What kind of trade value can I expect for my truck?

[RealJimmyJames]

You told them too much by far.

[Shlade]

I think you'll get pretty hosed and for sure get negative equity on top of the new truck... don't think there's really any options here for you getting out of your current truck unless you maybe step in a 2018 model

[ExtraSlow]

Steps you need to take here if you are serious.
1) beat easily found advertised deals like this one:

2) negotiate trade in and compare to probable Kijiji sale price.

Discussing the amount you owe is step 4 or 5.....

Also, as reference, here's what XLT 2018 trucks are worth. Yours is worth a lot less.

[Shlade]

Omg that interest rate for that white one... no way!!! I'd never consider a new vehicle if the interest rate was anything over 1.9%.... 0% is where it's at

[corsvette]

This quote is hidden because you are ignoring this member. Show Quote

Omg that interest rate for that white one... no way!!! I'd never consider a new vehicle if the interest rate was anything over 1.9%.... 0% is where it's at

That's a 96 month term!! When the hell did dealers start with that? Holy shit, and now everybody with a pulse can finance a new vehicle. This is paving the way for a great future for the lenders. "yeah I'll just finance my new truck over 96 months, then go buy a holiday trailer I can pull with it that'll finance over 20 years, It's all good"

[ExtraSlow]

Love the Calgary Sun! Shows where my head is, I never look at interest rate or term, cash money bitches!

[J-hop]

This quote is hidden because you are ignoring this member. Show Quote

That's a 96 month term!! When the hell did dealers start with that? Holy shit, and now everybody with a pulse can finance a new vehicle. This is paving the way for a great future for the lenders. "yeah I'll just finance my new truck over 96 months, then go buy a holiday trailer I can pull with it that'll finance over 20 years, It's all good"

Yea, I dare you to try to tell someone making 60k a year that they have no business in a 40k+ new truck. “ yo bro I can afford the payments bro that means I can afford the truck bro, duh”

Next week “what’s the absolute cheapest place in Calgary for oil changes?” “do I need to change at the recommended interval or is it ok to push it a couple thousand k longer?”

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

That's a 96 month term!! When the hell did dealers start with that?

Over a decade ago. I was offered it on my '05 Mustang.

[bjstare]

This quote is hidden because you are ignoring this member. Show Quote

That's a 96 month term!! When the hell did dealers start with that? Holy shit, and now everybody with a pulse can finance a new vehicle. This is paving the way for a great future for the lenders. "yeah I'll just finance my new truck over 96 months, then go buy a holiday trailer I can pull with it that'll finance over 20 years, It's all good"

Pretty sure you just described 19/20 F-150 drivers.

[ExtraSlow]

This quote is hidden because you are ignoring this member. Show Quote

pretty sure you just described 19/20 pickup truck drivers.

ftfy

[r3ccOs]

This quote is hidden because you are ignoring this member. Show Quote

ftfy

like the trucks, i reckon the financing covers the large demographics that their vehicles sell to.

I could never imaging making even a car payment over 36 months, but hey... I mean when you pass your exam and move to an apprentice, there no way better to trophy up than a new F150 Limited... even if you have to pay almost a grand a month for the next 7-8 years

[BokCh0y]

I seriously couldn't fathom an 7-8 year car payment on the same vehicle, the interest over that time period alone makes me cringe. And then after that term, the depreciation hahaha. Pay how much over that time, rack up mileage and at the end of the term the trucks worth what? $5k hahaha

Priorities. Buy house first and pay your own mortgage then afterwards, if viable, buy fancy truck. That's what I would do.

[corsvette]

This quote is hidden because you are ignoring this member. Show Quote

I seriously couldn't fathom an 7-8 year car payment on the same vehicle, the interest over that time period alone makes me cringe. And then after that term, the depreciation hahaha. Pay how much over that time, rack up mileage and at the end of the term the trucks worth what? $5k hahaha

Priorities. Buy house first and pay your own mortgage then afterwards, if viable, buy fancy truck. That's what I would do.

Funny enough a few people I know with brand new trucks don't own their home and the rest who own drive older paid for rigs.

[vengie]

Negotiating 101:

Let them make the first offer.

When you flat out tell them whats remaining on your vehicle, you lost. Let them do an evaluation and move from there.

[ExtraSlow]

Or if you male a first offer make sure it's slightly lower than reasonable. Known as an "anchor". Most effective when the other party has incentives to continue the negotiations. Many dealers will ignore true lowball as they know they would be starting from a weak position.

[Aleks]

This quote is hidden because you are ignoring this member. Show Quote

Omg that interest rate for that white one... no way!!! I'd never consider a new vehicle if the interest rate was anything over 1.9%.... 0% is where it's at

Ford does this all the time. You can get low interest on new ones and about $4,500 in allowances (2018s) or high interest and $11,500 on rebates on 2017s. This doesn't include any discounts from dealers, so another $5,000+ on a Lariat in each case. So even with high interest it comes close if you work the numbers for something with a more reasonable loan length.

This quote is hidden because you are ignoring this member. Show Quote

Funny enough a few people I know with brand new trucks don't own their home and the rest who own drive older paid for rigs.

That's because smart well of young aduts these days work the numbers and realize it's a bad idea to buy a home. Renting is the way to go apparently.

http://www.cbc.ca/news/canada/calgar...head-1.4490332

[ExtraSlow]

One of the smartest people I know, who has a two income house and two kids has gone to renting. Says it didn't make sense to have so much capital tied up in one asset class.

[vengie]

This quote is hidden because you are ignoring this member. Show Quote

That's because smart well of young aduts these days work the numbers and realize it's a bad idea to buy a home. Renting is the way to go apparently.

http://www.cbc.ca/news/canada/calgar...head-1.4490332

The huge flaw in that article is the fact that 90% of those renters would NOT invest or save that extra $1300/month. The more likely scenario is they would spend it.

They also don't compare an apples to apples situation.
the $3000/month calculation taking taxes and maintenance and bills into account is not being added to the rental price where you would need to pay the same, except for taxes.

A 30 year mortgage on a $510,000 house will like be a $2200/month payment, + taxes ($250/mth) + Bills ($400/mth) + Insurance ($100/mth) = $2950/mth

Rental: $1700/mth + Bills ($400/mth) + Ins ($100/mth) = $2200/mth

For a difference of $750.

So now you only have $750/month to invest, IF you invest it.

Whereas you're essentially investing the same amount into your mortgage on a monthly basis. A mortgage is forced savings for those not disciplined enough to save on their own.

[Rocket1k78]

This quote is hidden because you are ignoring this member. Show Quote

Yes, that was 100% me. And I am sill of that mindset. my current rig fills every need I have had to this point. Having said that, it is our main family commuter vehicle, and Baygirl and the kids are wanting heated seats and such in the back (and TBH, I would love a heated steering wheel), and the only way to get that is with the Lariat trim level. I figured with the 2018 refresh, and being the end of January 2018, I might be able to get a really good deal on a 2017 Lariat and make everyone happy if it didn't require too much of additional capitol on my end.

Is it worth it to finance another $20k or more for a heated steering wheel and heated seats?

This quote is hidden because you are ignoring this member. Show Quote

This is paving the way for a great future for the lenders.

You are 100% correct the future is going to be great for lenders. The poor will be getting poorer because of shit like this.

This quote is hidden because you are ignoring this member. Show Quote

The huge flaw in that article is the fact that 90% of those renters would NOT invest or save that extra $1300/month. The more likely scenario is they would spend it.

Bingo! and you're probably looking at closer to 98% lol $1300/month would get you a nice lease on a 2018 f250 platinum I bet

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

So now you only have $750/month

Sweet. Now I can afford a Tesla Model 3 and be the envy of my other renter friends!