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Started By
Message
Anyone own a 2016 XLT Ford F150?
Posted on 3/20/16 at 2:18 pm
Posted on 3/20/16 at 2:18 pm
Thinking about trading in my truck for a lower note. I have a 2014 FX4 with 44k miles. Thinking if i can find a 2016 XLT 4x4 for the right price, i may be able to reduce my current note.
What have y'all paid for a 2016 XLT 4x4 F150?
What have y'all paid for a 2016 XLT 4x4 F150?
11
Posted on 3/20/16 at 2:22 pm to GeauxTime9
Buying a brand new truck is rarely a good way to save money.
Posted on 3/20/16 at 2:24 pm to DownSouthDave
quote:
Buying a brand new truck is rarely a good way to save money.
I can agree with this, but due to my current situation it will probably make sense. Financial i don't have to do this, i just thought it might be an opportunity to save some coin.
Posted on 3/20/16 at 2:32 pm to GeauxTime9
So lower monthly payment > extending you're payments?
Posted on 3/20/16 at 2:35 pm to GeauxTime9
I cannot in good conscience recommend that you do that.
Posted on 3/20/16 at 2:35 pm to ODP
quote:
So lower monthly payment > extending you're payments?
Not at all, if i can get the right money for my current truck I will owe the bank less than i currently do.
Should have just left it at what are the xlts priced at right now.
Posted on 3/20/16 at 2:37 pm to GeauxTime9
You sound like you're savvy with money.
Posted on 3/20/16 at 2:38 pm to Parallax
quote:
You sound like you're savvy with money.
Not quite, i wouldn't have paid what i did for my current truck if that was the case.
The price of trucks these days are outrageous.
Posted on 3/20/16 at 2:40 pm to GeauxTime9
Dont be a dumbass. Keep your truck. The Fx4 is nicer than the XLT.
If you absolutely have to buy a XLT, Robinsion takes 13k off at the end of the year on XLT.
If you absolutely have to buy a XLT, Robinsion takes 13k off at the end of the year on XLT.
Posted on 3/20/16 at 2:43 pm to Ice Cream Sammich
ICS, your right. I just hate the note i have on it now. I want to buy more toys but hate having that note glaring at me, haha.
Posted on 3/20/16 at 2:47 pm to GeauxTime9
Go to your local credit union. Get them to refinance it for you. Take it back out to 36-48 months if you need to. You will probably get a better rate than you have now and it will reduce your monthly payment greatly.
OR
Go refinance your truck. Keep the term the same, but get some additional money with the truck as collateral.
Not saying that either is smart, but better than getting rid of your 2 year old truck. PS, that Fx4 is just as nice as what my Platinum was. So, do you really want to go from a budget Platinum to a XLT?
OR
Go refinance your truck. Keep the term the same, but get some additional money with the truck as collateral.
Not saying that either is smart, but better than getting rid of your 2 year old truck. PS, that Fx4 is just as nice as what my Platinum was. So, do you really want to go from a budget Platinum to a XLT?
Posted on 3/20/16 at 2:52 pm to Ice Cream Sammich
quote:
Ice Cream Sammich
You have solidified my decision.
Posted on 3/20/16 at 3:10 pm to GeauxTime9
Keep your truck. Refinance if you can get a better rate for your current term. You don't really want to be paying on a truck for 7 years, do you?
If you want new toys, just save for them...like most people.
If you want new toys, just save for them...like most people.
Posted on 3/20/16 at 3:21 pm to GeauxTime9
I priced new F150s last weekend. It's hard to compare them since they each had different add ons but the two XLT V6 models I priced were just over $39K.
This post was edited on 3/20/16 at 3:22 pm
Posted on 3/20/16 at 3:32 pm to BobABooey
quote:
but the two XLT V6 models I priced were just over $39K.
Truck prices are crazy.
Posted on 3/20/16 at 4:00 pm to GeauxTime9
stretch your term anyway.
let's make it simple:
if you go 60 months and your note is 500.00, you will definitely save on interest.
HOWEVER, if you go 84 mos, and your note is 400.00 per month........and you put 100.00 bucks away every month.......you will have saved 8400.00 by the time your truck is paid. that 8400.00 belongs to you now and it adds to your NET WORTH.
those that pay their xlt's off in 60 mos, have saved a couple of thousand on interest but now OWN a vehicle that is depreciating every single day.
not you though buddy. you will own your vehicle in 7 years and can take that 8400.00 and tell all those frickers that wanted to pay off a depreciating vehicle faster to kiss your arse.
good luck. and REMEMBER........keep your truck til it's paid.
let's make it simple:
if you go 60 months and your note is 500.00, you will definitely save on interest.
HOWEVER, if you go 84 mos, and your note is 400.00 per month........and you put 100.00 bucks away every month.......you will have saved 8400.00 by the time your truck is paid. that 8400.00 belongs to you now and it adds to your NET WORTH.
those that pay their xlt's off in 60 mos, have saved a couple of thousand on interest but now OWN a vehicle that is depreciating every single day.
not you though buddy. you will own your vehicle in 7 years and can take that 8400.00 and tell all those frickers that wanted to pay off a depreciating vehicle faster to kiss your arse.
good luck. and REMEMBER........keep your truck til it's paid.
Posted on 3/20/16 at 4:08 pm to oldcharlie8
If the interest rates between 48 and 84 months were the same (they aren't), you might be onto something. Instead, you cherry picked numbers that have no basis in reality and are now giving horrible advice.
Posted on 3/20/16 at 4:23 pm to Ice Cream Sammich
quote:
If the interest rates between 48 and 84 months were the same (they aren't), you might be onto something. Instead, you cherry picked numbers that have no basis in reality and are now giving horrible advice.
sometimes it is in fact the same. I sell cars for a living.
if you finance for 84 and save 100.00 per month, you will have enough to pay the vehicle off in about 6 years. instead, those that finance for 60, make their payments at the same time that their vehicle depreciates on a monthly basis. so....if you're paying 500.00 per month......and your vehicle is depreciating 350.00 per month, you really aren't accomplishing shite.
and........if the interest rate is only 1 point higher at 84, so what. save your money. it's not a house. it's gonna constantly depreciate.
This post was edited on 3/20/16 at 4:27 pm
Posted on 3/20/16 at 4:26 pm to oldcharlie8
besides...........if you finish paying off your truck in 60 months instead of 84, you've saved about 3000.00 on interest.
so.....I ask you.......is saving 3000.00 (on a truck that is losing value every minute) on interest better than having 8400.00 in your bank account when it's all said and done?
so.....I ask you.......is saving 3000.00 (on a truck that is losing value every minute) on interest better than having 8400.00 in your bank account when it's all said and done?
This post was edited on 3/20/16 at 4:29 pm
Posted on 3/20/16 at 4:30 pm to Ice Cream Sammich
quote:
Go to your local credit union. Get them to refinance it for you. Take it back out to 36-48 months if you need to. You will probably get a better rate than you have now and it will reduce your monthly payment greatly. OR Go refinance your truck. Keep the term the same, but get some additional money with the truck as collateral. Not saying that either is smart, but better than getting rid of your 2 year old truck. PS, that Fx4 is just as nice as what my Platinum was. So, do you really want to go from a budget Platinum to a XLT?
Well...
That is all good, but OP should carefully review his payoff of current loan. I suspect he has already paid most of his principal.
If that is case, he would then be paying interest on the same money twice.
May not be worth it just to lower the note...
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