Today I am having a conversation with a guy at work and he said... "I need you to pull me back to reality." I asked... whatsup.
He said he is about to purchase a 2021 Ford F250 Power Stroke Diesel 4x4, but the kicker is..... $69,990 price tag for a two year old pickup with 31k miles on it.
It'll be financed for 84 months. There is $5,600 in sales tax. and over the life of the loan, at 7%, he will pay over $11,000 in interest. They will pay him $26,000 for his trade in. Total cost is over $86k. $727.00 monthly payments for 7 years..... Maintenance, Annual Registration and Insurance are on top of all this.
I told this story to my little brother and he said.... "That's nothing..... I have a friend that just purchased a 2023 GMC Denali 3500.... no trade in... only $3000 down payment and the $8,000 sales tax and the vehicle cost was $97,000. Payment is over $1,300 a month for 8 years.
In 2014 I paid $37k for my Ram1500 EcoDiesel. Today it is running perfectly and has 140,000 miles on it. I plan to keep it 10 more years, minimum.
Can I ask.... what are people thinking? I understand the painful decision if you need a certain Pickup for your work/business needs, but to pay $750-$1,300 a month for 7-8 years is just nuts to me for your personal vehicle. My youngest son is the Business Mgr at a VW dealership and he tells me all the time..... "Dad, people don't look at or care about the financial specifics.... They just want to know that their payment will fit their monthly budget."
#PoundingMyHeadAgainstBricks.....
........
He said he is about to purchase a 2021 Ford F250 Power Stroke Diesel 4x4, but the kicker is..... $69,990 price tag for a two year old pickup with 31k miles on it.
It'll be financed for 84 months. There is $5,600 in sales tax. and over the life of the loan, at 7%, he will pay over $11,000 in interest. They will pay him $26,000 for his trade in. Total cost is over $86k. $727.00 monthly payments for 7 years..... Maintenance, Annual Registration and Insurance are on top of all this.
I told this story to my little brother and he said.... "That's nothing..... I have a friend that just purchased a 2023 GMC Denali 3500.... no trade in... only $3000 down payment and the $8,000 sales tax and the vehicle cost was $97,000. Payment is over $1,300 a month for 8 years.
In 2014 I paid $37k for my Ram1500 EcoDiesel. Today it is running perfectly and has 140,000 miles on it. I plan to keep it 10 more years, minimum.
Can I ask.... what are people thinking? I understand the painful decision if you need a certain Pickup for your work/business needs, but to pay $750-$1,300 a month for 7-8 years is just nuts to me for your personal vehicle. My youngest son is the Business Mgr at a VW dealership and he tells me all the time..... "Dad, people don't look at or care about the financial specifics.... They just want to know that their payment will fit their monthly budget."
#PoundingMyHeadAgainstBricks.....
........