest if you can put down enough to get your payments within reach. Did I mention I hate paying interest?

 

[Mopar2Bronco2021]

For me it’s not so much being able to consistently make the high payment on this vehicle, but rather just knowing all the other things I could be investing it in. I mean hell, you could buy a nice piece of land in Elk Mountain, Wyoming with 40k (random as hell, I know).

But back to the specific subject, yea OP is definitely right. As a guy with no kids, I try to keep my monthly car payment well under 10% of my monthly income. I imagine that number greatly decreases with children, which is why I’m doing it now during my quarter life crisis ?

Bronco here I come

 

[JPNC]

Why?

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