Saber123316

I have a 2015 3.5 eco 4x4 XLT, plain jane truck. I love it. However I have the chance at getting into an FX4 2017 5.0 Its a console shift truck, with cloth interior and of course the color matched bumpers. I like the look of the truck.

However the 5.0 I drove a 11-14 5.0 and it did not have the guttural punch my old 14 eco had... I understand the 2015 5.0 got some updates. MPG differences will be neglible, probably better because I constantly wind my turbos out

I spoke to the dealer I can get good value for my truck, I am carrying negative equity but I could get similar payments as the truck is 18k off sticker and I can get a refund for my maintenance and extended warranty. ( I feel the 5.0 does not need as much TLC as the 3.5 eco)

So all together my payments will likely be similar if not lower, 0% financing however its a new loan with the same term. Also its not BLACK, I hate black trying to keep it looking clean is such a PITA.

tundrajewel

"I have a 2015 3.5 eco 4x4 XLT, plain jane truck. I love it."

"I am carrying negative equity"

I think you answered your own question here. you love your current truck and you still owe money on it.

adaycj

My opinion. On one hand the negative equity and total cost of ownership are likely higher. When it is all said and done the total amount gone from your bank account will be higher with more remaining payments.

On the other hand, I often have positive equity. I often trade off before I need tires, and brakes, and other repair and maintenance items. Plus 0% financing is a cheap way to free up the financed side of your life to do other things. Plus my transportation budget has been constant for decades now, so I'm ok with some payments and such.

How far upside down are you going to be with the negative equity? (don't post numbers). I only ask because unless you are accounting for gap insurance, you could end up with an uncomfortable sudden cost if you total or loose (theft) the new one. That could be some risk you should consider.

Only you can decide, but if you are sure you know about all the risks and implications ... go with your gut.

Ricktwuhk

Never buy based on payments. Dealers love that method of selling, but it's a fool's gambit. If you have negative equity, stay in your truck.

Saber123316

I am sorry its not that simple, by carrying over the negative equity I have, ( From a previous lemon I might add that I got burned with) and putting it towards a new truck with a low interest loan I no longer pay as much interest on the negative equity. Also by ditching the protection / maintenance / extended warranty packages I save more money.

speeddemon0712

Financially, no this is an awful idea. However, I completely understand your position. The 5.0 isn't as torquey as the ecoboost, but it's still tons of fun. If you love your truck, why get rid of it? If the main aspect of the truck that draws you in is the paint matched, then spend a fraction of the money you'll lose on this trade and swap out everything chrome. I'm doing it now.

Sport factory steps, $275, sold chrome factory steps for $200 (-$75)
Sport grille, $155, sold chrome factory grille for $140 (-$15)
Painted my chrome door handles myself (-$100)

So far I'm only $190 in the hole, and I've removed A LOT of chrome. All I have left are bumpers. I've seen them anywhere from $300 - $1000 for front and rear, usually the cheaper ones are sold within days if that. I considered doing exactly what you're doing, all mainly because of my chrome. Yet in the end, I'll only be out maybe $500 - $1000, depending on how much I buy/sell the bumpers for.

speeddemon0712

You can get your money back on the extended warranty, and maybe even the other two. The dealership "needed" the same packages to get my rate from 6.8% to 3.6% (84 month financing). I know I know, that's way too long, it's a long story. Anyways, a month after I bought my truck, I cancelled those add ons and $2500 was refunded and went towards my truck balance. And I got to keep my 3.6% rate.

Saber123316

Pros: Lower payments, less interest, newer truck, less money financed.

Cons: New loan, longer to pay off.

Yes I love the truck but if I can get into something newer for cheaper and pay less for it long term than I am now WHY not?

5.Bro

It seems you have already made your mind.

Go for it

speeddemon0712

But you won't pay less for it in the long term. I'm assuming you've had your '15 for at least 12-18 months, lets just say 12. You've made 12 payments on that truck, probably around the $500 mark. So there's $6000, not including your down payment (if you put anything down). Then you have your negative equity, add that. Then you start over with your payments on a new truck. There is absolutely no way you spend less in the end trading in for a '17 vs. keeping your '15.

That's just a financial fact. But if you want something newer and you like it better than what you're currently driving, and you can afford it, go for it! Don't ask strangers what you should do, because we'll just give you statistical facts, nothing emotional.