How are you paying for Maverick?

[pigsareus]

I originally planned to finance only a smallish portion, but everyone in my area is suddenly experiencing huge hikes in homeowners and car insurance rates, and I'm not sure I want to be making payments, even tiny ones, while suddenly needing more $$ each month for insurance. I'm hearing scary hikes across all insurers.

my insurance for my mav was more than reasonable - it was less than my 2003 Aviator. The mav gets pretty good crash ratings - remember that it costs more to fix you than it does to fix the truck so safety ratings play a big role in insurance costs.

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[Bobbydontchaknow]

Was actually going to pass on my maverick due to interest rates but then my father in law thought it would be good for the family if I sold my Volkswagen gti. He ended up giving us a loan at 0% and I ended up getting 4000 more for my gti then I expected so it worked out. I would not finance anything today with interest rates the way they are. I could have waited another year but it worked out. Don’t miss my gti at all surprisingly.

 

[Last Truck Ever]

my insurance for my mav was more than reasonable - it was less than my 2003 Aviator. The mav gets pretty good crash ratings - remember that it costs more to fix you than it does to fix the truck so safety ratings play a big role in insurance costs.

interesting, because I have a 14 year old Ranger the Mav will replace, my advance quote from State Farm is substantially higher than my Ranger. Makes zero sense, no violations, no claims, spectacular credit. And I've gotten online quotes from others, all saying about the same. I keep reading people saying theirs went down, even lower than older vehicles. Don't understand why that's so clearly not the case where I live.

 

[Fcnrwy]

interesting, because I have a 14 year old Ranger the Mav will replace, my advance quote from State Farm is substantially higher than my Ranger. Makes zero sense, no violations, no claims, spectacular credit. And I've gotten online quotes from others, all saying about the same. I keep reading people saying theirs went down, even lower than older vehicles. Don't understand why that's so clearly not the case where I live.

My situation is exactly, as yours.
15 year old Ranger, Full Coverage and my rate would (did) go up.
It seems more on where you live.
Was told that my Ranger's rates where actually lower then, they should have been.
Great Driving record and been with the same Insurance for the last 45+ years..

Jerry

 

[Last Truck Ever]

My situation is exactly, as yours.
15 year old Ranger, Full Coverage and my rate would (did) go up.
It seems more on where you live.
Was told that my Ranger's rates where actually lower then, they should have been.
Great Driving record and been with the same Insurance for the last 45+ years..

Jerry

Good to know, sincerely, that it isn't just me!

 

[PA-Homesteader]

I had a trade then loan with like 1.9% financing. I don't know how you people pay in cash. I suppose if I still lived in my parents basement with no bills I could squirrel away the money. I mean with mortgage, utilities, food, crap the for kiddos, and retirement savings I am not also going to be able to put cash away for a vehicle purchase. Good downpayment maybe.

Took me around 17-18 months to save up enough

I have a mortgage, utilities, food, & I max out all my retirement accounts at 28 y/o. It just takes time, discipline, and a lot of OT

 

[stoptothink]

My situation is exactly, as yours.
15 year old Ranger, Full Coverage and my rate would (did) go up.
It seems more on where you live.
Was told that my Ranger's rates where actually lower then, they should have been.
Great Driving record and been with the same Insurance for the last 45+ years..

Jerry

I think our insurance went up $14/month when we added the maverick; just over $400 total every 6-months. We only carry liability, our other car is a VW jetta, wife had a small fender bender ~4yrs ago but otherwise no accidents or tickets for either of us in the last 20yrs.

 

[pigsareus]

interesting, because I have a 14 year old Ranger the Mav will replace, my advance quote from State Farm is substantially higher than my Ranger. Makes zero sense, no violations, no claims, spectacular credit. And I've gotten online quotes from others, all saying about the same. I keep reading people saying theirs went down, even lower than older vehicles. Don't understand why that's so clearly not the case where I live.

that is interesting as I also have State Farm here in Michigan, I almost couldn't believe how much they weren't charging me - I have my home insurance lumped in them maybe that makes some difference. Also like you no tix in 20 years, no at cause accidents...or any claims. My driving miles are under 7500 a year and that's noted on my insurance, maybe that is some difference....

 

[pigsareus]

that is interesting as I also have State Farm here in Michigan, I almost couldn't believe how much they weren't charging me - I have my home insurance lumped in them maybe that makes some difference. Also like you no tix in 20 years, no at cause accidents...or any claims. My driving miles are under 7500 a year and that's noted on my insurance, maybe that is some difference....

oh one more thing State farm does not pay for free window chip repairs anymore you have to pay it on your own which could be 100+. But my agent said that i could drop my 200 deductible to 0 and in the future (not this time) that would work out better and the diff in price is that it only added like $14 to my premium, so I got in on that.

 

[numike]

cash

 

[bentley72]

I had a trade then loan with like 1.9% financing. I don't know how you people pay in cash. I suppose if I still lived in my parents basement with no bills I could squirrel away the money. I mean with mortgage, utilities, food, crap the for kiddos, and retirement savings I am not also going to be able to put cash away for a vehicle purchase. Good downpayment maybe.

a lot of boomers who bought cheap real estate in the 80’s-90’s and worked for companies that still did pensions. They got theirs and future generations get screwed

 

[shark978]

The Fed is still ran by the same people: "Meet the new boss, same as the old boss."

That being said, there are financial lines of thought that, if you're interest rate is better than 5.5%, financing makes more sense than buying in cash or financing with a large down payment because of the average return your cash can get being invested (~8%) vs the finance rate + average depreciative asset rate of a vehicle over several years. That is also dependent upon actually investing that money instead of spending it on something else.

It is A LOT of economic and mathematical magic that I claim minimal expertise on, but it at least sounds like it makes sense to me to some degree.

You aren't getting a SAFE 8% though, that would be speculative market returns and in any given 5 year period there's no telling. Best you're doing safely right now is a little over 5%. I'm not sure current car loan rates but I believe 7+%.

Basically that sounds not worth the trouble over a highly speculative 2.5% gain (which could be a loss) even if you could get a 5.5% auto loan for 5 years.

 

[Billkowski]

I just drove it home across state lines on the test drive, assumed they were just giving it to me. So far so good, what could go wrong? Paying for stuff is for suckers.

 

[Robert C]

I am paying 0.0% interest. In fact they wouldn't even take my $25,000 sock drawer cash.
This imaginary Maverick that I ordered 10 months ago has not cost me one cent since the day I didn't get it.
Now I get to go back to the same dealership and see if I can get similar terms for my 24 imaginary Truck.

 

[Robert C]

Test

I just drove it home across state lines on the test drive, assumed they were just giving it to me. So far so good, what could go wrong? Paying for stuff is for suckers.

Test drive?
I couldn't even look at one or sit in one let alone drive one.
Keep going.

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