Who else financed their Raptor?

[MG21]

I'd argue a nice apartment is a worse investment than a new car, especially if you're a car guy. Don't spend most of your income on a car and housing, be choosy with your priorities.

Also, I need a car newer than 5 years old to qualify for the car allowance at work. They don't just hand you a tax free $500/month stipend for driving an 02 accord.

Yeah I have to have a newer vehicle as well. I could probably use my 15' lariat for another year, 2 max then time to trade in. I work in oil and gas so a truck is expected.

 

[Vegas_Sirk]

Very good points and what i go back and forth with every day. Im invested in the S&P and have done very well the last few years. I have cash on hand and more to buy the truck out right, but you can make more off having a note and putting the rest in funds.

This. My loan's interest rate is 3%, I can take the cash and invest it in other things (stocks, inventory for my business, etc) and make a much better than 3% return.

 

[txgunsntrucks]

love the smartass answer! almost mirrors me.

if you live in an apt you have no business buying a 70k vehicle. putting and keeping a roof over your head no matter your work situation is always more important and a better use of funds.

And dude. you just can't make an argument that holds water. you could drive anything late model.
A raptor is not a good financial choice, end of story. But we do no buy these things because they are smart. so i get that.

 

[txgunsntrucks]

This. My loan's interest rate is 3%, I can take the cash and invest it in other things (stocks, inventory for my business, etc) and make a much better than 3% return.

You make some good points- but I highly disagree w/ buying used vs new, especially since trucks hold their value so well. An HD diesel you plan on using to plow or tow? Sure used is a good way to go most of the time. But it really all depends on the deal- if you’re getting very low or NO interest on a new truck, if you haggle on it & timing is right it can be a better deal overall.

Also- once you “rip the bandaid” off & buy new, it’s easier to keep that up going forward as your vehicle will ALWAYS be worth more than if you buy used. Now- I don’t subscribe to this mantra when it comes to real high end luxury cars, exotics, or hobby/sports cars like corvettes & wranglers - there are thousands of pristine examples barely used w/ tasteful mods thrown at em etc.

but just compare scenario- I bought my ‘18 raptor new....b/c I had a ‘15 GMC Sierra - also bought new originally - that got totaled by deer w/ 62k on the clock. The ins co forks over $34k - if I had bought that GMC used it would’ve been a 12-14 model year w/ $85-120k on it & been worth a good bit less as total loss.

My new ‘18 stickered for $66.8k - I got down to $59.5k & that price included a $550 tonneau cover & $1000 credit toward extended warranty so I had to shell out another $630k in total $60,130 I put $15k down cash + the $34k from ins & financed the rest @ like 1.9%

now just paid off title in hand I got a rolling *** of $50k give or take, no payment, & a vehicle that should last me another 4-5 years no problem & is warrantied regardless. Has 21.5k miles on it. That’s the other kick in the nuts buying a slightly used expensive vehicle- you ultimately getting a vehicle that COULD have been beaten to death for the first 25k by an a owner KNOWING they intend to swap it out, minimal to zero maintenance & you get the aftermath. Along w/ seats that have had someone else’s sweaty balls on em, farts, sneezing on dashboard, etc.

I joke- but it’s very analogous in a way since furniture is damn expensive too....who buys used furniture? Couldn’t imagine it right? Used beds/mattresses? Nah no way right?

I GUARANTEE you right now a) my sweaty ass spends more time in my car seat than my couch or possibly even bed (unfortunately) & b) I’ve eaten/drank all kinds of stuff in it, all type of bodily fluids (human or otherwise) have graced the interior, & I simply like the peace of mind knowing exactly what has or hasn’t been done to the vehicle.

I just swapped out the fluid in diffs & TRansfer case @ 20k- I can all but assure you whomever owned your used Raptor did not.

Like I said- to me all comes down to the deal, finance rates, & what you can afford. I also don’t think you should ever be in a loan/car situation you can’t bail on at any time.

love all the reasons you listed.

to each his own

I'll say it one more time

BUYING A NEW VEHICLE IS NEVER A GOOD FINANCIAL CALL.

there is no arguing that point

 

[txgunsntrucks]

Not that it matters to anyone, but I really like single family residential rentals. Economy good? People rent. Economy bad? People even more likely to rent. I'll take some of that truck cash and buy a fixer-upper at a reduced price that I can turn around and rent. Went through a very rough patch personally about 4 years ago and rental property really carried me and saved my ass, despite some real nail biting with unexpected (and expensive) repairs at the time. My cash on cash return has been in the 20-30% range. I don't understand stocks or the S&P and I know some very wealthy people who don't either. At least with property I feel like I can control my situation at least somewhat. With stocks and such, I'm kind of along for the ride.

I sell commercial real estate for a living and my income can vary wildly. Rental income is the only constant, somewhat predictable income I have. You really have to be a saver at times!

Cannot argue with the returns from the S&P, but I'm a dummy and I just don't understand it.

you don't need to understand stocks. Get a mutual fund that follows the S&P500 with no fees (fidelity). done.

This is going into a whole other topic. But check out the fund FZROX by fidelity. no fees of any sort, invest as much or as little as you like.

 

[Vegas_Sirk]

love all the reasons you listed.

to each his own

I'll say it one more time

BUYING A NEW VEHICLE IS NEVER A GOOD FINANCIAL CALL.

there is no arguing that point

Buying a Raptor, in general, isn't a good financial call, but what's the point of making money if you can't enjoy it once in a while. My decision was between paying cash or financing and financing makes smarter sense in the scenario.

 

[Vegas_Sirk]

you don't need to understand stocks. Get a mutual fund that follows the S&P500 with no fees (fidelity). done.

I've been a big fan of Vanguards VTI

 

[Badgertits]

love all the reasons you listed.

to each his own

I'll say it one more time

BUYING A NEW VEHICLE IS NEVER A GOOD FINANCIAL CALL.

there is no arguing that point

wont disagree w/ that.

but I just like the new car smell....

 

[txgunsntrucks]

wont disagree w/ that.

but I just like the new car smell....

Then only buy new cars brother. Just know the real cost, because it is a lot more than what the sticker says.

 

[tomahawk]

financing a vehicle is STUPID, its the most costly item you could ever own...i would never get into a loan again