I'm new, and I'm thinking upon buying an F-150 soon after I get my license(which will hopefully be next year if the winter season dosent get severe), but their two things that worry me a bit: Price(I only have a part-time job at my local grocery store that pays $6.65/hr and tips, if I'm lucky to get any from customers) and Engine Power to get things done(80% hauling/20% Towing is what I will be mostly doing) and leave room for at least a few burnouts. I want to know two things:

Whats the best F-150 model you would suggest knowing my salary is only 13k++ a year?(I love the lariat and FX4, but my mininum wage kinda suggest otherwise)

Do you think Ford will have a high-output version of the 5.4L or make either a 5.8 or 6L(both with 3-valve) later on?

 

Anyone?(just curious, that's all)

 

I guess the best thing to do is... price it out and use the monthly payment calculator on the site. That'll give ya a good idea of the trim you could afford.

I don't think (IMO) they're gonna be re-designing the 5.4 or using any other engine in the F150.

 

Ohh, ok...the reson why I was mentioning the engine is because of Dodges Hemi and Nissans Endurance V8, and I'm a little worried about the future of the Triton 5.4L, I hope it would give great torque down low compared to them.


p.s.: i'm mostly into Fords rather than mopars as my name would suggest to some of you here, dont be confused, i'm not a fan of big-rig style over substance.

 

13,000 / 12 Months = a Monthly Income $1084

Insurance (rough guess) $100

Gas at one tank ($40) a week x 4 weeks = $160

Monthly Payment on truck XL w/5.4L No extras $22,955 = $432 with nothing down

$100 + $160 + $432 = $692 a Month roughly

So $1084 - $692 = leaves you with $392 a month to spend.

These numbers are a rough guess it may be more or less depending on if you put any money down on the new truck. And how your driving record is for insurance. If you are 16 (guessing) then the insurance may be out of control $100 is a low guess.

Food for thought
Good luck hopefully you can work something out.

 

i would tack on 10-15% to that estimate because cost on a new truck adds up (tax, license, doc fees, etc). and insurance will kill you at 16 driving a brand new truck. i would suggest buying a used truck. you also have to consider that most 16 year olds can't get financed. you'd be hard pressed to find a bank or dealer to finance you on that kind of salary with no credit history. unless mom and dad are going to play a part in this, you don't have much of a chance. save up some cash and buy an older Ford, maybe mid 90's. just my humble opinion.

i was in your position. i've loved Fords since i saw my first lifted F-150 with Boggers when I was 14. I am 24 and I just bought my first truck. this baby was 10 years in the making for me. until now i took what i could get which was hand-me-down cars from family. ain't no shame in that, you do what you gotta do. but now i have reached the promised land and i love my new F-150. good luck man.

 

Also dont forget about taxes....
good god...that leaves like nothing....
If you can make it happen 'congrats'....but its going to be hard as hell to get financing!

 

The insurance on the truck is what's gonna do you in. I'm 23 and I expect to pay around $2,400 a year on the truck. Unless you insure the truck under your parents's policy. BTW I have an XLT Screw on order.

 

My guess would be your estimate is based on 60 payments at about 12% interest, which I think would be a very generous interest rate for a 16 year old making probably below poverty level salary with next to no credit history and more than likely a tiny down payment if anything at all.

magnum zaibatsu... you're basically talkin about buying a truck that will cost probably at least 150% of your yearly salary. I make almost 50 thousand dollars a year and Im not sure I'm ready to pay the kind of money for a new truck they're charging for the new F150s. Definitely NOT a good way to start your life out financially. Save a few thousand bucks. Start with a used 93-96 version which should be in a much more reasonable price range for you. Think more about putting money away and enjoying your youth rather than having what little fun money you have going into your vehicle.

Plus... you're 16. 16 year old brand new drivers tend to be more accident prone due to a lack of experience behind the wheel. A teenager's first car tends to get banged around, knicked, dented, dinged, and generally abused. Better that this happen to an 8-10 year old truck than an expensive brand new one.

GEt yourself a beater, enjoy your youth, then when you start makin some money look at nicer trucks.

 

I'm w/ eharri3..... Buy an older truck.....

Ideally with dual carbs and something that makes some throaty noise from the tail pipes!!



There was nothing better than growing up being able to work on my 1st vehicle.... I think I still can smell the oil & grease.....

Plus an older truck has much more options for modifications, are less costly to buy and at your age a WHOLE lot cheaper to insure. The extra cash you save will come in alot more handy!

 

You should listen to all the good advice from people here Magnum. Here's what I would do if I were you.

$22,995 (bare XLT) - $6000 (decent used truck) = $16995 saved over five years that you would finace the F150.

If in 5 years from now you invest that $16,995 that you saved up at 10% interest and hold it until you are 65, it would be worth

$1,126,157.97

So spend the next five years of your life driving a beater training truck. With the money you save on tax, title, licence, and insurance alone you will have plenty to party with and enjoy being young. By the time your 21 you'll hopefully be making more money and have some credit. Then you go out and buy a new car. You'll forget about that $17,000. That is until you retire and buy a fat house on the beach with your $1,126,157.97!

Compound interest baby

 

and what kind of investment is going to give you a steady 10% over the course of 49 years without much risk? yeah, i didn't think so...

 

Bonds?

You're right though, I think IRA's typically pay around 7% or something like that which would yield significantly less money with a one time investment. However with the ~17,000 initial investement and an additional $3,000 per year (up to $5000 in 2008 according to this scenario) you would take home $1,684,457.95 at age 65.

 

There are many types of investments that would provide such a return. For a long term investment, you're looking (hoping) for the highest possible average rate of return. Sure it may go down, but it always rebounds (especially with long-term investments) and you may find that the average over the life of that investment is quite a bit more than 10%.

Also, many bonds offer a nice return at maturity.

 

which I forgot to mention is tax deductable.

I'm not trying to pretend like I'm an accountant or your mom here Magnum, but I think my point is you can't argue with the math of investing when you're young.