I’m going to be getting out of our darned car lease. I want to get a regular new car loan instead of another lease. The leases were all good deals for me so that’s what I did. In my wheelhouse is the Ford Maverick tiny PU truck. I’m going for something inexpensive (cheap) . I still have a couple months to go yet.
What do I do?
- Thread starter jeffrefrig
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ACORN
Member
We have a new Maverick hybrid at work. It’s a nice little truck, but only has 12k on it as of now.
It’s dash readout stats 40-50mpg. I can’t remember the exact figure. And being a work truck I know those are “easy miles”.
It’s dash readout stats 40-50mpg. I can’t remember the exact figure. And being a work truck I know those are “easy miles”.
If you are really intent on saving money, buy used. Something one to three years old, where the original buyer has already taken the 'new car' hit. Sometimes, you can buy someone's leased vehicle and get a good deal too.
Everbody Drives a Used Car
AMEN!
Look at how much "value" you lose driving out the dealer's door.
Bekeart
AMEN!
Look at how much "value" you lose driving out the dealer's door.
Bekeart
Trucks are VERY popular in Oklahoma and when I bought my 2018 Ram, one to two year old low mileage trucks in great condition were very close to the cost of brand new ones so I bought my new Ram for $24,200 out the door and am very happy with it. Buying used has always worked out OK for me but you never know if someone had a radiator leak and drove it until the engine got red hot(my ex wife) or driving across a creek that was deeper than they realized(me). Some people like to back up fast then shift into forward without braking(the service guy at our Toyota dealership) and a new transmission averages about 10 grand nowadays and there are many other unknown things that could be high dollar repairs later when you buy used. You just never know.
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My brother has had a Maverick for a couple of years. Really likes it. Great mileage.
Yes, conventional wisdom doesn’t apply like it used to. I’ve seen two yr old f250 listed for what I paid for mine. Dealers are looking to move their new inventory. Also finance rates will slowly start to come down probably starting in September……. I’d look for a new 2024 or left over 2023. Plan on refinancing in a yr.
Ivan the Butcher
Member
I buy used. I look at the types of trucks and decide what i like and don't, then when "The One" turns up I snag it. If it just isn't you, trade it in a few years.
Sometimes when you total your last truck, you need a truck in the next 10 days. Take what you think you like. I did that on the last one. I drove that one until it was all used up, that took 11 years!
Ivan
ETA: Life's too short to drive an ugly truck!
Sometimes when you total your last truck, you need a truck in the next 10 days. Take what you think you like. I did that on the last one. I drove that one until it was all used up, that took 11 years!
Ivan
ETA: Life's too short to drive an ugly truck!
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LoboGunLeather
US Veteran
My suggestions:
1. Don't choose a vehicle or commit to a deal before sitting down with your bank or credit union and getting pre-approved financing.
2. When shopping make it very plain up front that you are pre-approved and ready to purchase when the right deal comes along; you are not there to play the tag-team game (salesman, sales manager, finance manager. You are buying the vehicle, not the payment plan.
3. Timing is important. Purchasing during the 3 or 4 months prior to introduction of the new models can usually save 15-20% off sticker prices. All the options listed on the window sticker add up to a sizable chunk of the total price, but those options cost the dealer 20% or less than the additional costs, and that is where you can save a lot by playing hardball.
4. For me, the factory warranty adds a lot of value. Basically 3 to 5 years of relatively worry free ownership, compared to a used vehicle with little or no warranty protection. The used vehicle warranties can be worth very little in the event of serious problems.
5. Honest dealers and sales personnel will tell you than less than half the people they try to get financed will qualify, and the last thing they want to do is allow a pre-approved buyer walk away.
6. More than once I have walked away, leaving my name and phone number so they can call me when they reconsider pushing for the maximum profit. CASH TALKS.
1. Don't choose a vehicle or commit to a deal before sitting down with your bank or credit union and getting pre-approved financing.
2. When shopping make it very plain up front that you are pre-approved and ready to purchase when the right deal comes along; you are not there to play the tag-team game (salesman, sales manager, finance manager. You are buying the vehicle, not the payment plan.
3. Timing is important. Purchasing during the 3 or 4 months prior to introduction of the new models can usually save 15-20% off sticker prices. All the options listed on the window sticker add up to a sizable chunk of the total price, but those options cost the dealer 20% or less than the additional costs, and that is where you can save a lot by playing hardball.
4. For me, the factory warranty adds a lot of value. Basically 3 to 5 years of relatively worry free ownership, compared to a used vehicle with little or no warranty protection. The used vehicle warranties can be worth very little in the event of serious problems.
5. Honest dealers and sales personnel will tell you than less than half the people they try to get financed will qualify, and the last thing they want to do is allow a pre-approved buyer walk away.
6. More than once I have walked away, leaving my name and phone number so they can call me when they reconsider pushing for the maximum profit. CASH TALKS.
Not necessarily a small truck fan except for the old Toyota SR5 2 seater pickup. Man I wish Toyota would bring those back. I would look at the Honda Ridgeline. Not a big fan of those funky looking small pickups but, Honda makes good vehicles.
Also, if buying from a dealer do so at the end of the month
as they are trying to make sales quotas and probably won't
let a deal fall through or walk out the door.
as they are trying to make sales quotas and probably won't
let a deal fall through or walk out the door.
^^^^^^^ this. 3 of the last 4 vehicles I bought were on the last day of month. Walk away, knowing they will call you back. People need to understand that as the buyer you are dealing from a position of strength. The dealer is one of many. The buyer is one of one. They need you more than you need them. I once walked away from a deal at GMC dealer. It was a great deal. It was just a more expensive truck than I wanted. I went to Chevy dealer and made a deal. Was going to pick up truck the next day. Well the GMC dealer calls and says we’ll meet your price if you buy today. I said I had a verbal deal on Chevy and would not feel right backing out……. Salesman says no worries , I’ll call Chevy dealer and do it for you. I left work at 2pm and bought the GMC. Last day July
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twodog max
Member
I have had quite a few used vehicles over my lifetime and never had one that did not give unpleasant surprises. So I cut my bad luck and no longer buy used. Shop wisely. I have had news ones turn to **** as well so that is why I drive Toyotas now. Far fewer problems.
Had 2020 Ford Escape bought new that the dealer actually ruined and Ford was no help whatsoever. The woman assigned to my complaint was more worried about her pronouns. Geez
Had 2020 Ford Escape bought new that the dealer actually ruined and Ford was no help whatsoever. The woman assigned to my complaint was more worried about her pronouns. Geez
It's still true about the cost of used trucks. My daughter lives in Boulder, CO. She bought a new (non-discounted) Maverick non-hybrid 4X4 pickup a couple of years ago and took care of it. The dealer called her up a couple of months ago and bought it back for more than she paid for it. Under such market conditions, the cost of used Mavericks may be pretty close to the cost of new ones. The same holds for other models as well. Last week, my son was looking to buy a used Toyota RAV4 SUV. He also checked out the price of a new one. They were only a couple of thousand dollars apart. So these days, used may not be the bargains they once were.
Once one gets into trading their cars on a regular basis, I believe that buying new is more economical than used. First, there are the unpleasant surprises' one can have with buying used as mentioned above. Second is that the price of recent model used cars are sky-high. Third is the fact that used car warranties are almost always much shorter and more restrictive than new car warranties.
I have an 8 year old Jeep Grand Cherokee Summit, which is longer than I usually keep a car, and I keep clean and perform regular maintenance and lower mileage than average. It remains in excellent condition and is still worth $25K according to the Blue Book and Edmund's. I am sure that I can get that much at my dealer on a trade-in. Assuming that there are still no big deals to be made on list prices, I can buy a new car for the same or lower price than a 1 to 3 year-old used car. Besides, I like that new car smell!
I have an 8 year old Jeep Grand Cherokee Summit, which is longer than I usually keep a car, and I keep clean and perform regular maintenance and lower mileage than average. It remains in excellent condition and is still worth $25K according to the Blue Book and Edmund's. I am sure that I can get that much at my dealer on a trade-in. Assuming that there are still no big deals to be made on list prices, I can buy a new car for the same or lower price than a 1 to 3 year-old used car. Besides, I like that new car smell!
Jeff423
US Veteran
And pay cash if you can. I always try to avoid taking out a loan for a depreciating asset.
Too many stories about a $90K F150 only bringing $40K at auction.
Lease? Loan? What are these things you speak of?
LVSteve
Member
That's funny. The Maverick isn't tiny. What has happened is that all the 1500 grade trucks have got huge. The Maverick is almost the same size as a 1997 10th generation F150.
Lease? Loan? What are these things you speak of?
Dunno if that's a Tahoe or a Blazer, but agree trucks shouldn't have more than 2 doors, that's all my 2000 GMC stepside has as well.
Nice, and a bit cleaner than mine.
fiasconva
US Veteran
That nasty word "cash" seems to be a no go around here. When I was looking for a new vehicle a couple of years ago as soon as I mentioned that nasty word several of the dealers wouldn't even talk to me after that. I walked off two or three car lots because if I wasn't going to finance it through them they just weren't interested in selling me a vehicle.
