Paying for your own truck... how much a month?
Senior Member
Joined: Mar 2004
Posts: 1,336
Likes: 1
From: Your moms house
Originally Posted by ddellwo
No payments here -- paid cash for my F-150! 
However, the wife and I together make a $615.00 "car payment" every month, even though we don't have a car payment to speak of. That total represents the payment amounts we had on the two vehicles we bought new in 1997 -- $352.00 a month for a Pontiac Sunfire GT for her, and $263.00 a month for a Ford Ranger XLT for me. When these vehicles were paid off, we just kept driving them and making the payments we had become accustomed to in our budget so we could create a "car fund" to buy our next vehicle outright.
Using this method we paid cash for her 2005 Ford Escape, and are now pooling money that will be used to replace my "daily driver" Ranger when the time comes due. (I'm thinking about getting another Ranger -- maybe a 4x4 with the V6 in it next time!)
As for my F-150, that was paid for using the mileage money my company gives me for my business travel. Pooling it over the years allowed me to pay cash for my F-150 "toy", and it is now being saved to allow me to do the same on a new Mustang GT!
In my opinion, living frugally for a few years automobile-wise (no car payments outgoing, but pooling the money into a car fund) can really put you ahead of the curve with your vehicle purchases, and this small, short term sacrafice upfront will make your life easier for many years to come if you're disciplined with it!
However, the wife and I together make a $615.00 "car payment" every month, even though we don't have a car payment to speak of. That total represents the payment amounts we had on the two vehicles we bought new in 1997 -- $352.00 a month for a Pontiac Sunfire GT for her, and $263.00 a month for a Ford Ranger XLT for me. When these vehicles were paid off, we just kept driving them and making the payments we had become accustomed to in our budget so we could create a "car fund" to buy our next vehicle outright.
Using this method we paid cash for her 2005 Ford Escape, and are now pooling money that will be used to replace my "daily driver" Ranger when the time comes due. (I'm thinking about getting another Ranger -- maybe a 4x4 with the V6 in it next time!)
As for my F-150, that was paid for using the mileage money my company gives me for my business travel. Pooling it over the years allowed me to pay cash for my F-150 "toy", and it is now being saved to allow me to do the same on a new Mustang GT!
In my opinion, living frugally for a few years automobile-wise (no car payments outgoing, but pooling the money into a car fund) can really put you ahead of the curve with your vehicle purchases, and this small, short term sacrafice upfront will make your life easier for many years to come if you're disciplined with it!
Senior Member
Joined: Jun 2004
Posts: 2,823
Likes: 15
From: Houston, TX
Originally Posted by jamzwayne
That's an awesome idea.
You also have to have a fair amount of self-discipline. Believe me, there were MANY times when we were pooling money for our Escape that I had grown INSANELY tired of the vehicles we were driving (primarily the wife's Pontiac -- I actually still love my little Ranger) and wanted to get something different in the worst possible way! And when friends of ours would go out and buy a new car with all the bells and whistles it could make it awfully tough to "stick with the plan" and see that this sacrafice would payoff in time. (Hey we're all human -- who doesn't want a nice new car instead of old reliable?)
But now that we are ahead of the game we feel like we are in such a better bargaining position than when we used to have to go buy a vehicle worrying about paying off an existing loan with the trade-in amount, or selecting a car based on the financing deals rather than because it's the car you really want. We even use financing to our advantage now -- take the financing for a month or two just to get the "bonus cash back" and then pay the note off as soon as you can without incurring a penalty!
And now the tables are even turned with our friends -- they're jealous of us having our vehicles paid in full, instead of us being jealous of them for their fancy new cars!
Senior Member
Joined: Jun 2001
Posts: 1,160
Likes: 0
From: Knoxville, TN.
Originally Posted by laurar146
$355 for 60 months, $1000 down + $9,000 for my trade. I think the interest rate is 6%? Traded an 98' XLT w/98k miles for a loaded FX4. 
I always make overpayments. I hate the way Ford credit does their statements. If you overpay the next month they send you a bill for your regular payment minus whatever you overpaid. I cant even remember the exact amount of my truck payment because every month Ford credit sends me a bill for something around $150 bucks. I guess that would be nice to take advantage of if you had a hard month, but they want you to send in such a low amount so you loose all the principal that you've built up by making overpayments...
I always make overpayments. I hate the way Ford credit does their statements. If you overpay the next month they send you a bill for your regular payment minus whatever you overpaid. I cant even remember the exact amount of my truck payment because every month Ford credit sends me a bill for something around $150 bucks. I guess that would be nice to take advantage of if you had a hard month, but they want you to send in such a low amount so you loose all the principal that you've built up by making overpayments...
One for the regular payment, and one for the extra ammount, with "Apply To Principal Only" written on it?
Member
Joined: May 2003
Posts: 51
Likes: 0
From: salem nj
My girlfriend and i just bought a expedition 2006 today. list price of 44,500 plus the tax and tags put it well over 47,000. we got it with 0 interset with a trade in of her junk car of 1500.00 and a matching 1000 we put down and ford puts doWn another 1000.00 for 505.00 a month for 72 months
that equals to 36360. total it has 4x4 ----traction control--dvd player ect ect real loaded no leather moon roof oh and a full tank of gas we are going to need that
A GOOD DEAL?
that equals to 36360. total it has 4x4 ----traction control--dvd player ect ect real loaded no leather moon roof oh and a full tank of gas we are going to need that
A GOOD DEAL?
Senior Member
Joined: Mar 2001
Posts: 1,919
Likes: 0
From: Western Massachusetts
Man. We are paying a lot to drive pick up trucks!
I got mine slightly used. 508mo X 60mo. Traded in the '98 but rolled in the ESP and all the other fees and taxes. It's the most I've ever paid for a vehicle. The payments suck big time but I've got what I wanted.
I got mine slightly used. 508mo X 60mo. Traded in the '98 but rolled in the ESP and all the other fees and taxes. It's the most I've ever paid for a vehicle. The payments suck big time but I've got what I wanted.
Member
Joined: Jan 2006
Posts: 15
Likes: 0
I bought my FX4 while I was home from Iraq in December. I laid down 15k, financed for 72months at 8% interest. Total interest will be 5k if I pay minimum payment for 6 years. I plan on trading it in on a SD in less than a year. I don't have the best credit in the world, so I knew I would take a hit. Hopefully the credit thing will be better when I get the SD and I will get a better interest rate. With all that said, my payments are 350/mth.
There is nothing wrong with financing for 72 months. Everyone has a different financial situation, that is why there are options like 72 months.
There is nothing wrong with financing for 72 months. Everyone has a different financial situation, that is why there are options like 72 months.