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Trading on an F150? Maybe.

How to F150?

  • Keep 17 GT; get early 2000s F-series in okay shape

    Votes: 8 80.0%
  • Trade for XLT Finance

    Votes: 1 10.0%
  • Trade for Lariat Lease + Cashback

    Votes: 1 10.0%

  • Total voters
    10

Joemomma22

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Hi guys.

To preface this; i absolutely love my s550. it's my dream car. That said i've also wanted a loaded f150 for a while too. Additionally i'm 24.

TL;DR: I want F150, how should i get it?

Quick little intro. A few months ago my 2015 ecoboost roush stage 1 got lemon law and swapped for a new 2017 gt (not roush). They let me swap the vins and pay the difference of msrp (after a lot of arguing about them giving me credit for the roush package). Anyway, i couldve gone to an f150 at that point but i wouldve had to pay the 10-20g out of pocket. refinancing was not part of the lemon law deal that i agreed to.

Here we are a few months later and there have been countless times i've said to myself damn i wish i had a truck right now for xy or z. Its a pain in the ass to steal my brothers truck every time i need a bed or a trailer.

I sold my 01 Jeep Cherokee (lots of mods) so i have a bit of money and thanks to the lemon law vin swap on my existing loan, the state of equity on the GT is probably the best it will ever be (about 10-13k positive).

I've really been toying around with trading for a "loaded" 2018 xlt crew cab 5.0 10 speed 6.5' bed, but one of the things holding me back was the things i would be losing in my 401a mustang on the insides. I'd really like to go lariat but the numbers just dont make sense.

One of my good friends (and old coworkers) is a manager at a dealership and will give me $500 under invoice less rebates and incentives on anything i want. That said i know he doesnt try to take money from me when writing up estimates on the XLTs or the Lariats.

He suggested to me leasing. I've never been a fan of leasing. I hate the idea of not having a vehicle at the end of it and i never thought it made sense. Not to mention i like to modify my vehicles. now that i've thought about it though, i can get a fully loaded 2018 lariat exactly the way i want it for a 3 year lease for less than half the monthly payment of financing it.

heres the kicker. If i trade the mustang in on a lease, my payment goes up by about $100 a month which isnt too horrible for me to manage; and i have to put no money down at all. To top it off the dealership ends up writing me a check for the balance of the equity in the mustang (roughly $9000).

After 3 years if i love the truck so much i can buy it out or more than likely if im bored of it i can release using cash incentives and put down "only" about $3000 to get a 2021 equipped the same way. I can use the money from my jeep and the $9000 back from the dealership (mainly to save for a house) but also a tiny bit for an old toy, maybe an 04 mustang or something like that ya know, something to keep the clutch foot strong.


What do you guys think?
edit: looking for opinions on the whole thing not so much pole results. pole for fun.

Should I keep the stang and get an old beat up f150 cause its super hard to find anything from early 2000s that isnt rusted out in jersey(most likely not the case)
edit: its worth noting i wont be too interested in this option anymore

Finance an XLT with a lot of add on options but still be less equipped than the stang

Lease the lariat equipped the way i want it and take the cash back check. but have nothing left after 3 years.
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SteedaGT

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I daily a 16 F150 XLT with all the options and love it. You can add leather if that's what you're missing for less than $1k if you do the labor yourself with Katskinz Leather. I'm not sure what else the 401 mustang has other than maybe cooled seats. I have nav, 8" screen, backup camera, heated seats, power everything, etc. For me, the rebates were too good for me to not get the XLT over the Lariat. I can live without the cooled seats and other little options that it has.

On a personal note, if you are planning on purchasing a home within the next 2-3 years, I would be looking at a truck now and keeping it until after you get settled in your new place. We just purchased a much larger house than we were in and the amount of "stuff" we have purchased on clearance, special buys, or out of town things she must have is insane and I couldn't do it without the truck. Plus it saves on moving expenses.

However, I do not know your DTI ratio and having a larger debt on your name could have a negative impact on your mortgage approval. I'm assuming the Mustang would be either paid off or nearly paid off by the time you buy a home in which the F150 would not be.

I would not be leasing in your situation.

Hope this helps.
 
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Joemomma22

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I daily a 16 F150 XLT with all the options and love it. You can add leather if that's what you're missing for less than $1k if you do the labor yourself with Katskinz Leather. I'm not sure what else the 401 mustang has other than maybe cooled seats. I have nav, 8" screen, backup camera, heated seats, power everything, etc. For me, the rebates were too good for me to not get the XLT over the Lariat. I can live without the cooled seats and other little options that it has.

On a personal note, if you are planning on purchasing a home within the next 2-3 years, I would be looking at a truck now and keeping it until after you get settled in your new place. We just purchased a much larger house than we were in and the amount of "stuff" we have purchased on clearance, special buys, or out of town things she must have is insane and I couldn't do it without the truck. Plus it saves on moving expenses.

However, I do not know your DTI ratio and having a larger debt on your name could have a negative impact on your mortgage approval. I'm assuming the Mustang would be either paid off or nearly paid off by the time you buy a home in which the F150 would not be.

I would not be leasing in your situation.

Hope this helps.
The 2018 has the same amount of rebates for each trim at the moment which isnt very much because its new.

Other things i really want are keyless start and auto lock/unlock. I LOVE not needing my key in my hand AT ALL on my mustang. Heated steering wheel isnt terrible either hahaha

I agree keeping a truck would be great for that which is why i plan on switching to a truck. I've owned trucks before, and my father has owned almost nothing but trucks (unfortunately he passed away a few years ago). I know i need to have a truck whether its new or old.

I dont know what a DTI is to be honest, though i assume its debt to income ratio just based on the letters and the subject. i make a somewhat okay amount of money nothing crazy, i'm good at saving; i dont have any debt or school loans aside from the mustang finance and currently still live with mom. I pay all my bills and food myself, i just dont have to pay a mortgage or property tax; thats about it.

Leasing gives me the option to own towards the end and typically speaking on loaded f150s, the residual buyout is usually less than the truck is worth so buying it out and selling would be an option. Additionally leasing releases my debt of the mustang financing. A check for the equity is nice too. As i mentioned i never wouldve considered leasing but i think it might actually make sense here.

I usually do something on the side to make money and i intend on growing within my [employer's] company within 3 years to be making more as well.
 

SteedaGT

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The 2018 has the same amount of rebates for each trim at the moment which isnt very much because its new.

Other things i really want are keyless start and auto lock/unlock. I LOVE not needing my key in my hand AT ALL on my mustang. Heated steering wheel isnt terrible either hahaha

I agree keeping a truck would be great for that which is why i plan on switching to a truck. I've owned trucks before, and my father has owned almost nothing but trucks (unfortunately he passed away a few years ago). I know i need to have a truck whether its new or old.

I dont know what a DTI is to be honest, though i assume its debt to income ratio just based on the letters and the subject. i make a somewhat okay amount of money nothing crazy, i'm good at saving; i dont have any debt or school loans aside from the mustang finance and currently still live with mom. I pay all my bills and food myself, i just dont have to pay a mortgage or property tax; thats about it.

Leasing gives me the option to own towards the end and typically speaking on loaded f150s, the residual buyout is usually less than the truck is worth so buying it out and selling would be an option. Additionally leasing releases my debt of the mustang financing. A check for the equity is nice too. As i mentioned i never wouldve considered leasing but i think it might actually make sense here.

I usually do something on the side to make money and i intend on growing within my [employer's] company within 3 years to be making more as well.
It sounds like you know what you want to do.

In my opinion, your choices greatly depend on when you realistically plan on purchasing a home.

Within 1-2 years: No question, keep the Mustang until you buy the home, then buy a truck. I know this isn't the most fun option especially since when I get something in my head, nothing stops me from doing it. This would make the most financial sense though.

2-3 years: I would still keep the Mustang or possibly purchase a truck using the positive equity as a downpayment to keep your monthly outlay the same or close to the same (within $50) without stretching the loan way out. By the time you are going through the mortgage process, half of the truck will be paid off and it will look great on your financials.

4-5 years: Lease the truck you want if that's what you want to do. Remember that you'll need to go into another lease in 3 years which is why it is not included in the above. Going into a new lease and mortgage shopping would not be a fun experience.

I overlooked you considering a 2018. It would make zero financial sense to buy a 2018 before 2018 starts or at the beginning of 2018 when you are trying to purchase a home soon.

Real talk, I wanted a truck early this year and I bought one. Most wise choice? Not really considering we just bought a new home a month ago. However, I wanted a truck, needed a truck, and I already had it in my head that I was buying a truck. What I did was wait and kept waiting. My "dream truck" was sold many times over the months I was looking for the right deal. I waited until 2017 and bought a leftover 2016 in my 2nd favorite color but got a stupid deal on it. The truck stickered for $46k and I walked out paying $33k after taxes, title and registration. My trade was a wash. Am I happy with my truck? Thrilled, it's awesome! Would I have been happier paying $13k more for the same truck in a different color because I wanted a 2017? Nope.

Just something to consider. I know the body refresh is for 2018 and if you must have the newest vehicle on the block, then that is for you. If you want to save 10's of thousands, wait a month and buy a leftover 2017.
 
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Joemomma22

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It sounds like you know what you want to do.

In my opinion, your choices greatly depend on when you realistically plan on purchasing a home.

Within 1-2 years: No question, keep the Mustang until you buy the home, then buy a truck. I know this isn't the most fun option especially since when I get something in my head, nothing stops me from doing it. This would make the most financial sense though.

2-3 years: I would still keep the Mustang or possibly purchase a truck using the positive equity as a downpayment to keep your monthly outlay the same or close to the same (within $50) without stretching the loan way out. By the time you are going through the mortgage process, half of the truck will be paid off and it will look great on your financials.

4-5 years: Lease the truck you want if that's what you want to do. Remember that you'll need to go into another lease in 3 years which is why it is not included in the above. Going into a new lease and mortgage shopping would not be a fun experience.

I overlooked you considering a 2018. It would make zero financial sense to buy a 2018 before 2018 starts or at the beginning of 2018 when you are trying to purchase a home soon.

Real talk, I wanted a truck early this year and I bought one. Most wise choice? Not really considering we just bought a new home a month ago. However, I wanted a truck, needed a truck, and I already had it in my head that I was buying a truck. What I did was wait and kept waiting. My "dream truck" was sold many times over the months I was looking for the right deal. I waited until 2017 and bought a leftover 2016 in my 2nd favorite color but got a stupid deal on it. The truck stickered for $46k and I walked out paying $33k after taxes, title and registration. My trade was a wash. Am I happy with my truck? Thrilled, it's awesome! Would I have been happier paying $13k more for the same truck in a different color because I wanted a 2017? Nope.

Just something to consider. I know the body refresh is for 2018 and if you must have the newest vehicle on the block, then that is for you. If you want to save 10's of thousands, wait a month and buy a leftover 2017.
great points. i appreciate your input a lot.

main reasons for me to go 18 over 17 are of course the looks but also the 10 speed and the new motors.

If i got an unbeatable deal to purchase a lariat 17 i think i would strongly consider it but... i dont see it working out personally.
 

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PrimetimeKenny_S550

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I am looking at 12-14 F150 Screw with 4x4. I’ve got a baby on the way, but I refuse to give up the s550 and the joy of driving! Another note, you won’t worry about playing in the dirt with a slightly used truck. I am 24 also, and I can assure that each time you see a sports car pass by, you will think back to your decision. A sub 70xxx Fx4 can be had for under 24K, which can be rolled out to a 72 month loan at below 5.00 apr. Bottom line, don’t eat the depreciation again, have your cake and eat it too, while you look proudly at your Ford Mustang and Ford F-150.
 

Shouldhavegotthegt

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I am looking at 12-14 F150 Screw with 4x4. I’ve got a baby on the way, but I refuse to give up the s550 and the joy of driving! Another note, you won’t worry about playing in the dirt with a slightly used truck. I am 24 also, and I can assure that each time you see a sports car pass by, you will think back to your decision. A sub 70xxx Fx4 can be had for under 24K, which can be rolled out to a 72 month loan at below 5.00 apr. Bottom line, don’t eat the depreciation again, have your cake and eat it too, while you look proudly at your Ford Mustang and Ford F-150.
Agree with this. Go find a used truck and spend less than $30k and keep the mustang. Hell since you’re not paying rent you can save a huge down payment in the next 2 years or better yet pay off the mustang quick and get into the truck. I wouldn’t lease though. Especially if you’re payment goes up from your current financing terms. You’re basically just renting the truck.

I did something similar. Bought my 16 GT. Saved up a big down payment because I wanted a truck as well. I went Ram but paid off the truck within 6 months of purchase. Just paid off the mustang too.
 
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Joemomma22

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Agree with this. Go find a used truck and spend less than $30k and keep the mustang. Hell since you’re not paying rent you can save a huge down payment in the next 2 years or better yet pay off the mustang quick and get into the truck. I wouldn’t lease though. Especially if you’re payment goes up from your current financing terms. You’re basically just renting the truck.

I did something similar. Bought my 16 GT. Saved up a big down payment because I wanted a truck as well. I went Ram but paid off the truck within 6 months of purchase. Just paid off the mustang too.
Yeah but I do go through vehicles quite frequently. In 6 years I’ve had 10 vehicles. Plus even though the payment goes up, I’m walking with a $9000 equity check. That easily covers the difference plus a down payment on the next one after 3 years.

Food for thought.
What year ram did you get?
 

Shouldhavegotthegt

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Yeah but I do go through vehicles quite frequently. In 6 years I’ve had 10 vehicles. Plus even though the payment goes up, I’m walking with a $9000 equity check. That easily covers the difference plus a down payment on the next one after 3 years.

Food for thought.
What year ram did you get?
I like reg cab short bed trucks. I’m single with no kids. Don’t need a huge quad cab. Got a 2014 ram express 4x4. Pretty loaded up. One owner and it cost $21k OTD. Paid it off in 6 months. Was able to do some mods as well. Can’t ever drive a stock vehicle. Bilstein leveling kit, Fuel 20s, and Cooper STTs 295/60s. Plus loaded with some subs and aftermarket speakers. Much more tame than what I did with my GT.
 
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Joemomma22

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I like reg cab short bed trucks. I’m single with no kids. Don’t need a huge quad cab. Got a 2014 ram express 4x4. Pretty loaded up. One owner and it cost $21k OTD. Paid it off in 6 months. Was able to do some mods as well. Can’t ever drive a stock vehicle. Bilstein leveling kit, Fuel 20s, and Cooper STTs 295/60s. Plus loaded with some subs and aftermarket speakers. Much more tame than what I did with my GT.
Gotcha. I hate the way they look and for me not that I have kids but a screwcab is necessary
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