Dealer offer on Raptor Ranger

[DeerSlayer]

I own a 2020 XLT 4X4 Ranger, 55K on it and just got over the hump on payments I owe 19 grand. I pay $521 a month. at 5.5% Ford interest. ( Couldn't get a bank or credit union to finance me) and never missed a payment. I been talking to my dealer and told him I might be interested in a Rapter Ranger. He's getting one and offered to sell it to me at $ 51k at 72 months at $850 a month and $ 800 at month at 84 months 6% interest. He'll give me $6,600 trade in. My question is...Is that reasonable or should I shop around?

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[Bsthroop]

That trade amount seems super low, i would guess 20k or more. Run it on KBB to check the trade in value. Or is that above what you owe?

 

[Grumpaw]

Just be aware that $800 for 84 mos is $67,000 and $859 for 72 mos is over $61,000....either way, you will almost always be underwater as far as what you will owe.
Either way, by the time you add insurance, your paying at least $1000 a month just to have a "Raptor" sitting in your driveway....and thats before you even get gas to drive it anywhere. Thats $1000 a month, every month for 72 or 84 months.
I'm one of those who could afford it, and I would NEVER shell out a grand a month for a vehicle, of any type.
I would strongly advise you to shop around now that you may have better credit after making payments on your 2020.
Think long and hard on this...

 

[Joeiconic]

I can’t believe you’re actually even considering that deal. The good news is that you already have a very nice truck.

 

[NotBudule]

Unless your truck is wrecked , something is off here , WAY off...

 

[Chris M]

I can’t believe you’re actually even considering that deal. The good news is that you already have a very nice truck.

This is wisdom speaking.
Hear it.

 

[LawnMM]

I own a 2020 XLT 4X4 Ranger, 55K on it and just got over the hump on payments I owe 19 grand. I pay $521 a month. at 5.5% Ford interest. ( Couldn't get a bank or credit union to finance me) and never missed a payment. I been talking to my dealer and told him I might be interested in a Rapter Ranger. He's getting one and offered to sell it to me at $ 51k at 72 months at $850 a month and $ 800 at month at 84 months 6% interest. He'll give me $6,600 trade in. My question is...Is that reasonable or should I shop around?

You're going to take a $13k loss on the trade in before you even start the new loan? Is this a serious question? Run away. That's not GIVING you anything, that's him MAKING $13k on your trade, probably more, that's just your loan not the value. If he were giving you $6600 on the trade he'd be taking it at $6600 OVER what you owe.

Then he's going to screw you again on the new truck as well.

The guy is looking to bend you over, the fact that he's even offering this is probably to see how stupid you are and if you'll go for it. That makes him a scumbag to be avoided, not given business.

 

[DeerSlayer]

Good advice guys! You've opened my eyes. I'm glad I joined this forum. Thanks!

 

[Colo_Ranger]

Something about your numbers don't add up. Can you clarify? Based on what you told us, you'd be looking at $993 for 84 months or $1111 for 72. Is the $6600 above what you owe?

 

[Bsthroop]

The Raptor price seems like a decent starting point for negotiation, here are a few locally with no dealer markup. All the other numbers he gave you are way off.

 

[JasonTremor]

Are they giving you $6600 over and above the $19k payoff? If so that means they are allowing you $25,600 on the Ranger. If that is the case, it sounds to be in ballpark of trade in on a 2020 xlt 4x4 currently in my area of the states. Used cars are stagnant on lots around here due to interest rates.

 

[jflogerzi]

Are they giving you $6600 over and above the $19k payoff? If so that means they are allowing you $25,600 on the Ranger. If that is the case, it sounds to be in ballpark of trade in on a 2020 xlt 4x4 currently in my area of the states. Used cars are stagnant on lots around here due to interest rates.

yes that's exactly what they meant... but why is the question... keep your current ranger. drive it into the ground...

 

[TJC]

I'm one of those who could afford it, and I would NEVER shell out a grand a month for a vehicle, of any type.

I would strongly advise you to shop around now that you may have better credit after making payments on your 2020.
Think long and hard on this...

The reason you can afford it is because you would never leverage yourself to this extent.

The only way you find freedom is to become debt free, and stay out of debt. It sounds impossible but it isn't. It simply takes a clear plan and deliberate decisions about every $ you spend.

 

[Cmar]

That sounds like an excellent deal - for the dealer, for you, not so much. I would stick with your current truck for a while longer.

 

[RedlandRanger]

I was going to reply but many others beat me to it - not sure what else I can add other than -

Totally agree - I'd run away from this.

I'd love a RR, but any new truck will never have one thing mine does - it is paid for - and in my book, that is one of the most important features.

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