i need serious help on this decision

[broncoaz]

i wouldn’t make this deal at this point. You might do better finding a leftover or used Lightning if that is the direction you want to go. You can add an extended warranty and drive it for a long time. If you do decide to proceed I would quickly save the $10K and pay off the negative equity on the Mustang rather than rolling it into the new truck loan. I assume you’ve priced the Mustang on carmax, Carvana, etc to compare to the dealer’s number?

Have you looked at leasing the Lightning? My lease numbers were about $18,900 for a 3 year 36k no trade in before MA state incentive or excise tax, so $525 per month. Rolling the negative equity into the lease makes the payments about $802 per month, but in three years you’re at zero again. I leased the Lightning because of the depreciation, I don’t want to get caught with my pants down. I bought the Tesla Y last year, sofar the depreciation isn’t looking too terrible. I’m curious how things will go when the new Model Y Juniper is released. I’m debating on selling it soon vs keeping it until the new model is available.

I don’t want to get judgmental about people’s financial decisions, but I know how rocky my own path was and wouldn’t wish it on others. In 2008 I wanted to trade my 2005 Nissan Titan for a 2006 Dodge 2500 diesel, I was towing a heavy trailer and the Titan wasn’t working. I had rolled negative equity from two previous trucks into the Titan and had a 72 month loan, so I needed to come up with about $5K to clear it. I ended up saving some money and selling some firearms to get the $5K I needed rather than rolling it into again. It was painful at the time, but I learned my lesson and haven’t rolled negative equity on anything since.

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[Dan C]

If your current car is not paid off you cannot afford another new car.

 

[Formerly]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

NY here. Winter range, charging to 80% is around 230-240mi
Summer range 280-300 at 80%

I drive and get 2mi/kwh...

You will also get negative equity from the truck. Mind you, this is a meaningless number if you intend to see the loan through.

 

[Ricks Lightning]

Sort of the same boat.
Purchased a 23 pro in May 24. 55 k msrp. 50k out the door. Loved the way it drove. But wanted more bells and whistles. So Sept I decided to lease a Flash. 74k msrp. Dealers were only wiling to give me 35k for a a pro with 2500 miles. F them.
Leased the flash, sat on the pro and was able to find 3 serious buyers at 45k. Took 5 weeks and Ford was able to carry over my 0 down 0% 5year loan. I had to make a total of 6 payments to make the deal go through which basically brought the payoff to 45k anyways.

New buyer didn't have to make his 1st payment til January. Loves the truck and I love my Flash.

Sell the MME on the private market and see what you can get. I saved the 10k hit the stealers were offering me. And with a lease, I'm done in 3 years. Plus my work truck is all deductible.

I'm in a different boat than most, but money is money and giving it to a dealer to make more profits over you is another reason they're stealers..

Rick

 

[Jseis]

1.7 mi/kWh is like 57 mpge so, yeah.. the truck is very efficient compared to ICE. The Lightning is like a somewhat higher end SUV disguised as an F150? Or an F150 disguised as a BEV? Or a BEV disguised as an ICE. I’ve no idea but it does do truck things. We’ve a Mach E that the SO drives, I drive the Lightning. I commute with it. But the S.O. won’t drive the Lightning because of truck size stuff. So on the irrational scale I’m there.

if your urban, I’d forego the Lightning due to awkward size-parking stalls.

if you’ve cheap power & charge from home, and commute any BEV is a money saver over a decade but the backend value proposition probably not there as who knows what a 10 year old Lightning or Mach E is really worth. At my age, the Lightning could be the last vehicle I drive for the next 20+ years. Maybe that’s my only win. FIIK the answer. As George Wa said on SNL “No one knows”.

 

[Maineiac12]

Being upside down only matters if you don’t keep the truck through the loan term or total it.

If you buy, get GAP insurance for sure. If you’re not sure you’ll keep it for 4-5 years, don’t do the trade.

 

[Dan C]

Being upsidedown in 2 loans matters, if you have only been paying for a year on the car you haven't put a dent in the principle. You will in effect be throwing away everything you put down and paid to this point. You cannot afford it no matter how your figures justify it.

 

[MotoGary]

You say you like the Mach-E, but you're already thinking about unloading it at a steep equity loss; That tells me that you really don't love it all that much. That thought isn't likely to go away. Nevertheless, I suggest that you mentally plan on keeping the Mach-E for another year.

In the meantime, do the best you can to develop your "side hustle" with the Mach-E. (Try to protect your interior as much as you can). With that as a goal, you'll be able to enjoy your Mach-E for now, knowing that it's just for the next year. Then in a year, you'll be in a better position to re-evaluate your situation and decide on your next vehicle.

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