Should I give up the dream or is there hope?

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Joshua_D_44

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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.
Yeah I think one important thing for me to note is that this won’t be something that I get rid of in a few years. It will be something I keep for a very, very long time.

 

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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.
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bbqbronco

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Shop around at some credit unions so you can negotiate and keep the dream alive!

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.
I mean he asked for opinions and a lot of solid info was given.
 

kodiakisland

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Yeah I think one important thing for me to note is that this won’t be something that I get rid of in a few years. It will be something I keep for a very, very long time.

As it should be. If buying new, it should be to keep for an extended time, otherwise buy used. Some people fret over resale value of the new vehicle they are buying, which should be a red flag. Buy new to keep. Buy used to flip.

I fully research every vehicle purchase I make. There are no (almost no) impulse buys on my part. I know what I'm getting up front, that it meets my needs, and am committed to keeping long term. I more than get my money out of it.

Unless of course you have more money than you know what to do with. Then spend it. Enjoy it.
 

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Also remember that due to the economy none of the car companies are doing well and they are looking for customers. As time goes on their sales will dip even more so as a consumer you are in the driver's seat. You did real good walking away from Nissan for two reasons 1. if they want to make it hard for you to buy their product just tell 'em to go pound sand. 2. Nissan quality has gone down the toilet and now that they have partnered with Renault, expect a lot of corners to be cut. Nissan is not what it used to be.
As far as the Bronco, if you don't buy into the hype and skip 2021 you will avoid all the issues that inherently come with a first year car model.
 
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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
I have had my ranger since I was 15. I've had it for 13 years and would be happy driving it 13 more years. It has been an incredibly reliable vehicle and the truck just fits me perfectly. I'm thinking about upgrading because I want a bronco. Since the day my dad came home with that blue 1976 bronco sport, classic broncos have been my favorite vehicles on the planet. Since the early 2000's when the first bronco concepts were released, I have been desperately awaiting a new bronco to be a reality. So, the thing here is that I want to buy a new bronco because much to my surprise, this new bronco is basically everything I had hoped it would be. Its not a hype train I'm on, its not a vehicle I'm gonna trade off in a few years, its a vehicle I'm going to take across the country, play in the dirt with, I'll be driving it for work, I'm going to pull a small camper with it, pull a boat with it, I'm going to use it for all its intended purposes, put hundreds of thousands of miles on it, but also take care of it and if one day my niece or nephew want it (I'm not planning on having kids), I'll pass it on to them. Which is kind of why the whole "you're gonna be paying for it for 30 years" and "in five years you'll have a vehicle worth half of what you paid for it" type of stuff doesn't really register for me. Obviously there is a ton of validity to those statements and in basically every single other situation, those would be the things I think about most. Its just that this decision is just as much about passion and living life to the fullest as it is about financial responsibility.
 

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Yeah I just Google it Auto Loan Calculator



And I use my local credit union for rates, they are usually in the 3% range all the way up to 72 months. I highly doubt Ford will be offering 0% on the new Bronco at launch, and credit unions typically better than banks.
I feel like there's a chance, however small, that Ford could play this offering low interest rates in order to attract more day one business on accessories. Imagine if Ford was offering 1.9% financing for qualified buyers and 15% off MSRP accessories if you buy with the vehicle. That would yield some explosive sales numbers
 

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Also remember that due to the economy none of the car companies are doing well and they are looking for customers. As time goes on their sales will dip even more so as a consumer you are in the driver's seat. You did real good walking away from Nissan for two reasons 1. if they want to make it hard for you to buy their product just tell 'em to go pound sand. 2. Nissan quality has gone down the toilet and now that they have partnered with Renault, expect a lot of corners to be cut. Nissan is not what it used to be.
As far as the Bronco, if you don't buy into the hype and skip 2021 you will avoid all the issues that inherently come with a first year car model.
luckily nissan has kicked Carlos Goan to the curb, so hopefully we can start seeing the old nissan quality again, for my skyline being 28 years old It’s held up amazingly.
 

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I feel like there's a chance, however small, that Ford could play this offering low interest rates in order to attract more day one business on accessories. Imagine if Ford was offering 1.9% financing for qualified buyers and 15% off MSRP accessories if you buy with the vehicle. That would yield some explosive sales numbers
That is possible, but does it make sense from a business stand point? And let me be the first to tell you, I have NO CLUE how to run a business, nor do I want to know.

But Ford has been hurting for a number of years (as well as many other car companies). Ford also has what could be one of the hottest releases in a very long time. So compare that to the Mustang, I believe it's the best seller in the world amongst sports cars (could be wrong), and they offer very few deals on it. Jeep Wrangler, another hot seller in it's market, very hard to find great deals on (ie. rebates or financing).

So in a time of Covid, yeah lot's of 0% out there and most everything. But hopefully the economy picks up by next year, but that doesn't bode well for the 0% or 1.9% rates. And add in that Ford has been hurting for a while now, they'd make A LOT more money on a 3.9% or even higher rate, on a hotly anticipated vehicle. I hope they opt for low interest rate, I just don't see it happening. That's why I'll be looking at financing through my credit union.
 

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That is possible, but does it make sense from a business stand point? And let me be the first to tell you, I have NO CLUE how to run a business, nor do I want to know.

But Ford has been hurting for a number of years (as well as many other car companies). Ford also has what could be one of the hottest releases in a very long time. So compare that to the Mustang, I believe it's the best seller in the world amongst sports cars (could be wrong), and they offer very few deals on it. Jeep Wrangler, another hot seller in it's market, very hard to find great deals on (ie. rebates or financing).

So in a time of Covid, yeah lot's of 0% out there and most everything. But hopefully the economy picks up by next year, but that doesn't bode well for the 0% or 1.9% rates. And add in that Ford has been hurting for a while now, they'd make A LOT more money on a 3.9% or even higher rate, on a hotly anticipated vehicle. I hope they opt for low interest rate, I just don't see it happening. That's why I'll be looking at financing through my credit union.
Jeeps are in high demand which is why you rarely see deals. Look at used Jeeps. They retain their value for quite a while. I dont often see cash back or bonuses on Wranglers. Most of the time its interest which I'm hoping may be the case with Ford. But if Ford wants to capitalize on the Bronco, I think a decent rate and small discount on accessories day of delivery is a solid strategy. They've already hammered in "200+ accessories available day one with bronco" which gives me hope that this will happen.
 

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Jeeps are in high demand which is why you rarely see deals. Look at used Jeeps. They retain their value for quite a while. I dont often see cash back or bonuses on Wranglers. Most of the time its interest which I'm hoping may be the case with Ford. But if Ford wants to capitalize on the Bronco, I think a decent rate and small discount on accessories day of delivery is a solid strategy. They've already hammered in "200+ accessories available day one with bronco" which gives me hope that this will happen.
Hey I agree with you 100% that a low interest rate to start would drum up big business.

But with reservations that shot through the roof right out of the gate, on top of a long wait to get one. Does Ford have incentive to sweeten the deal? It's just like you said above, Jeeps are in high demand.... rarely see deals.... well... the new Bronco is in high demand as well. That's all.
 

sbledsoe

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Not to be negative. But I have a feeling there will be a lot of people on the reservation list get their dreams crushed and not actually get the Bronco.

Thats why the 160,000+ or whatever it is now reserved isn't really an issue. A lot of people will either drop their reservations or back out when the paperwork is ready to be signed and they cant afford it or don't get approved.
I agree, Not to mention the number of people that have multiple reservations that will be canceling all but 1.
 

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Shop your rates. You can google "Top 10 Auto Loan rates", I see several with 1.99 for 60-72, 84 months. If you are putting 1/2 down on a $40,000.00 your note should be very reasonable, considering that you are a median-income household or up! And... you don't have a lot of outstanding debt or extremely high notes. Evaluate your situation.... An expensive car is never worth making your family struggle!

 

 
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