Highway robbery with half tons

[Grassland]

Problem for MB has been our weak Canadian dollar sees low KM nice used trucks go south, and all the mediocrity go for full retail plus.
Seeing 5 year old trucks listed high 20s.

Next truck maybe I should go super duty so I can have it a dozen years or until it's socially unacceptable to own a gas vehicle.

 

[ttengineer]

Yeah,even used commands a hefty price down here. I wonder with the Virus and unemployment as it is how many repo's are going to start showing up? Guys financing these hulks for 60-72 months? Irresponsible.

It’s only irresponsible if you have a high interest rate and don’t put any money down.

60 months or higher is smart if you put a big down payment and get a low to 0% rate. It’s foolish not to take advantage if you know how to properly invest your money.


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[MR. ED]

Then piss on the cute little half ton and go Superduty.

I paid just $16k for my 120k mile 2011 Superduty.

Oh man... when was that? I paid 23 for my ‘14 6.2 350 with 38k on it. Now that 7.3 is out I’m scared I won’t be able to sell if I want to upgrade.

 

[Regcabguy]

It’s only irresponsible if you have a high interest rate and don’t put any money down.

60 months or higher is smart if you put a big down payment and get a low to 0% rate. It’s foolish not to take advantage if you know how to properly invest your money.


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Perpetual payments. I've been fortunate that between my wife and I we've been able to save the money and used investments to cash out out last two vehicles. We used the absence of payments to pay off out house early. How many borrowers qualify for 0% loans and how many have a sizable down payment? I agree if all the stars are in alignment borrowing at 0% and you have the savvy to invest the dinero makes sense. I just don't think many people qualify for it. Buying a house or a piece of property while driving a used truck would benefit in the long run.

 

[billiebob]

It’s foolish not to take advantage if you know how to properly invest your money.

I don't think this is the guy regcabguy is talking about.
What is your opinion on the guy who is swimming in debt?

I've often found with the 72 month, 0 down, manufacturer financing they only doit at full retail.
You save way more money with a no trade, cash offer.

 

[phsycle]

I used to think 0% interest was a no-brainer.

Now, I think it’s foolish to go into debt even at 0%.

 

[D45]

2012 F150 stickered for $52k new

I got it used in 2015 with 17,000 miles on it for $30k. Put down 18k cash.

I will never buy new

 

[Ducstrom]

First two vehicles I bought used. One was through a dealership and the other privately.

Last 3 have all been new. I was brought up being told to never buy new, but the used market seems way overvalued comparitively. Sure you can find good deals occasionally, especially if your not picky about what you drive.
I always do my research on the used market before buying, but it seems like many people expect to get all the taxes and fees they paid back on their used vehicle sale; that or, they paid full MSRP and are trying to pass that along to the next buyer.

I expect a new vehicle to drop approx 15-20% driving off the lot. But I am seeing 2 year old vehicles with 40k kms being offered for $5k less than I can buy it new. Loans on used vehicles carry a higher interest rate too.

For the last 3 vehicles I've bought it's made more sense to go new. And like 'ttengineer', financing is great if you're getting it cheap and your ROI elsewhere is higher.

 

[Martinjmpr]

That's not really bad at all. My 2018 is 2 model years older and stickered for $58k Canadian.

You cut off the top so I didn't see body style - is that Crew cab or Extra cab? EDIT: Didn't see your 2nd picture. So it's an extracab XLT.

2.7, 10 speed, e-locker, 36 gallon tank - pretty well equipped.

As others have said, nobody pays MSRP. How much out the door? With auto sales depressed by Covid 19 I'd guess you could get that for low 40's or maybe even high 30's if it's near the end of the month and the salesman is desperate.

 

[Grassland]

High 30s I'd consider. But somebody is buying at or near MSRP. Otherwise dealers wouldn't play the "TEN THOUSAND DOLLARS OFF MSRP!!1!!" Game and the MSRP would be in line with what people like us are willing to buy at.

Generally interest rates have been better on 2-3 year lease or loans vs the 60+ month loans.
Off top of my head 2.99% on a 3 year with ford and my credit union can't get lower than mid 5% range on a vehicle loan and my unsecured line of credit is almost 7%, so buying new at the right price has been better.

For my F150 and my T250 I've put down money and done the lease deal. Truck was 2 year lease at .49%, commercial van sucks though at I want to say 6%.
But the lease is based off the employee pricing and once the lease is up I have a cheap buyout and then depreciate the asset yearly.

Even as a business write off/down, it's a hard pull to swallow paying 50k for a van and paying it off in 3 years. I don't know how people do that on a personal vehicle.

 

[calicamper]

Perpetual payments. I've been fortunate that between my wife and I we've been able to save the money and used investments to cash out out last two vehicles. We used the absence of payments to pay off out house early. How many borrowers qualify for 0% loans and how many have a sizable down payment? I agree if all the stars are in alignment borrowing at 0% and you have the savvy to invest the dinero makes sense. I just don't think many people qualify for it. Buying a house or a piece of property while driving a used truck would benefit in the long run.

Several friends lease both cars have never actually owned a vehicle. They are all MBA types but I would say even in that group a high % are idiots when it comes to personal finance.
One of them after a few drinks was talking about all the various ways leasing a car has advantages none of his ideas were business related. I was looking for an out couldn’t find one so I said I haven’t had a car payment my whole life. Crickets I found my way out and went and played beer pong with the fun guys lol.

 

[calicamper]

I don't think this is the guy regcabguy is talking about.
What is your opinion on the guy who is swimming in debt?

I've often found with the 72 month, 0 down, manufacturer financing they only doit at full retail.
You save way more money with a no trade, cash offer.

Recently the big finance fear was the risk exposure to vehicle loans. In the last 2 years they have been offering cash credit to cash deals meaning they had to offer something to the smart people so they would have fewer 0% loans out there when those people could pay cash.

Its one of the reasons it took me so long to get the dealer to quit claiming the factory cash as part of their negotiated deal. LOL Yeah my cash credit from the factory isn’t theirs to play numbers games.

 

[badm0t0rfinger]

Several friends lease both cars have never actually owned a vehicle. They are all MBA types but I would say even in that group a high % are idiots when it comes to personal finance.
One of them after a few drinks was talking about all the various ways leasing a car has advantages none of his ideas were business related. I was looking for an out couldn’t find one so I said I haven’t had a car payment my whole life. Crickets I found my way out and went and played beer pong with the fun guys lol.

I know a few people who are lease only people and it basically boils down to "I don't own it so I don't have really worry about major repairs", "I can trade it in whenever I want" and "I make enough money to not care about payments". I mean all are kind of fair points for SOME people even if you and I disagree with leasing.

 

[Chorky]

And to consider most of these trucks are 'throwaway' vehicles too... Insane. How anyone can even afford it is beyond me, considering theres so many brand new vehicles running around out there.

 

[Deleted member 9101]

My inlaws lease their car. My father in law knows nothing about cars and doesn't want to hassle with repairs. He does 3 year leases on Toyota Camrys. They use to live in Boston so leasing also gave him a way to get rid of a car before it rusted out.