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

[scottp01]

If you're cutting it that close, maybe buying a new vehicle isn't the best choice?

Well, in some parts of America, a car isn't so much luxury as it is a requirement to get to work, grocery shopping etc. When I ordered my truck, the used car rates ran about 2-3 points higher than new car rates, and the prices for a decently used (2-3 year old, <40k miles) were around the same price as the Maverick I ordered.

Prices on used cars have dropped, but not enough to offset the higher rates. And it isn't always financially savy to throw money at the car your currently driving.

Is $50 a month going to break me? No, but to most of America, it's definitely a significant amount.

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[Cheesehead]

I am fortunate to be able to just pay cash if the interest rates are not appealable to me.

For me I did go the cheap route, XL hybrid with just the hitch as an option. I was going to get the XLT, but then they added the cruise with the XL as a standard option.

 

[2023maverickhopeful]

I am fortunate to be able to just pay cash if the interest rates are not appealable to me.

For me I did go the cheap route, XL hybrid with just the hitch as an option. I was going to get the XLT, but then they added the cruise with the XL as a standard option.

Likewise.

 

[Vince30]

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?

It's only an extra $46 a month, but over the 5 years it's $2,749, which isn't insignificant imo. It is a bit funny how your example ends up being exactly the private offer amount though.

 

[commadorebob]

Without a definition of "super high" it is hard to say. Given I am a former poor soldier, victim of the Great Recession, and only just recently even just sniffed the 6-figure club, high interest has always been a thing for me. Even with the rise in interest rates, this might end up being the best deal I ever get on a vehicle.

 

[Lordran_Hollow]

Thanks to a good living situation I'm in and being smart with money, I'm hoping to pay 2/3 of my Maverick as a down payment and take a loan out on the remaining 1/3. So I'm planning on taking the Mav regardless of interest, suffer the high interest if there is and wait a couple months, then try to refinance the remaining amount once my credit stabilizes again. It's what I did for my 86 and it worked really well for me.

 

[JimParker256]

Before I retired, my wife and I paid off all of our debt, including our mortgage. It wasn't easy, but the feeling of being debt-free is absolutely amazing!

The only "loans" we have are credit cards, which we pay off every month, without fail.

As for buying our Mavericks: We saved the money we got when we sold our diesel HD pickup six months ago. That is almost enough to pay for two Mavericks. The remaining small amount will come from savings of not having a car payment, so interest rates won't be a factor in our purchase.

 

[gwrace14651]

My son is still building his credit score. But he managed to get 3.9 % for 60 months from Ford Credit on his new 2022 Maverick XLT AWD a couple of weeks ago with 3k down. He paid MSRP.

 

[Landric]

Probably not, but that is because I have a 2022 Maverick with low-rate financing locked in when I ordered in January. I have a 2023 on order that already has a VIN. If somehow interest rates have jumped so much that it makes a big difference over what I have now, I won't take it. I don't really see that happening in the timeframe I am looking at but you never know.

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