RichGT350R
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I for one, don’t like car payments.. I put down as much as I can to get the deal done and pay it off as soon as possible. Most times inside of a year.
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shogun32
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oh good lord, dude... Assuming you don't get lucky, yeah this is definitely a teachable moment.
17Ruby
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You might be able to hold on until the end of the year when they have sales. I don’t know if ford has them but CHEVY has employee pricing in December on certain new cars. Can use the rebates to take care of any negative equity on the car.
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Qcman17
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Ouch yeah there's no cheap ejection button there. Buyer's remorse is a painful thing and we've all had it about something along the way.
I would be thinking about what led me to get to this situation. You don't want the same feelings happening with the mustang too. I'm not saying they would but you must have thought the Edge ST was a good fit for you. They are damned nice btw...
In any case if I were you I would pause for a bit and not let emotions drive you further. As someone noted the" life is short " thing is a middle-aged realization in that life becomes more precious as you recognize it can be fleeting but if you are young there is time before you should ponder that
sk47
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Hello; Just caught up on the thread. I did not know the OP has only had the new Edge for only a month or so. This puts things into a slightly different perspective. Does not change that he/she is in a hole in the sense of owing more than the vehicle is worth. It does give the OP a comfortable way to deal with the situation.
For five years or 60,000 miles the Edge will be under warranty for the biggest ticket items. 36/36 bumper to bumper on everything. So for at least three years only extra cost is regular maintenance.
My neighbor just bought a new 2020 Edge. It is a good looking vehicle. It will fit right in with todays vehicles and will be considered a sharp buy. Should not be hard to live with for a few years.
Many years ago I bought a new car and had some serious buyers remorse for a few weeks. I decided to keep it for a while to try to lessen the financial impact. I knew I would take a beating if I traded right away and there would be the state sales to pay again.
Well after a while the car began to grow on me. It drove and handled well. Had a drivers seat which was comfortable on long drives. Got decent MPG. It was a 1991 Nissan Sentra SE-R. I wound up keeping it for ten years. It was very reliable and fun to drive fast. Not an ultimate sports car by any stretch, but plenty good up to a high enough limit.
I liked it enough that when I wanted a new car I got another Sentra. They were not making the SE-R in 2001, it was a time when they were working on the 2.5 liter SE-R which came out in 2002. However they must have had some of the 2.0 liter engines and transmissions around so I got that engine in my 2001 SE. I still have that SE today. I would buy another just like it if it was still being made.
Anyway to the OP, try to live with the Edge for a while. It may have some good qualities. If you can stand it, best if you can get it paid off completely. Do not modify the edge or put a lot of aftermarket stuff on it. Keep up with the maintenance. Keep the finish protected. That clear coat is paint so wax it maybe twice a year. Have it nice so when you are ready to trade it will be in good shape.
Bottom line is you may be unhappy but you have a nice vehicle to drive around in. Could be a lot worse. I can think of a lot of vehicles a lot worse to have.
Good luck
For five years or 60,000 miles the Edge will be under warranty for the biggest ticket items. 36/36 bumper to bumper on everything. So for at least three years only extra cost is regular maintenance.
My neighbor just bought a new 2020 Edge. It is a good looking vehicle. It will fit right in with todays vehicles and will be considered a sharp buy. Should not be hard to live with for a few years.
Many years ago I bought a new car and had some serious buyers remorse for a few weeks. I decided to keep it for a while to try to lessen the financial impact. I knew I would take a beating if I traded right away and there would be the state sales to pay again.
Well after a while the car began to grow on me. It drove and handled well. Had a drivers seat which was comfortable on long drives. Got decent MPG. It was a 1991 Nissan Sentra SE-R. I wound up keeping it for ten years. It was very reliable and fun to drive fast. Not an ultimate sports car by any stretch, but plenty good up to a high enough limit.
I liked it enough that when I wanted a new car I got another Sentra. They were not making the SE-R in 2001, it was a time when they were working on the 2.5 liter SE-R which came out in 2002. However they must have had some of the 2.0 liter engines and transmissions around so I got that engine in my 2001 SE. I still have that SE today. I would buy another just like it if it was still being made.
Anyway to the OP, try to live with the Edge for a while. It may have some good qualities. If you can stand it, best if you can get it paid off completely. Do not modify the edge or put a lot of aftermarket stuff on it. Keep up with the maintenance. Keep the finish protected. That clear coat is paint so wax it maybe twice a year. Have it nice so when you are ready to trade it will be in good shape.
Bottom line is you may be unhappy but you have a nice vehicle to drive around in. Could be a lot worse. I can think of a lot of vehicles a lot worse to have.
Good luck
Mike00
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So i know I'm late to the party and you decided to hold on. The only thing I'd add is before your next car you should spend some time learning about personal finances in general - all of the above cars is completely dependent on the individual and I don't mean just personal preference.
For example the maximum amount for an average individual entirely depends on how much you are leveraged already. Meaning it's not how much you are paying vs your gross or even net income but how much you are paying with your other finance payments vs. your net/gross (either works depending on the formula).
In terms of trading a car well frankly it's a waste of money period so anything under 3 years means you should be leasing, 6 or more then you buy new. Anything outside of that typically means your spending more than you have too but that's where personal choice comes in.
WHat I would say is if you can't swing at least 10% down don't buy the car. Reason being is it likely means you don't have at least 6 months in savings of all your bills and if you don't then that's your first goal before new car.
Edit: I also say this as a car guy. Somebody who wanted the z06 at 25 and probably could have gotten it but put it off until my first true new fun car of an Audi S4 at 28 (special ordered) then I put off the next one as my wife and I built a house and got married. a year ago at 35 I picked up a 18 z06 in cash. There's always a balance but if you don't have the savings for a few months if you lose your job, your credit well taken care of - that car can become a heavy weight and something you end up hating.
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