And by "satisfying" you mean:
I'm in a similar situation, just a couple years down the road. I already have the house, but that meant the bank account balance went to a down payment on that instead of a new vehicle. Since I already have a vehicle that does everything that's truly necessary (my trusty 2003 Ranger), I'm trying to wait until I can pay cash for its replacement. It's a tough wait, but I'm getting closer!Been creeping on here for a while now, everyday i was getting excited about getting myself a Ranger (HPR or Lightning Blue) but now i've decided against it and decided to be a "grown up" and stop renting a get myself a house. The 40-50K i would spend on the ranger would be better place in getting a house since my car is still in great condition.
While this is technically an easy decision it's tough since i do see new rangers been driven out here. I'm in oilfield country (Midland/Odessa) area and because of that trucks are popular around here (especially Fords with the company trucks...and yup tacomas and 4runners are prominent here) and so far I've seen 1 blue, 1 black, and 2 hpr's, and 1 white Ranger here. While i have a good job in the industry i'll see if theres a part time job i can pick up to help pay off the house quicker and by extension get me to the Ranger quicker!....i'll admit picking a starter home is tougher than picking a Ranger!
...I'm still going to be here living through you guys lol
Didn't I read somewhere that it's on Lariat models only?Just something to think about while you're waiting.
You could take advantage of the 0% for 60 months and put down a smaller deposit that fits your budget. Keep your extra cash for emergencies or even stick it in a CD and use that interest to help with the monthly payment. You're only losing a $500 rebate by taking the 0% and it's worth using their money and keeping your liquid. That way you'll have your new Ranger sooner.
I'd caution anyone paying cash right now for just about anything. That much cash is much more valuable invested elsewhere at the moment.
Not a bad idea, but we're pretty dead set on getting (and staying!) debt free. As fantastic as the Ranger is, it would be a luxury purchase since we have two vehicles that can do everything that they truly need to do, and I'd rather have the peace and security of being debt-free than to take on debt for a luxury purchase. Now if I was able to get a crazy good deal, I'd have a hard time sticking to our debt-free plan (If anybody sees any crazy good deals on a Supercrew XL with 101A and locking diff, and maybe some other goodies too, let me know!Just something to think about while you're waiting.
You could take advantage of the 0% for 60 months and put down a smaller deposit that fits your budget. Keep your extra cash for emergencies or even stick it in a CD and use that interest to help with the monthly payment. You're only losing a $500 rebate by taking the 0% and it's worth using their money and keeping your liquid. That way you'll have your new Ranger sooner.
I've even got a free plane ticket to get me wherever the deal is.)Part of the reason for waiting is that the cash that makes up the down payment I've saved so far has more monetary value in an investment than it does in a rapidly depreciating asset.
How'd your 401k do last year? 50-year average annual return on the S&P500 is right about 8%. Figure in the effects of inflation (50-year average is 3.7%, though Fed targets closer to 2%) and management fees on the investments, and it just doesn't leave enough room for me to justify unnecessary debt when it comes to the mortgage.
You are wise to get debt free. The relief you feel is amazing. It wouldn't take long to save up for your dream truck.Not a bad idea, but we're pretty dead set on getting (and staying!) debt free. As fantastic as the Ranger is, it would be a luxury purchase since we have two vehicles that can do everything that they truly need to do, and I'd rather have the peace and security of being debt-free than to take on debt for a luxury purchase. Now if I was able to get a crazy good deal, I'd have a hard time sticking to our debt-free plan (If anybody sees any crazy good deals on a Supercrew XL with 101A and locking diff, and maybe some other goodies too, let me know!
Part of the reason for waiting is that the cash that makes up the down payment I've saved so far has more monetary value in an investment than it does in a rapidly depreciating asset.
How'd your 401k do last year? 50-year average annual return on the S&P500 is right about 8%. Figure in the effects of inflation (50-year average is 3.7%, though Fed targets closer to 2%) and management fees on the investments, and it just doesn't leave enough room for me to justify unnecessary debt when it comes to the mortgage.
A zero-interest loan, on the other hand, changes the picture dramatically.
Not a bad idea, but we're pretty dead set on getting (and staying!) debt free. As fantastic as the Ranger is, it would be a luxury purchase since we have two vehicles that can do everything that they truly need to do, and I'd rather have the peace and security of being debt-free than to take on debt for a luxury purchase. Now if I was able to get a crazy good deal, I'd have a hard time sticking to our debt-free plan (If anybody sees any crazy good deals on a Supercrew XL with 101A and locking diff, and maybe some other goodies too, let me know!
Part of the reason for waiting is that the cash that makes up the down payment I've saved so far has more monetary value in an investment than it does in a rapidly depreciating asset.
How'd your 401k do last year? 50-year average annual return on the S&P500 is right about 8%. Figure in the effects of inflation (50-year average is 3.7%, though Fed targets closer to 2%) and management fees on the investments, and it just doesn't leave enough room for me to justify unnecessary debt when it comes to the mortgage.
A zero-interest loan, on the other hand, changes the picture dramatically.
True.
All depends. The only thing I have ever financed is houses, and with great interest rates. Cash for everything else. I haven't had a mortgage payment in 4 years. Mine and my wife's credit scores are through the roof crazy good. I believe you build your credit score throughout your life and there's a tipping point where I personally wouldn't even care if its 0. You'd be surprised at the good things you do that will affect your credit score positively long term. People that have terrible credit scores have done something negative to cause the low scores. and great credit scores are not always because you borrow so much your banker has dinner with you. Just my take on that.
Regarding your statement about insurance companies using credit scores to determine premiums, this is true in all states except for California, Hawaii and Massachusetts.True.
This is true! Credit history,length of credit and debit to income ratios are far more important. I haven't had a mortgage in over 12 years,paid it off when I was 44. Since then the only loans I had were for a truck payment just to have something to keep my score up. I use my Capital One card for everything else and rack up 1 1/2 points for every dollar and pay the balance in full every month.
