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lisadsayre

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    How is everyone financing these pricey trucks?

    in F-Series SuperDuty Forum

    Posted

    8 hours ago, gom said:

    It's a product of the times you were raised and perspective on the world, I'd guess.

     

    When I was a kid, back in the 80's, my dad taught me to save. You needed to save the pennies, the dollars would take care of themselves. That's what my Dad Barnes taught us -- I was too young to really remember him but it was how things were in that era. This was post 70's inflation and interest rates were on the rise. Not a little, a lot. I remember hearing about double digit mortgage rates. In the mid-late 90's my Dad was talking about how mortgage rates were 7%, the lowest he'd seen. I don't remember if that was the lowest he'd seen in his life or in decades... but an era, regardless. 

    So to me, I see 2% interest and I see free money. Because an economy can not be sustained with interest rates that low. Who would ever make a risky investment for 2%? Not me, I'd buy dang toilet paper before I'd loan my money at 2%. Politics and all that aside -- I see the 2% as a better investment in the asset of a truck that I'll use, hopefully for the rest of my life, than in something else right now. So if you think a SD truck is unobtanium now -- just wait until interest rates get up around 7%. 

    You'll have this truck -- and a younger generation who had no chance at the free-money-pot will look at you, your car, your house -- and they'll ponder... how can they afford this. And the truth is -- if you had to buy it again, you probably couldn't.

    The home I live in cost a little over twice what the truck I ordered cost. I didn't buy it all too long ago, but I bought it before 2020. It's zestimate is 450k, last I checked. I don't own a single piece of furniture that was purchased new. I work from home and the desk I use was something someone else was throwing away. Not because it was trash but because that pesky solid wood (black cherry) desk was just annoyingly heavy so they didn't want to bother moving it -- they were going to buy a new one at their new house and didn't want to have to move it out. So, for getting it out of their house -- I got a free desk. Nicest desk I've ever owned, by far. Our dining room furniture, 8 chairs and a table that we are complimented on all the time -- $400 at the local flea market / consignment shop. Also solid wood. I'll bet the people who bought that new paid close to $10k for it. Thing is also absurdly heavy. My bedroom suite, matching set -- two nightstands, chest, dresser, king headboard/footboard and box springs -- paid $500 for it. I could go on. Whole house, all furniture together... maybe paid $3-4k for it all. Probably less. I mean -- couch and loveseat, awesome leather and down filled, paid $200. 

    That's a lot to say that we can afford the truck because we bought into other things in an era before this one. An era when you could find used furniture for far, far less than new furniture. 90-95% less. So plentiful that people absurdly would throw away beautiful pieces that I will enjoy for my whole life and likely pass on to my children... as if they were waste. our home was so cheap we could nearly pay for the whole thing in a handful of years if we really wanted. 

    So, we afford this truck we are buying because of a complex set of circumstances that we have benefited from greatly. 

    That's just my story, I have no doubt others have different stories. I've known people who buy things like this and then are a slave to their debt. I have a cousin who bought a million dollar farm, equipment, and a brand new dually --- and he rode that train until it crashed. From the outside, he was living the life. From the inside, he was suffocating under the weight of it all.

    Regardless, OP, wish you good fortune -- I hope your truck buying and owning experience is as great as it can be. 

    I can really relate to this! Our dining room set was $50 on marketplace, lol, real wood, better than most you would buy new. Most of our furniture is also used, I prefer it that way. We have over 1/3 down, which I feel is pretty good. I am just looking for the lowest interest rate and hoping for 2%. If we can find 2%, we can definitely go for a shorter term. Goal is to have it paid off by retirement along with the house. This is another reason I really do not want.to give up any of the options chosen. We plan on having this one a very long time.

    How is everyone financing these pricey trucks?

    in F-Series SuperDuty Forum

    Posted · Edited by lisadsayre
    update

    I am just curious as to how everyone is planning on financing these luxury trucks?  Even with my decent sized down payment, I will still probably be looking at an 84 month term loan.  I am not of retirement age yet, but this will be the vehicle that I keep into my retirement .  Never in my wildest dreams did I ever think I would spend this much money on my dream truck, yet here I am, lol. 

    First time Super Duty Owner

    in Welcome!

    Posted

    I love both of them!!! Really nice!  I had a false alarm today, lol.  I thought I had a reply as to when my truck was going to arrive.  Wrong truck!!! Mine has not even begun production.   I am feeling really nervous about giving up my denali and changing over to a Ford, a good kind of nervous, I think.  And we need this bigger one to safely pull this trailer

    • Like 1

    First time Super Duty Owner

    in Welcome!

    Posted

    We have a 2020 Keystone Springdale 35ft bunkhouse.  A friend of ours had it for sale.  It was a really good deal that we could not pass up.  We figured even if we do not use it that much, we will be able to get our money back out of it if we sale it, lol. 

     

    • Like 1
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