What should I do?

[Montana]

A car, any car, every car, especially a new car is a 100% crappy investment. Your loan period probably shouldn't be more than 36 months. If you have to finance it for longer, you probably shouldn't buy it (there are exceptions, but as a rule...). I love my Mav and think everybody in the world should own one, but it sounds like the OP isn't quite ready for the debt load.

Highly unpopular and underrated opinion that is 100% true. It used to be a MAX of 5 years. Now it's 8! That is insane. And the "add a year if you can't swing the payments" is just terrible financial advice. If you can't afford a year less - or 2 years less than your original idea of what you THINK you can afford, then technically, you likely cannot afford the vehicle at all. We have normalized a society of debt. The thought process now is "how much can I afford per month" without any thought to the future in the HOPES that vehicle is reliable.

Let's be clear here - every single manufacturer only has to get you through the base warranty. Very few places offer extended warranties for "reasonable" insurance prices and they STILL don't cover the entire potential life of the vehicle without breaking almost $3-4k. Vehicles are expected to last easily into the 150k+ range before people expect serious maintenance work. And having to fork over an extra $3-4k on top of current interest on a very lengthy loan is pure insanity. Turn a $40k vehicle into a $50k vehicle by doing that alone. You never make your money back. Now factor in "normal" family vehicles are selling for $80k+. The average cost is currently $60k!!! And that is up $13K from 2022, or up $20k from 2020. It's pure insanity currently. Things were pretty steady for a while there but they are currently climbing at a rate higher than ever seen before - and it's not normal. This level of inflation is not economically feasible.

All that said, I didn't even account for the increase in costs of the same vehicles that have changed literally nothing in the past 4 years... I'll use a Tacoma TRD for example. Finally gets an update in 2025, but the cost of the 2024's they are selling has jumped from $38k (loaded in 2020) to $48k! Want a TRD Pro? Another $10k. All they did was act like current refreshes deserve an extra $10-15k added price tag - and they don't.

Flippers got lucky for a while there and now it's VERY location based, and most dealerships in those locations are making vehicles up to avoid people reselling for profit as soon as they get them. Which, obviously is an even smaller percentage of people that can afford vehicles all cash anyways to get around interest rates.

Personally, I don't care what vehicle it is right now - if you don't "need" to get it, you shouldn't. Interest rates are in the 7%+ range at their lowest currently. You'd be lucky with a perfect 800 credit score to get anything below 5%. 2 years ago? Maybe and yea, rates were a little lower and still offering great credit scores a pass - but not now.

It is a TERRIBLE time to buy. This year is worse than the previous years so far and they were also terrible to buy in. If I wasn't paying all cash I certainly would have never bought my Maverick in 2022. Now, just browsing, I chuckle and think "well, that was the end for me". Even if I wanted something else I couldn't justify the extra cost they want now. The Maverick in general has removed, I'm going to say that again - removed! features and jacked up the price. It's an effing joke.

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[gp1200x]

If I was worried about making payments I would walk away and get your deposit back. They will sell it to someone else easily and you can always buy one later maybe even at a discount. I would NOT take delivery and then resell it. Too risky and with the shorter wait times don't expect anyone to pay more than you paid and that means you lost your sale tax money on top of it. Don't buy it and take out a loan for it if you can't easily pay it off in 3 or 4 years. Save up and buy later when you have more cash. If you have a good vehicle now it would not make sense to take on risk that you don't need that will cause anxiety for a long time and affect your lifestyle and behavior. Life's too short.

 

[JBEN110]

I don't know why you wouldn't just turn it down and get your deposit back, you'll lose money if you purchase it

 

[James K]

I can help with this question because I had a 2022 Mercedes GLC that I sold as I was buying my 2023 Ford Maverick Lariat. Mercedes wins on build quality. Don’t expect to profit on a flip in this market, because it will be a gamble, especially after you pay taxes. Mercedes depreciates quickly so you will take a big hit if you trade or sell the Mercedes. If you can’t pay cash for a Maverick, then why would you want to take a high interest loan? If money is tight, then only get the Maverick if it improves your economic situation. Remember it is a cheap truck and Mercedes is really well built vehicle. You could always go to pick it up and ask for a test drive. A Mercedes and a Ford Maverick are 2 entirely different animals. I do like my Maverick, but my other vehicle is a BMW X3, so it was a competitor to my Mercedes. My Mercedes was a sexy red AMG package, but it was missing features due to the chip shortage. That is why I let it go. I paid cash for the Maverick, so no car payment.

Look where Mercedes falls in reliability. Seems that the marriage with Chrysler (now divorced) had negative consequences for Mercedes. Only lately have they improved and nowhere near what they were. The Ford with warranty very well could be the way to go. I was on my 4th Audi when I went with Ford 2 years ago. The Audi was out of warranty and it seemed like every time I took it in it was $3-$4K and the vehicle only had 62K miles on it.

 

[Mavreezy]

If someone can't make a monthly car payment comfortably with plenty of flow to spare, they definitely shouldn't be purchasing a vehicle.

This is a prime example of the many things that is wrong with our society today.


Anyways, enjoy your Maverick if you decide to go through with the purchase....

 

[Timothyd]

Great question. I'd have to tighten the family belt for at least 4 years to afford. Not sure it's worth that. I current drive a Mercedes e class diesel with great power and mpg that serves me and the family well. I might but be able afford the payments but am looking for better option than outright rejection.

Longer term on the loan.

 

[Hambone]

I would pass on the Maverick for now. Have you ever heard of Dave Ramsey? If not, look in to his radio show and his money makeover lessons. It may offer you a whole new way of thinking for you and your family. You'll get there, and the wait will be worth it.

 

[Mervin the Maverick]

Instead of a 6 year loan, will a 7 year loan make it easier to afford? Spread it out and try to make 6 year payments so the loan is done in 6 years.

Who wants to pay seven years for a vehicle? Or even five?

 

[Mervin the Maverick]

Looks like I can barely afford my new Maverick hybrid when it's delivered in late march or early April (ft Myers fl).
XLT with floor mats
Trailer hitch
$650 drivers package.

what should I do? Sell it? ?

Please understand that, unlike most vehicles, the Maverick Hybrid is an investment! If you buy it, and drive it off the lot, it is worth more than new in my area. Look at Carvana (or whatever). My dealer was going to charge an additional $10,000 to sell to someone else if I didn’t buy it at Ford MSRP!

 

[JennyJoannSuebeeMcNash]

Great question. I'd have to tighten the family belt for at least 4 years to afford. Not sure it's worth that. I current drive a Mercedes e class diesel with great power and mpg that serves me and the family well. I might but be able afford the payments but am looking for better option than outright rejection.

Well, there's your problem right there. Mercedes are a nightmare to keep maintained - drop the status symbol because in reality wouldn't any halfway-decent four door accommodate you and your family?

 

[JennyJoannSuebeeMcNash]

Look where Mercedes falls in reliability. Seems that the marriage with Chrysler (now divorced) had negative consequences for Mercedes. Only lately have they improved and nowhere near what they were. The Ford with warranty very well could be the way to go. I was on my 4th Audi when I went with Ford 2 years ago. The Audi was out of warranty and it seemed like every time I took it in it was $3-$4K and the vehicle only had 62K miles on it.

Yep. Glad I'm not the only one who said it. Repair of German cars will drain your wallet faster than a bad night in Las Vegas.

 

[WHM]

I have no regrets with my 2005 Mercedes diesel and maintenance. It's been safe, economical and a delight to drive. I need something that can carry a small amount of cargo.

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