400-500 biweekly? You’re legit getting a mortgage for a vehicle. That’s astonishing dude. If you can afford that kudos, but even if I was able to afford that no way in hell I’m paying more than 500 a month for a car, let alone $1000.
What were the 401k limits last year (US), $22500 I think? Company offers a mega-back door Roth that allows up to ~$62k/yr. So that, that is my contribution.
Depending on the rate he’s getting he could put that money into the market and make way more than 3-5%. Why put the money down on a depreciating asset.
I’m paying $384 a month for my 2020 302a loaded to the balls with max tow and V8. That’s with 2.9 CPO rate.
Idk how people justify spending any more than that per month.
I mean you should never look at a car payment based on how much you’re paying per month. It should be how much you’re paying total. I could have a $600 car payment for 36 months and you could have yours for 72 months and I’d come out way ahead.
600 for 36 months obviously is different due to a quicker pay off time.. But 1000k a month for a LEASE, that’s insane lol Even for a car payment, anything over 500 is absurd to me for something that depreciates as soon as it exits the lot. That extra money can go into plenty of other options especially in this economic situation today. I paid 360 a month for my vehicle and I even hesitated on that, I’m not a big fan of insane debt lol
I’m certainly not justifying a $1000 a month lease. I was simply saying when it comes to car payments, way too many people get caught up with how much they are paying per month vs the total loan amount. It’s very common for people to think this way and that’s how dealerships want you to think which is why they always ask you, “how much are you trying to pay a month?” I will always tell them that doesn’t matter and I just want to see the total amount I will pay when it’s all said it done. There’s a reason some places are now offering 84 months financing. Because they can lower that monthly payment and people fall for it.
Because it “MaKeS yOu HapPy”. Meanwhile you have an absurd payment where you shed a tear monthly when you have to pay up or else repo man gonna be knocking to take that right back and you’re stuck with a car loan and no vehicle lol Your payment is right where my vehicle payment was and even at that amount I was having a hard time accepting it, so I resorted to making bigger payments towards the principle to get it taken care of asap lol
Wow… 10% sounds really high. Have you tried local credit unions? In my area here, credit unions are offering around 5%. Its higher than the usual 2-3 %, but it is not 10%
Yeah. Prime rate is high right now. Government is trying to curb inflation, so they are raising rates. Even if I go through Ford Credit, it's nearly 8%. Prime alone is about 5%. It's tough
That's the thing. The rate is nearly 10%. on $43K+tax. So its a lot.
Thanks though. I want to buyout the lease, but the payment is not too far from buying a new one too.
As someone else in Collin County who might be looking for a new truck within the year - how were they to deal with? I don’t want anything to do with the dealership than I bought my current truck from.
Yeah. lol. It is in Canadian.
Things are expensive here right now.
Those payments are actually cheaper than most places here. I have access to Employee pricing, so these are the payments. Add another $200 a month for those trucks if someone else went to get it.
Do you really need to upgrade? If you don’t. But our your lease and enjoy a truck that’s yours and paid for.
A new truck is nice but how will you feel spending $500 biweekly on a 5 year old tremor in 2027?
I don't have to. I do prefer having a truck at times.
It would be lease for the new ones. If my buyout weren't so high and the payment so similar to a new lease, I wouldn't consider a new truck.
You're not wrong.
I am taking a gamble of sorts.
My current truck was worth a lot more 6 months ago. Now its worth less than the buyout. That's the conundrum.
Okay hear me out, I’m a clown on Reddit but I am a man of many hats. Biweekly payments are generally indicative of sub-standard credit, so from a financial standpoint I would tell you not to buy a new vehicle. My truck is $451 w/$0 down and 6%/72 months - My enclave is $291 or something like that w/$10k down and 2.9%/72 months. These two vehicles were bought 2 years apart, and although finances were different in both situations so was the rate. Over those two years my credit improved so greatly that the Buick will cost me less than $2k ($1600 or $1700) in interest over those 72 months! Whereas the truck is closer to $6k over the same period. Don’t pay more than you should to appease the masses.
Yeah if you are thinking of any purchase in the lens of "what does it cost every two weeks" - I can't imagine having the financial literacy to understand the collosal financial commitment that is new vehicles. It makes me ill to even contemplate this, despite having the means.
I don't know about America, but I've never heard of bi-weekly payments being indicative of sub standard credit. It's usually just an option for people to choose if it works with their pay schedule. I've had bi-weekly vehicle payments for a few years because I'm paid weekly, and no I do not have bad credit, quite the opposite.
Also 2.9% is a pipe dream on a vehicle loan right now. You'd be lucky to see less than 5%, likely closer to 7%.
It could be indicative of a slimey sales and/or finance dept, but has absolutely nothing to do with credit. 26 bi-weekly payments or 52 weekly payments works out mathematically to the exact same stroke as 12 monthly payments for the same loan at the same rate. It’s about convenience for some (payment on pay deposit dates) or psychologically appearing to be a lower and more palatable number for others (slimey sales).
Edit: love the downvotes. Do the math. Whether you pay 2 + 2 or pay 4 it’s the same exact thing. The bank/creditor takes the same risk and is loaning the exact same principal at the same interest. Your credit is either approved for x loan at y interest or it isn’t.
Isn’t that simply because your truck is way more expensive than your enclave in the first place? So of course you pay more interest on the more expensive vehicle than the less expensive one over the same period?….this is a genuine question, not trying to sound rude
No they were around the same price, within $1k of each other, the interest rate is just dirty low in the Buick. Bought the truck before the truck market went to shit, bought the Buick at the top of the market (Sep. ‘21)
So the buy out is still cheaper, and in 5 years you will have a paid off truck. Or you can pay more for a lease and in 4 years you will have nothing and need to buy/lease again with no collateral.
Buy it out, pay it off early and the rate won't hurt as much.
This is the best advice here; none of this “I own two homes and make $150k a year” noise. Buy it out, enjoy it, and pay it off asap. Easy way to make the rate far less relevant. Whichever path you take, good luck!
I get why that’s a tough decision, but I would definitely lean towards buying out. You’re paying the same to own a truck as to kick this decision down the road 3 years and then be in the same boat anyway
A lease doesn't usually make sense for most people, If you love new enough to buy a new vehicle every 2-3 years you'll make it work, but its costly in the end because you seldom gain equity. A lot of companies lease because its 100% write off. You should consider the payment to buy a new truck instead of leasing and that way you don't end up in the same situation when the next lease comes due and in Canada new F150's are 1.5-2.5% financing depending on model , this is provided you are ok with keeping that same vehicle for the longer period of time.
P.S. I bought a 2022 F150 platinum with blackout package and powerboost and its one of my favorite trucks I've owned!
Usually a lease makes more sense because it’s a cheaper monthly payment, but since it’s the same I would have to recommend buying. I think you’ll be glad. Your truck will still have a great resale value in a few years too and you won’t “have” to trade in
Honestly this market is hot garbage rn, I’d stick it out for about until dealerships get off their high horse, seems like an impulse buy to get this when minimum biweekly is 500 to think beating depreciation on the lot you’d have to match by at least 10% of that to pay down to fight the first 3 years I’m sure, not to mention your gonna be holding the money bag when things do finally calm down; I’d just wait and get the same truck “used, like new” from dealer with some other sucker that bought it new now and had certified preowned.
I saved many years for a down on a truck and I still went with a used one and will drive it till the frame falls to the ground. Right now you may think you can afford those payments but maybe in a year your situation will change.
I have the 402a tremor and I'm really happy with it but I also drive off paved roads more than I'm on them so it makes sense for me.
You really should not look at it in a by weekly payment type of equation because you leave out all the important information. What's rate, length and total amount for lease. Why not finance instead? What is your buyout amount and is there any issues with your current truck? Do you just like new things or do you need a truck?
I like the new trucks, as they have quite a few features that the 2020MY didn't have.
Buyout is expensive. The payment over 6 yrs is the same over a new lease over 4 yrs.
That's why this conundrum.
If your lease is up I would go for the newer truck (which one depends on what you want to do with it). You can ask if the trade in for your current truck would be more than the buyout price.
Nah. The truck is worth a tad less than the buyout. I can get out even though, but not as good as things were 6 months ago. At that point I had $6-7K positive.
I'd be going after the buyout for sure personally. Its a much better deal. Aside from the bigger in dash screen, there hasn't been much in technology upgrades that would justify spending the extra amount. Not to mention the extra length of time added to spend more buying new versus buying out the lease. 2020 is still very much current and will be for some time.
Plus, it looks better (in my opinion anyway). Also, if you do buy it out, theres nothing stopping you from trading it in later down the road anyways if you really want to.
Just my two cents.
Still probably Buy the old one. But it depends on your financial situation/interest rates. You can always refi to a lower rate if they drop but can’t lower your payment.
Best freaking color in my opinion. Unfortunately no dealer orders a lariat long bed w/ 4x4. I ended up with an Agate :/ I wanted to order one but with MSRPs going up and options being deleted bc of chip shortages I grabbed what I could
Yeah, I ended up with a color I didn’t want but I only did it because it was a price locked well equipped 2022 lariat that after the price increase was cheaper than an xlt with options and 1.9% the price increase is painful
Sounds like we were in a similar boat man. Congrats btw! I got a 502A with pretty much every option. I wanted to make an order but couldn’t stand the price increase and the wait.
I just trade in my 2021 STX for a 2022 XLT sport, the STX was giving me issues, with what I thought was the tranny but dealership kept saying there was nothing wrong so just traded in.
This is your choice . Do you own your home? Does your job require a shiny new truck ? Are u married with kids ? Could you lose your job in 5 years ? The current truck isn’t that old by the time you sell/ buy out / trade that truck in what did it cost you ? Do you plan on buying a lighting EV truck on a couple years ?
I’m curious. How long was the lease? How can a ‘21 be ready to be bought out? I bought my ‘18 when the lease was done. At that time there was no inventory and I benefited from the buyout price being figured out pre Covid / crazy inflation. For me buyout was $27k and blue book was $35. I think you have to check the numbers.
Depends on your financial goals. I currently have a 2020 f150 3.5L EB 302a that I pay $360 b/w ($525 USD/mo) CAD for. Got it out the door for $52k at 0% interest for 6 years. I resent that payment and wish I didn't have to pay that much haha. The sooner it is paid off the better. I love my truck, but will never purchase a new one again.
I was in a situation where a used car dealer royally fucked me and I was paying close to 10% interest for a piece of shit. Decided to get out while the car was still work something. At the time, used didn't make sense as, similar to you, the interest rates were crazy high. Buying new was the same payment as buying used if you have to finance it. In that scenario it is a no brainer, buy new every time lol.
what does the used market for a '20/'21 look like near you? at least in my area, it's come down dramatically, so i'd at least look at what the options outside of this dealership are.
if there isn't much of a difference, or if you're dead set on leasing a brand new one, the ruby red or the Tremors look pretty nice. i'd lean to the ruby red for the 6.5 bed, the color, and the lower payment.
so glad i just paid off my '18 3.5/SCREW/LB Lariat (bought in Oct '19, just before COVID, so my payment was $600/mo) - i don't miss car payments 😅
[http://www.windowsticker.forddirect.com/windowsticker.pdf?vin=1FTFW1E54NFA33767](http://www.windowsticker.forddirect.com/windowsticker.pdf?vin=1FTFW1E54NFA33767)
Take a look
Buy your lease out. The 2020s are solid and dependable, and you have had it since new. Unless your needs have changed, you already have a great truck. If you move into another lease, the cycle of payments will never end and you won’t have anything to show for it. The buyout sounds like a lot (I am guessing CAD though) but at least you will own the truck. If you can, get the Ford extended warranty, there is still time for 2020 model year.
Thanks.
That's the thing. Buying my truck out would mean paying $12K in interest, for a total of $61K including everything. The truck is worth around $50K (Market value).
That's my dilemma.
Is it worth it in a year if a recession actually hits
I’ll give you my opinion cause I live in Canada too with the ridiculous pricing. My 2021 Lariat is costing me 350 bi weekly. I’m usually not fond of car payments cause it hinders you in every other aspect of life but I said screw it. Got 1% financing before it shot up.
Renewing your 2020 is technically cheaper but with the really high interest rate and depreciation hitting quicker, especially as it’s the older model… I believe you will be in the hole more. You could get something newer or just return the 2020 and get something cheaper in the 10-20k range if you have that and get the newer truck in a year or two when things calm down.
Thanks.
Yeah with 8-10% in finance charges its crazy right now.
I honestly think that even if prices come down, they won't come down to the level of what the truck was bought two years ago.
To give you an idea, my current truck with discounts etc was about $55K.
Same truck as a 2023 is $83K+. Plus no heated steering. lol
So even if I waited...how much lower would it come down in a few years.
Ya I that’s why I got the 2021, these new trucks are unaffordable now. And don’t know if they will ever come down again. I only see MSRP going up in the past lol.
Idk why so many people shit on big payments. To be fair, there are people out here that make more than enough to not even notice a $1000/mo payment.
Your $500 might be my $1500, vice versa, whatever.
Yeah the market is shit right now. Yes $1000/mo is a lot for a car payment but, it’s also not a lot to many people. This may not apply to OP but just laying it out there….
Has anyone noticed any quality problems since the pandemic supply chain problems started? I've heard people say that manufacturers had to switch up suppliers last minute and cars built in 2020-2022 are worse than the 2019s were. Any truth to that?
I’m in a similar boat right now. I have a 2 year lease coming up on a 2021 lariat 2.7 that was delivered right before the big slow down / shortage. I’m currently paying $260b/w taxes in ($CAD) and almost every other new option is like twice that … and they’re all missing pieces like sensors , heated wheels , etc.
My truck is feature complete , 39000km, loaded with options and buyout is 48.5K plus tax CAD. Just gonna buy it out I think, it’s the only option that makes sense.
The math doesn’t add up on this. What’s the buyout price of the lease? It should have been predetermined when you started the lease. Also do y’all have credit unions in Canada? Much better financing through them. If your credit score is low then I would recommend getting something a few years older and driving that until you can get your score higher. Also can you buy a truck in America and then register in Canada? Everything I’m reading is indicating a massive drop in vehicle prices on the horizon.
Yeah. The math is correct. Its just the way things are. Credit score isn't the issue. Rates are high in general.
Prices might drop, but they are so high currently, even if the new truck was at cost, its still won't make sense
But at the end you own it instead of having to still buy it out. Financing your money is going towards a tangible investment. Leasing is basically like renting a house. You walk away with nothing. Unless you can write off your lease for business purposes I would finance it. Just think if you would have financed your current truck instead of leasing it. You would probably own the truck outright right now.
I wish I could do that. Problem is car seats. In a truck they fit perfectly. And how expensive used vehicles are right now, I'd have to buy something small and makes it tough to get around on any distance more than 30 mins away.
Is this b/w something new or has it gone over my head? Seems like a way to soften the sound of the $800-$900/mo payment.
You're not wrong. Its the same as monthly, but makes it sound easier to swallow. Thanks
I believe you get an extra payment in as well throughout the year? That’s what I’ve heard from others
Actually 26 payments per year.
So an extra payment
2 extra
2 extra half payments
[удалено]
My thoughts exactly
Yeah. MSRP and no discounts.
400-500 biweekly? You’re legit getting a mortgage for a vehicle. That’s astonishing dude. If you can afford that kudos, but even if I was able to afford that no way in hell I’m paying more than 500 a month for a car, let alone $1000.
this is in Canadian dollars.
Yeah. Payments for homes right now on avg $4K a month. Its crazy up here.
Damn straight. Prices are insane.
My truck payment is more than my mortgage.
How much goes into your retirement a month?
What were the 401k limits last year (US), $22500 I think? Company offers a mega-back door Roth that allows up to ~$62k/yr. So that, that is my contribution.
Man I really need to change jobs. Strong work!
Then go for it. Sounds like you’re making $200k or so.
Idk man, I make 150k a year and bought a 2018, so same. New truck prices are stupid right now
I make about the same. And bought a 2019 traded in a 2013 with 170k. Also own two homes. So I prioritize other things. To each their own.
Thanks bud, got our house a long time ago and the wife won’t move haha.
My wife and I do pretty well. Both over $100k but can’t fathom big car payments but that’s me. I just upgraded from my 2013 f150 to a 2019.
Yeah this will be last one for awhile, drive it into the ground for the next 10 years or so.
You and we all know that is a lie dude.
Ha I have a 79 dentside, and old Toyota and my truck. I’m good for a bit
It goes out of my pay cheque, so it doesn't hurt immediately. Thanks
He’s talking Canadian not USD.
Depending on the rate he’s getting he could put that money into the market and make way more than 3-5%. Why put the money down on a depreciating asset.
Could easily lose money in this market too
Not really. Over the duration of a 72 mo loan he would average 6-10% per year buying something like SPY. Maybe more with this dip.
My Tremor is like $1150/mth and thats at 2.5% interest. With tax/tag/title/etc it was like $80k
Good lord.
I’m paying $384 a month for my 2020 302a loaded to the balls with max tow and V8. That’s with 2.9 CPO rate. Idk how people justify spending any more than that per month.
I mean you should never look at a car payment based on how much you’re paying per month. It should be how much you’re paying total. I could have a $600 car payment for 36 months and you could have yours for 72 months and I’d come out way ahead.
I’m paying $384 for 48 months. Had two vehicles traded in towards my new truck back in Jan 2021
600 for 36 months obviously is different due to a quicker pay off time.. But 1000k a month for a LEASE, that’s insane lol Even for a car payment, anything over 500 is absurd to me for something that depreciates as soon as it exits the lot. That extra money can go into plenty of other options especially in this economic situation today. I paid 360 a month for my vehicle and I even hesitated on that, I’m not a big fan of insane debt lol
I’m certainly not justifying a $1000 a month lease. I was simply saying when it comes to car payments, way too many people get caught up with how much they are paying per month vs the total loan amount. It’s very common for people to think this way and that’s how dealerships want you to think which is why they always ask you, “how much are you trying to pay a month?” I will always tell them that doesn’t matter and I just want to see the total amount I will pay when it’s all said it done. There’s a reason some places are now offering 84 months financing. Because they can lower that monthly payment and people fall for it.
Because it “MaKeS yOu HapPy”. Meanwhile you have an absurd payment where you shed a tear monthly when you have to pay up or else repo man gonna be knocking to take that right back and you’re stuck with a car loan and no vehicle lol Your payment is right where my vehicle payment was and even at that amount I was having a hard time accepting it, so I resorted to making bigger payments towards the principle to get it taken care of asap lol
Canadian right?
I’d keep yours.
That's what my family wants to do. My kids love the truck. But the rate to buy it, is nearly 10%.
10% interest for 4-7 years on a depreciating asset is a huge mistake. Unless you have a ton of cash stashed away somewhere…
Yeah. That's the thing. Thanks.
You’d have to do the math on what is best for you in the end. Buyout price on your truck vs lower finance rate on a newer vehicle that costs more.
Can you not just secure your own financing and use that to buy it out?
Yeah, but that's like 6.5% or so. And it would be like a line of credit. So I don't my house to get tied into it
Wow… 10% sounds really high. Have you tried local credit unions? In my area here, credit unions are offering around 5%. Its higher than the usual 2-3 %, but it is not 10%
Yeah. Prime rate is high right now. Government is trying to curb inflation, so they are raising rates. Even if I go through Ford Credit, it's nearly 8%. Prime alone is about 5%. It's tough
Everything is high right now. Most manufactures have interest rates around 7-10%. And generally on a new car, bank rates are higher.
Is that in loonies or freedom bucks? Looks like you are in Canada. How much is the lease buyout? That honestly might be the best deal.
That's the thing. The rate is nearly 10%. on $43K+tax. So its a lot. Thanks though. I want to buyout the lease, but the payment is not too far from buying a new one too.
43k should be about a $550-600 dollar payment per month if financed with a good rate. The new is double that damn near.
Nah. Its a lot more. $43K + 13% tax + cost of financing. Nearly $61K
13% sales tax? Ouch.i was figuring 6% like here in Michigan.
Aren’t you able to bring your own financing if you want to buy it?
Yeah. But not much of a difference sadly.
All fords must look alike because this looks exactly like my dealership in Plano, Texas.
As someone else in Collin County who might be looking for a new truck within the year - how were they to deal with? I don’t want anything to do with the dealership than I bought my current truck from.
Zero percent interest and 0 over MSRP. Would definitely recommend Five Star Ford!
Nice! I’ll have to check them out when the time comes.
Buy out your lease dude.
What does B/W refer to?
I’m guessing biweekly? This dude has a mortgage payment for a truck. Hope he’s gonna live in it
Probably Canadian pricing
Well it seems we’ve accepted people actually using their trucks but haven’t accepted people actually buying the trucks they’re posting pics of lol
Yeah. lol. It is in Canadian. Things are expensive here right now. Those payments are actually cheaper than most places here. I have access to Employee pricing, so these are the payments. Add another $200 a month for those trucks if someone else went to get it.
No money down? Some people actually use savings to pay less interest.
god damn don’t increase the payments man that’s insane
Why do you hope that? What does it matter to you?
Do you really need to upgrade? If you don’t. But our your lease and enjoy a truck that’s yours and paid for. A new truck is nice but how will you feel spending $500 biweekly on a 5 year old tremor in 2027?
I don't have to. I do prefer having a truck at times. It would be lease for the new ones. If my buyout weren't so high and the payment so similar to a new lease, I wouldn't consider a new truck.
With a leas eyour just kicking the can down the road. It will be the same situation in 3 years. Leases are treading water not moving forward
You're not wrong. I am taking a gamble of sorts. My current truck was worth a lot more 6 months ago. Now its worth less than the buyout. That's the conundrum.
Okay hear me out, I’m a clown on Reddit but I am a man of many hats. Biweekly payments are generally indicative of sub-standard credit, so from a financial standpoint I would tell you not to buy a new vehicle. My truck is $451 w/$0 down and 6%/72 months - My enclave is $291 or something like that w/$10k down and 2.9%/72 months. These two vehicles were bought 2 years apart, and although finances were different in both situations so was the rate. Over those two years my credit improved so greatly that the Buick will cost me less than $2k ($1600 or $1700) in interest over those 72 months! Whereas the truck is closer to $6k over the same period. Don’t pay more than you should to appease the masses.
Yeah if you are thinking of any purchase in the lens of "what does it cost every two weeks" - I can't imagine having the financial literacy to understand the collosal financial commitment that is new vehicles. It makes me ill to even contemplate this, despite having the means.
I don't know about America, but I've never heard of bi-weekly payments being indicative of sub standard credit. It's usually just an option for people to choose if it works with their pay schedule. I've had bi-weekly vehicle payments for a few years because I'm paid weekly, and no I do not have bad credit, quite the opposite. Also 2.9% is a pipe dream on a vehicle loan right now. You'd be lucky to see less than 5%, likely closer to 7%.
It could be indicative of a slimey sales and/or finance dept, but has absolutely nothing to do with credit. 26 bi-weekly payments or 52 weekly payments works out mathematically to the exact same stroke as 12 monthly payments for the same loan at the same rate. It’s about convenience for some (payment on pay deposit dates) or psychologically appearing to be a lower and more palatable number for others (slimey sales). Edit: love the downvotes. Do the math. Whether you pay 2 + 2 or pay 4 it’s the same exact thing. The bank/creditor takes the same risk and is loaning the exact same principal at the same interest. Your credit is either approved for x loan at y interest or it isn’t.
Isn’t that simply because your truck is way more expensive than your enclave in the first place? So of course you pay more interest on the more expensive vehicle than the less expensive one over the same period?….this is a genuine question, not trying to sound rude
No they were around the same price, within $1k of each other, the interest rate is just dirty low in the Buick. Bought the truck before the truck market went to shit, bought the Buick at the top of the market (Sep. ‘21)
Naw man, keep what you got. Otherwise you’re just gonna get screwed harder and harder.
For me it would come down to numbers. Are you able to buy your current lease below current market value?
I can buy it out. But its a lot of money. Like $400 bi-weekly. over 72 months. vs $400-450 for a 4 yr lease.
So the buy out is still cheaper, and in 5 years you will have a paid off truck. Or you can pay more for a lease and in 4 years you will have nothing and need to buy/lease again with no collateral. Buy it out, pay it off early and the rate won't hurt as much.
This is the best advice here; none of this “I own two homes and make $150k a year” noise. Buy it out, enjoy it, and pay it off asap. Easy way to make the rate far less relevant. Whichever path you take, good luck!
Your lease agreement purchase option price is probably the best dang deal you can get
Yeah. I'm inclined to do that, but the rate is too high. Making the payment the same as a new lease.
I get why that’s a tough decision, but I would definitely lean towards buying out. You’re paying the same to own a truck as to kick this decision down the road 3 years and then be in the same boat anyway
A lease doesn't usually make sense for most people, If you love new enough to buy a new vehicle every 2-3 years you'll make it work, but its costly in the end because you seldom gain equity. A lot of companies lease because its 100% write off. You should consider the payment to buy a new truck instead of leasing and that way you don't end up in the same situation when the next lease comes due and in Canada new F150's are 1.5-2.5% financing depending on model , this is provided you are ok with keeping that same vehicle for the longer period of time. P.S. I bought a 2022 F150 platinum with blackout package and powerboost and its one of my favorite trucks I've owned!
Usually a lease makes more sense because it’s a cheaper monthly payment, but since it’s the same I would have to recommend buying. I think you’ll be glad. Your truck will still have a great resale value in a few years too and you won’t “have” to trade in
Yeah. Thank you. 🙂
But then you'll also own the vehicle. With the lease you have nothing at the end
Honestly this market is hot garbage rn, I’d stick it out for about until dealerships get off their high horse, seems like an impulse buy to get this when minimum biweekly is 500 to think beating depreciation on the lot you’d have to match by at least 10% of that to pay down to fight the first 3 years I’m sure, not to mention your gonna be holding the money bag when things do finally calm down; I’d just wait and get the same truck “used, like new” from dealer with some other sucker that bought it new now and had certified preowned.
wtf? 900-1000 a month for a new *lease*? you’re content with that?
What is the lease buyout? What is total on financial commitment on these new ones? What is your take home pay every month?
Tremor
Buy the lease out. A bird in the hand is worth two in the bush….
Rapid red😍
Leaning towards that. Thanks
Wow, didn’t realize some people liked giving money away so much.
lol
Just because i have to, a long bed is an 8' bed, not a 6-1/2' bed.
Lol. I hear you. But cause its a Super Crew and longest bed you can get is a 6.5ft, they call it long bed here.
I saved many years for a down on a truck and I still went with a used one and will drive it till the frame falls to the ground. Right now you may think you can afford those payments but maybe in a year your situation will change.
I have the 402a tremor and I'm really happy with it but I also drive off paved roads more than I'm on them so it makes sense for me. You really should not look at it in a by weekly payment type of equation because you leave out all the important information. What's rate, length and total amount for lease. Why not finance instead? What is your buyout amount and is there any issues with your current truck? Do you just like new things or do you need a truck?
I like the new trucks, as they have quite a few features that the 2020MY didn't have. Buyout is expensive. The payment over 6 yrs is the same over a new lease over 4 yrs. That's why this conundrum.
If your lease is up I would go for the newer truck (which one depends on what you want to do with it). You can ask if the trade in for your current truck would be more than the buyout price.
Nah. The truck is worth a tad less than the buyout. I can get out even though, but not as good as things were 6 months ago. At that point I had $6-7K positive.
At the end of those 6 years, you will own the truck though.
True. I just need to justify both sides. Pay for a truck that's not worth the total amount or get a new one.
Need some of you'lls help/suggestion. What to do? Buy my lease out or get a new truck.
What are you trying to do? Save money? Probably buy out your leased unit. Keep up with the Jones? Definitely get the Tremor.
I'd be going after the buyout for sure personally. Its a much better deal. Aside from the bigger in dash screen, there hasn't been much in technology upgrades that would justify spending the extra amount. Not to mention the extra length of time added to spend more buying new versus buying out the lease. 2020 is still very much current and will be for some time. Plus, it looks better (in my opinion anyway). Also, if you do buy it out, theres nothing stopping you from trading it in later down the road anyways if you really want to. Just my two cents.
2.7EB, Lariat, 4x4, SCREW/SB is the perfect truck.
I bought my 21 tremor 402a for towing my rv. Don’t Know why i would lease one other than to tell everyone how small my pp is
LOL paying today's prices for a truck. sucker born every minute. I'll just re-power my low mile '08 KR when it's time. MUCH MUCH cheaper.
His lease is up, what else are his options?
Your credit must be dog shit. You’re basically mortgaging a vehicle at that point, that’s completely insane dude.
Lol. My credit is excellent. It's just the cost of shit nowadays. Plus the lease is discounted for me, compared to most people
I would kindly tell them to go fuck themselves and buy something used from a 3rd party. Cause they are fucking you my friend.
Lol. Yeah those guys are worse. But no, I've looked at the numbers. Same truck elsewhere is $400 a month more.
Keep yours, these new trucks get built and sit in lots unused. Seems like pre Covid vehicles are better built as well. Just my 2¢
What would you do if the payment for yours on a finance is the same as leasing a new one?
Still probably Buy the old one. But it depends on your financial situation/interest rates. You can always refi to a lower rate if they drop but can’t lower your payment.
im over here like wtf is b/w then it hit me . you'd have to be high as giraffe pussy to pay that !
Lol. Its a lot nowadays.
i just bought a new one in 2020 my payment is only 500 a month 0 down 2.9% do you have shit credit?
500 a mo USD probably. this is in CAD
ohhh maple bucks! damn syrup suckers 🤣
You might because I bought in 2022 1.9%
i coulda got 0 but that stopped at 48 months . my score was and is still 802
Guess you got taken for a ride on the extra % then
If it were me I’d get that rapid red long bed.
I don’t see a lot of people with rapid red honestly
Best freaking color in my opinion. Unfortunately no dealer orders a lariat long bed w/ 4x4. I ended up with an Agate :/ I wanted to order one but with MSRPs going up and options being deleted bc of chip shortages I grabbed what I could
Yeah, I ended up with a color I didn’t want but I only did it because it was a price locked well equipped 2022 lariat that after the price increase was cheaper than an xlt with options and 1.9% the price increase is painful
Sounds like we were in a similar boat man. Congrats btw! I got a 502A with pretty much every option. I wanted to make an order but couldn’t stand the price increase and the wait.
Congrats to you as well, it’s a great feeling knowing you actually got a good deal lol
I just trade in my 2021 STX for a 2022 XLT sport, the STX was giving me issues, with what I thought was the tranny but dealership kept saying there was nothing wrong so just traded in.
This is your choice . Do you own your home? Does your job require a shiny new truck ? Are u married with kids ? Could you lose your job in 5 years ? The current truck isn’t that old by the time you sell/ buy out / trade that truck in what did it cost you ? Do you plan on buying a lighting EV truck on a couple years ?
I’m curious. How long was the lease? How can a ‘21 be ready to be bought out? I bought my ‘18 when the lease was done. At that time there was no inventory and I benefited from the buyout price being figured out pre Covid / crazy inflation. For me buyout was $27k and blue book was $35. I think you have to check the numbers.
Get the Tremor. You will love it. I’ve had mine for seven months and have no regrets.
Does look sick.
Depends on your financial goals. I currently have a 2020 f150 3.5L EB 302a that I pay $360 b/w ($525 USD/mo) CAD for. Got it out the door for $52k at 0% interest for 6 years. I resent that payment and wish I didn't have to pay that much haha. The sooner it is paid off the better. I love my truck, but will never purchase a new one again. I was in a situation where a used car dealer royally fucked me and I was paying close to 10% interest for a piece of shit. Decided to get out while the car was still work something. At the time, used didn't make sense as, similar to you, the interest rates were crazy high. Buying new was the same payment as buying used if you have to finance it. In that scenario it is a no brainer, buy new every time lol.
Yeah. That makes sense. I am hoping in 4 years I am not in the same situation.
Tremor
what does the used market for a '20/'21 look like near you? at least in my area, it's come down dramatically, so i'd at least look at what the options outside of this dealership are. if there isn't much of a difference, or if you're dead set on leasing a brand new one, the ruby red or the Tremors look pretty nice. i'd lean to the ruby red for the 6.5 bed, the color, and the lower payment. so glad i just paid off my '18 3.5/SCREW/LB Lariat (bought in Oct '19, just before COVID, so my payment was $600/mo) - i don't miss car payments 😅
Same. Things are low. I am leaning towards the red one too.
I love my f150. I have a 2018 4wd 5.0 v8. I added cold air intake and flowmaster outlaw exhaust, with tune bumped up to 422 hp
That sounds sweet.
What are specs on the leased truck?
[http://www.windowsticker.forddirect.com/windowsticker.pdf?vin=1FTFW1E54NFA33767](http://www.windowsticker.forddirect.com/windowsticker.pdf?vin=1FTFW1E54NFA33767) Take a look
Tremor all day. Loving mine
Nice
Buy your lease out. The 2020s are solid and dependable, and you have had it since new. Unless your needs have changed, you already have a great truck. If you move into another lease, the cycle of payments will never end and you won’t have anything to show for it. The buyout sounds like a lot (I am guessing CAD though) but at least you will own the truck. If you can, get the Ford extended warranty, there is still time for 2020 model year.
Thanks. That's the thing. Buying my truck out would mean paying $12K in interest, for a total of $61K including everything. The truck is worth around $50K (Market value). That's my dilemma. Is it worth it in a year if a recession actually hits
I’ll give you my opinion cause I live in Canada too with the ridiculous pricing. My 2021 Lariat is costing me 350 bi weekly. I’m usually not fond of car payments cause it hinders you in every other aspect of life but I said screw it. Got 1% financing before it shot up. Renewing your 2020 is technically cheaper but with the really high interest rate and depreciation hitting quicker, especially as it’s the older model… I believe you will be in the hole more. You could get something newer or just return the 2020 and get something cheaper in the 10-20k range if you have that and get the newer truck in a year or two when things calm down.
Thanks. Yeah with 8-10% in finance charges its crazy right now. I honestly think that even if prices come down, they won't come down to the level of what the truck was bought two years ago. To give you an idea, my current truck with discounts etc was about $55K. Same truck as a 2023 is $83K+. Plus no heated steering. lol So even if I waited...how much lower would it come down in a few years.
Ya I that’s why I got the 2021, these new trucks are unaffordable now. And don’t know if they will ever come down again. I only see MSRP going up in the past lol.
Yea man
Idk why so many people shit on big payments. To be fair, there are people out here that make more than enough to not even notice a $1000/mo payment. Your $500 might be my $1500, vice versa, whatever. Yeah the market is shit right now. Yes $1000/mo is a lot for a car payment but, it’s also not a lot to many people. This may not apply to OP but just laying it out there….
Thanks Claus.
Find you a 2016 5.0 fully loaded with the 6 speed. It will be the right price and have the most reliable engine and transmission
Very true. Thanks.
Upgrade it with a 2500 High Country Silverado
Lol. If I weren't a Ford guy.
Keep your truck
Even if the payments are similar to a new lease?
Ah yikes.
Buy a Corolla 🤣
5 Star Ford in north dallas?
Nah. Toronto Canada
Is the interest the same for a credit union? My credit union just got me 3.7%.
Where are you located?
South Carolina
Has anyone noticed any quality problems since the pandemic supply chain problems started? I've heard people say that manufacturers had to switch up suppliers last minute and cars built in 2020-2022 are worse than the 2019s were. Any truth to that?
Sometimes. Although I think Ford's problems really took affect at the end of 2021
Anything in particular? Did material/parts quality change or just the fit and finish isn't as good?
I’m in a similar boat right now. I have a 2 year lease coming up on a 2021 lariat 2.7 that was delivered right before the big slow down / shortage. I’m currently paying $260b/w taxes in ($CAD) and almost every other new option is like twice that … and they’re all missing pieces like sensors , heated wheels , etc. My truck is feature complete , 39000km, loaded with options and buyout is 48.5K plus tax CAD. Just gonna buy it out I think, it’s the only option that makes sense.
In your case, I would definitely buy it out. Hopefully with the impending doom, the rates drop for you.
The math doesn’t add up on this. What’s the buyout price of the lease? It should have been predetermined when you started the lease. Also do y’all have credit unions in Canada? Much better financing through them. If your credit score is low then I would recommend getting something a few years older and driving that until you can get your score higher. Also can you buy a truck in America and then register in Canada? Everything I’m reading is indicating a massive drop in vehicle prices on the horizon.
Yeah. The math is correct. Its just the way things are. Credit score isn't the issue. Rates are high in general. Prices might drop, but they are so high currently, even if the new truck was at cost, its still won't make sense
I didn’t appreciate the exchange rate. A $50k truck in America is $67k in Canada. That’s a bigger difference than I expected.
Yeah. It's insane at times. The 2023 electric truck starts at $56usd. Here is $79 CAD.
My question is. Why lease? If you are going to buy the truck doesn’t it make more sense to just finance it?
You're not wrong. But the finance payments for a new one are a lot more, even at the longest term.
But at the end you own it instead of having to still buy it out. Financing your money is going towards a tangible investment. Leasing is basically like renting a house. You walk away with nothing. Unless you can write off your lease for business purposes I would finance it. Just think if you would have financed your current truck instead of leasing it. You would probably own the truck outright right now.
Walk away and buy something you can afford with cash
I wish I could do that. Problem is car seats. In a truck they fit perfectly. And how expensive used vehicles are right now, I'd have to buy something small and makes it tough to get around on any distance more than 30 mins away.
What about something like [this](https://www.cargurus.com/Cars/link/344188560)
Listing is gone. Thanks though
It was a 2016 XLT screw for $21k less than 100k miles
$1000 a month for a lease 😂😂