Would you tell us your payment with that new truck ??

[MARK_VANDERBENT]

Just curious what these new truck payments are ??? I keep hearing many chime in about their new 12 or 13 truck and I cant even imagine what kind of payment comes with that truck. I want a new truck so bad but after not having a truck payment for a while I think it will be a hard pill to swallow. I guess what I am saying is that I will feel less jealous if I here the payments on these beauties !!!!

[MARK_VANDERBENT]

Only in America !! we are blessed with so much more than we need ! someday I will get my new chevy !!! I am saving

[mich800]

Thats_Ok wrote:
Got my truck new in 2005.
Stickered at $44450.00.
I ended up leasing to own from the criminals at the dealer.

The lease payment's were $663.00 for 72 months.
2 months before the lease end I ended up buying the lease out with PenFeds help.
The buy-off was $16999.00 low book on the truck was $24875.00 at the time I bought out.
We ended up paying off the truck 4 months later.

Yikes. Are you stating you "leased" a vehicle for six years and then purchased it at almost term.

[Gdetrailer]

MARK VANDERBENT wrote:
Just curious what these new truck payments are ??? I keep hearing many chime in about their new 12 or 13 truck and I cant even imagine what kind of payment comes with that truck. I want a new truck so bad but after not having a truck payment for a while I think it will be a hard pill to swallow. I guess what I am saying is that I will feel less jealous if I here the payments on these beauties !!!!

Shouldn't be focusing on the payments, instead you should be focusing on the PRICE of the truck. That is the main factor on how much it is going to cost you.

Payments can be skewed a lot depending on how long the loan is taken out for which can be really deceiving. Many dealers/banks are willing to stretch out your loan payments longer to get the sale but by doing so it costs you big time in interest.

I would recommend that you take a look at a amortization calculator, HERE which is a simple one. I would recommend also searching for one that can calculate extra payments so you can see how much interest you can save by paying off early.

If you are very tight on budget then don't buy the top of the line trim package and only buy the bare bones needed items. You will be shocked in how much you can save by not buying diesel, 4x4 and the top tier trim package.

For instance, recently bought a 2013 F250, with 6.2 gas, 4x2 XLT package, stereo with Sync (had to get Sync since it was "bundled" with the adjustable pedals which are great for my DW) and power sliding rear window. Price came in at about $40K, we put $10K down and borrowed $30K. If we would have gone Diesel, 4x4, Platinum we would have been in the $60K+ area.

Do some window shopping and some homework and figure out how much budget you can afford before committing to a payment..

There are "programs" out there that do help getting decent prices, for instance I bought my truck using the Ford "X-plan" which my company is a Ford Partner. X-plan gives you a fixed no haggle discount which is a few percent less discount than Ford employees. Plus like in my case saved me an price hike (we ordered the vehicle and the the Dealer invoice price jumped $250 from when we ordered to when we took deliver. Since we used the X-plan when we ordered the price was frozen and we did not pay the extra cost.

It is possible to get X-plan Pins from Ford employees, some organization memberships, participating companies (yours may or may not but check with your HR) or if you own at least 100 shares of Ford stock for min of 6 months.

GM and even Ram have similar versions.

[deleted-2]

Got my truck new in 2005.
Stickered at $44450.00.
I ended up leasing to own from the criminals at the dealer.

The lease payment's were $663.00 for 72 months.
2 months before the lease end I ended up buying the lease out with PenFeds help.
The buy-off was $16999.00 low book on the truck was $24875.00 at the time I bought out.
We ended up paying off the truck 4 months later.

[EcoBullet]

Mont G&J wrote:
I'm not impressed by those of you that take money from your savings to pay cash for a vehicle when interest rates for a new vehicle loan are at an all time low ranging from zero to 2.5%.
Money investments, made for me by my financial adviser, have consistently exceeded 12% in recent years. To pull money out of there and pay cash for a truck doesn't make sense.
Paying cash in the old days when interest rates were much higher was probably good advice back then, but the fatherly advice you got fifty years ago may not hold true today.
I believe having savings increasing in worth, and making low interest truck payments, is wiser, than a 'paid for' new truck setting in the driveway.
At least that's the way I see it.

Yes, as long as vehicle interest rates are low and you can make better rates on your investments this makes sense. That said, I financed the truck in my signature @ 3.7% and paid it off early because I got tired of making payments. My wife's minivan is financed at 0.9% for 60 months, so it's pretty hard to justify paying it off.

[aedubber]

I think if you finance properly then it is worth it , vehicles are never a good investment but we need them in life lol . I see nothing wrong with financing as it builds you credit/ credit history and turns into equity later on. If you can make the payments and pay off whatever other bills you have and save a lil then your good to go . I have 100k set aside in 1 separate account which i can use to buy off my next truck but i will be financing .

[drillking]

Helimech wrote:
CASH

X2

[2112]

Mont G&J wrote:
I'm not impressed by those of you that take money from your savings to pay cash for a vehicle when interest rates for a new vehicle loan are at an all time low ranging from zero to 2.5%

I totally agree. 0.9% is as close to free money as you can get. Have YOUR money work for YOU. I would loose $$ paying cash for a vehicle, or many other things. Economics 101.

[Cummins12V98]

Truck in sig.

$56,180 out the door.

Payment $0

[Huntindog]

I had a call from The dealer asking me that if he could get me into a 13 or 14 for the same payments....Would I do it? I said absolutely, but I doubt you can... A long pause. Is it paid for? Yup.

[4x4ord]

TomG2 wrote:
A fellow at work was told by his dad to save for a house, which he did. Trouble was, the price of houses went up faster than his savings. He didn't get a house, until his dad passed away.

Borrowing money for something you don't need that depreciates as rapidly as a new truck is not a wise financial decision. Neither is paying cash for a new loaded up King Ranch but if you make wise financial choices when you're younger you can easily justify throwing away a few thousand dollars on a new truck once in while. Borrowing money for an asset that is expected to appreciate in value, like a house, is often a very good financial decision. I had just as much fun camping with my $2500 Chevy and borrowed camper as I do with my $80,000 Ford and 5ver.

[Dyngbld]

Cash, I don't like in debt to anyone. Saving for my class A right now, it will be a cash purchase, in a few years.

[Mike_Up]

One thing I've noticed, in my family and everywhere is that the have nots finance and the haves pay in cash. I'm a have not and never paid over $500/month on any vehicle. I often over pay on the principal to shorten the loan.

For the have nots, to save up, would essentially mean not having anything since this world has been turned around to function off of financing everything. Only the haves, have enough disposal income to set aside to save for major purchases. The rest of us must pay as we go.

I always laugh when my multi-millionaire grandfather says the only way to buy a vehicle is to pay cash. Yeh, when I live the good life. 😄

[Ogeechee]

Helimech wrote:
CASH

I wouldn't make payments in cash. At least get a receipt so you can have a paper trail when something goes sideways.

[Aridon]

If you use credit to buy stuff you can barely afford it is bad.

If you use credit to buy stuff you can easily afford and let your money work for you then its good.

So long as cost of money < that what you get for your money you are a winner.