To Take or Not to Take

[WingsHD]

Hey All,

My 2023 4 Door Badlands w/ Sas, MIC, Tow, Mod Bumper, High Package just came in. Im starting to get cold feet because of the super high interest rates. I have excellent credit and can afford it and I still need to shop around to credit unions for a better rate than what is being offered from Ford. My dilemma is do I take delivery not knowing if I will have this opportunity again? Do I take delivery and try to sell and make $3-5k. Or just pass it by and chalk it up to bad timing as 6 months ago this would not have been an issue?

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[Quitefrankly]

You take and find ways to save the interest, ie big downpayment, good local credit unions of 3-5percent this week, or walk away. Also personally there is no point to just try to get a 55k loan. If you can, afford a bigger payment upfront and get torched by a bit of interest till you can pay it off, unless your convinced you can’t afford to since market is still iffy this year.

my FA is convinced Everything is on the up and up and we rebound from this small recession but I’m still not optimistic. Thus I will be moving liquid more as we get farther in the year if there is another setback.

thus putting more money on the Bronco for me seemed safe as I needed a all purpose vehicle for my life in my 30s and I didn’t want to bleed interest.

 

[JohnnyBronco]

Even if Ford offered you 0 for 36 like on certain vehicles a $60;000 bronco would run $1667/month..

You either need the Bronco or you don't. Dave Ramsay would tell you that until you have the hard cash in the bank keep driving your paid for Jeep.

I will tell you that if you need it buy or lease. Leasing gets you in at no higher than msrp as dealers cannot include ADM in a lease.

 

[Broncoblk23]

If you want the Bronco then take it. I wouldn’t worry too much about the interest rates if you can afford it. If the rates drop you could always refinance it or pay it off if you can. Me personally I don’t understand how some people wait so long for a vehicle they ordered the way they wanted and then walk away because they’re getting 5% instead of 2 or 3.

 

[4x4fun]

You won’t be making $3k or $5k. Market is soft and many dealers are stuck with their marked up broncos. That ship has sailed.

 

[lemonslush]

I would say if you cant afford something don't buy it. Expecting to get more cash when selling it in this market I think you would break even at best, don't forget you need to factor in sales tax with your ROI. If anything you could buy it, sell the hard top for cash, get someone's take off soft top and use that cash to help pay for the truck. But if your wondering about it becoming a financial burden you should buy it. You can always refinance once rates change, a lot of folks needing loans suggest credit unions. With rates as bad as they are in this case I would say a cash purchase would be ideal or your throwing money away on a high interest l loan.

 

[yabsquatch]

If you were to finance a full $60k over 60 months - the difference in monthly payments between loans with interest rates of 3% vs 6% is about ~$80/mo, and ~$5k total interest over the span of the loan.

Edit: Just sharing the math. I thought it was relevant. Not intending to pass judgment... its just the numbers. That's it.

 

[uncledoodoo]

You won’t be making $3k or $5k. Market is soft and many dealers are stuck with their marked up broncos. That ship has sailed.

I was about to say. I had to sell my Everglade and barely cleared $1K after taxes. Its a big risk right now. I just turned down a SAS-BigBend with 2.7 and every option available, for MSRP, so not a good idea to flip anything other than a Raptor in my opinion.

 

[Lowcountry Bronco]

A couple of guys older than me reminded me of what interest rates used to be when I was complaining the other day at work. Here's what I found:

Type of Credit	1980	1985	1990	1994	1995	1996	1997	1998	1999	2000
New automobiles (48 mos.)​	14.32%​	12.91%​	11.78%​	8.12%​	9.57%​	9.05%​	9.02%​	8.72%​	8.44%​	9.34%​

Now your finances are completely your own business, buy what you can afford and don't put yourself in a bind over a depreciating object. Saying that I'd look around at rates before you make a decision. If you have any military attachment look at NFCU and USAA, check with your work and see if they have a Credit Union or if you can borrow against your 40l for a lower rate and pay yourself back over time. You didn't mention trade or down payment, those help the bottom line on the loan and how long you want to finance.

Anyrate, good luck.

 

[Gizmo]

A couple of guys older than me reminded me of what interest rates used to be when I was complaining the other day at work. Here's what I found:

Type of Credit	1980	1985	1990	1994	1995	1996	1997	1998	1999	2000
New automobiles (48 mos.)​	14.32%​	12.91%​	11.78%​	8.12%​	9.57%​	9.05%​	9.02%​	8.72%​	8.44%​	9.34%​

Now your finances are completely your own business, buy what you can afford and don't put yourself in a bind over a depreciating object. Saying that I'd look around at rates before you make a decision. If you have any military attachment look at NFCU and USAA, check with your work and see if they have a Credit Union or if you can borrow against your 40l for a lower rate and pay yourself back over time. You didn't mention trade or down payment, those help the bottom line on the loan and how long you want to finance.

Anyrate, good luck.

I love history

 

[Alex Sector]

Even if Ford offered you 0 for 36 like on certain vehicles a $60;000 bronco would run $1667/month..

You either need the Bronco or you don't. Dave Ramsay would tell you that until you have the hard cash in the bank keep driving your paid for Jeep.

I will tell you that if you need it buy or lease. Leasing gets you in at no higher than msrp as dealers cannot include ADM in a lease.

B6G is not the best place for financial advice. I agree with the Dave Ramsey statement above.

 

[shieldsy]

B6G is not the best place for financial advice.

What?!?

We are EXPERT at everything we type into this forum!!

global supply chain, manufacturing processes, financial advice, love advice and, of course, wax. Pretty much anything you want to discuss.

Probably could cure cancer with our knowledge if we really wanted to.

 

[Gassyjack]

Just remember, interest rates are only going to go up for probably a long time.

 

[Layman]

If you were to finance a full $60k over 60 months - the difference in monthly payments between loans with interest rates of 3% vs 6% is only about ~$80/mo, and ~$5k total interest over the span of the loan.

Only $5k additional?

To a lot of people, $5k is a lot of money, and $80/month could be a deal breaker. I know the Bronco demographic is older and more affluent, so $5k more on a toy might not seem like a big deal. But I have been around long enough that I appreciate the value of $5,000, and can find better things to spend that on than finance charges.

 

[Rjacks258]

What?!?

We are EXPERT at everything we type into this forum!!

global supply chain, manufacturing processes, financial advice, love advice and, of course, wax. Pretty much anything you want to discuss.

Probably could cure cancer with our knowledge if we really wanted to.

Don’t forget oil changes, turbos, Auto stop/start, And mods being over zealous on some members but not the same for others with the rules, oh…..and 500 threads of the same topic for each and every subject.


oh yea OP, buy the effin’ Bronco

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