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Discussion Starter · #1 ·
i ordered my van last year and it just got delivered to the dealership. i was price protected at 62,600. The current MSRP sticker is $66,600. But i would pay 62,600.

The only thing it is missing is push button start, which i thought the van would have.

the main thing holding me back is that when i originally placed the order i was going to buy the van with cash but with the market crash I'm thinking of financing. but i was approved for 10%, since it is a cargo van (commercial).

i feel like I'm getting a pretty good deal at 62,600, considering the sticker price is 66,600.

my other idea was placing another order into ford, letting this one go, and taking delivery next year.

they said however that i won't be price protected if i do a new order.

anybody have any advice on what would be the smarter option?

if I take the 6 year loan, the interest would be about 25k. so roughly 33% of the price of the van would be interest if i take all 6 years to pay it off.
 

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2022 W2X 350 HR AWD EB in Blue Jean Metallic
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When I financed my 2022 cargo in July my interest rate was under 3%. I know rates have gone up but 10% seems absolutely crazy. I went through Twin Star Credit Union. Also there is no guarantee you'll get a 2023 since the ordering for those is closing. Just because it's a cargo model doesn't equate to it being commercial.
 

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Discussion Starter · #3 ·
When I financed my 2022 cargo in July my interest rate was under 3%. I know rates have gone up but 10% seems absolutely crazy. I went through Twin Star Credit Union. Also there is no guarantee you'll get a 2023 since the ordering for those is closing. Just because it's a cargo model doesn't equate to it being commercial.
they said that it's due to me being self employed and also never having had a loan before.
 

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Pay yourself the 10% .Have discipline and make your payment to your own savings account.


Monthly Payment: $896.46

You will need to pay $896.46 every month for 7 years to payoff the debt.
Monthly Payment
$896.46​
Time Required to Clear Debt
7.00 years​
Total of 84 Payments
$75,302.97​
Total Interest
$21,302.97​

TWENTY ONE THOUSAND DOLLAR OF INTEREST
 

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In seven years the stock market will likely be up more that a third.

Pretty close to bottom now, I am guessing.
So the advice is, don't sell stock to buy a Transit?

Don't buy a Transit and buy stock?

Buy the Transit and short a bunch of meme stocks?

In any case, it's too late to submit a COVP order for a 2023 Transit.
 

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if you can pay cash up front, you have already done the math, it literally is putting 25K back in your pocket over 6 years. But you really need to get some credit and I would recommend a credit card to start. stay on top of it, pay it off every month, but use it. The goal is to build credit. right now you have no credit history which means a low credit score. another option would be pay cash for the new truck but finance like 10 k of it over 2 years with automatic withdrawal.
 

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There is an old phrase - cash is king and as long as you have cash - you are better off than without it.

As a practical matter, the value of the debt will decline over the 6 years, because in most of the past 20 years, the dollar has been in decline against many commodities.

So if it were me, I would pay up front 10 - 20% of the value and finance the rest.

It is not at all clear to me if parts shortages will be in a better position in a year or not. Some devices such as memory and advanced CPUs might be hitting sufficient volumes, but automotive chip supply is still a mess.

Ford just told the financial community to expect their supply chain costs to be $1B more than the $4-5 B increase they had expected, and still has ~ 45K "built but not completed vehicles due to shortages". That indicates to me that prices are going to keep going up for a while.
 
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