Average S550 monthly payment?

[RagmopInKona]

Yup, paying cash is an emotional and pride issue, as well as comfort. Personally I want to squeeze every last dollar out of every purchase I can, if I can use someone else's money and my word I will. Paying cash though has a big benefit, less exposure to ID theft.

I like to pay Cash or as much as I can, then pay off the balance ASAP. over having a monthly bill for items that are not "needs" but more of a toy.
One of the Kids Trucks, I will pay monthly for 72 months, Why, Because Ford gave me 0.0% for 72 months .It is free money . Only loss I am taking is the vehicles value and that is the same if I pay it off tomorrow or in 72 payments. Truck loan is in my name only because I could get the 0.0% and My Son Could not He would have had 4.2%.
As For paying cash limiting the chance of i.d. theft. I don't know about that. If any business can bring up your life's history with a background check, and/or know your credit history in seconds, and have online bill pay set up for everything in seconds. Your information is on the servers already even if you never use it for yourself.

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[fast306stang]

I will pay monthly for 72 months, Why, Because Ford gave me 0.0% for 72 months .It is free money . Only loss I am taking is the vehicles value and that is the same if I pay it off tomorrow or in 72 payments.

This. I posted earlier in the thread I have 0% with a payment of $850. No point in trying to pay it down sooner unless I just want to get rid of the payment...

Which brings me to this somewhat related post...sorry it's kind of long...

My local dealer got a blue M1HP in, which is what I wanted before I bought my PP2. So we talk about it and haggle (for 2 hours, ugh), I made it clear it's a WANT and NOT a NEED. 0 down, 5% interest, $972/month for 84 months. Financing like $68K or thereabouts. I said I'll think about it.

I talk it over with the wife and after dinner we decide to go look at it together. I said, I'll sign @$950 flat. He said no, but he could do $965. I looked at the wife and said, OK, yeah I'll do it. So the saleman went to the finance counter and then came back and said, We can't do $965, it's gonna be $969. I said OK, but it's gonna be $969.00...if you come back and it's $969.01, I'm gonna walk.

He came back with a big smile on his face, sat down and says, You ready? And he flipped the paper over, circled my payment and said Sign here!

The number was $969.11.

I said That's the payment? I stood up and put my arm out to shake his hand and told him, It's been good working with you. I think his jaw is still on the floor, lmao...He didn't say a word to me and he didn't shake my hand either. Just stared at me in complete disbelief. And I walked out.

The next morning I got in my car with Leather and Recaros (the M1 had cloth and standard not heated or cooled seats), and was thankful I didn't make a bad decision...my interior is much nicer. And when I got to work and got out and looked back at my car, it's equally badass as the M1, just different.

Oh and having to argue with the saleman that the M1 comes with front fender lips and him constantly telling me that is an aftermarket piece until I showed him on the FORD website kind of got under my skin too, which was a blessing in disguise bc it made me a little short and stick to my guns.

 

[shogun32]

I never agree to any payment, rather otd price. It's WAY too easy to be shnookered otherwise. Like the protection crap they push in the back office. Oh sure it's only +20 bucks. Times 60 months!

 

[fast306stang]

I never agree to any payment, rather otd price. It's WAY too easy to be shnookered otherwise. Like the protection crap they push in the back office. Oh sure it's only +20 bucks. Times 60 months!

You're right but I check it both ways...If the OTD price is right, the payment will be correct and vice versa.

 

[RagmopInKona]

This. I posted earlier in the thread I have 0% with a payment of $850. No point in trying to pay it down sooner unless I just want to get rid of the payment...

Which brings me to this somewhat related post...sorry it's kind of long...

My local dealer got a blue M1HP in, which is what I wanted before I bought my PP2. So we talk about it and haggle (for 2 hours, ugh), I made it clear it's a WANT and NOT a NEED. 0 down, 5% interest, $972/month for 84 months. Financing like $68K or thereabouts. I said I'll think about it.

I talk it over with the wife and after dinner we decide to go look at it together. I said, I'll sign @$950 flat. He said no, but he could do $965. I looked at the wife and said, OK, yeah I'll do it. So the saleman went to the finance counter and then came back and said, We can't do $965, it's gonna be $969. I said OK, but it's gonna be $969.00...if you come back and it's $969.01, I'm gonna walk.

He came back with a big smile on his face, sat down and says, You ready? And he flipped the paper over, circled my payment and said Sign here!

The number was $969.11.

I said That's the payment? I stood up and put my arm out to shake his hand and told him, It's been good working with you. I think his jaw is still on the floor, lmao...He didn't say a word to me and he didn't shake my hand either. Just stared at me in complete disbelief. And I walked out.

The next morning I got in my car with Leather and Recaros (the M1 had cloth and standard not heated or cooled seats), and was thankful I didn't make a bad decision...my interior is much nicer. And when I got to work and got out and looked back at my car, it's equally badass as the M1, just different.

Oh and having to argue with the saleman that the M1 comes with front fender lips and him constantly telling me that is an aftermarket piece until I showed him on the FORD website kind of got under my skin too, which was a blessing in disguise bc it made me a little short and stick to my guns.

Ok, you lost me.
970 payment @84 for a mach-1 with your gtpp trade?
buller, buller

 

[young at heart]

This. I posted earlier in the thread I have 0% with a payment of $850. No point in trying to pay it down sooner unless I just want to get rid of the payment...

Which brings me to this somewhat related post...sorry it's kind of long...

My local dealer got a blue M1HP in, which is what I wanted before I bought my PP2. So we talk about it and haggle (for 2 hours, ugh), I made it clear it's a WANT and NOT a NEED. 0 down, 5% interest, $972/month for 84 months. Financing like $68K or thereabouts. I said I'll think about it.

I talk it over with the wife and after dinner we decide to go look at it together. I said, I'll sign @$950 flat. He said no, but he could do $965. I looked at the wife and said, OK, yeah I'll do it. So the saleman went to the finance counter and then came back and said, We can't do $965, it's gonna be $969. I said OK, but it's gonna be $969.00...if you come back and it's $969.01, I'm gonna walk.

He came back with a big smile on his face, sat down and says, You ready? And he flipped the paper over, circled my payment and said Sign here!

The number was $969.11.

I said That's the payment? I stood up and put my arm out to shake his hand and told him, It's been good working with you. I think his jaw is still on the floor, lmao...He didn't say a word to me and he didn't shake my hand either. Just stared at me in complete disbelief. And I walked out.

The next morning I got in my car with Leather and Recaros (the M1 had cloth and standard not heated or cooled seats), and was thankful I didn't make a bad decision...my interior is much nicer. And when I got to work and got out and looked back at my car, it's equally badass as the M1, just different.

Oh and having to argue with the saleman that the M1 comes with front fender lips and him constantly telling me that is an aftermarket piece until I showed him on the FORD website kind of got under my skin too, which was a blessing in disguise bc it made me a little short and stick to my guns.

Wow. You were about to pay 81K+ for a new M1 after trading in your 2020? Were you upside down in your ‘20?

This is why I started the thread originally. That’s incomprehensible to me. Much as I love new cars I’m glad you reconsidered!

 

[RagmopInKona]

Wow. You were about to pay 81K+ for a new M1 after trading in your 2020? Were you upside down in your ‘20?

This is why I started the thread originally. That’s incomprehensible to me. Much as I love new cars I’m glad you reconsidered!

Ya, I can't understand car payments at 500+ never mind almost a grand a month.
I would drive a Chevette / Pontiac 1000 before I'd shell out that type payment a month.

 

[fast306stang]

Ok, you lost me.
970 payment @84 for a mach-1 with your gtpp trade?
buller, buller

Wow. You were about to pay 81K+ for a new M1 after trading in your 2020? Were you upside down in your ‘20?

This is why I started the thread originally. That’s incomprehensible to me. Much as I love new cars I’m glad you reconsidered!

I honestly didn't think about the total payout being $81K...the financed amount was in the upper $60's so I knew the trade value and selling price was in line(ish) with what I was thinking. The car stickered for $64K and I'm bringing a smidge of negative equity. It's easy to let that New Car Fever grab you and that Blue M1HP is GORGEOUS! The Tremec was a huge selling point for me...But sleeping on it and waking up the next morning, yeah, I realize it would have been a mistake!

 

[young at heart]

I honestly didn't think about the total payout being $81K...the financed amount was in the upper $60's so I knew the trade value and selling price was in line(ish) with what I was thinking. The car stickered for $64K and I'm bringing a smidge of negative equity. It's easy to let that New Car Fever grab you and that Blue M1HP is GORGEOUS! The Tremec was a huge selling point for me...But sleeping on it and waking up the next morning, yeah, I realize it would have been a mistake!

I just traded a 900 mile MT82 GT in for an M1. The M1 has 180 miles on it and so far I can’t tell any difference between it‘s Tremec and the MT82. I suspect it’s one of those internet bragging rights things that most people will never notice. Kinda like the way folks put PP in their sig as if it were a separate model and not just an option. Who shows 2020 GTB&O as a sig?

Anyway, I’d enjoy my current GT and not worry about the tranny unless it grenades (unlikely) then possibly trade up when you develop some positive equity.

You made the right call!

 

[Tib]

We always try to maintain a min of 20% down on anything we purchase...car, motorcycle, house, etc. Get a low APR and then we plan to pay double the principal each month. That way if we need to purchase or repair something in a given month, we can pay the actual payment but budget on double.

My wife and I attended the same public high school, where we had an excellent teacher explain budgeting, finances, interest rates, etc...it really opened up our eyes before we got out there in the "real" world so to speak.

 

[shogun32]

I honestly didn't think about the total payout being $81K..

so, you forgot to do the math?!?
The only way to buy a vehicle is to cram as much of the 20% 1st year depreciation down the dealer's throat. These days that's only about 8%. The rest you need to make up in the first 3-4 months so you're in positive equity pronto. If you're upside down on a car loan you have a VERY BAD deal.

 

[shogun32]

My wife and I attended the same public high school, where we had an excellent teacher explain budgeting, finances, interest rates, etc...it really opened up our eyes before we got out there in the "real" world so to speak.

that used to be common-place but I think they quit doing that in any large degree 40+ years ago. Like lambs to the slaughter the finance industry salivates at the prospect of uneducated consumers by the millions being set loose to learn the lesson the hard way...

 

[Tib]

that used to be common-place but I think they quit doing that in any large degree 40+ years ago. Like lambs to the slaughter the finance industry salivates at the prospect of uneducated consumers by the millions being set loose to learn the lesson the hard way...

I graduated in 1999...thankfully it was still in our school. Even at work now when talking with new hired employees, their lack of finances, income, benefits, retirement etc is scary!

 

[fast306stang]

so, you forgot to do the math?!?
The only way to buy a vehicle is to cram as much of the 20% 1st year depreciation down the dealer's throat. These days that's only about 8%. The rest you need to make up in the first 3-4 months so you're in positive equity pronto. If you're upside down on a loan you have a VERY BAD deal.

I just didn't think about it. The financed amount looked right and the payment was inline, I know that the best interest rate around here is 5% and that's what was offered...so it really boiled down to how bad did I want the car. I'm a little negative on my car bc I rolled some negative into it when I got it, but also the last couple of months the used market pricing seems to have dropped a good bit. I WAS even with the payoff/trade value for a minute there lol...

I agree it would have been a huge mistake...I wanted an HP before I bought my PP2, and I talked myself into thinking if I want one, this might be my last chance to buy new bc they don't make them for the next 3/4 months and next year is projected to be a short run, chip shortages, yadda yadda. It's easy to get caught up in the moment, for me anyway.

 

[shogun32]

The M1 has 180 miles on it and so far I can’t tell any difference between it‘s Tremec and the MT82.

that's a bit surprising but it's your opinion... I've driven plenty of modern Tremec Mustangs and there is a clear difference. Not just in mechanical feel, but the ratio changes is what most people are interested in.

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