Buying a truck in this crazy market?

[Gutshot007]

What's the matter with you guys ! If you need a truck just steal it. Oh wait I think the limit for "smash and grab" is like under a $1000. Probably not gonna get much for a grand in today's truck market . I guess better to finance that $53,000

 

[Cowbell]

I am just curious as to what will happen when people go to get them in the next 4 or so months and find out interest rates are pushing 6% currently and are slated to keep going up.

It will be a nonissue. The majority of people that borrow for new vehicles don't understand the interest, only the monthly payment. The majority of the others will just pay cash. Sad times.

 

[DAOutfitters208]

I could use a new truck badly, but I should have just bought new years ago. Now it makes more sense to repair what I can myself and ride this out. Only time I want to buy is when the mechanic says it’s going to be a few thousand to fix my issues, then i price it out and realize a long weekend turning a wrench can save me a good deal of money. Don’t buy a vehicle out of desperation!

 

[CorbLand]

It will be a nonissue. The majority of people that borrow for new vehicles don't understand the interest, only the monthly payment. The majority of the others will just pay cash. Sad times.

But that interest rate can push that monthly payment out of reach for many that have ordered them. Interest rates are already around 6% and the Fed just approved .5% more. By the time some of the people that ordered them get the vehicle, you could be looking at 8-9% interest rates. People won’t be able to afford them.

 

[dreamingbig]

But that interest rate can push that monthly payment out of reach for many that have ordered them. Interest rates are already around 6% and the Fed just approved .5% more. By the time some of the people that ordered them get the vehicle, you could be looking at 8-9% interest rates. People won’t be able to afford them.

Pay cash. Best interest rate around. That said if supply outpaces demand financing incentives will be available to move inventory even if fed funds are at 3%.


Sent from my iPhone using Tapatalk

 

[z987k]

But that interest rate can push that monthly payment out of reach for many that have ordered them. Interest rates are already around 6% and the Fed just approved .5% more. By the time some of the people that ordered them get the vehicle, you could be looking at 8-9% interest rates. People won’t be able to afford them.

I bonds are at 9.62%

 

[RyanT26]

Pay cash. Best interest rate around. That said if supply outpaces demand financing incentives will be available to move inventory even if fed funds are at 3%.


Sent from my iPhone using Tapatalk

Could be wrong but I doubt most Americans have $65,000 laying around for a new F150.

 

[dreamingbig]

Then they shouldn’t be buying the truck. That is part of the problem.


Sent from my iPhone using Tapatalk

 

[z987k]

Then they shouldn’t be buying the truck. That is part of the problem.


Sent from my iPhone using Tapatalk

You need a whole lot more than $65k sitting around to justify a Truck that expensive, assuming it's purely for personal use.
Financing should be purely a game of - am I making more money with my $65k than they are going to charge me to use their money. Not, can I afford this payment.

 

[dreamingbig]

You need a whole lot more than $65k sitting around to justify a Truck that expensive, assuming it's purely for personal use.
Financing should be purely a game of - am I making more money with my $65k than they are going to charge me to use their money. Not, can I afford this payment.

I don’t disagree which is why at rates 3% or less you should probably finance. They were talking about when rates are pushing double digits.

What are your investment return options vs cost of funds. The trick is you need to invest and not buy a boat!


Sent from my iPhone using Tapatalk

 

[Cowbell]

But that interest rate can push that monthly payment out of reach for many that have ordered them. Interest rates are already around 6% and the Fed just approved .5% more. By the time some of the people that ordered them get the vehicle, you could be looking at 8-9% interest rates. People won’t be able to afford them.

That's why they do 84 month loans now. It will amaze you the people that prioritize auto loans over a home mortgage.

Also, I can get 1.99% on a new auto today still...

 

[ODB]

There is a good article below that is a medium length read. however, I'll sum it up for you with the closing statement from the article, "the best Toyota Tacoma is actually going to be a Toyota Tundra."

Please Stop Ruining Your Tacomas

While it’s one of the most popular adventuremobiles, it’s also one of the most widely misunderstood. Here’s how to upgrade yours without creating a monster.

www.outsideonline.com

That’s a funny article. I went back and forth between Tacoma and tundra big time but ended up with a 2021 tundra. I’m glad I did. It’s kind of a fat truck but there is simply nothing to gain for me for a smaller footprint Tacoma. The crew cab makes traveling super comfy for the kid and the bed is all I’ll ever need. Now, if the canopy I ordered in December would finally arrive all would be well…

 

[PNW bow hunter]

But that interest rate can push that monthly payment out of reach for many that have ordered them. Interest rates are already around 6% and the Fed just approved .5% more. By the time some of the people that ordered them get the vehicle, you could be looking at 8-9% interest rates. People won’t be able to afford them.

Auto loan rates haven’t gone up like mortgages. At least in the Pacific NW Anyone that could have got a loan for below 3 percent a year ago, can still get a loan below 3 percent today on a new car.

 

[RyanT26]

Then they shouldn’t be buying the truck. That is part of the problem.


Sent from my iPhone using Tapatalk

While I agree with you, it’s not how America works currently and it hasn’t been that way for quite a while.

 

[5MilesBack]

I bonds are at 9.62%

Ya, and they actually came "down" with this recent reset. That one's a little mindboggling. The last reset they did before this one they were at 10.23%.

 

[5MilesBack]

contrary to what you may think, 4inches isn't that big of a difference. (HA!) Compared a '20 taco (75") to a '20 tundra (79") to find that difference.
A Wrangler JK is 74" wide..

But I'd agree- event the current taco/jeep is to big for some places. I guess the '06 and earlier Jeeps would an answer, or maybe an old Comanche?

I've never measured my pre-Tacoma Toyota but I know it's smaller than they are today. And I've taken that thing in places where it was actually too big as well. Not quite as funny as my F-350 crew cab long bed over the Alpine Loop, but still tight on turns and space between trees etc.

 

[Burnsie]

Then they shouldn’t be buying the truck. That is part of the problem.


Sent from my iPhone using Tapatalk

So someone shouldn't buy a house unless they can pay for it in cash?

 

[CoStick]

That's why they do 84 month loans now. It will amaze you the people that prioritize auto loans over a home mortgage.

Also, I can get 1.99% on a new auto today still...

Part of it is cars last much longer than they used to. My 09 Tacoma isn’t to midlife yet.

 

[406flyfish]

My lease just expired on my 2019 Ram 1500. Lease buy out price was 27k. Local dealer offered me 35k. Taking that 8k and making a down deposit on a 2022 Tundra.

 

[DangerRanger]

I have a 2011 f150 I’ll sell you, radio doesn’t work, 225k miles for 5 easy payments of 5k