Prospective buyer - all advice welcome

[CLDIV]

I've been contemplating purchasing a Raptor for 3 months now. I'm located in Nova Scotia, Canada.
Here's how I will/won't use it.
I won't be using the vehicle to it's full capacity off-road, and I won't tow often.
I will commute 60km/day/5 days a week, highway mostly. In the summer, I will be driving it from NS to Vancouver Island and then living there for a year and returning home. While living and working that year, I will be taking it on tour as much as possible, up Mt. Washington, Tofino, seeing all the sights I can, might even dip down to 'Murica.
On paper, why don't I just have a civic? I'll admit, I am grossly underusing the Raptors potential. Here's why.
I'm 22 years old, Annual salary of 60 k with no financial commitments aside from living expenses. (I'm renting). I plan to own the baddest of the bad ass trucks for a year, do everything I want to do with it, then sell and go down to a commuter and change my financial focus , Ie; If I have a vehicle worth 10k vs 50k, I will be in a far better position for saving and home ownership. Yes, I'll take a loss.
Now I know I want a Black Screw 6.2l. But that is all I am positive about. Not well informed about the different packages and options between model years. I'm hoping I will find all that information here. I would be buying used and will not spend more then 50k all in. How does this all sound to everyone? Feel free to also comment on the plausability of the financial side of things , as this will be the biggest transaction I've made by far. Thanks for reading.

 

[JM11c1papa]

The risk vs. reward for your plan is too great. You won't build enough equity in your own credit by paying for the truck for 12 months. This could have an opposite effect on your borrowing capacity in the future.

 

[Deleted member 12951]

Do you have something you are trading or selling or cash down to offset the $50k? What kind of emergency fund do you have? Those are unknowns about your financial decision.

You are young so can afford to make those mistakes but IMHO I wouldn't want to be in a situation where I was financing the whole amount.

When I get my Raptor, I will have a little over 50% equity and financing yes but because at 2% loan rate would rather use someone else's money than my emergency cash but if needed could pay it off immediately.

Again you are young and the truck is cool and I know if I was young again and could at least afford the payments, I too might not make the best choice and probably out of lust, would buy it. At your age, I was married with a kid and just bought a house then immediately bought a new 86' Z28 that I couldn't afford but made it work. Looking back, wasn't wise.


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[The Car Stereo Company]

welcome to debt.... its the new age.


its your finances, your descision. if you can afford it and want it, go for it.

 

[RaptorBri]

Bad Idea

From one fellow Canadian to another.......don't do it! If your 22 and trying to get ahead in life financially, this is definately not a good start! Your young....save save save....lots of time to get into a Raptor once you're settled. This is the wise man talking.

If you do end up purchasing a Raptor, you will never sell it and go back to a small car........especially after owning it for a year. So keep that in mind

Maybe, bust your ass now for 2 years, save like crazy and plan on getting the new 2016 Raptor when it arrives. Worst case pick up a used one then....

Good Luck!

 

[MagicMtnDan]

If you have to ask a public internet forum about your finances and buying a vehicle I'd say that you should wait. Get yourself to a better place financially and then, when you're ready, you'll know it and won't ask online.

 

[debate]

Get the keys.

 

[CLDIV]

Thanks for all your honest input, keep it coming.

 

[Magnum PI]

Go on ford website you'll see all the different options.

 

[bakkbakk]

would you rather lose a shit ton for no reason or pay cash for a raptor down the road when your priorities are taken care of.

Vehicles are tools and not worth not getting ahead in life over.

unless your going to keep it awhile of course, then buy that bitch

your money your rules