If Interest rates are super high will you take your Mav?

[TheSEARCH]

I figure many here since its a Maverick forum will say yes but still was wondering.

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[rlhdweman]

I don't think interest rates will rise to the point you can't buy a vehicle, some here are to young to remember the mid 80's when car loan interest was 15-17%.

 

[Vince30]

A new car is pretty much a necessity for me in the near future, so I will be taking delivery regardless. But I can definitely see a situation where paying msrp with with crazy low interest while getting top dollar for your trade in made it seem like an easy decision last year, but increased msrp at much higher rates with lower trade in value could have people second guessing if it's not needed.

 

[bautek_mn]

My current car has been paid off for ages but isn't going to be suitable for daily driving much longer. I ordered my Maverick with the knowledge that the clock was ticking and spec'd it in a way that should make it comfortable to keep for 10 years+.

For those that ordered 2023s, is the Smart Vincent rate lock still a thing? In that case I'll sweat it even less if I can take a loan at the September rates.

 

[AutobahnSHO]

I won't pay any interest anyway so.....

 

[Shakesbear]

Looks like 1.9% for 36 months will be available, so I plan on going with that. Missed out on the 0% for 36 months when I got rolled to a 2023 model I plan on putting a large down payment in cash, so I won't be carrying a large note to pay it off.

 

[Bigbill27]

I don't think interest rates will rise to the point you can't buy a vehicle, some here are to young to remember the mid 80's when car loan interest was 15-17%.

Yeah, in 1990 I financed my first car and the interest rate was considered a good deal at 12%.

 

[10Terp]

Interest paid over the life of a car loan is so tiny compared to what you'd pay to a bank over the term of a mortgage. To me it's a miniscule consideration.

 

[Bob The Builder]

I vote No. My Ranger is still running great and has at least 3-4 more years on it given both the level of care it gets and the low mileage it is driven.

If interest rates are north of 5% come spring, IF my truck come in that soon, I will most likely say sayonara.

 

[olderbudwiser]

What's super high??

15% ?

 

[BradnChristine]

Looks like 1.9% for 36 months will be available, so I plan on going with that. Missed out on the 0% for 36 months when I got rolled to a 2023 model I plan on putting a large down payment in cash, so I won't be carrying a large note to pay it off.

I would certainly take 1.9% for 36 months! There are several online banks (FDIC insured and safe) who are currently paying between 3.10% and 3.84%, good places to put your Maverick funds, and I *think* your dealer gets a bone if you finance with Ford through them. When I bought my 2017 C-Max in 1/2018, Ford couldn't give away Hybrids so I got 0% for a full 60 months! Good times!

 

[scottp01]

It depends on if I can still afford it. I was planning on a $400-450/month car payment without trading my car in and now the new rates have me pushing $500+ even with trading my car in.

It sucks because it seems like this is my reward for being loyal to Ford. If I ordered the Kia I was cross-shopping, I would've already had it by now and I would've gotten 0% apr, but those rates are gone as well.

 

[Hot Runr Guy]

Interest paid over the life of a car loan is so tiny compared to what you'd pay to a bank over the term of a mortgage. To me it's a miniscule consideration.

Agreed. Everyone's financial status is different, but I have to wonder if those concerned about interest rates are considering buying a new vehicle with only $500 down?

Heck, on a $25K loan of 5 years, the difference between 3% & 7% is only $50. If you're cutting it that close, maybe buying a new vehicle isn't the best choice?

HRG

 

[huunvubu]

I am paying for my MY23 Maverick XLT Hybrid in full ($28,590) by selling my MY22 Maverick XLT Hybrid ($31,197).

On my MY22 Maverick I currently owe only $12,000 on a 0% loan from Ford Credit. When my MY23 Maverick gets a scheduled build date I will pay off the remaining loan balance with cash on hand and then sell my MY22 Maverick. I will be sharing my wife's 2009 Honda CR-V Ex until I take delivery exactly like I did in 2021 when I sold my 2015 Honda Fit Ex in late October 2021 while waiting for my MY22 Maverick to be built and delivered on 12/13/2021.

So interest rates have no effect for me in purchasing and actually has a positive effect on the cash I have on hand as the interest on that is currently earning at a 3.25% rate and every Fed increase from now on raises that rate.

 

[1929]

9.9 interest rate for compact truck

Interest rates are not super high
Not yet
I remember when they were higher

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