Buying a car in this economy (2 Viewers)

[efil4stnias]

I was bored, so I got to looking at truck prices. I bought my 2020 Ford Ranger three years ago and I've got a couple years left to pay it off, so I'm not really looking for a new vehicle. Three years ago, I paid $32k and the new 2024 Rangers of the same trim are now $41k. A $9k difference in three years in absolutely nuts. The only good thing is that my current vehicle is worth way more than what I still owe on it, but dang, these prices are incredible. How in the world do people afford the full-sized trucks??

and dont forget interest rates hovering at around 8% and thats with 800+ credit. ( on used )

Im sure new cars getting like 2.9% deals- the other thing ive seen is now you can go past the historical max of 72 months- some are doing up to 84 or 96 mo. lol.

8 year financing lol. Pretty soon folks will be getting an amortization schedule with purchase of new vehicle.

 

[SWJJ]

Yup, i have to admit, the paradigm has shifted for this market. It may be years for it to change to lower prices. You've got car makers moving to EVs and using profits from ICE sales to fund it. We've still got component shortages as well. Used car prices started collapsing at the beginning of the year but all of sudden, they sprung back this month. I've seen nothing like it.

Some vehicles are no longer in short supply. Ford and GM both had to idle truck plants because inventories were creeping higher. Anecdotally, I'm seeing local Jeep and RAM dealers lots full of new product. I've been shopping for a Mercedes Benz Sprinter and there appear to be plenty to choose from but every dealer still wants $10K over MSRP for them. Markups are still around for those Jeeps, RAM trucks, etc. It's weird. I was planning to build a custom off road RV with a Sprinter van but I've given up on doing that for a while.

I'm glad we got our Rivian and Jeep Wrangler when we did. The Rivian would cost me $15K more if I bought it now and the Jeep about $10K more BEFORE markups. I was drooling over a Wrangler Rubicon 392 but they want $105K for it. Heck the base price on it is already $85K. That's a $15K increase over the last 3 years.

Well, at least this market has gotten me to stop buying new cars every year.

How do you like the Rivian? Which model do you have? The next vehicle I get for me will probably be the R1S, but I have to buy my teenagers a couple of cars before I pull the trigger on a new one for me.

 

[Rickboy]

How do you like the Rivian? Which model do you have? The next vehicle I get for me will probably be the R1S, but I have to buy my teenagers a couple of cars before I pull the trigger on a new one for me.

I've got an R1T. It's my 2nd one. Our 1st one was totaled when we were rear ended at a fairly high speed. I and my family walked away while the guy that hit us was hurt a bit. Frankly, he was lucky to be alive. That alone was enough reason to buy a 2nd one.

The only real issue I've had with it is the power tonneau cover which has now been fixed and works great.

 

[bonnjer]

and dont forget interest rates hovering at around 8% and thats with 800+ credit. ( on used )

Im sure new cars getting like 2.9% deals- the other thing ive seen is now you can go past the historical max of 72 months- some are doing up to 84 or 96 mo. lol.

8 year financing lol. Pretty soon folks will be getting an amortization schedule with purchase of new vehicle.

Yep, when I was looking at the Ford dealership's website, they did have 84 months. I financed my truck for 72 months, but paying it off like it's 60 months. Those folks going for 84 months at minimum payment on these massive vehicles....yikes.

The discussion in this thread, even a year ago, was that there was thinking that things might improve, but it sure as heck doesn't look that way. By the time I'm ready to start looking in a couple years, the same Ranger might be close to $50k. That's just unbelievable.

 

[efil4stnias]

Yep, when I was looking at the Ford dealership's website, they did have 84 months. I financed my truck for 72 months, but paying it off like it's 60 months. Those folks going for 84 months at minimum payment on these massive vehicles....yikes.

The discussion in this thread, even a year ago, was that there was thinking that things might improve, but it sure as heck doesn't look that way. By the time I'm ready to start looking in a couple years, the same Ranger might be close to $50k. That's just unbelievable.

Not when they have 100 units that have been sitting on lot for 5 months because they can't move em.

Bide your time. It will be a buyers market soon enough

 

[Mr. Blue Sky]

Bide your time. It will be a buyers market soon enough

Ive been hearing that for over 3 years now .


Dealers will adjust, inventory will adjust.. Prices will never come down, only further up…. In My Opinion .

 

[Taurus]

Ive been hearing that for over 3 years now .


Dealers will adjust, inventory will adjust.. Prices will never come down, only further up…. In My Opinion .

Now would be a good time for someone in government to clearly say that if US automakers insist on pricing cars like they're houses, the Feds will not be bailing them out

 

[Brennan77]

Now would be a good time for someone in government to clearly say that if US automakers insist on pricing cars like they're houses, the Feds will not be bailing them out

Additionally, we are our own worst enemies as consumers. We tend to spend way too much on vehicles we can't afford and agree to ridiculous financing terms.

As a whole we need to chill out with our purchasing and force car manufacturers to sell cars and not loans.

 

[DaveXA]

Additionally, we are our own worst enemies as consumers. We tend to spend way too much on vehicles we can't afford and agree to ridiculous financing terms.

As a whole we need to chill out with our purchasing and force car manufacturers to sell cars and not loans.

I mean, I'm doing my part. I don't even own a car. Lol.

 

[kansast]

We have been debating getting a new vehicle soon. One of our F-150’s has well over 200k miles on it. But when looking at the high prices and insane interest rates even for someone with excellent credit. It’s like yeah never mind. Just having to keep an eye out for some deals with lower interest rates. Which I see from time to time. Just nothing we are interested in.

 

[Maxp]

We just got 6k off MSRP on a 24 X7. Deals are out there, but you will need to travel for them. Ford is about to dump 10s of thousands of F series trucks on the market. Can't imagine that won't have an effect.

 

[bonnjer]

We have been debating getting a new vehicle soon. One of our F-150’s has well over 200k miles on it. But when looking at the high prices and insane interest rates even for someone with excellent credit. It’s like yeah never mind. Just having to keep an eye out for some deals with lower interest rates. Which I see from time to time. Just nothing we are interested in.

For the prices of a new F-150, seems like you'd be way better off just getting the old one serviced / rebuilt.

 

[Mr. Blue Sky]

I mean, I'm doing my part.

Same same …. My Jeep is a 2012 model, with only 113k on the clock.. ive toyed with replacing it, but i just cant justify it in the current environment .. it’s not even a matter of not being able to, i could easily qualify to lock myself in for 72 mo or 84 mo financing- but why would i want to sign up for 6 or 7 yrs of car payments ? What im more likely to do is keep the Jeep and find a beater vehicle for $5k or $10k to use for work, once this ‘buyers market’ materializes- as it is now i doubt you can even find a used car that runs for under $10k .

 

[zeetes]

I was bored, so I got to looking at truck prices. I bought my 2020 Ford Ranger three years ago and I've got a couple years left to pay it off, so I'm not really looking for a new vehicle. Three years ago, I paid $32k and the new 2024 Rangers of the same trim are now $41k. A $9k difference in three years in absolutely nuts. The only good thing is that my current vehicle is worth way more than what I still owe on it, but dang, these prices are incredible. How in the world do people afford the full-sized trucks??

its forking nuts. the prices are totally out of control.

 

[bigdaddysaints]

I was bored, so I got to looking at truck prices. I bought my 2020 Ford Ranger three years ago and I've got a couple years left to pay it off, so I'm not really looking for a new vehicle. Three years ago, I paid $32k and the new 2024 Rangers of the same trim are now $41k. A $9k difference in three years in absolutely nuts. The only good thing is that my current vehicle is worth way more than what I still owe on it, but dang, these prices are incredible. How in the world do people afford the full-sized trucks??

a lot of people pay close to 100k on a large truck, then complain about gas prices.. dude, your note is $1500/m, if you can't afford to put $25 more worth of gas on your truck, then you are just a big ol idiot..