Requesting opinions on what I should do.

[Hunters Edge]

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.

It doesn't add up. If your trade is 7 to 8k less than what it's worth, that money would have to be added or financed on the new Maverick. If the Maverick is let's say 32000 then you would add 8,000 for a total of 40,000 to finance.

309 a month for 36 months is 11,124 without interest. I believe the salesman made an error or you but the information you posted does not add up. Or are you putting a lot of cash down like you did with the Tesla, that you forgot to mention?

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[PriusHater]

I don't know your specifics, but those insurance rates seem high. I have full coverage in Florida with $250/$500 deductibles on my '22 XLT Hybrid and my insurance payment is less than $90 per month.

 

[BeachFerret]

Is there a ‘21 Tesla Performance 3? This might give you an idea where the trade in value is heading for your projections.

All things being equal, if you order the ‘25 XL or XLT and delivery is in 5-6 months, that’s another $2500-$3000 of equity to gain on the Tesla before the trade-in. You may be in roughly the same trade-in situation with the wait.

 

[BeachFerret]

It doesn't add up. If your trade is 7 to 8k less than what it's worth, that money would have to be added or financed on the new Maverick. If the Maverick is let's say 32000 then you would add 8,000 for a total of 40,000 to finance.

309 a month for 36 months is 11,124 without interest. I believe the salesman made an error or you but the information you posted does not add up. Or are you putting a lot of cash down like you did with the Tesla, that you forgot to mention?

This too. I was a little confused on the $300 projected payment considering the 7-8k negative equity.

 

[MavTime]

Aside from the financial question, I'd get the bird in the hand with the '24 Hybrid because I don't need AWD or the larger screen or the new style front end. It is like a Mini-Rivian, you should like the Hybrid either way and not having to fill up very often.

 

[Timothyd]

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.

To all of the above: The sooner the better.
That includes getting a '24 Maverick however you can. I don't know if the "improvements" on the '25 are worth it- I've heard pluses and minuses. And, you can always change your mind later. But the sooner you jump, the less you lose.

 

[OB1e]

Go to CarMax.com and get a sell value, it will be crazy higher than any dealer.

With all that negative equity I hope you got gap Insurance. Leave it parked in the closest major city in a dark spot.

 

[Glen Baker LLC]

Go to CarMax.com and get a sell value, it will be crazy higher than any dealer.

With all that negative equity I hope you got gap Insurance. Leave it parked in the closest major city in a dark spot.

🫣 Tesla has self driving capabilities.
It may just follow him home.

 

[AutobahnSHO]

Sounds to me you're stuck in "needing" a new car all the time. But that is going to keep you "car poor".

When I had bad credit and beater cars could still be had for $2k, I bought beater cars for $2k and drove them for a long time. Insurance and maintenance was cheap. Later I bought $10k cheap cars. And after not too long I was able to save up and buy my Maverick outright.

DON'T get stuck paying a bank lots of interest every month! My Maverick is my very first new car ever, bought it at 48yrs old, and it was paid off a few weeks after it was delivered (long story we didn't know it had been built till the dealership called us to say it had arrived, didn't have time to move money from one bank to the other, got a loan and paid it off as soon as the money had transferred.)

 

[710-oil-614]

However here is my situation, my current vehicle after financing fees, taxes, and all that was around 69k

HOLY FUCK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I paid $52,670 for my M3 LR (not performance). After 14 months of ownership and me seeing the writing on the wall, I traded it for my 2023 Maverick Tremor and an $8,600 check knowing I was taking a bit of a bath on the Model 3.

Godspeed, friend. Godspeed.

 

[VICKY]

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.

Warnings about the Hybrids in Florida. Lots of flooding now the Hydrid batteries have been damaged from water I read in a couple of comments?

 

[turbobill]

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.

Why not just keep the Tesla and buy an older used small pickup for when you need to scratch the itch? Rust free older stuff is all over Florida and by keeping the Tesla until the wheels fall off, you'll get more of your moneys worth out of it.

 

[TKranbuhl]

This is what I did. Paid off Mazda 5 and sold it to CarMax. The Ford Dealer low balled me. Financed my '22 Maverick. Paid it off. Traded it in when I bought my '24 Maverick. Best deal because of the tax deal on trade-ins. Paid cash for the '24. No payments. Going to get the extended warranty when the time comes, so I'm hoping it lasts as long as I do. Love the truck and it runs so much better when you own it outright.

 

[Randorita]

I would order the '25, up it to a Lariat Hybrid to get the AWD and add the 4K tow package, because you just neve know when you might need it. Then, I would continue to pay on the Tesla until it gets in, then trade it. That would get me what I want and save the trouble of getting an old beater and losing money on it.

 

[RickG]

My opinion is sell the Tesla, don't trade it in. Then buy an inexpensive used car model that retains value so you can resell it it trade in for a decent price when the 25 my Maverick come in.

Edit: if you didn't order the Maverick right away and drive the used car until your finances get more stable that's probably better. Stop the bleeding, heal, then order. The cash flow will help you.

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