How are you paying for Maverick?

[Utjazz]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

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[Blkhwk741]

Does anyone know the current Ford finance interest rates?
And would the interest rate at the time of purchase(Sept. 2022) apply now?
Thanks

 

[JP4AZ]

Cashola!

 

[stoptothink]

Walked in ready to write a check. Dealer found us another $500 for financing, so we financed then paid it off before the first payment was due. Probably cost the finance manager his kickback, but oh well. We've done this for our last three vehicle purchases.

 

[Ktowntimmy]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

Cash from savings…but I’ve had a lot of years to save up. My 12 year old Ranger 4x4 (93k miles) i bought for cash when it was only a year old. I don’t think I’ve had a car payment this century!

 

[DoubleDee]

Giggalo-ing

 

[Grumpa]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

I would rather take out a loan. I assume you will be with drawing $30,000 or more. You might have more of an upside on your 403B? You will have to pay income tax on what you withdraw. Just a few things to think about. BTW, I have withdrawing from my 401K for over 17 years and still have as much as when I retired.

 

[skadizzle]

Does anyone know the current Ford finance interest rates?
And would the interest rate at the time of purchase(Sept. 2022) apply now?
Thanks

The interest rates from Sept 2022 do not apply. There were no special incentive rates for the 23's just the 22s. The rates that apply are what is available at pick up. I lost out on 1.9% for 60 months when my 2022 never got built. Luckily I found a local credit union this year that gave me 3.75%.

 

[breal]

One good thing about waiting for this, is I’m allowed to save some $ for purchase. But nearly all of this, I’m withdrawing from 403b retirement account, as now I’m past the 59.5 years old and don’t have an early withdraw penalty..Im sure Dave Ramsey wouldn’t agree, but I don’t want to be paying $400 or whatever for 5/6 years. So how are you paying for it?

I did the same thing. Plus with no car payment, I can have more of my pay going back into my retirement account.

 

[FriscoTXJoe]

I had the cash but back when I ordered, the economy was under different management and we had low (read Zero) interest rates so I gave em a third, let the rest sit in my bank and as it turns out, with current management of the economy, Ford is losing over 10% of the value of their money sitting in my bank account!

All that said, if you can't afford half the cost as a down payment and aren't paying it off really quickly, you are doing that foolish debt death spiral that so many folks fall in to.

And why are you buying new if you can't afford it?

Not chastising, just suggesting a better way to manage money.

 

[Utjazz]

I would rather take out a loan. I assume you will be with drawing $30,000 or more. You might have more of an upside on your 403B? You will have to pay income tax on what you withdraw. Just a few things to think about. BTW, I have withdrawing from my 401K for over 17 years and still have as much as when I retired.

Thanks for the advice. Yes, I’d rather not withdraw the funds. It’s new to me to withdraw and I don’t like doing it. Yes they took taxes out, but at least they took it out at the time l they take 20%, which is higher than the tax bracket I’m in, so some will be coming back to me when I file next spring. I just don’t want to be paying $400 at least for several years. I also have more of a main retirement account,so this is extra….so I don’t feel too bad this time I’m taking it out.

 

[Utjazz]

I did the same thing. Plus with no car payment, I can have more of my pay going back into my retirement account.

Yes, I’ll pay myself back I’m a s savings account. I like your strategy.!

 

[JennyJoannSuebeeMcNash]

Giggalo-ing

I can hear Louis Prima playing in the background!

 

[Utjazz]

I had the cash but back when I ordered, the economy was under different management and we had low (read Zero) interest rates so I gave em a third, let the rest sit in my bank and as it turns out, with current management of the economy, Ford is losing over 10% of the value of their money sitting in my bank account!

All that said, if you can't afford half the cost as a down payment and aren't paying it off really quickly, you are doing that foolish debt death spiral that so many folks fall in to.

And why are you buying new if you can't afford it?

Not chastising, just suggesting a better way to manage money.

Thanks for the good advice. I do have more than one retirement account, l plus a pension when I do retire. So what I’ll do, is take the $ out, and then I’ll be making payments to myself in a savings account getting at the moment over 4% interest. I know it’s not a perfect plan, but if I were to save money and pay cash, we’re talking years… and as I said, don’t want to be committed for several years at over $400 monthly…l

 

[huunvubu]

EDIT: 8/28/2023 to reflect the SALE of my MY22 Maverick to Carvana.

My MY22 Ford Maverick XLT Hybrid that I currently own cost $26,068.21 out the door on 12/13/2021

I sold the 2015 Honda Fit Ex that I owned to Carvana for $16,523 to partially pay for the Maverick.

Since I was getting 0% financing from Ford for 36 months I only put down $8,068.21 and financed the remaining $18,000 at 0% interest with 36 monthly payments of $500

I had made 18 payments and paid off the remaining balance of $9,000 on 7/21/2023

The profit of $8,455 from selling the Fit (minus the $8,068 down payment) was placed into a Money Market account that at the time was earning 0.5%. That MM account is now earning 4.25%.

Also at the time of financing the Maverick I had cash in hand to pay it in full but with the 0% finance offer the $18,000 was kept in the same MM account.

The money put into the MM account totals $26,445 ($8,455 from selling the Fit and $18,000 financed at 0%) currently earns $93.70 in monthly interest.

My MY23 Maverick Order is currently scheduled with a build day of 9/8/2023.

I plan to pay for the MY23 order in full by selling my MY22 Maverick to Carvana and still pocket a sizeable profit in doing so.

Carvana's offer is $31,404 and my MY22 Maverick only cost me $26,068.21 out the door. Profit is $5,335.79.

I sold my MY22 Maverick to Carvana on 8/28/2023 for the agreed upon price of $31,404

Sold to Carvana

And the total out-the-door cost for my MY23 Ford Maverick Hybrid is $28,381.46 so I will pay for my new Maverick in full from the Carvana payment while pocketing and additional $3,022.54 in cash

I believe that the higher sticker price on the MY24 Maverick Hybrid and the current unobtainablity of Maverick Hybrids in general will support the high resale value of used Maverick Hybrids at least through the remainder of 2023.

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