Anyone else considering not buying?!

[BShaff]

Anyone else looking at interest rates and considering not purchasing their Maverick? I have a June 12 build date and at this point the lowest interest rates I've seen are 5.5% which is crazy! I have two different trade in scenarios 2020 Soul ($5000 profit) OR 2017 Jetta (KBB $13k - all profit). Either way I'm sitting at a $430-$580 a month payment on a $30k truck. Maybe it's because I've never had a truck payment but that just seems very high to me.

Truck build, nothing special. Inlaws have property/cattle we're starting to get involved with so needed a few extras.

HPR - Ecoboost - Fx4 - 4k tow - SIBL/Rail

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[Mike215]

I have a 22 which I love and took 16 months to get. I ordered a 23 back in September and have no build date so I will probably let it run out and not order a 24.

The 23 was for my wife and in soon the Toyota Corolla Cross Hybrids will be available and the Honda HRV Hybrids will also be available and that better suits her needs.

 

[Radman73]

Shop around. Might be able to do a little better. Start saving $ now to help with down payment. With a June build date you aren't getting the truck until July-August. Every 1k put down will lower the payment ~$20/month.

At the end of the day if you can't really afford it or it would make life tough then it isn't worth it. We've worked really hard to be able to pay cash for vehicles and then we hold on to them while saving for an eventual replacement. The Maverick will likely change that unless we have to reorder for 2024. We bought one for our son and I liked it enough to convert his hybrid order into an EB for me. Goal will be to only pay interest for 6 months or so.

Soap box:
Can't stress enough how much better life is without large amounts of debt. We have our house and even that is getting paid off quickly. We don't fully subscribe to the Dave Ramsey method but we follow most principles that he has laid out. Buy a good vehicle. Pay it off before you do mods. Hold on to it for as long as you can while setting that payment money aside to save for a future vehicle or pay off other debts. It's life changing.

 

[mav_kev]

Not thrilled about rates, but won't stop me from buying. Wait another 2 years for rates to make their way back down and hope I can time my next order right? Nah, I'll bite the bullet now. A bird in hand...

 

[billbillw]

Make sure to check local credit unions. Mine was able to offer 4.75% on 48 months, which is the longest I'll go on a vehicle loan.

 

[Reejie]

I still don't have a build date, and am really tired of waiting. I've tried to be patient, but when I saw that the order bank will open in July, it just got me annoyed. I really want this truck, but at this point, I'm going to start looking for another option.....

 

[Darnon]

So you're looking to finance $23k-30k for 60 months? Well, back when you ordered Ford's rate was 3.9%. So your prospective monthly payment is now a whopping $16-20 more. Yeah, over the life of a loan a total of $1-1.3k more but that doesn't sound like such a huge sum to be a sudden dealbreaker.

 

[Dmthomp32]

I had to use a credit union to get a 5% rate with $15,000 down and 800+ credit score but that was also for a used Maverick (1,500 miles, as mine appears to not being built). My neighbor just bought an 2019 F150 for $27,000 with 117,000 miles. They hit him at 6.9%. Ouch

 

[JBryant]

Shop around. Might be able to do a little better. Start saving $ now to help with down payment. With a June build date you aren't getting the truck until July-August. Every 1k put down will lower the payment ~$20/month.

At the end of the day if you can't really afford it or it would make life tough then it isn't worth it. We've worked really hard to be able to pay cash for vehicles and then we hold on to them while saving for an eventual replacement. The Maverick will likely change that unless we have to reorder for 2024. We bought one for our son and I liked it enough to convert his hybrid order into an EB for me. Goal will be to only pay interest for 6 months or so.

Soap box:
Can't stress enough how much better life is without large amounts of debt. We have our house and even that is getting paid off quickly. We don't fully subscribe to the Dave Ramsey method but we follow most principles that he has laid out. Buy a good vehicle. Pay it off before you do mods. Hold on to it for as long as you can while setting that payment money aside to save for a future vehicle or pay off other debts. It's life changing.

Great advice for younger generation to follow. Sadly, most people live by the principle of if I have a hundred dollars and need something that costs two hundred dollars, I will buy a better one that costs one thousand dollars. As we get older, we season a bit. Thankfully we were able to get our home paid off very quickly, went debt free for many years, although we did buy a new Maverick a few months ago, but will pay it off quickly.

 

[JBryant]

Anyone else looking at interest rates and considering not purchasing their Maverick? I have a June 12 build date and at this point the lowest interest rates I've seen are 5.5% which is crazy! I have two different trade in scenarios 2020 Soul ($5000 profit) OR 2017 Jetta (KBB $13k - all profit). Either way I'm sitting at a $430-$580 a month payment on a $30k truck. Maybe it's because I've never had a truck payment but that just seems very high to me.

Truck build, nothing special. Inlaws have property/cattle we're starting to get involved with so needed a few extras.

HPR - Ecoboost - Fx4 - 4k tow - SIBL/Rail

My old dad taught me a lesson I have used during my 76 years of living. It is a three step approach to finances.
1. Buy only what you need, not something you want and do not HAVE to have.
2. Buy only what you can afford.
3. Buy what you want ONLY if you can afford it.

As far as APR goes, most people would be lucky to get 5.5%. I think that the best rate Ford has now is in the sevens.

 

[Bruce8858]

I have one being built now and will probably be 4-5 weeks until I can pick it up. I read about the constraints on the hybrid so I switched it to EB. It’s a loaded lariat. Now having second thoughts because I can pick up a CRV hybrid locally for about the same money. The CRV would have more passenger room in the back plus my life has changed a bit since I ordered it. Truck is still a nice idea but not as necessary as it once was. Just need to decide what to do with the order.

 

[BShaff]

So you're looking to finance $23k-30k for 60 months? Well, back when you ordered Ford's rate was 3.9%. So your prospective monthly payment is now a whopping $16-20 more. Yeah, over the life of a loan a total of $1-1.3k more but that doesn't sound like such a huge sum to be a sudden dealbreaker.

Fords rate is always high, can't really compare it to the lowest today. When I ordered was looking low 2's.

 

[cyberdog]

I almost didn't take my '23 Hybrid a couple weeks ago. The trade values have come down, and the interest rates are sky-high, compared to when it was originally ordered in Nov '21. Dealer absolutely wasn't making any money on the sale itself, and actually had 2 buyers interested if I didn't take her, having seen it roll off the carrier two days earlier. - My brother is the dealership's A-Tech going on 20 years. Absolute best rate they had was 7.1% (gulp), haven't paid that kind of interest in something like 30 years, there are simply no financing deals on the Maverick at present, they're selling so well without them. Not that we couldn't afford it, more I get a guilt feeling spending larger sums of money, or financing purchases.

Sales person pointed out, it's the lowest price you'll see on a Maverick, having D-Plan + $2750 private offer. Thought it about it long & hard, took another 45 minute test drive, and after discussing with my wife, we ultimately bought the Maverick, and very glad we did. Enjoy driving it every time I hop behind the wheel, and she's returning silly mileage, and may be have an identity crisis, thinking she's a Prius.

 

[JimParker256]

Anyone else looking at interest rates and considering not purchasing their Maverick? I have a June 12 build date and at this point the lowest interest rates I've seen are 5.5% which is crazy! I have two different trade in scenarios 2020 Soul ($5000 profit) OR 2017 Jetta (KBB $13k - all profit). Either way I'm sitting at a $430-$580 a month payment on a $30k truck. Maybe it's because I've never had a truck payment but that just seems very high to me.

Truck build, nothing special. Inlaws have property/cattle we're starting to get involved with so needed a few extras.

HPR - Ecoboost - Fx4 - 4k tow - SIBL/Rail

For decades, automobile loan interest hovered around 8% and savings accounts paid around 5% Now, interest rates are 5-6% on those loans, and savings accounts are paying 2-3% (if you're lucky).

At one point in the '70s, when hyper-inflation was the "norm," interest rates on car loans ranged between 17-28%. Yet, somehow people still managed to buy cars... Crazy days!

As Radman73 says, being debt-free changes your life. We pay cash for everything, though we do use credit cards to take advantage of the "cash back" offers, and we absolutely pay off the balances every month, so we never pay credit-card interest. Good thing, too, since CC interest rates are absolutely ridiculous, and always have been!

 

[BShaff]

I almost didn't take my '23 Hybrid a couple weeks ago. The trade values have come down, and the interest rates are sky-high, compared to when it was originally ordered in Nov '21. Dealer absolutely wasn't making any money on the sale itself, and actually had 2 buyers interested if I didn't take her, having seen it roll off the carrier two days earlier. - My brother is the dealership's A-Tech going on 20 years. Absolute best rate they had was 7.1% (gulp), haven't paid that kind of interest in something like 30 years, there are simply no financing deals on the Maverick at present, they're selling so well without them. Not that we couldn't afford it, more I get a guilt feeling spending larger sums of money, or financing purchases.

Sales person pointed out, it's the lowest price you'll see on a Maverick, having D-Plan + $2750 private offer. Thought it about it long & hard, took another 45 minute test drive, and after discussing with my wife, we ultimately bought the Maverick, and very glad we did. Enjoy driving it every time I hop behind the wheel, and she's returning silly mileage, and may be have an identity crisis, thinking she's a Prius.

Yeah, maybe it'll come down to the test drive. It's not that we can't afford it it's just I've always outright owned my vehicles so any type of payment seems like a lot.

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