SAD: I can't afford the new Bronco. :(

[Bronco4lyfe85]

I am definitely canceling my July 19th reservation.

Can I afford it? Yes, if we have a good economy, my income depends on it.

This is my opinion only but I really don't think the economy is going to do well in the next 4 years. I'm going to hold onto my $50k as means to stay solvent during hard times.

I hope I'm wrong and I know others will slide up to my slot as Ford has done a great job with the Bronco. Others have recession proof incomes to handle it.

Good luck.

Take care of these new 2021, 2022 Broncos. I might be back in the market for a good used one in 2025 or so.

Don’t cancel! If you choose to not buy, message Granger as you might be able to help out all the forum members!

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[motman243]

I couldn't agree more.
I scraped together every penny I could and bought a house when I was 26 years old. Over the years people often tried to talk me into cash out refi to add on to this little place or sell it and get a bigger house, but I never gave in, and now my little home will be paid off soon and I am celebrating by buying myself my first new car.
Buy a house first.
The Bronco is often and so many of us want them that Ford should be making them for quite a while. You can always get one later.

Already done.

 

[Fordboi]

Sounds like a pretty solid financial decision. I mean if you beat the hell out of these things as they were designed to be, you will be able to find tons of hardly used ones three to four years from now, and a new vs lightly used won't make a lick of difference.

I agree with you about the economy, but it's going to be a lot like global warming. Certain places will get hit hard while other places will flourish.

I actually decided to go the Bronco Sport route with this one. I love my F150, but the super crew doesn't cut it for a future family. I need a 4 door. And I only do the ocassional off-road mountain passes. I'm not a hardcore off-roader. I just wasn't able to configure a Bronco with all of the bells and whistles that would make buying a new car worth it. The Sport on the otherhand... I got a fully loaded Badlands ordered and will have the payments down to $500 a month rather than $600, for a very capable "luxury" SUV. It will be my first brand new car ever, but I think there is enough technology and reliability in these things that I will be comfortable with committing to it.

why don't you just sell your camaro or f150?

 

[Cheshire]

Had a Black Diamon reserved. Was thinking it would be around $600/month tops.

I realized the build and price calculator automatically factors in 10% down payment and slowly realized this is not going to happen for me.

I am young and make pretty good money. I have two cars, an F150 ecoboost and a 2SS Camaro. I was going to sell both to pay for the Bronco if needed. But $700/month for a car is outrageous. Even the base model with any extras puts you over $600 a month with no down payment and excellent credit for a 60 or 72 month loan. Seeing as I don't even have a family yet, there is no way I would ever be able or willing to swing this.

Anyone else coming to this realization too? It kinda sucks. If 4x4 is your thing and that's what you want to spend all your money on, then this is probably a pretty decent option. But I am worried a lot of people might spread themselves a little thin with this one. I am going to keep my older cars and enjoy the best of both worlds. To all of you who are committed and/or have the luxury of affording such a beautiful piece of machinery, I wish you the best! Enjoy it for me.

New vehicles bring short lived excitement and euphoria which quickly subside. Payments and diminished ability to save remain for a long time.

Nothing will make you feel happier and more satisfied than...

- Having growing savings and investment accounts.
- Having no debt (debt is bad for your financial & mental well-being)

Put extra cash you have each month into your retirement account or IRA (Traditional, not Roth). Open a taxable savings or brokerage account too. Invest some into low volatility stocks with good dividends (yield). Build a nest egg that works for and pays you! Much better to have money working for you than to have to work for money!

When you're older like me you'll have less stress and be able to write a check for that new Bronco.

 

[bladsquatch]

Had a Black Diamon reserved. Was thinking it would be around $600/month tops.

I realized the build and price calculator automatically factors in 10% downpayment and slowly realized this is not going to happen for me.

I am young and make pretty good money. I have two cars, an F150 ecoboost and a 2SS Camaro. I was going to sell both to pay for the Bronco if needed. But $700/month for a car is outrageous. Even the base model with any extras puts you over $600 a month with no down payment and excellent credit for a 60 or 72 month loan. Seeing as I don't even have a family yet, there is no way I would ever be able or willing to swing this.

Anyone else coming to this realization too? It kinda sucks. If 4x4 is your thing and that's what you want to spend all your money on, then this is probably a pretty decent option. But I am worried a lot of people might spread themselves a little thin with this one. I am going to keep my older cars and enjoy the best of both worlds. To all of you who are committed and/or have the luxury of affording such a beautiful piece of machinery, I wish you the best! Enjoy it for me.

Sounds like you have your priorities straight. $600 a month truck payment sucks, no matter how nice it is. If you can, have a little patience. Once these are being sold as certified pre-owned you can get one for $10,000 or more off the sticker price. That’s how I got my 2013 F150 Lariat for 18K off sticker.

 

[moresmoke]

I just don't see how planning on being dead the exact instant you are broke is much of a plan. What if God screws you and you live to 94 years old?

What if God screws you and you don’t make 55? It’s a good thing Dad loved to work. It’s all he ever did.

 

[Heffe66413]

Had a Black Diamon reserved. Was thinking it would be around $600/month tops.

I realized the build and price calculator automatically factors in 10% downpayment and slowly realized this is not going to happen for me.

I am young and make pretty good money. I have two cars, an F150 ecoboost and a 2SS Camaro. I was going to sell both to pay for the Bronco if needed. But $700/month for a car is outrageous. Even the base model with any extras puts you over $600 a month with no down payment and excellent credit for a 60 or 72 month loan. Seeing as I don't even have a family yet, there is no way I would ever be able or willing to swing this.

Anyone else coming to this realization too? It kinda sucks. If 4x4 is your thing and that's what you want to spend all your money on, then this is probably a pretty decent option. But I am worried a lot of people might spread themselves a little thin with this one. I am going to keep my older cars and enjoy the best of both worlds. To all of you who are committed and/or have the luxury of affording such a beautiful piece of machinery, I wish you the best! Enjoy it for me.

Chances are you have a full year to save before it will be delivered. At your 600 a month , that would be $7200 down payment.

 

[dejones64]

This might be your future...

Plus you can probably fit some 33's in those wheel wells!

 

[Drex]

What if God screws you and you don’t make 55? It’s a good thing Dad loved to work. It’s all he ever did.

You can't take your toys or experiences with you, worst case is your troubles are over. The dead don't get hungry, or cold (just room temperature), or live in a shitty nursing home where you get bed sores. Prepare for the worst (living a long, long time without being able to work) and hope for the best. My best involves rum based cocktails, a pool to float around in and eventually a high end nursing home where they turn you over occasionally. If I go at 55, then my family gets my savings and they have more comfort in their old age. While I wish you luck with the whole "Don't need to save because I possibly maybe might die 25 years earlier then average." It does seems a tad... Shortsighted.

 

[Vigor]

You can't take your toys or experiences with you, worst case is your troubles are over. The dead don't get hungry, or cold (just room temperature), or live in a shitty nursing home where you get bed sores. Prepare for the worst (living a long, long time without being able to work) and hope for the best. My best involves rum based cocktails, a pool to float around in and eventually a high end nursing home where they turn you over occasionally. If I go at 55, then my family gets my savings and they have more comfort in their old age. While I wish you luck with the whole "Don't need to save because I possibly maybe might die 25 years earlier then average." It does seems a tad... Shortsighted.

I see it as two different philosophies. Either being risk averse or you-only-live-once

 

[Daytona_Bronco]

I couldn't agree more.
I scraped together every penny I could and bought a house when I was 26 years old. Over the years people often tried to talk me into cash out refi to add on to this little place or sell it and get a bigger house, but I never gave in, and now my little home will be paid off soon and I am celebrating by buying myself my first new car.
Buy a house first.
The Bronco is often and so many of us want them that Ford should be making them for quite a while. You can always get one later.

We walked the same path, not an easy one but well worth it ... and passing this along to others gets a ? from me!

 

[PhoenixM3]

Had a Black Diamon reserved. Was thinking it would be around $600/month tops.

I realized the build and price calculator automatically factors in 10% downpayment and slowly realized this is not going to happen for me.

I am young and make pretty good money. I have two cars, an F150 ecoboost and a 2SS Camaro. I was going to sell both to pay for the Bronco if needed. But $700/month for a car is outrageous. Even the base model with any extras puts you over $600 a month with no down payment and excellent credit for a 60 or 72 month loan. Seeing as I don't even have a family yet, there is no way I would ever be able or willing to swing this.

Anyone else coming to this realization too? It kinda sucks. If 4x4 is your thing and that's what you want to spend all your money on, then this is probably a pretty decent option. But I am worried a lot of people might spread themselves a little thin with this one. I am going to keep my older cars and enjoy the best of both worlds. To all of you who are committed and/or have the luxury of affording such a beautiful piece of machinery, I wish you the best! Enjoy it for me.

If you don’t yet have a house, that purchase would be a better financial decision. You already have a couple decent vehicles....

 

[BeachShredder]

Nowadays, $700 seems to be a bargain for new vehicles...unless you're wanting a Toyota Corolla...and those are starting to creep up in price! My build for the Badlands is coming out at $60k...which is about $1000 a month. That's hard to stomach given that it's a Ford! lol

 

[broadicustomworks]

New vehicles bring short lived excitement and euphoria which quickly subside. Payments and diminished ability to save remain for a long time.

Nothing will make you feel happier and more satisfied than...

- Having growing savings and investment accounts.
- Having no debt (debt is bad for your financial & mental well-being)

Put extra cash you have each month into your retirement account or IRA (Traditional, not Roth). Open a taxable savings or brokerage account too. Invest some into low volatility stocks with good dividends (yield). Build a nest egg that works for and pays you! Much better to have money working for you than to have to work for money!

When you're older like me you'll have less stress and be able to write a check for that new Bronco.

Just a curiosity here: Why NOT Roth?
I put in 10% weekly, employer matches 4% and a 2-5% annual bonus match, so potentially about 19% annual gross income going in and gaining interest for me.
Yes, a std. 401k is pre-tax, lowering your burden each paycheck, and giving you a buffer come filing time, and it has been nice to have and get a little refund every March.
But I started really studying this about 8 years ago.
All the std 401k does is save you some tax burden now, not later (deferred taxation).
Roth, you pay the taxes as it goes in and don't have to pay on what is in there when you retire.
A couple of points to consider:
-What is the tax rate going to be when you DO retire and take it out? Higher? Probably. Lower? probably not.
-Example: In a std. 401k-If you put 200k in there of your money in your lifetime and gain another 400k, you will owe taxes on 600k at whatever rate is present when you retire.
In a Roth, you pay the taxes on your 200k as it goes in. When you retire and see that 600k in there, it's yours. You don't get double-taxed.
I've moved all mine to Roth and will just pay taxes on the portion saved the first few years of std.
at roughly 18-30% annual return on top of my input and match, unless the economy tanks in a depression-era style or they pass laws to tax your retirement above what is already done, I should be sitting pretty well by 60 or so.
Just a thought.

EDIT:
Also, I absolutely agree with saving the extra. However, if one does a bit of homework, Etrade (or something similar) would be a better option if one is looking to dip into it as needed.
Putting it in a retirement plan comes with not only standard taxes but a 10% penalty tax above std tax rate if you take it out before 59.5 yrs old.
So you roughly would get half after taxes. And on top of that lovely situation, your dispersement gets added to your gross income for that year, so you more than likely would end up in a higher tax bracket, therefore paying more tax AGAIN come filing time.

FYI I do the Roth AND dabble with trading on my own as I can afford to drop some extra in there and play with. Advice is don't EVER invest money in stocks expecting an immediate return, don;t freak out if it drops (let it sit and buy more at a cheaper rate), and don't EVER invest money you're not ok with losing in a worst case scenario. Kinda like going to a Casino. Don't take your mortgage payment in there expecting to triple it.

 

[FLSTFI Dave]

Todays cars / trucks are expensive. 36 and 48 month notes use to be the normal. Now its 72 months or longer. That is a bad decision to take a loan for a vehicle that long. It will never be worth what you owe.

The Bronco I want comes to 57K. With my Trade and my down payment my note should be less then 500 a month for 48 months with NFCU.

60 months is longest I have gone on a car note, and payment was 730 a month.

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