How will you pay for your Lightning?

[Sklith]

As Dave Ramsey says buying any vehicle is the worst investment you can make.

That's better than no vehicle at all in most parts of America. Driving around in old beaters isn't a great idea either since car safety has improved a lot over the years.

Since interest rates are so low these days, it doesn't make much sense to dump all our cash into a new car. Instead, take a loan and put the cash in an index fund.

Sponsored

 

[SmoothJ]

I purchased a 2021 Chevy Bolt (trade in from a high-mileage 2019 Bolt) at 60 months. However I will not be owning the F150 EV due to it being the first generation, and for me personally, I don't like to purchase cars. Everyone has their vice... and mine is cars/electronics. However I will be doing a 48-month Ford Options, with maybe 5-10 down. I am learning towards the Lariat+ or the Platinum.

 

[sotek2345]

I purchased a 2021 Chevy Bolt (trade in from a high-mileage 2019 Bolt) at 60 months. However I will not be owning the F150 EV due to it being the first generation, and for me personally, I don't like to purchase cars. Everyone has their vice... and mine is cars/electronics. However I will be doing a 48-month Ford Options, with maybe 5-10 down. I am learning towards the Lariat+ or the Platinum.

I hear you on the vice! I tend to get the itch after 2 or so years (which is horrible I know).

 

[Sklith]

I hear you on the vice! I tend to get the itch after 2 or so years (which is horrible I know).

These days with used vehicles being so valuable it doesn't sound that bad!

 

[techguydave]

Dave Ramsey is not someone I'd look to for advice in general. And yes, we all know a vehicle is a terrible investment. No one expects a financial ROI from their new vehicle.

If you can afford it and you want it, no reason not to go after it just because you won't make money on it. There's more to a vehicle buy than just money.

 

[SmoothJ]

Dave Ramsey is not someone I'd look to for advice in general. And yes, we all know a vehicle is a terrible investment. No one expects a financial ROI from their new vehicle.

If you can afford it and you want it, no reason not to go after it just because you won't make money on it. There's more to a vehicle buy than just money.

Yes I agree... and with this being an EV, this truck is all about technology. Technology in itself will always have some time of planned obsolescence.

 

[vandy1981]

I plan on paying for the truck by becoming a YouTube influencer focused on EV towing .

But seriously, really worried about people taking out bigger loans to cover ADM for the Lightning and other vehicles. What are they going to do in a few years when (hopefully) the market becomes more rational and prices fall? There's going to be so many people underwater at trade-in time.

 

[SmoothJ]

I plan on paying for the truck by becoming a YouTube influencer focused on EV towing .

But seriously, really worried about people taking out bigger loans to cover ADM for the Lightning and other vehicles. What are they going to do in a few years when (hopefully) the market becomes more rational and prices fall? There's going to be so many people underwater at trade-in time.

Rationality usually goes out the door for some folks who want the latest and greatest. I once knew someone who paid 25K on a lease so the payments can be low.

 

[techguydave]

I plan on paying for the truck by becoming a YouTube influencer focused on EV towing .

But seriously, really worried about people taking out bigger loans to cover ADM for the Lightning and other vehicles. What are they going to do in a few years when (hopefully) the market becomes more rational and prices fall? There's going to be so many people underwater at trade-in time.

See also: 2008.

 

[Duckwrangler]

Dave Ramsey is not someone I'd look to for advice in general. And yes, we all know a vehicle is a terrible investment. No one expects a financial ROI from their new vehicle.

If you can afford it and you want it, no reason not to go after it just because you won't make money on it. There's more to a vehicle buy than just money.

Exactly. I would never consider the Lightning to be an investment. It's money we are spending because it meets many needs/wants for us. It isn't something that would've been an option for us financially even a few years ago.

 

[Deleted member 9341]

Same as when you go to purchase any vehicle and can't afford it / can't get financing. The dealer keeps it and sells it to someone else.

And typically they keep your deposit too unless specifically stated otherwise

 

[Deleted member 9341]

I plan on paying for the truck by becoming a YouTube influencer focused on EV towing .

But seriously, really worried about people taking out bigger loans to cover ADM for the Lightning and other vehicles. What are they going to do in a few years when (hopefully) the market becomes more rational and prices fall? There's going to be so many people underwater at trade-in time.

Generally speaking ADM can’t be financed because lenders won’t have collateral against it since the vehicle isn’t really worth that much. Not to say you can’t find an exception but you’ll bend over to get it.

 

[sotek2345]

And typically they keep your deposit too unless specifically stated otherwise

Yup - always look for refundable deposits.

 

[Deleted member 9341]

Rationality usually goes out the door for some folks who want the latest and greatest. I once knew someone who paid 25K on a lease so the payments can be low.

But he would have paid the $25k either way. Either pay up front or in a payment over time

 

[Deleted member 9341]

Yup - always look for refundable deposits.

Zactly…

Sponsored