Be my voice of reason please. Can I really afford the Raptor?

[timjitsu]

I need some different perspectives. I'm about a month out from placing my order so I'm starting to do some serious thinking about if I really can afford the raptor. I took my my monthly household income, and subtracted all my utilities rounded up to $100. Meaning my electric bill is usually $40-$50 but i subtracted $100. Gas is $20 but still subtracted $100 and so on. I subtracted every other expense (current truck payment, insurance, gas (x2 normal just in case we decide to drive somewhere for the weekend), groceries, and rent). I even subtracted $1000 for savings.

After all that I'm still left with $2300 a month. My payment on the raptor will likely be around $800. My insurance will probably go up $50 a month. So if I took on an extra expense of $850, I'll be left with $1,450 for personal expenses like eating out, entertainment etc.

Do you guys think I'm safe in getting the Raptor? Give me your perspective please.

 

[Aaron]

 

[BudTX]

Are you putting a minimum of 10% of your gross income into a 401k or similar retirement investment plan?

Do you have at least 6 months of living expense set aside in a savings account in case of emergency?

If you have children, are you putting money aside for their future educations?

What are the terms behind that $800 per month Raptor payment?

 

[Tom]

You'll have to put down about $25k to get around $800 a month payment. With nothing down, I think you'll be looking at somewhere around $1200 a month on a $70k truck....I could be wrong.

 

[timjitsu]

Are you putting a minimum of 10% of your gross income into a 401k or similar retirement investment plan?

Do you have at least 6 months of living expense set aside in a savings account in case of emergency?

If you have children, are you putting money aside for their future educations?

What are the terms behind that $800 per month Raptor payment?

My wife's take home is after her 401k is taken out, and I have a profit sharing my employer adds about $5,000 to every year.

I have about 4 months expenses saved for emergencies.

We have 1 child with college savings account. We put $100 a month away.

Payment breakdown:

Total Cost with add-on's, Destinations charge and sales tax: $59,450
Down Payment: $10,000
Financing $49,450 for 72 months at 5% gives me a payment of $796

---------- Post added at 01:08 PM ---------- Previous post was at 01:06 PM ----------

You'll have to put down about $25k to get around $800 a month payment. With nothing down, I think you'll be looking at somewhere around $1200 a month on a $70k truck....I could be wrong.

I'm getting it for sticker and getting the 800A package with small add-on's like bed liner, remote start, and sub-woofer

 

[Rakimb17]

My wife's take home is after her 401k is taken out, and I have a profit sharing my employer adds about $5,000 to every year.

I have about 4 months expenses saved for emergencies.

We have 1 child with college savings account. We put $100 a month away.

Payment breakdown:

Total Cost with add-on's, Destinations charge and sales tax: $59,450
Down Payment: $10,000
Financing $49,450 for 72 months at 5% gives me a payment of $796

---------- Post added at 01:08 PM ---------- Previous post was at 01:06 PM ----------



I'm getting it for sticker and getting the 800A package with small add-on's like bed liner, remote start, and sub-woofer

Five percent seems high. Even for 72 months. Should be around 3.5. Shop around some more.

 

[timjitsu]

Five percent seems high. Even for 72 months. Should be around 3.5. Shop around some more.

I'm giving myself 5% as a worse case scenario.

 

[smurfslayer]

Bottom line:

only you can make the decision. If you posted here looking for someone to talk you out of it, you’re f@@ked.

Tomorrow is promised to no-one.

Buy the Raptor, live your life.

 

[Hamm3r]

Do it.

 

[smoothie]

What about a used Gen 1? I got one with only 35k miles in fantastic condition for $44k OTD.