Monthly Payments?
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Joined: Mar 2004
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Monthly Payments?
hey guys, i've been reading this site for months! and now just registered. any who...
im totally in love with the new f150. my current car cost me around 25,000. i can handle it. but the f150 is closely around 35,000.
what are you guys' monthly payments? think i can hand one with a part time job? (full time student)
please lemme know ur tips!
im totally in love with the new f150. my current car cost me around 25,000. i can handle it. but the f150 is closely around 35,000.
what are you guys' monthly payments? think i can hand one with a part time job? (full time student)
please lemme know ur tips!
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Joined: Mar 2004
Posts: 525
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From: Rochester NY
it's probably better to determine the total that you are willing to spend before you go and see a dealer. Find out what kind of deals you can get: the actual price of the truck (don't forget to add tax), financing options and rates, and all available rebates. Then after you have the info, break it down into monthly payments, depending on how you finace your monthly can be manipulated. I know that I would rather have the 0% APR than the rebate b/c that is pretty much a free loan, and I can handle the steep monthly payemnts for 36 months. It's never a good idea to try and buy based only on how much you want to pay a month. Just my humble opinion.
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Joined: Mar 2004
Posts: 525
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From: Rochester NY
By the way, you should be able to buy for close to invoice. My dealer sold my mine for $700 below invoice. They do a lot of dealing over the internet and their prices are good (standard $200 below invoice non negotiable). Only thing is they are outside of Rochester NY. Good luck, stick it to the dealer.
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Joined: Mar 2004
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The only partime job you can handle is selling shoes Mr. Al Bundee!
I know where you're coming from on wanting to know the monthly pmts. So what if you get it dirt cheap, $25,000 is still $25,000 and you've got to some how figure out a monthly budget so you're not forced to sell the truck for gas money.
I also know what it's like to be a full time student (currently IN your shoes, but graduate in May). If you don't have any credit of your own, substantial credit that is chances of getting the 0.0% interest are slim. You may even need someone to co-sign with you. Insurance is another issue, in my name it's over $800 every 6 months (I'm only 22) with a clean driving record and B+ student. Obviously you're going to need gas, OUCH need I say more?
Ok lets look at this hypothetically... Somehow you swing the 0.0% interest for 36 months, and your out the door cost on a new F150 is $25,000. Monthly pmt will be ~$695. Assume your insurance will be the same as mine at $800 every 6months, that's an additional $133.33 you've got to come up with each month or go crazy a week before the policy comes due. Now your operating cost per month has reached ~$828. I'll guess you may drive this truck 300 miles per week, and you're an average driver (average 5-10mph over set limit) so your fuel economy might be 16 mpg. So you're driving ~1200 miles per month getting ~16mpg, you'll need ~75 gallons of gas each month at cost of $1.95, an additional $146.25 per month. If you're keeping score you'll now need $974 each month to cover your cost of operation on this new vehicle. This doesn't take into account maintence, wear and tare, nor depreciation of driving the vehicle. It's sometimes hard to consider depreciation because you don't actually write out a check for it each month, but figure on it to be somewhere in the neighbor hood of $0.25- $0.30 per mile.
Now that I've explained this to you I've almost convinced myself I shouldn't have bought my FX4, which was in the neighborhood of $30,000 before my trade in and any rebates. However, I'm in a little different category as I own my own business. I say this because I get tired of people always saying to me, must be nice that "mommy and daddy" buy you new vehicles. I've busted my butt through college.
I hope I haven't discouraged you,or made myself out to look like a dummy by mis-figuring my calculations! My intent was to give you an example of what you'd have to look forward to for the next few years. Obviously I was making LARGE assumptions in some of my estimates, you may only drive the truck 100 miles per week for instance if you live on campus. Unforchanetly, I don't know what partime pay would be for a college student, as I've always been self employeed. Can you swing it? Sure you can, but you may have to be a little more than just "part time".
Good luck!
I know where you're coming from on wanting to know the monthly pmts. So what if you get it dirt cheap, $25,000 is still $25,000 and you've got to some how figure out a monthly budget so you're not forced to sell the truck for gas money.
I also know what it's like to be a full time student (currently IN your shoes, but graduate in May). If you don't have any credit of your own, substantial credit that is chances of getting the 0.0% interest are slim. You may even need someone to co-sign with you. Insurance is another issue, in my name it's over $800 every 6 months (I'm only 22) with a clean driving record and B+ student. Obviously you're going to need gas, OUCH need I say more?
Ok lets look at this hypothetically... Somehow you swing the 0.0% interest for 36 months, and your out the door cost on a new F150 is $25,000. Monthly pmt will be ~$695. Assume your insurance will be the same as mine at $800 every 6months, that's an additional $133.33 you've got to come up with each month or go crazy a week before the policy comes due. Now your operating cost per month has reached ~$828. I'll guess you may drive this truck 300 miles per week, and you're an average driver (average 5-10mph over set limit) so your fuel economy might be 16 mpg. So you're driving ~1200 miles per month getting ~16mpg, you'll need ~75 gallons of gas each month at cost of $1.95, an additional $146.25 per month. If you're keeping score you'll now need $974 each month to cover your cost of operation on this new vehicle. This doesn't take into account maintence, wear and tare, nor depreciation of driving the vehicle. It's sometimes hard to consider depreciation because you don't actually write out a check for it each month, but figure on it to be somewhere in the neighbor hood of $0.25- $0.30 per mile.
Now that I've explained this to you I've almost convinced myself I shouldn't have bought my FX4, which was in the neighborhood of $30,000 before my trade in and any rebates. However, I'm in a little different category as I own my own business. I say this because I get tired of people always saying to me, must be nice that "mommy and daddy" buy you new vehicles. I've busted my butt through college.
I hope I haven't discouraged you,or made myself out to look like a dummy by mis-figuring my calculations! My intent was to give you an example of what you'd have to look forward to for the next few years. Obviously I was making LARGE assumptions in some of my estimates, you may only drive the truck 100 miles per week for instance if you live on campus. Unforchanetly, I don't know what partime pay would be for a college student, as I've always been self employeed. Can you swing it? Sure you can, but you may have to be a little more than just "part time".
Good luck!
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Joined: Mar 2004
Posts: 145
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From: Salem nh
Worst thing you can do is lease....Dealer makes out big time and you just keep paying and paying and paying....I know it makes it easy to seemingly drive a truck you really cannot afford but it is a trap and a good one I might add. Do some simple math and you will find you are better off buying your cars or trucks.
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Joined: Nov 2003
Posts: 777
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From: Minnesota
hovbuild,
I am a dealer. I beg to differ on your lease theory. You are correct in quite a few situations. Leasing is the way to go for economical cars. Depending on the program, sometimes leasing is the best way to go.
What a lot of people don't know about leasing is the fact that you make payments (lets say for three years) and then they think they have to give the vehicle back. They don't if they don't want to.
When the lease is set up, the mfg give you a residual value: lets say 35% of sticker. That will be the price you buy the vehicle for at the end of the lease. Only if you want to, though. For the first three years they take the remainder of the price and devide it over your payments. You will then pay payments and you pay tax on just your payments. (depending on which state you live in) You know have three years to decide, "Well, do I like this truck well enough to keep it? Or do I want something new and exciting, or lower payments, or a car? You have the right to decide what your next step is. (Without worring what the value of the car/truck is) If you BUY your truck and decided in three years, you wanted to get something else, well, you had better hope you get out of your truck even and you are not upside down value wise.
There are many variables with leasing and again, depending on the residual and the money factor (lease's interest rate) it could be a good thing.
Anyway, leasing is not all that bad ALL the time. Just make sure you read the fine - print and look at all of your options. Run numbers on lease and buy and find out which will be more advantageous for you in the long run. Purchasing might not always be the way to go if you don't keep your vehicles for 5 years or more.
You can buy every vehicle you get, but if your trading every three years, you are STILL giving the dealers your money, no matter how you look at it. You are the one taking the depreciation hit and YOU are the one putting $ more money down on the next one, so on and so forth.
Everyone's needs, wants, desires and interests are different.
To sum all this up, leasing is a good way to go for some and not for others. There are to many factors to say it's a terrible way to go without hesitation.
PS. Dealers make out worse on a lease. I make a minimum of $100 per unit on a purchase and don't make any money from the bank if I lease a car/truck to a customer. I have the SAME opportunity on both senarios to offer warranties etc.
I am a dealer. I beg to differ on your lease theory. You are correct in quite a few situations. Leasing is the way to go for economical cars. Depending on the program, sometimes leasing is the best way to go.
What a lot of people don't know about leasing is the fact that you make payments (lets say for three years) and then they think they have to give the vehicle back. They don't if they don't want to.
When the lease is set up, the mfg give you a residual value: lets say 35% of sticker. That will be the price you buy the vehicle for at the end of the lease. Only if you want to, though. For the first three years they take the remainder of the price and devide it over your payments. You will then pay payments and you pay tax on just your payments. (depending on which state you live in) You know have three years to decide, "Well, do I like this truck well enough to keep it? Or do I want something new and exciting, or lower payments, or a car? You have the right to decide what your next step is. (Without worring what the value of the car/truck is) If you BUY your truck and decided in three years, you wanted to get something else, well, you had better hope you get out of your truck even and you are not upside down value wise.
There are many variables with leasing and again, depending on the residual and the money factor (lease's interest rate) it could be a good thing.
Anyway, leasing is not all that bad ALL the time. Just make sure you read the fine - print and look at all of your options. Run numbers on lease and buy and find out which will be more advantageous for you in the long run. Purchasing might not always be the way to go if you don't keep your vehicles for 5 years or more.
You can buy every vehicle you get, but if your trading every three years, you are STILL giving the dealers your money, no matter how you look at it. You are the one taking the depreciation hit and YOU are the one putting $ more money down on the next one, so on and so forth.
Everyone's needs, wants, desires and interests are different.
To sum all this up, leasing is a good way to go for some and not for others. There are to many factors to say it's a terrible way to go without hesitation.
PS. Dealers make out worse on a lease. I make a minimum of $100 per unit on a purchase and don't make any money from the bank if I lease a car/truck to a customer. I have the SAME opportunity on both senarios to offer warranties etc.
Last edited by YellowFX4SCrew; Mar 28, 2004 at 01:22 PM.
Senior Member
Joined: Jan 2004
Posts: 1,035
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From: Near Cincinnati, OH
I did a home equity loan for $30,000 to buy the truck. Figured it would be nice for tax deductions (interest) 
Anyway, my payment for that is $580 a month for 60 months. 6% fixed. We'll probably pay it off early (no penalties) since this is the only debt we have now, but again...maybe not for tax reasons...I don't know. It's nice not having debt, but it's also nice to have something to use as a tax deduction. I like doing it this way because we don't have to fool with Ford or any other goofy car financing. We just call the guy at the bank, he gets the paperwork ready and we go over and sign (no money down of course)...then a few days later, a check in our hands for $30k. Much easier than a dealer and no worries about hidden financing fees, etc. We know the deal.
I too bought mine from Van Bortel in Victor, NY. It was well worth the 7 hour drive
Anyway, my payment for that is $580 a month for 60 months. 6% fixed. We'll probably pay it off early (no penalties) since this is the only debt we have now, but again...maybe not for tax reasons...I don't know. It's nice not having debt, but it's also nice to have something to use as a tax deduction. I like doing it this way because we don't have to fool with Ford or any other goofy car financing. We just call the guy at the bank, he gets the paperwork ready and we go over and sign (no money down of course)...then a few days later, a check in our hands for $30k. Much easier than a dealer and no worries about hidden financing fees, etc. We know the deal. I too bought mine from Van Bortel in Victor, NY. It was well worth the 7 hour drive
Last edited by lariatf150; Mar 28, 2004 at 02:42 PM.
Senior Member
Joined: Jan 1999
Posts: 593
Likes: 2
From: Spearfish SD
I'm forking out a little over $1000 a month for the 04 Super Crew! But then I did the same thing as lariatf150 did. I wrote one big check from my home equity line of credit for $38800 and some change. I couldn't pass up the 3.95% interest and the tax write off.
As far as a part time student making payments and how much you can afford....wow thats a tough one to call. I know that it is nice to have a nice ride when you are young, but at this point in your life, are you sure you want to burden yourself with BIG payments that go on for years??? Take some time and think long and hard about your decision.
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Joined: Jan 2002
Posts: 31,440
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From: The Bluegrass State
Having stood in your shoes, I would say be 'ULTRA-CAREFUL' with your decision.
I'm only in my late 20's so, college wasn't that long ago. I, too, wanted the newest/latest/greatest but, based on my work schedule as well as class schedule, it simply wouldn't work out for me to buy a new Explorer EB (which is what I wanted at the time).
Also, include some of these factors into your decision making:
1. The truck will still be available upon your graduation.
2. Door dings etc are the way of the world. Especially on a college campus where parking is ALWAYS lacking.
3. Your current college 'beater' (if that's what it is in your eyes) will be the transportation form of a vehicle rather than the 'neck snapping' version. It's cheaper that way.
4. A 25 cent/mile estimate on driving it isn't out of the question by any stretch. Gas isn't cheap and the V8 isn't the most efficient engine on the market. Gas WILL be harsh on your beer fund.
5. INSURANCE. Nuff said. If your state is like nearly other state in the US, you'll have to carry full-coverage and thus, we're not talking a small piece of 'lunch money' change. If you're like me, Ramen isn't my first choice of meals.
6. When you go to a party to pick up the ladies, they'll never see your truck until you cast the bait while INSIDE the party. Beyond the doors at the party, you'll have to reel them in with the truck... this is obviously a good thing at this point but, you'll probably want to carry towels in that large backseat.
(god, I miss college and my 1990 Geo Prizm 
)
7. Your credit. Will you be able to get the best interest rate with what you've done in the past?
8. What other 'balances' are you carrying right now? (Credit cards, college loans, etc)?
9. Long story short; living your current lifestyle, can you *REALLY* afford it? If not, are you willing to REALLY adjust your lifestyle so that you can? Work and college are hard; trust me, I worked a 40+ hour week and went to school full-time as well 3 of the 4.5 years I was there (the extra 0.5 year was because I was a double major... no wise-cracks! LOL!) and, it was hell on my social life.
There are so many other things to consider and I could go on and on...
Just make sure that this is the best decision for you. If it is, jump on it like a rodeo clown. If not, be happy with what you've got and start saving hard and heavy (which is what I elected to do through school... once I graduated, I went out and bought a BRAND NEW Explorer XLT... then traded to my King Ranch a few years later.) Nothing wrong with planning!
RP
I'm only in my late 20's so, college wasn't that long ago. I, too, wanted the newest/latest/greatest but, based on my work schedule as well as class schedule, it simply wouldn't work out for me to buy a new Explorer EB (which is what I wanted at the time).
Also, include some of these factors into your decision making:
1. The truck will still be available upon your graduation.
2. Door dings etc are the way of the world. Especially on a college campus where parking is ALWAYS lacking.
3. Your current college 'beater' (if that's what it is in your eyes) will be the transportation form of a vehicle rather than the 'neck snapping' version. It's cheaper that way.
4. A 25 cent/mile estimate on driving it isn't out of the question by any stretch. Gas isn't cheap and the V8 isn't the most efficient engine on the market. Gas WILL be harsh on your beer fund.
5. INSURANCE. Nuff said. If your state is like nearly other state in the US, you'll have to carry full-coverage and thus, we're not talking a small piece of 'lunch money' change. If you're like me, Ramen isn't my first choice of meals.
6. When you go to a party to pick up the ladies, they'll never see your truck until you cast the bait while INSIDE the party. Beyond the doors at the party, you'll have to reel them in with the truck... this is obviously a good thing at this point but, you'll probably want to carry towels in that large backseat.
(god, I miss college and my 1990 Geo Prizm )7. Your credit. Will you be able to get the best interest rate with what you've done in the past?
8. What other 'balances' are you carrying right now? (Credit cards, college loans, etc)?
9. Long story short; living your current lifestyle, can you *REALLY* afford it? If not, are you willing to REALLY adjust your lifestyle so that you can? Work and college are hard; trust me, I worked a 40+ hour week and went to school full-time as well 3 of the 4.5 years I was there (the extra 0.5 year was because I was a double major... no wise-cracks! LOL!) and, it was hell on my social life.
There are so many other things to consider and I could go on and on...
Just make sure that this is the best decision for you. If it is, jump on it like a rodeo clown. If not, be happy with what you've got and start saving hard and heavy (which is what I elected to do through school... once I graduated, I went out and bought a BRAND NEW Explorer XLT... then traded to my King Ranch a few years later.) Nothing wrong with planning!
RP
Senior Member
Joined: Mar 2004
Posts: 145
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From: Salem nh
Sorry Yellow, I didn't mean to offend you or any dealers. They got to eat to.
I just got to say something when I see younger people get into the "loan" or "Lease" thing at such an early age. When it takes so long to get out from under debt that these easy get what you want now scenario get you into.
As far as the trade in, if you do your homework you can usually do OK. You have to be fair about it. I find what my truck or car is going on a dealer lot. Then I tell them 10-15% is fair after I make my deal on the new truck-car. I have never been turned down yet and I have bought many new trucks and a couple cars (wife) over the years.....I realize that one must pay a few bucks to ride around in a new car, but this amount needs to be fair and the banks-lending places not get my hard earned money. I also have found that the dealers are changing their ways to the better. I don't know if this is because of the information on the INTERNET, but it seems the reputation of the car salesman is improving and purchasing a car is a mush more pleasant experience. IMO
Bill
I just got to say something when I see younger people get into the "loan" or "Lease" thing at such an early age. When it takes so long to get out from under debt that these easy get what you want now scenario get you into.
As far as the trade in, if you do your homework you can usually do OK. You have to be fair about it. I find what my truck or car is going on a dealer lot. Then I tell them 10-15% is fair after I make my deal on the new truck-car. I have never been turned down yet and I have bought many new trucks and a couple cars (wife) over the years.....I realize that one must pay a few bucks to ride around in a new car, but this amount needs to be fair and the banks-lending places not get my hard earned money. I also have found that the dealers are changing their ways to the better. I don't know if this is because of the information on the INTERNET, but it seems the reputation of the car salesman is improving and purchasing a car is a mush more pleasant experience. IMO
Bill
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Joined: Apr 2004
Posts: 23
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I ordered a 2004 FX4 with most everything, leather, captains chairs, audiophile system, power seats, 18" wheels, two tone paint, tow package, mirror package, reverse sensing, sliding rear window, 5.5' box. sticker was $36,700 got it for $29,700 with dealing and rebates. Put down $9k and got 4.9% financing about $410 month.
