Whoa, Nellie! Avg monthly payment > $700.

[vzqhsg]

My monthly payment is $674 for a 72-month $45k loan. I chose to do that because the interest rate is 2.5%, so it’s only costing me $3500 in interest over 6 years.

I would rather invest the money I could have put toward the down payment. Obviously the last three months are not great, but I believe it is the better decision in the long run.

Just curious...What did you invest the $3500 in? Stocks, bonds, Gold? Most folks that I have talked to and say they borrow because the rates are low, never put the savings into anything. In the long run they are out on both ends.

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[AZ_Liberty]

Obviously the last three months are not great, but I believe it is the better decision in the long run.

No kidding, my investments are down enough to pay for 4 or 5 Broncos (or 2-3 really tarted up ones)

New cars in the best of times are never a sound financial decision. Times are super weird right now. Normally it makes far more sense to let some other sucker take the depreciation hit and buy something a few years old.

I pulled out the $30k for my Bronco a year and a half ago. In retrospect, that was a good decision. I'll just write my Ford dealer a check for the whole thing.

 

[Scohin]

Yeah and I thought the possible $430/month payment was going to be a pain. (Been saving $450/month since I reserved, unfortunately I had a few emergencies I had to pay for. But hey I had the savings so)
Trying to be debt free before the Bronco arrives so other than my house I won't have any other debts.

 

[Austin Bronco]

1.59% financing with a $745/month payment. 72 month. Financed about 48k after 6k down and extended warranty. Paid msrp 12/2021, BD 4 door SAS. Sucks bad interest rates have jumped so much for everyone that’s been waiting. I just figured at the time, rates were so low it made sense to finance. Keep my money in the bank. To each their own, just make that payment!

 

[Mrpenn46]

My monthly payment is $674 for a 72-month $45k loan. I chose to do that because the interest rate is 2.5%, so it’s only costing me $3500 in interest over 6 years.

I would rather invest the money I could have put toward the down payment. Obviously the last three months are not great, but I believe it is the better decision in the long run.

Exactly! I intended to put a down payment on it but when I got a 1.74% interest rate it no longer made sense to put the money into the car vs invest. Over 5 years I'm only paying ≈$2,500 in interest.

 

[mybikeisred]

Exactly! I intended to put a down payment on it but when I got a 1.74% interest rate it no longer made sense to put the money into the car vs invest. Over 5 years I'm only paying ≈$2,500 in interest.

My investments are shit right now, I’m glad I didn’t take this approach. I even thought about selling some stocks to just pay the whole thing off. I really wish I would have. I was able to save up a bit while I waited. Put 25.5k down, and still have a $900/mo payment for four years. 60k bronco + warranty + CA tax/license with a 2.49% interest rate. I have made 6 payments of 1k each so far, and in that time, the value of my investment accounts have dropped by more than the 6k I’ve made in payments. By not just paying it off to begin with, it feels like I’m paying double now.

 

[Mrpenn46]

My investments are shit right now, I’m glad I didn’t take this approach. I even thought about selling some stocks to just pay the whole thing off. I really wish I would have. I was able to save up a bit while I waited. Put 25.5k down, and still have a $900/mo payment for four years. 60k bronco + warranty + CA tax/license with a 2.49% interest rate. I have made 6 payments of 1k each so far, and in that time, the value of my investment accounts have dropped by more than the 6k I’ve made in payments. By not just paying it off to begin with, it feels like I’m paying double now.

If I'd had a crystal ball my investments would have been shorts. I had intended to set up some dividend and growth position but they are down ≈63% at this point it's a stay the course and wait for the market to come back to me.

 

[Lifeliberty]

My investments are shit right now, I’m glad I didn’t take this approach. I even thought about selling some stocks to just pay the whole thing off. I really wish I would have. I was able to save up a bit while I waited. Put 25.5k down, and still have a $900/mo payment for four years. 60k bronco + warranty + CA tax/license with a 2.49% interest rate. I have made 6 payments of 1k each so far, and in that time, the value of my investment accounts have dropped by more than the 6k I’ve made in payments. By not just paying it off to begin with, it feels like I’m paying double now.

Damn, that's crazy. I'm paying 230/ month, i can't imagine a 900 payment... my mortgage isn't even 900. Cali prices

 

[TNcoupe]

A

And here I thought my 612 hours OT last year was a lot. LOL!

Ive already got 700 or 800 this year. Been busy.

 

[mybikeisred]

Damn, that's crazy. I'm paying 230/ month, i can't imagine a 900 payment... my mortgage isn't even 900. Cali prices

CA sales tax isn’t crazy compared to the average, but we do get jacked on registration. Looking back, if I would have got a base squatch, it would almost be paid off right now. And you don’t even want to think about CA housing prices. I pay over three times what you do for probably half the house that you have.

 

[BroncoNS22]

$700 or more per month in payments for one vehicle is insane for most Americans. I could afford $700 per month, but I can’t rationalize paying $700/month for 6-8 years. I’ll have my base bronco paid off in 4 years with a big downpayment and ~$350/month payments.
FOMO, YOLO, and low interest rates should not be enough to justify 700+ Per month for 8 years. Yikes.

 

[Lifeliberty]

CA sales tax isn’t crazy compared to the average, but we do get jacked on registration. Looking back, if I would have got a base squatch, it would almost be paid off right now. And you don’t even want to think about CA housing prices. I pay over three times what you do for probably half the house that you have.

Basemansquatch FTW!

 

[BroncoNS22]

Thoughts and prayers to you brave souls who are paying $700+ a month for 7-8 years for your Bronco. Lol.

 

[TahoeTexan]

I never would have thought I would be fortunate to pay msrp for a new car, but here we are.

MSRP+ridiculously good trade-in+super low APY (4 months ago) = $100/month savings over previous truck payment.

Weird times for sure....

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