How upside down is everyone and how do you feel about it?

[trev5150]

It’s an auto loan. Upside down don’t even enter into it. It’s not a house.

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[Newton]

The insurance company will only pay for the difference between value and the amount of the loan.

Um, no. Insurance pays the the value of the truck. You owe the lienholder the value of the loan. How that gets worked out is in both contracts.

 

[shutterbug]

Um, no. Insurance pays the the value of the truck. You owe the lienholder the value of the loan. How that gets worked out is in both contracts.

Um, yes. In my case, the insurance company paid off my loan and got the title They send me the payment for the difference. After that the car belongs to the insurance company. They then have the car auctioned off. I think mine has quiet a bit of useful parts.

 

[sdchris]

If you plan to own 6 years or more, then the depreciation shouldn't matter much. I bought my platinum recently and plan to own it at least 8 years.

 

[Hammick]

Not upside down as I don't have a loan but I'm 69k into my '22 Lariat (Mannequin demo with 7k miles and qualified for tax credit). From what I have seen it wouldn't be very easy to sell for 50k and trade value is probably much less. I hate taking a bath on vehicles so will have the Lightning for quite some time. Love the truck. Not at all happy with the charging infrastructure.

 

[Stanjj]

I know some of us paid a lot over MSRP, but even if you didn't, the values of our trucks (along with most other EV) have tanked since 2022. I originally put nothing down on a 74k MSRP truck. Can't really afford to pay any more monthly to get on the other side of this. I'm roughly 25k underwater on mine at the moment. - outstanding loan value vs wholesale. That's fine, I'm comfortable with the payments as is, but making me wonder what everyone else is doing here. I'm pretty used to being upside-down buying new, but the numbers here seem high.

My 25k gap worries me a little bit. I have gap insurance, but that only cover 125% of value. If they say my truck is only worth 33k wholesale (maybe 36 retail), and I owe 58k, seems like worse case scenario my insurance company would only give me $41,500. So then I'm out 17k? Is that right?

I don't want to get rid of the Lightning, but what should we be doing to protect ourselves here?

I leased for 3 years. Will reevaluate the Lighting at the end of the lease against comparable EV trucks.

 

[strmwzrd]

Not upside down as I don't have a loan but I'm 69k into my '22 Lariat (Mannequin demo with 7k miles and qualified for tax credit). From what I have seen it wouldn't be very easy to sell for 50k and trade value is probably much less. I hate taking a bath on vehicles so will have the Lightning for quite some time. Love the truck. Not at all happy with the charging infrastructure.

My 2023 Lariat was $78K last July (yes in hindsight I rushed it but at the time I was 2 years on the wait list). I got the $7500 fed money. I recently checked into a 2023 Platinum when I saw a couple dealers dropping their prices $20K. I was offered in the upper 30s at two different dealerships. I like my truck way too much for that discount...

 

[queuewho]

Something else regarding my cash purchase, is that I had an EV to trade in during the craziest time for used cars having more value than they should have been. Also sold off my subaru during that year. So I was at least able to capture some of the crazy stuff that happened before I paid MSRP for the truck.

Had I bought tesla stock instead of a model 3 in 2018, well, I don't even want to think about it tbh.

 

[derm]

Picked up my new Lariatt June 30, 2023, only to have ford drop the price like 7k the next week. Called for a cashback like Tesla did and got. nothing. zip. nadda

 

[OG_Ragnar]

After a $23k cash + tax credit discount from MSRP, I put 75% down on my 23 XLT ER in March of this year, and did 1.9% for 36 months for the rest. Realistically, it will be completely paid off in a year or less as I don’t like debt a whole lot.

In addition I took out gap insurance. If something catastrophic happens to the Lightning, I should be able to find a decent replacement vehicle.

I plan to drive the Lightning at least 8 years, so not too concerned about the depreciation. Really liking it so far through the first 3k miles!

 

[groundzero2121]

How do you guys accurately find a value for used lightning?

 

[shutterbug]

How do you guys accurately find a value for used lightning?

Check Carvana or KBB. Will give you a rough idea.

 

[AI_Speed]

Ford just did an $81k+ repurchase on a surrender vehicle of mine - 2023 Lariat / bought a $56k new 2023 ER Pro - 0% finance 5 years - so from 2022 to 2029 I'll drive free + $10k profit given 3 x $7,500 IRS too + 5% $81k CD 5 years. Thank you - Ford for the $81k+ 2023 Lariat Repurchase. | Ford Lightning Forum For F-150 Lightning EV Pickup: News, Owners, Discussions, Community (f150lightningforum.com)

 

[Solar]

Ford just did an $81k+ repurchase on a surrender vehicle of mine - 2023 Lariat / bought a $56k new 2023 ER Pro - 0% finance 5 years - so from 2022 to 2029 I'll drive free + $10k profit given 3 x $7,500 IRS too + 5% $81k CD 5 years. Thank you - Ford for the $81k+ 2023 Lariat Repurchase. | Ford Lightning Forum For F-150 Lightning EV Pickup: News, Owners, Discussions, Community (f150lightningforum.com)

Playing the players.

 

[ctuan13]

I noticed your poll also doesn't account for those that paid cash and didn't have to finance.

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