Requesting opinions on what I should do.

[Erupt]

Hi everyone, first I'd like to say I'm kind of in a unique situation here. Currently I own a '22 Tesla model 3 performance. I really do love ev's but I've always wanted a truck. To my misfortune the cheapest EV truck, the ford lightning, in the USA is 54k starting which isn't in the picture. I came across the maverick series and I love it, and I definitely want the hybrid option. However here is my situation, my current vehicle after financing fees, taxes, and all that was around 69k. Despite putting a super large deposit of 20k down when I bought it I still have around 7-8k negative equity when comparing it to trade in offers. My current payment is 761/M at 4.27% APR with 4 years left, and insurance is 330/M. I have decided that I want out of this mess and want to get either an XL hybrid or XLT hybrid. After negative equity is rolled, my trade would be worth around 19-20k. My payment if I decided to get a '24 xlt hybrid would be around 309/m at 36 months with my 19k trade in and insurance would be 160/M. There is a huge savings I get by switching to this truck as for starters ICE vehicles don't depreciate as much, especially trucks. Originally I was planning on just picking up a '24 XLT hybrid they had in stock at the lot, however the salesman told me That the new '25 mavericks are getting a huge update including things such as sync 4, larger screen, wireless carplay, and more. He told me it would be a 6 month wait from ordering to receive it. I think personally especially with the price difference of only 1k that it would be worth it to wait for the 25 xlt hybrid instead. However my Tesla is continuing to plummet in value and by the time my '25 order gets here my car will have lost even more value, while the 25 price will stay the same, this increases the amount of money I'd have to finance after rolling the negative equity. If anyone is willing, I'd like to get some opinions on what I should do. Should I get a '24 now off the lot and trade in what I have now, then trade in the '24 for the '25 when my order is ready? Or should I just sell my car now and purchase something else in the meantime and wait until my '25 gets here. There is also the option of just keeping my current car and waiting for the 25 but i don't feel that would be the smartest decision considering how fast my value has plummeted. Whatever option that would save the most amount of money would be optimal. I hope you all enjoyed my little rant and hopefully I can get this all worked out.

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[Glen Baker LLC]

.

Hi everyone, first I'd like to say I'm kind of in a unique situation here. Currently I own a '22 Tesla model 3 performance. I really do love ev's but I've always wanted a truck. To my misfortune the cheapest EV truck, the ford lightning, in the USA is 54k starting which isn't in the picture. I came across the maverick series and I love it, and I definitely want the hybrid option. However here is my situation, my current vehicle after financing fees, taxes, and all that was around 69k. Despite putting a super large deposit of 20k down when I bought it I still have around 7-8k negative equity when comparing it to trade in offers. My current payment is 761/M at 4.27% APR with 4 years left, and insurance is 330/M. I have decided that I want out of this mess and want to get either an XL hybrid or XLT hybrid. After negative equity is rolled, my trade would be worth around 19-20k. My payment if I decided to get a '24 xlt hybrid would be around 309/m at 36 months with my 19k trade in and insurance would be 160/M. There is a huge savings I get by switching to this truck as for starters ICE vehicles don't depreciate as much, especially trucks. Originally I was planning on just picking up a '24 XLT hybrid they had in stock at the lot, however the salesman told me That the new '25 mavericks are getting a huge update including things such as sync 4, larger screen, wireless carplay, and more. He told me it would be a 6 month wait from ordering to receive it. I think personally especially with the price difference of only 1k that it would be worth it to wait for the 25 xlt hybrid instead. However my Tesla is continuing to plummet in value and by the time my '25 order gets here my car will have lost even more value, while the 25 price will stay the same, this increases the amount of money I'd have to finance after rolling the negative equity. If anyone is willing, I'd like to get some opinions on what I should do. Should I get a '24 now off the lot and trade in what I have now, then trade in the '24 for the '25 when my order is ready? Or should I just sell my car now and purchase something else in the meantime and wait until my '25 gets here. There is also the option of just keeping my current car and waiting for the 25 but i don't feel that would be the smartest decision considering how fast my value has plummeted. Whatever option that would save the most amount of money would be optimal. I hope you all enjoyed my little rant and hopefully I can get this all worked out.

Erupt,
I wish I had some kind of answer for you. That's a tough one. My only thought is....
Even with everything listed below is the Ford Lightning still out of reach? We are at the end of the Model season. That means incentives. The lightning has been slow selling
You may try shopping around. Ford Lightning incentives may be better at different dealerships.
Give Granger Ford a call they are a sponsor.

The 2024 Ford F-150 Lightning is eligible for a number of incentives, including the federal tax credit, a complimentary Ford Charge Station Pro, and a cash bonus:
Federal tax credit
Qualifying U.S. taxpayers may be eligible for a $7,500 tax credit on the purchase of eligible F-150 Lightning models with MSRPs under $80,000. The credit can be claimed upfront by assigning it to your dealer.
Ford Charge Station Pro
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a complimentary Ford Charge Station Pro with home installation.
Cash bonus
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a $2,000 bonus cash.
Farm Bureau Recognition Exclusive Cash Reward
Eligible buyers may receive a cash reward on select new vehicles. Residency restrictions apply.
You should consult a tax professional to understand whether or not you qualify for the full amount of the tax credit.

I just hope that you will not be disappointed if choose the Maverick.
The fact that you have the performance option on a Tesla 3 speaks volumes about what you expect the vehicle to do and what kind of enjoyment you get out of driving it.
The Maverick doesn't offer anywhere near the performance that your Tesla does.
The Ford Lightning would certainly be closer to the performance of the Tesla that you have and you wouldn't have to be buying gas.
Good Luck

 

[The Cyber Orange Guy.]

I wish I had some kind of answer for you. That's a tough one.
Even with all this the Ford Lightning is still out of reach? Remember to shop around. Ford Lightning incentives may be better at different dealerships. Give Granger forward a call they are a sponsor.

The 2024 Ford F-150 Lightning is eligible for a number of incentives, including the federal tax credit, a complimentary Ford Charge Station Pro, and a cash bonus:
Federal tax credit
Qualifying U.S. taxpayers may be eligible for a $7,500 tax credit on the purchase of eligible F-150 Lightning models with MSRPs under $80,000. The credit can be claimed upfront by assigning it to your dealer.
Ford Charge Station Pro
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a complimentary Ford Charge Station Pro with home installation.
Cash bonus
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a $2,000 bonus cash.
Farm Bureau Recognition Exclusive Cash Reward
Eligible buyers may receive a cash reward on select new vehicles. Residency restrictions apply.
You should consult a tax professional to understand whether or not you qualify for the full amount of the tax credit.

I just hope that you will not be disappointed.
The Maverick doesn't offer anywhere near the performance that your Tesla does.
The Ford Lightning would certainly be closer to the performance of the Tesla that you have and you wouldn't have to be buying gas.
Good Luck

I also like the maverick, but this post make total sense, you come from a fast EV with more confort and amenities that you might miss later, the lighting is a great vehicle too, if you looking for compact get the maverick, if you looking for confort and more features get the lighting.

Note I like more the maverick for the compact, easy to park, wash, easy access and the price was great too, but I'm waiting for a maverick EV, if they don't bring one soon I might switch to an EV,hopefully someone pop up a small EV truck at a good price.

Check if you can rent a maverick and lighing for the weekend, that way you have a more educated guess on what's missing and if it worthy in each vehicle.

 

[fossil]

have you considered a used Lightning? a quick search shows a few in the low $40s

 

[flyswatter]

If you have your heart set on a Maverick, I'd recommend getting a '24 now based on your specific situation. Bear in mind that the 6 month window you were quoted isn't guaranteed. I'd also strongly consider a Lariat, as you are going to be losing a lot of amenities going from the Tesla to the Maverick anyway; might as well get the few extras the Lariat offers such as Lane Keeping and Adaptive Cruise Control. Just my two cents.

 

[mr mojo risen]

You’ve given us a lot of data to consider in asking the board for our collective advice. Here is mine for what little it’s worth…

[Full disclosure: I work in the oil and gas industry, so I’m extremely partial to ICE vehicles.] That said, if an EV is the best choice for a person’s needs and circumstances, I’m totally ok with that decision. Although I won’t purchase an EV until after I retire (about 6 yrs or so), I will certainly consider a hybrid for my next vehicle.

I guess it comes down to your needs. Do you need a truck for hauling stuff? Do you aspire to do some off-road driving etc?

In your post, I’m getting a sense of buyers remorse. That’s ok, that happens to nearly everyone at some point regarding cars, houses, relationships, etc. I guess I’m encouraging you not to make an emotional decision. Based on your post you’ve done a good job of thinking through the options.

Unless you really need a truck, I would encourage you to wait until your EV is paid off before trading it in. Negative equity is a financial killer, but only you knows what matters to you.

Good luck with your decision and keep us posted on what you decide.

 

[CTYankee]

If you can, pay down the loan on the Tesla so you don't have to consider paying interest on negative equity if you trade the Tesla.

My personal choice would be the hybrid Maverick. As noted already, it's a step down from the Tesla in terms of content and functionality but it's also going to reduce your debt exposure and your monthly nut.

The 2025 Maverick is a moderate upgrade from the 2024 and I think the salesman is low-balling the price difference that will actually exist if you wait for the 2025. He won't have accounted for the drop in trade value or any other factor that could change the picture over time.

Bottom line for me would be to get out from under your current loan as cleanly as possible, even if that meant buying used to wait for your finances to stabilize.

 

[Gray Goose]

Don't assume the Tesla value will continue to plummet. Depreciation rate slows as the vehicle ages. Don't trade twice. Dealer will make several thousand dollars on each trade otherwise they wouldn't make the trade. Take your time to think it through. Make the right decision for the long haul. https://caredge.com/tesla/model-3/depreciation

 

[Erupt]

.

Erupt,
I wish I had some kind of answer for you. That's a tough one. My only thought is....
Even with everything listed below is the Ford Lightning still out of reach? We are at the end of the Model season. That means incentives. The lightning has been slow selling
You may try shopping around. Ford Lightning incentives may be better at different dealerships.
Give Granger Ford a call they are a sponsor.

The 2024 Ford F-150 Lightning is eligible for a number of incentives, including the federal tax credit, a complimentary Ford Charge Station Pro, and a cash bonus:
Federal tax credit
Qualifying U.S. taxpayers may be eligible for a $7,500 tax credit on the purchase of eligible F-150 Lightning models with MSRPs under $80,000. The credit can be claimed upfront by assigning it to your dealer.
Ford Charge Station Pro
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a complimentary Ford Charge Station Pro with home installation.
Cash bonus
Purchase or lease a new Ford F-150 Lightning from a participating Ford dealer between October 1, 2024 and January 2, 2025 to receive a $2,000 bonus cash.
Farm Bureau Recognition Exclusive Cash Reward
Eligible buyers may receive a cash reward on select new vehicles. Residency restrictions apply.
You should consult a tax professional to understand whether or not you qualify for the full amount of the tax credit.

I just hope that you will not be disappointed if choose the Maverick.
The fact that you have the performance option on a Tesla 3 speaks volumes about what you expect the vehicle to do and what kind of enjoyment you get out of driving it.
The Maverick doesn't offer anywhere near the performance that your Tesla does.
The Ford Lightning would certainly be closer to the performance of the Tesla that you have and you wouldn't have to be buying gas.
Good Luck

As far as the lightning goes, I don't want a truck that powerful, i guess what I meant by what I said was I was hoping there would be a truck similar in price to the maverick but an EV, and there's nothing close, the cheapest full EV truck is the lightning and the price difference isn't worth it. I just want out of this extremely high payment and to get a truck instead.

 

[Erupt]

I also like the maverick, but this post make total sense, you come from a fast EV with more confort and amenities that you might miss later, the lighting is a great vehicle too, if you looking for compact get the maverick, if you looking for confort and more features get the lighting.

Note I like more the maverick for the compact, easy to park, wash, easy access and the price was great too, but I'm waiting for a maverick EV, if they don't bring one soon I might switch to an EV,hopefully someone pop up a small EV truck at a good price.

Check if you can rent a maverick and lighing for the weekend, that way you have a more educated guess on what's missing and if it worthy in each vehicle.

My most important decision making factor is just getting out of this insanely high payment before it depreciates even further. I want something cheap, good on gas, that's also capable of carrying the occasional heavy item every now and then, I don't ever see myself using this for towing.

 

[Erupt]

Don't assume the Tesla value will continue to plummet. Depreciation rate slows as the vehicle ages. Don't trade twice. Dealer will make several thousand dollars on each trade otherwise they wouldn't make the trade. Take your time to think it through. Make the right decision for the long haul. https://caredge.com/tesla/model-3/depreciation

This is very true but with tesla continuing to reduce the price of their new models every year it also seems like my car wont be worth anything in 2-3 years from now

 

[Erupt]

You’ve given us a lot of data to consider in asking the board for our collective advice. Here is mine for what little it’s worth…

[Full disclosure: I work in the oil and gas industry, so I’m extremely partial to ICE vehicles.] That said, if an EV is the best choice for a person’s needs and circumstances, I’m totally ok with that decision. Although I won’t purchase an EV until after I retire (about 6 yrs or so), I will certainly consider a hybrid for my next vehicle.

I guess it comes down to your needs. Do you need a truck for hauling stuff? Do you aspire to do some off-road driving etc?

In your post, I’m getting a sense of buyers remorse. That’s ok, that happens to nearly everyone at some point regarding cars, houses, relationships, etc. I guess I’m encouraging you not to make an emotional decision. Based on your post you’ve done a good job of thinking through the options.

Unless you really need a truck, I would encourage you to wait until your EV is paid off before trading it in. Negative equity is a financial killer, but only you knows what matters to you.

Good luck with your decision and keep us posted on what you decide.

The car itself I absolutely love, however this vehicle just seems to be an extremely large money pit. Thats primarily why I want out. And all things considered a light truck thats good on gas is perfect for me. The issue is im not sure if I should just wait another 6months to get the 25? or get out now, tesla as of yesterday just started offering 0% apr. I feel like its going to keep getting worse.

 

[Erupt]

If you can, pay down the loan on the Tesla so you don't have to consider paying interest on negative equity if you trade the Tesla.

My personal choice would be the hybrid Maverick. As noted already, it's a step down from the Tesla in terms of content and functionality but it's also going to reduce your debt exposure and your monthly nut.

The 2025 Maverick is a moderate upgrade from the 2024 and I think the salesman is low-balling the price difference that will actually exist if you wait for the 2025. He won't have accounted for the drop in trade value or any other factor that could change the picture over time.

Bottom line for me would be to get out from under your current loan as cleanly as possible, even if that meant buying used to wait for your finances to stabilize.

I could pay it down but then id have hardly any savings left unfortunately, so now im stuck between if I should just wait another 6 months to get the 25? Or get out now, tesla as of yesterday just started offering 0% apr. I feel like its going to keep getting worse. When I bought this car they slashed the MSRP by 7,500 2 months later

 

[Carlitos_92]

You've gotten a lot of great input so far. Here is my take:

On the Tesla: The damage has already been done as far as depreciation. It might not get that much worse, but it for sure will not get better. No matter what, you are out the $7k swing. It sucks, and many of us have been there. Personally I went from an SUV I bought new in 2014 to being forced to finding a cheap replacement when it was totaled this year. Here I am, in a used Maverick which is a creature-comfort downgrade in almost every way, but I'm not complaining.

So, you can either stick it out and enjoy your fun (but expensive) ride, or pull the bandage off in one swoop and stop paying interest on that Tesla loan by selling/trading the car.

On Mavericks: If cheaper payments are the end goal, then don't wait on the MY25s. Not only are they generally more expensive, but you are also stuck with your current situation that much longer. If you will use CarPlay or Android Auto (not an option in Teslas, I know) then the Sync upgrades form MY24 to MY25 are not a big deal IMHO. Most of the other MY25 tweaks are nothing I'd worry about.

So if it were me, I'd not only look at MY24s (which should have decent deals on lots by now) but also even earlier used ones, as long as they are under warranty. I would do it once and not treat it as a stepping stone to another Maverick later. Buy what you need now. The best part about Maverick hybrids is that there are tons of folks around here that have worked through any issues and can help the next generation of hybrid owners.

TL;DR if it's really about the money, then take your lumps, get out of the Tesla, and look at new MY24 or used Mavericks.

 

[Meintc]

If it were me and I was in your situation, I would trade in the tesla for a cheap, very cheap used car to get me through the wait of ordering a 25, but that's just me.

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