Should I give up the dream or is there hope?

steverollin

Badlands
Well-Known Member
Joined
Jul 16, 2020
Threads
1
Messages
199
Reaction score
664
Location
Houston
Vehicle(s)
Jeep Gladiator Mojave, Lexus LX 570, MB 350 Wagon
Bronco
Badlands
No it's not the same either way

If you take 20 grand towards a down payment on a bronco, you will have a truck worth 1/2 of what you paid for it 5 years down the road

If you take the same 20 grand and improve your home wisely, in 5 years your home will be worth 20 grand more plus appreciation

You could also take the "extra" money and send it back to your lender to pay down principal on the loan and save yourself a lot of interest charges

It's pretty far from the same either way, your decisions have a pretty big impact on your future
Spot on advice. I had a friend go down this same path of flawed logic. Tapping home equity can have some tax advantages but you're really paying a car off over 15-30 years. Ever look at one of those mortgage calculators that shows the true cost of a home over the life of the loan? You are barely touching principal during the time period you will own the car.

Shop around is best advice. I am in the middle of a home refi and rates are absurdly low. Lots of places on the internet will cut you pretty much blank checks for financing if you do some research.

Better yet, get into the mentality of paying cash for cars as soon as you can in life. I know this is super preachy but you will see how quickly your mindset changes about upgrading cars when you are talking true cash. In my 20s and early 30s I always had sizable car payments and all that did was enable me to upgrade easily whenever I wanted. Once you get used to a $1k a month payment, there's a lot you can afford. But all you're doing is reamortizing every few years and extending your payments out. You tend to lose sight of the true cost of ownership of things, and these are depreciating assets after all.

 

Geekytrails

Badlands
Well-Known Member
First Name
Evan
Joined
Aug 12, 2020
Threads
5
Messages
75
Reaction score
150
Location
Dayton, OH
Vehicle(s)
Acura TL Type S
Bronco
Badlands
Clubs
 
I am in a similar position but I think waiting has a lot of benefits. We can improve our credit score to get better financing , we can save up more to reduce our monthly payment, we have the option to get our Bronco cheaper used, and we are more likely to see Ford promotions the longer we wait.
 

Orangeinthebarn

Well-Known Member
First Name
Joe
Joined
Jul 15, 2020
Threads
2
Messages
102
Reaction score
191
Location
Tennessee
Vehicle(s)
2016 z71, 1992 bronco, 1977 F-150 4x4
Bronco
Undecided
That’s the fun part, we got a home loan for more than the sell price of the house to make some improvements to the house and then decided to use some of it towards a down payment on a vehicle. I have a decent savings, but don’t just have 20k laying around on my own, it’ll be a mix of my savings and extra money from the home loan. I’m by no means rich or make a ton of money, I’ve just been very blessed so far in life to be able to get myself ahead of the curve a bit. This is also my first vehicle I’ve ever financed so I’m trying to learn as much as I can now. Also, my dad and I have a 76 Bronco that we plan to sell before the new ones arrive, my portion of that sale will also go towards the down payment, so I’m pulling from a lot of angles to build this down payment as high as possible.
It’s never a good financial decision to use money from a home to pay on a car
 

TJ Freestone

Big Bend
Well-Known Member
First Name
Thomas
Joined
Aug 3, 2020
Threads
2
Messages
77
Reaction score
137
Location
80534
Vehicle(s)
FORD Edge
Bronco
Big Bend
Ok, so without giving away too much of my own personal info, I recently got really discouraged about whether or not I’ll be able to afford a bronco or if it will be a good financial decision. My wife went to look at a new Nissan Versa and for an $18,000 car, they wanted an insane monthly payment and had a crazy high interest rate. We ended up walking away because the deal seemed ridiculous. Now, her situation and mine are pretty different, but that still discouraged me quite a bit. I’m like everyone else waiting for B&P to see what will fit in my budget, but I’m not planning on going over $42k or $43k. Really I’d like to stay below $40k, but I don’t know if that will be possible after seeing the pricing survey. I’m hoping to put somewhere between 48% and 52% down and my credit is over 700... I just don’t want to end up with a huge car payment and a house payment. I figured putting that much down would really help the payments be super manageable, but after seeing what Nissan wanted for a payment and interest rate on a far less expensive car, it kinda discouraged me. Anybody who wants to completely destroy my dream before my hopes get too high or give me some encouragement is welcome to do so.
The truth is I am going though the same thought pattern with the exact same numbers. This includes the credit rating and price point. I know I can stay under 42K, What I wanted was to be under 40K and I don't think that is possible for me. I am waiting until after the election, thinking we will have a booming economy next year. I have wanted this for a very long time and I'm planning on moving forward with it. Buying a new vehicle can be a poor decision and caution should be exercised. I think a short team lease or a long term buy is the way to go. When you divide the amount paid over 10+ years it really not so much. I will plan on having it for a very long time.
 

Mopar2Bronco2021

Base
Well-Known Member
First Name
Scott
Joined
Jul 21, 2020
Threads
1
Messages
548
Reaction score
1,401
Location
Houston
Vehicle(s)
2018 Dodge Charger RT 5.7L
Bronco
Base
I’ll say what others have said basically just to double down.

#1 If you’re worried at all about being able or willing to make payments, just re-evaluate expectations using online tools. And I say “willing to make payments” because it sounds like you definitely can, but you’re just uncomfortable doing so on something like a vehicle.

#2 If summer of 2021 is too soon to make it happen then heck, get the 2022/2023 model. A lot can change between now and this time next year, especially with it being election year. There could be a lot of people on this forum, myself included postponing the Bronco purchase if the economy gets even worse....OR the economy booms and we all get a Wildtrak ?

Either way, it’s just a hunk of metal. I wouldn’t get too bummed out on it, especially this early on.
 

Sighlense

Wildtrak
Well-Known Member
Joined
Mar 14, 2020
Threads
8
Messages
1,226
Reaction score
2,109
Location
Upstate NY
Vehicle(s)
2015 Mustang GT
Bronco
Wildtrak
Don't let other people tell you what you should or shouldn't do (seeing a lot of that here). Life is too short to not go after what makes you happy.
 
OP
OP
Joshua_D_44

Joshua_D_44

Base
Well-Known Member
First Name
Josh
Joined
Aug 10, 2020
Threads
2
Messages
45
Reaction score
63
Location
Oliver Springs, Tennessee
Vehicle(s)
04 Ford Ranger
Bronco
Base
Clubs
 
Help your wife get a reliable car.
Hold off on the Bronco for now.

How would she feel if she cannot get an inexpensive basic transport and her husband buys himself a new Bronco??
She has a reliable car. She just got the new car bug by watching me drool over a bronco. Making sure my wife has a reliable car is something that was always instilled in me. It was just something my dad was big on. Her car is almost 10 years newer than my truck and she has encouraged me to go after the bronco because she knows how bad I want it.
 

Villageidit

Black Diamond
Well-Known Member
Joined
Jul 20, 2020
Threads
3
Messages
183
Reaction score
318
Location
Cumberland Plateau
Vehicle(s)
2017 Ram 1500 Big Horn 4X4 Crew Cab
Bronco
Black Diamond
Clubs
 
Ok, so without giving away too much of my own personal info, I recently got really discouraged about whether or not I’ll be able to afford a bronco or if it will be a good financial decision. My wife went to look at a new Nissan Versa and for an $18,000 car, they wanted an insane monthly payment and had a crazy high interest rate. We ended up walking away because the deal seemed ridiculous. Now, her situation and mine are pretty different, but that still discouraged me quite a bit. I’m like everyone else waiting for B&P to see what will fit in my budget, but I’m not planning on going over $42k or $43k. Really I’d like to stay below $40k, but I don’t know if that will be possible after seeing the pricing survey. I’m hoping to put somewhere between 48% and 52% down and my credit is over 700... I just don’t want to end up with a huge car payment and a house payment. I figured putting that much down would really help the payments be super manageable, but after seeing what Nissan wanted for a payment and interest rate on a far less expensive car, it kinda discouraged me. Anybody who wants to completely destroy my dream before my hopes get too high or give me some encouragement is welcome to do so.
Do you qualify for Xplan? Have you considered going with Stephens up in West Virginia. They are about five hours away. It looks like you are considering a base. A 2door at their xplan pricing with 2.7/auto and sasquatch with the survey pricing comes out to $36,913 including the destination charge. A similar 4door is $39,942. Add $700 to the 4door for a hard top.
 
OP
OP
Joshua_D_44

Joshua_D_44

Base
Well-Known Member
First Name
Josh
Joined
Aug 10, 2020
Threads
2
Messages
45
Reaction score
63
Location
Oliver Springs, Tennessee
Vehicle(s)
04 Ford Ranger
Bronco
Base
Clubs
 
I’ll say what others have said basically just to double down.

#1 If you’re worried at all about being able or willing to make payments, just re-evaluate expectations using online tools. And I say “willing to make payments” because it sounds like you definitely can, but you’re just uncomfortable doing so on something like a vehicle.

#2 If summer of 2021 is too soon to make it happen then heck, get the 2022/2023 model. A lot can change between now and this time next year, especially with it being election year. There could be a lot of people on this forum, myself included postponing the Bronco purchase if the economy gets even worse....OR the economy booms and we all get a Wildtrak ?

Either way, it’s just a hunk of metal. I wouldn’t get too bummed out on it, especially this early on.
It’s definitely a “willing to make the payments” situation. I’m a tight wad by nature, but have been waiting for the bronco return since the first concepts came out years ago. It’s a strong desire, but not sure I can commit to it.
 
OP
OP
Joshua_D_44

Joshua_D_44

Base
Well-Known Member
First Name
Josh
Joined
Aug 10, 2020
Threads
2
Messages
45
Reaction score
63
Location
Oliver Springs, Tennessee
Vehicle(s)
04 Ford Ranger
Bronco
Base
Clubs
 
Do you qualify for Xplan? Have you considered going with Stephens up in West Virginia. They are about five hours away. It looks like you are considering a base. A 2door at their xplan pricing with 2.7/auto and sasquatch with the survey pricing comes out to $36,913 including the destination charge. A similar 4door is $39,942. Add $700 to the 4door for a hard top.
I am 95% certain I qualify for the x plan as a Tennessee state employee.
 
OP
OP
Joshua_D_44

Joshua_D_44

Base
Well-Known Member
First Name
Josh
Joined
Aug 10, 2020
Threads
2
Messages
45
Reaction score
63
Location
Oliver Springs, Tennessee
Vehicle(s)
04 Ford Ranger
Bronco
Base
Clubs
 
I am in a similar position but I think waiting has a lot of benefits. We can improve our credit score to get better financing , we can save up more to reduce our monthly payment, we have the option to get our Bronco cheaper used, and we are more likely to see Ford promotions the longer we wait.
Definitely thinking about swooping in on a used one the first time somebody decides they bit off more than they can chew.

 

 
Top