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Message
I’ve been holding out on buying a vehicle due to rates. Should I keep waiting or buy?
Posted on 8/28/23 at 2:52 pm
Posted on 8/28/23 at 2:52 pm
My luck there would be a crash right after I bought.
9
Posted on 8/28/23 at 3:05 pm to FlexDawg
Nothing indicates rates dropping for awhile.
Posted on 8/28/23 at 3:08 pm to FlexDawg
Rates are looking to remain steady for the next year, and even then they won't go back down to the absurd lows as before.
Manufacturers might have promo rates in the next few months depending on the model you're looking at.
Manufacturers might have promo rates in the next few months depending on the model you're looking at.
Posted on 8/28/23 at 3:28 pm to FlexDawg
New or used? If new, finance through the manufacturer with the promo rates.
Back in the golden days, you used to be forced to choose between manufacturer/dealer rebates (which could be $10,000+ off MSRP) OR promo financing, but you couldn't do both. Nowadays, you aren't getting much of anything off MSRP so the promo financing is a no-brainer with rates at >7%.
Back in the golden days, you used to be forced to choose between manufacturer/dealer rebates (which could be $10,000+ off MSRP) OR promo financing, but you couldn't do both. Nowadays, you aren't getting much of anything off MSRP so the promo financing is a no-brainer with rates at >7%.
Posted on 8/28/23 at 3:51 pm to FlexDawg
I’m in the same boat. The plan was to hold out until mid-24 to get a gently used 22-23 Tundra but my 2014 F150 needing a new trans. has accelerated that plan.
It does look like used prices have dipped a bit though
It does look like used prices have dipped a bit though
Posted on 8/28/23 at 3:55 pm to FlexDawg
Keep waiting and use the time to build your cash stack while collecting ~5% interest in a HYSA then pay cash. Then once you have the cash, it's likely going to be harder for you to just blow it all on a depreciating asset.
Posted on 8/28/23 at 3:58 pm to FlexDawg
quote:
My luck there would be a crash right after I bought.
Just refi if the rates crash. It’s not like you have to pay a few thousand to refi.
This post was edited on 8/28/23 at 4:01 pm
Posted on 8/28/23 at 9:23 pm to TorchtheFlyingTiger
quote:
it's likely going to be harder for you to just blow it all on a depreciating asset.
Is this even still accurate? I can probably sell my vehicle for more than I paid for it.
Posted on 8/28/23 at 10:46 pm to Santiago_Dunbar
quote:
2014 F150 needing a new trans. has accelerated that plan.
Why a new trans is a Hella of lot cheaper than a new truck. Hell rebuild the engine while you're at it.
Posted on 8/29/23 at 4:31 am to Cajun367
quote:
Why a new trans is a Hella of lot cheaper than a new truck. Hell rebuild the engine while you're at it.
This is my logic. I have a DD Altima that has 130k miles only unknown is CVT Tranny starting to hint at potential problems.
I’ll throw a brand-new trans in her all day long vs. purchasing a new vehicle.
Posted on 8/29/23 at 6:49 am to FlexDawg
Rates are not going lower any time soon. At least not for any duration of time.
I would expect them to rise more over the years.
If you are going to wait, I’d save as much as you can with the hopes of paying cash if possible or at the very least a large down payment.
You can get over 5.25 on a 16 month cd through banks like Synchrony and just under 5 on some lower term CDs.
You can get 4.5 in a high held savings.
While you wait save and earn something.
If you are going to pay higher rates for a loan you may as well use those same high rates to save.
Just a humble idiot’s thoughts.
I would expect them to rise more over the years.
If you are going to wait, I’d save as much as you can with the hopes of paying cash if possible or at the very least a large down payment.
You can get over 5.25 on a 16 month cd through banks like Synchrony and just under 5 on some lower term CDs.
You can get 4.5 in a high held savings.
While you wait save and earn something.
If you are going to pay higher rates for a loan you may as well use those same high rates to save.
Just a humble idiot’s thoughts.
Posted on 8/29/23 at 9:17 am to Hayekian serf
I’d argue vehicle cost inflation outweighs any potential minor rate drops.
Short of expecting a major price collapse due to a downturn I don’t see why you would wait.
Short of expecting a major price collapse due to a downturn I don’t see why you would wait.
Posted on 8/29/23 at 10:37 am to FlexDawg
Are you needing to buy something new or are you just wanting to?
Posted on 8/29/23 at 10:45 am to FlexDawg
The rates aren't scaring me as much as the overvalued vehicles. I'm not buying a truck over $50k, sorry. I'll drive my current ride over 200k miles before I do that, even if I have to drop a new tranny in it.
Posted on 8/29/23 at 2:42 pm to lowhound
quote:
The rates aren't scaring me as much as the overvalued vehicles. I'm not buying a truck over $50k, sorry.
Do you expect prices to drop? When was the last time prices dropped on goods?
Posted on 8/29/23 at 3:27 pm to Suntiger
quote:
When was the last time prices dropped on goods?
2018.
quote:
Do you expect prices to drop?
Not for a while, but eventually a breaking point will be hit because you can't inflate indefinitely without repercussions. We're in an environment where dealers are offering 72 and 84 month loans just so some people can afford vehicles. If prices keep rising, the more people who need those terms (or even longer terms) will grow. As that happens, it's inevitable that consumers find alternatives (more taking public transportation, going to motorcycles or trykes, etc) which hampers demand enough for prices to come down. The real questions here are what will it take for that to happen and when?
Posted on 8/29/23 at 4:26 pm to Cajun367
Maybe I’m looking at this incorrectly, but for me it’s a time/inconvenience issue. If I have a high mileage vehicle that requires diagnosing and repairing progressively worse issues a few times a year, it’s probably time to make a change.
It might be cheaper to drive it until the wheels fall off but having a truck that spends half it’s time in the shop ain’t my bag
It might be cheaper to drive it until the wheels fall off but having a truck that spends half it’s time in the shop ain’t my bag
Posted on 8/29/23 at 6:20 pm to Santiago_Dunbar
quote:
It might be cheaper to drive it until the wheels fall off but having a truck that spends half it’s time in the shop ain’t my bag
I can count the number of hours my 2006 Tundra has been in the shop on one hand
Posted on 8/29/23 at 7:02 pm to weadjust
Hence the requirement to go Toyota on this next one haha. I got a good 200k problem-free miles out of the F150 but she’s hit a wall.
Don’t get me started on the ‘99 Ram I had before..talk about transmission issues.
Don’t get me started on the ‘99 Ram I had before..talk about transmission issues.
Posted on 8/29/23 at 7:50 pm to Suntiger
quote:
Do you expect prices to drop? When was the last time prices dropped on goods?
Vehicle prices have nowhere to go but down IMO over the next 6-12 months. Dealerships are starting to get heavily inventoried and the only way out of that is discounting and moving inventory eventually.
Bubble is bursting for auto dealers, even if it's a slow bleed to it. These prices will not be this inflated for much longer, regardless if makers themselves keep raising up MSRP's to ridiculous levels, eventually people say enough is enough and dealers cant let huge inventories stay on lot with the interest rates they are paying for those.
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