Dealer offer on Raptor Ranger

[Beach]

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?

Terrible trade in value imo, check prices at places like Carvana and cars.com

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[GhostStrykre]

Sounds like the manager got you locked in at looking at a monthly payment. Don’t do that. 84 month loans are a tool to keep people in a debt loop. So are 72 month loans, honestly. 60 month loans should be a goal.

Know how much your truck is worth. Know what a competitive price on the new vehicle should be. Do the calculation at home using one of the website loan calculators (make sure it includes your trade AND tax rate). This should give you a rough ballpark of your monthly payment. If you can’t afford it at 60 months then oh well. Find something cheaper.

Vehicles are depreciating assets. I used to be in a new car loop. It’s fun. But it’s costly.

When you dump money into a vehicle payment you are always sacrificing something else.

What all the other folks are saying here is spot on. Try to exit the debt loop. It puts you in a position of strength when you’re financially free. it’s a lot easier to do whatever you want when you don’t owe anyone money.

 

[Bobby-C]

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 just compounding the first loan, run away.

 

[Lcr3000]

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?

I'll keep this short, A Ranger Raptor which is only now coming into being available will cost 55K according to Fords website. The trade in offer is the most insane offer I've ever seen. Your truck unless it's beat up, is worth between 19-22K (without looking at it). Don't let any dealer, I don't care how bad you want the Raptor, take advantage of you for more than 5,000 dollars. I can see rolling 2 or 3 thousand into another loan, but that's it! Run from this deal.

 

[Retirednavy2010]

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...

I'm with you, although there are people paying upwards of 1200 dollars in car payment a month to have "the vehicle" they dreamt off but unless you can sleep and live in it, it's not worth it. I like you could afford that truck but then again it is a vehicle, a means of conveyance. I just bought a 2019 Ranger XLT FX4 for $30,000 but it only has 28,000 miles and was owned by a retired gentleman. They gave me $22,000 for my 2019 Frontier 4 door 2WD with 35,000 miles.
That "deal" they are offering you sounds really bad.

 

[VoodooRanger]

As good as it may feel to have one of the first new Raptors, give it some time before diving into the deep end of the pool. I’d never tell someone how to spend their money, but let the first year or two of the Raptor get some miles on them. Look at what current Ranger owners with early model years are dealing with on their 10R80’s. And this was a transmission that had been used in the F150 for a couple of years.

 

[Grumpaw]

I'm with you, although there are people paying upwards of 1200 dollars in car payment a month to have "the vehicle" they dreamt off but unless you can sleep and live in it, it's not worth it. I like you could afford that truck but then again it is a vehicle, a means of conveyance. I just bought a 2019 Ranger XLT FX4 for $30,000 but it only has 28,000 miles and was owned by a retired gentleman. They gave me $22,000 for my 2019 Frontier 4 door 2WD with 35,000 miles.
That "deal" they are offering you sounds really bad.

$1200 a month covers my mtg payment with insurance, electric and water/sewer bill.
To pay that much for a vehicle that sits in a driveway 75% of the day is ridiculous.

 

[JimJa]

While i totally agree with the replies being forwarded - it's not a good deal - let me offer an alternative.
- First and foremost, keep your existing Ranger
- If you can afford the increased payments of $800/$1000 month for the Raptor, then pay your existing Ranger forward IOT get out from under your loan as soon as you can. You'll be surprised how good it feels to be out from under that or any debt.
- Hows your retirement plan? If yo don't want to contribute the difference between your existing loan and the $800/$1000 month to pay down your existing truck's loan, then contribute the difference to your IRA. Never, never, never count on your company''s retirement plan. For most it's a long way off and things change. Ask the white collar workers for GM when the company declared bankruptcy a number of years ago. A good friend's brother's retirement went from - can't remember the exact figures - $800K to $26K. If it's still there when you retire consider it a bonus. You are responsible for your well being - no one else.

We all want the latest and greatest. It's human nature - fight the feeling. The future will get here soon enough and you don't want to have to work until you're 90 because of debt.

 

[GhostStrykre]

$1200 a month covers my mtg payment with insurance, electric and water/sewer bill.
To pay that much for a vehicle that sits in a driveway 75% of the day is ridiculous.

remember those dealer social media posts where they were walking around asking dealership employees how much their car payment was? The objective was to try and normalize paying over $1,000/mo for a car loan. As a, “everyone’s doing it so it must be fine.” approach. I remember it backfiring spectacularly because their employees looked like morons. I remember one of the guys saying his payment was like $1,800/mo for a jeep wagoneer or something insane.

EDIT: found the article! https://www.thedrive.com/news/dealerships-video-showing-off-big-monthly-payments-brutally-backfires

 

[5thranger]

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?

Are you serious?

 

[06Warrior]

remember those dealer social media posts where they were walking around asking dealership employees how much their car payment was? The objective was to try and normalize paying over $1,000/mo for a car loan. As a, “everyone’s doing it so it must be fine.” approach. I remember it backfiring spectacularly because their employees looked like morons. I remember one of the guys saying his payment was like $1,800/mo for a jeep wagoneer or something insane.

EDIT: found the article! https://www.thedrive.com/news/dealerships-video-showing-off-big-monthly-payments-brutally-backfires

I remember seeing that video and thought those people were nuts.

 

[Crow_of_judgement]

Terrible trade in value, I just sold my 2020 lariat 2wd with 77k miles to a dealer and got 26k

 

[Grumpaw]

Terrible trade in value, I just sold my 2020 lariat 2wd with 77k miles to a dealer and got 26k

I may be wrong, but the way I read his initial post is that dealer was giving him $6600 over the $19,000 he owes.....in other words, pay his off plus $6600 toward the new Ranger....total of a bit over $25 grand trade less $19,000 to pay his off.
Still bad for him based on his admitting meh credit, and the outrageous monthly payments....

 

[Voodoo Ranger]

So Ranger Raptors are selling for sticker? If so maybe I should buy one. Hmmm

 

[WingShot]

Yeah, but it sure would look nice sitting outside of Dad's Bar!

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