How will you pay for your Lightning?

[Deleted member 9341]

That's better than no vehicle at all in most parts of America. Driving around in old beaters isn't a great idea either since car safety has improved a lot over the years.

Since interest rates are so low these days, it doesn't make much sense to dump all our cash into a new car. Instead, take a loan and put the cash in an index fund.

That made good sense until a week ago. Haha. Over time it’s still generally good logic though.

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[Deleted member 9341]

Regardless of what happens, in the end... hopefully all of us on the list will get a Lightning (yes I am being hopeful).

When you are at the dealer, about the sign on the line... how will you pay?

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[Sklith]

That made good sense until a week ago. Haha. Over time it’s still generally good logic though.

Are the interest rates going up or something? The rates would have to be pretty high (about 5% or so) to make buying with cash worth it.

 

[SmoothJ]

Are the interest rates going up or something? The rates would have to be pretty high (about 5% or so) to make buying with cash worth it.

They might... by the time we pick it up it could be past 5%, or it could be still low... who knows.

 

[RickLightning]

If you're going to pay cash in a region where Ford Options gives you a $2,500 rebate, or even where the rebate is $1,000, you simply are a bad manager of your money.

You take the rebate, thank Ford for it, and then the next week you pay off the loan. Those that ignore Ford Credit rebates, which is basically free money, because "I always pay cash", aren't thinking clearly.

 

[SmoothJ]

Just saw this on YT:

 

[RavenYZF-R6]

Just saw this on YT:

Doesn’t go into any more detail than the ford webpage about ford options does. Waste of a watch imo.

 

[Ford Senior Master]

But he would have paid the $25k either way. Either pay up front or in a payment over time

Sure... that is true if he maintains lease for the term. What happens when he is in an accident and totals the vehicle? He loses the 25K. It will not be recouped in the settlement. That is part of the problem with leases.

 

[SmoothJ]

Sure... that is true if he maintains lease for the term. What happens when he is in an accident and totals the vehicle? He loses the 25K. It will not be recouped in the settlement. That is part of the problem with leases.

Be sure to get GAP insurance… it’s included with the RCL but not FO.

 

[Deleted member 9341]

Sure... that is true if he maintains lease for the term. What happens when he is in an accident and totals the vehicle? He loses the 25K. It will not be recouped in the settlement. That is part of the problem with leases.

Sure... that is true if he maintains lease for the term. What happens when he is in an accident and totals the vehicle? He loses the 25K. It will not be recouped in the settlement. That is part of the problem with leases.

i had a friend total a lease a few years ago. Insurance made the lessor whole and balance went to lessee. But maybe that’s changed.

 

[Deleted member 9341]

Be sure to get GAP insurance… it’s included with the RCL but not FO.

Exactly. Crazy to not get GAP if offered

 

[Deleted member 9341]

Are the interest rates going up or something? The rates would have to be pretty high (about 5% or so) to make buying with cash worth it.

Mostly I was joking that the market is tanking badly last couple of weeks and index funds along with it. Haha. That said, rates have indeed been creeping up lately for sure and more increases in the hopper in 2022 as it looks today. By the time I get my truck I would certainly expect to be over 5%.

 

[SmoothJ]

Exactly. Crazy to not get GAP if offered

Always ask for it.

 

[Deleted member 9341]

Always ask for it.

I actually thought it was automatic now. Last few leases I had included it off the bat. Probably depends on leasing company, so yes always ask and get it. Came in handy when I had a leased BMW stolen awhile back.

 

[RickLightning]

You’re not accounting for the peace of mind and personal satisfaction that many people get from carrying no debt. And there’s absolutely no shortage of folks that have enough money such that saving a few grand as in this scenario is completely irrelevant in the grand scheme of their finances.

Debt for a week for $2,500? You're kidding, right? That's poor financial skills.

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