i need serious help on this decision

[Dan C]

If your current car is not paid off you cannot afford another new car.

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[Formerly]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

NY here. Winter range, charging to 80% is around 230-240mi
Summer range 280-300 at 80%

I drive and get 2mi/kwh...

You will also get negative equity from the truck. Mind you, this is a meaningless number if you intend to see the loan through.

 

[Ricks Lightning]

Sort of the same boat.
Purchased a 23 pro in May 24. 55 k msrp. 50k out the door. Loved the way it drove. But wanted more bells and whistles. So Sept I decided to lease a Flash. 74k msrp. Dealers were only wiling to give me 35k for a a pro with 2500 miles. F them.
Leased the flash, sat on the pro and was able to find 3 serious buyers at 45k. Took 5 weeks and Ford was able to carry over my 0 down 0% 5year loan. I had to make a total of 6 payments to make the deal go through which basically brought the payoff to 45k anyways.

New buyer didn't have to make his 1st payment til January. Loves the truck and I love my Flash.

Sell the MME on the private market and see what you can get. I saved the 10k hit the stealers were offering me. And with a lease, I'm done in 3 years. Plus my work truck is all deductible.

I'm in a different boat than most, but money is money and giving it to a dealer to make more profits over you is another reason they're stealers..

Rick

 

[Jseis]

1.7 mi/kWh is like 57 mpge so, yeah.. the truck is very efficient compared to ICE. The Lightning is like a somewhat higher end SUV disguised as an F150? Or an F150 disguised as a BEV? Or a BEV disguised as an ICE. I’ve no idea but it does do truck things. We’ve a Mach E that the SO drives, I drive the Lightning. I commute with it. But the S.O. won’t drive the Lightning because of truck size stuff. So on the irrational scale I’m there.

if your urban, I’d forego the Lightning due to awkward size-parking stalls.

if you’ve cheap power & charge from home, and commute any BEV is a money saver over a decade but the backend value proposition probably not there as who knows what a 10 year old Lightning or Mach E is really worth. At my age, the Lightning could be the last vehicle I drive for the next 20+ years. Maybe that’s my only win. FIIK the answer. As George Wa said on SNL “No one knows”.

 

[Maineiac12]

Being upside down only matters if you don’t keep the truck through the loan term or total it.

If you buy, get GAP insurance for sure. If you’re not sure you’ll keep it for 4-5 years, don’t do the trade.

 

[Dan C]

Being upsidedown in 2 loans matters, if you have only been paying for a year on the car you haven't put a dent in the principle. You will in effect be throwing away everything you put down and paid to this point. You cannot afford it no matter how your figures justify it.

 

[MotoGary]

You say you like the Mach-E, but you're already thinking about unloading it at a steep equity loss; That tells me that you really don't love it all that much. That thought isn't likely to go away. Nevertheless, I suggest that you mentally plan on keeping the Mach-E for another year.

In the meantime, do the best you can to develop your "side hustle" with the Mach-E. (I know a handyman who works out of a Tesla model Y and another guy who tows a little trailer with a Y for his side hustle. Just Try to protect your interior as much as you can).

With that as a goal, you'll be able to enjoy your Mach-E more knowing that it's just for the next year. Then in a year, you'll be in a better position to re-evaluate your situation and decide on your next vehicle.

It's also possible that the next year will see a little less depreciation on used EVs due to the tax credit likely being eliminated under the new administration, and overall lower supply due to production pauses. If you can feasibly make it another year, I see no reason to take a big hit on your Mach-E right now.

 

[nolavet504]

Being upside down only matters if you don’t keep the truck through the loan term or total it.

If you buy, get GAP insurance for sure. If you’re not sure you’ll keep it for 4-5 years, don’t do the trade.

yea n thats how i feel if i keep it 5 yeara ill be even but anything before cry toi the bank

 

[nolavet504]

Being upsidedown in 2 loans matters, if you have only been paying for a year on the car you haven't put a dent in the principle. You will in effect be throwing away everything you put down and paid to this point. You cannot afford it no matter how your figures justify it.

its 0% everything i pay is principal

 

[nolavet504]

Being upside down only matters if you don’t keep the truck through the loan term or total it.

If you buy, get GAP insurance for sure. If you’re not sure you’ll keep it for 4-5 years, don’t do the trade.

also gap is included for sure. need that.

 

[derelict]

I think it comes down to whether you are OK paying $71k for a $61k vehicle...

 

[StevenC56]

After discounts, incentives and rebates my 2024 Lariat was under $70K out the door. 0% for 60 months, so my principle will catch up with the sale/trade value pretty quick. (Not that I have any plans to do anything except keep this awesome vehicle for a long long time)

 

[Grease Lightning]

I currently have a 2023 Mustang Mach-E GT that I've had for about a year. I really like it, and I got it at 0% APR. I still owe around $45k on it, and the best offer I’ve gotten for it is $35k, so there’s some negative equity. I’m thinking of upgrading to a Ford Lightning 2024, and here’s the breakdown:

• The Lightning will cost me $71k OTD, factoring in the negative equity from my Mach-E (it’s about $10k rolled over).
• My monthly payment will go up by around $150/month, but my insurance drops by $100/month, so the net increase is about $50/month.

I test drove the Lightning and loved it – the space, the driving experience, everything. But here’s the catch:

1. Negative Equity: I’m worried about the $10k I’m rolling over from my Mach-E. If I don’t love the Lightning in a few years, I might be stuck with it or take a loss when I trade it in.
2. Battery Range: I’ve heard the Lightning’s bigger battery can burn through range quicker, especially compared to my Mach-E. Does anyone with a Lightning feel like it’s a “gas-guzzler” in terms of range, even though it’s electric? I know the battery is bigger, but I’m wondering if it drains faster, especially with some speed and power driving.

I like the idea of the truck, especially for the extra space with my growing family, but I don’t want to make a decision I’ll regret.

What do you all think? Should I make the jump now, or wait until I’m in a better equity position with my current car? i have 3 sons who fit n mach e now but in due time growing i think ill get more use from the truck. family wise and side hustle wise. and ill personally enjoy the new found room for my back and comfortability compared to mach e. 71k for flash with trade dont seem to horrible to me

Do like the fed and borrow your way out of debt or print more money. Works for them, should work for you. ???

Seriously do what you can afford and works for your needs. None of us can validate the decision for you.

As other people have said you will loose tons and tons to depreciation for the new Lightning. Many of us have lost around $20k or more that first year. Ford Credit sadly reminds me of this every time I login with there ever so insulting “trade in value” listed on the dashboard. Today’s insult is that my $73,500 XLT has lost $33,000 in value in just shy of 18 months. So with the tax credit, $25k in 18 months.

So if you can stomach that type of hit again, or get an amazing deal and can afford it, go for it!

 

[nolavet504]

Do like the fed and borrow your way out of debt or print more money. Works for them, should work for you. ???

Seriously do what you can afford and works for your needs. None of us can validate the decision for you.

As other people have said you will loose tons and tons to depreciation for the new Lightning. Many of us have lost around $20k or more that first year. Ford Credit sadly reminds me of this every time I login with there ever so insulting “trade in value” listed on the dashboard. Today’s insult is that my $73,500 XLT has lost $33,000 in value in just shy of 18 months. So with the tax credit, $25k in 18 months.

So if you can stomach that type of hit again, or get an amazing deal and can afford it, go for it!

thats tough y did u pay so much for xlt though the flash would be cheaper with the trade in

 

[nolavet504]

I think it comes down to whether you are OK paying $71k for a $61k vehicle...

but msrp is 72 sticker

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