Anyone else considering not buying?!

[Mav_RICK]

Yup, I've thought long and hard about whether I'll take delivery based on available financing rates if mine gets built. Tough to pay over 5% when I've never had to pay that kind of interest rate for a car loan ever.

Likely to be a long time before you pay less. Historically 5% is not bad.

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[Grumpa]

Likely to be a long time before you pay less. Historically 5% is not bad.

Ford is screwing Maverick buyers. They can't deliver and they don't wish to give us any incentives at all! Not too mention price hikes! 5% ain't bad but it ain't good either, considering prior years rates. I got 2.99% for 7 years awhile back on a 2022 Honda Civic. Ford could really car less about us! I just received another 'dear' Maverick owner letter regarding supply issues!. Baloney! When I call Ford Marketing I am told I am good too go? No Schedule date? Absolutely the worst in customer service. I forgot too mention, my dealer is clueless and useless!

 

[Proflig8tor]

Sorry for the interest rate frustration. You can at least be thankful you are getting your truck and at a price that is likely to be a lot less than the 2024 price, especially if you have any private cash on the deal!

I'm back & forth on whether I want to buy anything that burns gas. We also own a Tesla that we charge at home. Home charging is the **killer app** .... so effortless and basically free. The Hybrid cuts pollution by about half.

We just need a very light-duty truck, mostly for commuting and around-the-house stuff. A Model Y might work for our needs.

 

[Mav_RICK]

Sorry for the interest rate frustration. You can at least be thankful you are getting your truck and at a price that is likely to be a lot less than the 2024 price, especially if you have any private cash on the deal!

I'm back & forth on whether I want to buy anything that burns gas. We also own a Tesla that we charge at home. Home charging is the **killer app** .... so effortless and basically free. The Hybrid cuts pollution by about half.

We just need a very light-duty truck, mostly for commuting and around-the-house stuff. A Model Y might work for our needs.

Yes but the Model Y is quite a bit higher than any Maverick hybrid.

 

[gwrace14651]

Our boat is at 1.99% and home mortgage at 2% financed just three years ago. We are making more on our high interest savings accounts and CD's at 4.8-5% so hardly makes sense to payoff either of these with cash. If not needed wait out the fed until they drop rates as they don't have a clue about what they are doing. In the mean time invest what you can and take advantage of what they are doing.

 

[Mav_RICK]

Our boat is at 1.99% and home mortgage at 2% financed just three years ago. We are making more on our high interest savings accounts and CD's at 4.8-5% so hardly makes sense to payoff either of these with cash. If not needed wait out the fed until they drop rates as they don't have a clue about what they are doing. In the mean time invest what you can and take advantage of what they are doing.

2% on a home mortgage is exceptional, wow!

 

[mav_kev]

Ford is screwing Maverick buyers. They can't deliver and they don't wish to give us any incentives at all! Not too mention price hikes! 5% ain't bad but it ain't good either, considering prior years rates. I got 2.99% for 7 years awhile back on a 2022 Honda Civic. Ford could really car less about us! I just received another 'dear' Maverick owner letter regarding supply issues!. Baloney! When I call Ford Marketing I am told I am good too go? No Schedule date? Absolutely the worst in customer service. I forgot too mention, my dealer is clueless and useless!

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[Radman73]

2% on a home mortgage is exceptional, wow!

Yeah, I thought we did good at 2.75%.

 

[pgreen1959]

As a follow up my 2023 XLT, it was destroyed in a trail derailment about 6 weeks ago. I have heard nothing about its replacement. Called Ford Corp and they have no idea what is to happen. They said call the dealer. I did and was told they are waiting on Corp to authorize an additional order. This cluster f*ck of ordering a truck has gone on since 9/16/2022. Monday I call the dealer and tell them if they don't have an order for me, just give me my deposit back and they can keep the truck if it ever shows up.

 

[BShaff]

A few numbers on borrowing $25000:

60 month loan at 6% =$414/mo.
60 month loan at 5% =$402/mo
60 month loan at 4% = $391/mo
60 month loan at 3% = $380/mo

And chances are, I'm assuming, with your down payment and trade your loan will be less than $25K. That said, you're looking at a $35/month spread from a "good" 3% loan to a "crazy" 6% loan (btw, even 6 percent is historically pretty damn reasonable - see below).

With a Maverick hybrid and its better fuel economy you'd probably spend $35 less in gas each month than you already spend with your current car. How much will one unexpected repair set you back? With a new Maverick you have a warranty.

These are all things to consider. But I have to be honest, if you're worried over a $20 spread on a loan payment you might be living too close to the financial edge. In that case, assuming you have no payment now, it might make sense to keep your current ride and, like others have mentioned, save what you WOULD be paying each month and build up some financial security.

Appreciate the information. It's not that I can't afford it, I've just never had a car payment before. Bought the Jetta outright and inherited the Soul loan from the woman. But her Soul loan is 0% interest. Comparing 0% to 5.5% just has me feel like it's not a good time to buy a truck. Cold feet maybe.

 

[Mav_RICK]

Appreciate the information. It's not that I can't afford it, I've just never had a car payment before. Bought the Jetta outright and inherited the Soul loan from the woman. But her Soul loan is 0% interest. Comparing 0% to 5.5% just has me feel like it's not a good time to buy a truck. Cold feet maybe.

Only way you are going to see anything approaching 0% is for something that a manufacturer cannot move off lots. That’s not going to happen with Mavericks ever.

 

[CTYankee]

I'm wondering if some of the folks who view current interest rates as excessive are not old enough to have started taking out loans prior to the 2010's, when the Fed began quantitative easing and dropped the prime rate to zero to stimulate the economy. Those years are the exception, not the rule. The long-term average for interest rates is 8%.

These figures come from Freddie Mac, which began tracking 30-year fixed-rate mortgage rates in April 1971:

Mortgage Rates	Where they started	Where they were by the end of the decade
1970s	7.31%	7.48%
1980s	7.48%	9.78%
1990s	10.13%	8.06%
2000s	8.06%	5.14%
2010s	5.14%	3.72%
2020s	3.72%

 

[bgn]

I bought my Maverick in December 2021, before the initial 2022 price increases and before the massive interest rate increase.

I financed 29k over 3 years for 0%. At 6% interest today, I'd be out something like $2700 in interest over the course of the loan. That's rough.

Stack the 2023 price increases on top of the interest rates and I'm not sure if I'd have bought one.

 

[Skyline]

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.

That seems a bit high, just checked my local credit union's rates for 48 month:

My rate at the end of January was @2.75% with "A Plus" credit tier. Couple of percentages don't mean much, especially if you pay it off early. I'll pay off my loan next year in January, couldn't do it this year for tax reasons...

 

[BShaff]

That seems a bit high, just checked my local credit union's rates for 48 month:

My rate at the end of January was @2.75% with "A Plus" credit tier. Couple of percentages don't mean much, especially if you pay it off early. I'll pay off my loan next year in January, couldn't do it this year for tax reasons...

Which credit union is this? That 3.75% is real nice.

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