AMET

I have been struggling with the same issue but the other way around, i have a 2015 F150 XLT loaded. I'm looking to get into a Mustang GT (S550) but the truck is almost fully paid for, and i cant justify taking the hit on it after just 2 years(and many miles). However, if i just financed my truck and it was basically brand new i would probably be willing to take the loss to get a S550, and i would buy a cheaper truck to Tow/Haul. Since you just financed you really have to look at it and make sure you can get close to what you paid, or if you can afford to take a good size loss, i would trade it.

The cheaper option would probably buy something significantly older for a few $$$$ and keep the S550. Thats what i would do!

Shadetree43

Don't give up or jump in too deep.... Plan ahead then when you retire you can do what you want.
I bought a 14 Mustang Vert as my retirement gift & last year found a like new garage kept 13 5.0 Lariat with 14.3K miles.
Love em both.
Life is good.

SilverSurfer15

its NOT the best bang for the buck. People are delusional when they say that, it doesn't even have the keypad on the side. That 20 year old tech that ford has been putting on all their models. Imagine when you go unload that thing and the stx package is basically worthless, because its an XL model. Not a STX model. Or you could have paid ~2k more dollars and gotten yourself a 302a XLT thats the easiest model to sell.

Anyways, considered buying a used lariat? I mean you can get a used 16 (and soon to be 17) lariat for about what a new loaded up XLT goes for. If you need to lower the price, this is really the only way you are getting into one. Spend 50k on a new one, or spend 42-45k on a used one.

I wouldn't buy the XLT, you won't like it as you've already decided against it, so I would just drop it.

joemomma22

Haha i hear that. new vehicles suck. its a lose/lose no matter what the only win is that you buy something you enjoy driving on a day to day basis.
I absolutely love my s550 but in jersey with the salt and snow and just overall usefulness of a truck (im the guy that has motorcycles and dirtbikes and snowboards and things like that), a mustang just isnt cutting it; no matter how much i love it.

Yeah one day I'll be there. still young and grinding but that doesnt mean i cant enjoy things NOW and later too.

I agree the XL STX is wonderful for what it offers but an XLT makes way too much more sense. that said yes i want a lariat.

The real question here has seemingly been ignored. I really was only looking for input on trading for a lease and getting $9-10k back in a check while getting a 502a to drive for 3 years. it sounds great.

SilverSurfer15

Well, I won't go into my anti leasing rant.... I'm just curious, what is the due at signing amount and what are the payments on this thing?

Just a side note. I wanted a lariat, but bought a XLT because it was roughly 10k dollars cheaper. I don't like it. My old ram had the proximity key, which I thought at the time was just a nice 'fancy' thing to have, but now back to not having it sucks. Also the key itself, i HATE the flip out key. HATE IT. And not having memory seats, in a truck that is incredibly uncomfortable to drive for me, has also become a real pisser.

joemomma22

$64000 msrp

payments 15k miles/year around $580/mo everything included.

I owe nothing out of pocket. Trading in the mustang. they literally give me a check for $9000 (they're taking about $3000 out of the $12000 equity for inception and monthly payment reduction).

J15

That $12k of equity is also your best chance of eliminating a car payment ahead of schedule, freeing up the cash for future opportunities. Unless your friend at the dealership is giving you an obscenely high trade value on the mustang and selling you the F150 for thousands below cost, you’re going to increase your debt by as much as $10-$15k on a purchase or end up empty handed at the end of a lease. If you came here to convince yourself that you want the truck and you can afford it, we can totally relate to that. Been there, done that. That being said, have no illusions - the only version of this story that doesn’t hurt your finances is keeping the mustang. That’s not a bad situation to be in either. You’re in a new, well equipped sports car and you’re ahead of your loan. Think it through.


Edit: saw your lease offer. That’s a ****ty deal. Their offer is essentially “give us thousands of dollars and we’ll keep both cars”.

SilverSurfer15

The only thing I'm going to say about leasing, is that its not magic. The reason the payment is lower is largely due to the fact that are beating you up on the resell value at the end of the lease.

Now, there are obviously good and bad leasing deals, just like there are good and bad financing deals. But USUALLY in life, when something looks like a duck, and quacks like a duck, its a duck.

if you took the $12k and applied it towards a lightly used lariat, you could get your payment in the same range, stay in front of your loan, and get what you want aside from having that 9k dollars. If you simply want the cash, just sell the mustang to the dealer and buy something else cheaper.

SteedaGT

iTrader: (2)

I guess I should have asked that question on the Mustang forum in my earlier responses.

Holy hell man. $3k down, $580/month for a $64k truck while still living at home and saving for a house of your own is NOT a good idea. At all.

Financially, keep the Mustang, pay it off in 3 years, buy your house, trade in Mustang for your dream truck when the deals are good.

If you NEED a truck, absolutely positively NEED, find a good deal on a 2017 XLT 302a, use the $12k equity you have and finance $25k or so. Your payments would only be $450 or so a month with no money out of your pocket. Keep the money you have from your Jeep for your future home.

Edit: Could probably find a good deal on a 2017 3.5tt/10-speed Lariat in January.

BadAV

You're going to lose no matter how you look at it. I don't like leasing, and it is almost never a good deal. There are certain situations where it makes sense, but not too many. It sometimes allows you to get into a more expensive vehicle than you could purchase, but you are essentially renting rather than owning. If you have to have a truck, buy a cheap older used one to get you by until you pay the car off. Then use the old truck for a downpayment on a new truck.

I recently retired and have 2 really nice vehicles, both of which I really like. My favorite is my 2012 4LT Centennial Grand Sport Corvette convertible. I really like my 2015 Supercrew FX4 Lariat as well. I absolutely will not be without a truck, so if something had to go it would be the Vette, as much as I would regret it.