Thoughts on not buying right now?

[Bugkillah]

I used to love to listen to Dave Ramsey, till I heard he’s good friends with the owners of Amway, and he thinks pyramid schemes MLM’s aren’t bad…

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[BeachBroncoBabe]

You really should compare how much below MSRP you achieved. To say you bought a Badlands for $55k or a Wildtrak for $65k is almost meaningless unless you include every option (and we know there are a lot of options). But to say you got 9% below MSRP tells you so much more. It doesn't matter if you want to buy the most basic model or the top tier model. It doesn't matter if you want no options or every option. 9% tells everyone exactly what is possible. In Jan. of 2024 I bought in at 7% below MSRP. At the time that i felt it was a good deal as most were still coming in at 1 to 2% below MSRP. Today you should ve able to get more than 7%. I am ok with that, I have had an entire year of fun with my maxed out Wildtrak (with brush guard and both hard top and softtop). In 2019 I bought a Toyota at 21% below MSRP...very different times but saying what percentage below MSRP puts everything on one scale and can help new potential buyers know what price they can achieve.

 

[springer]

Just my opinion but see what news you all have. With Stellantis rumoring massive MSRP cuts and 10's of thousands of new 2024 broncos still sitting on lots, I'm feeling I should just wait a few months to buy. They are NOT moving high cost vehicles right now, and it's only getting worse. I think we're seeing the collapse of the car market that was sure to happen after then insane high in the market a couple years ago. I'm already seeing high level badlands for 10 to 15k off (Have a quote IN HAND for a lux badlands hardtop sasquatch for $54,995 Right now). If Stellantis DOES slash MSRP's that much, everyone else is going to have to follow (Only diehard bronco lovers are going to buy a bronco when a similar jeep is $20,000 less) Thoughts?

The market is terribly and flooded with Broncos for sale. My small town dealership in Corinth, Tx , had 47 new Broncos for sale a couple weeks ago. Ford just kept sending them more and more inventory.

These are all 2024 models. They'll take a year to sell 'em all. And same goes for the trucks.

 

[BRIDGEBLDR26]

You really should compare how much below MSRP you achieved. To say you bought a Badlands for $55k or a Wildtrak for $65k is almost meaningless unless you include every option (and we know there are a lot of options). But to say you got 9% below MSRP tells you so much more. It doesn't matter if you want to buy the most basic model or the top tier model. It doesn't matter if you want no options or every option. 9% tells everyone exactly what is possible. In Jan. of 2024 I bought in at 7% below MSRP. At the time that i felt it was a good deal as most were still coming in at 1 to 2% below MSRP. Today you should ve able to get more than 7%. I am ok with that, I have had an entire year of fun with my maxed out Wildtrak (with brush guard and both hard top and softtop). In 2019 I bought a Toyota at 21% below MSRP...very different times but saying what percentage below MSRP puts everything on one scale and can help new potential buyers know what price they can achieve.

 

[BRIDGEBLDR26]

Fair enough. MSRP $67140, Purchase price $58000 which equates to 13.3%. This did not include TTL. Salesman said they lost "$2k-3k" on the deal. Didn't move the needle with me.

 

[broncobase1]

It's called the American way. Our whole 30 year mortgage system which is institutionally how home ownership has been driven is inherently based around you being in debt the rest of your life .

Homes are an appreciating asset which is a lot different than a vehicle. You have a point, but not all Americans are in debt for life. Believe it or not a lot of middle class folks (average wage earners) to mange to pay off a house and even splurge on a new vehicle occasionally debt free.

 

[AZ_Craig]

Homes are an appreciating asset which is a lot different than a vehicle. You have a point, but not all Americans are in debt for life. Believe it or not a lot of middle class folks (average wage earners) to mange to pay off a house and even splurge on a new vehicle occasionally debt free.

Look, I know. I'm there too, my wealth reversed from a negative net worth when I bought my first home over 8 years ago to being in much better shape now if I look at home equity, retirement accounts, investments, etc.

My point was that if you are never willing to go into debt for anything, you're going to miss out on opportunities right and left. For instance, I can guarantee you people who were trying to save up a 20% down payment for a mortgage without PMI back around 2021 or 2022 really wish they had just entered the market with a 5% down loan.

Best financial move I ever made was buying a borderline unaffordable house when I did with a 5% down loan. Now my mortgage payment looks like what people are paying monthly for a 2 to 3 bedroom apartment around here.

I'm sure Dave Ramsey would not have approved.

 

[bassist]

Homes are an appreciating asset which is a lot different than a vehicle. You have a point, but not all Americans are in debt for life. Believe it or not a lot of middle class folks (average wage earners) to mange to pay off a house and even splurge on a new vehicle occasionally debt free.

Homes depreciate - the land under them appreciates.

For this reason, you will pay extra and have a lower rate of return on a new home versus one that is a few years older, controlling for condition.

Having a documented ability to put a home on land helps its value. Having the infrastructure in place to provide services to the home helps further…but ultimately the structure itself does go down in value over time to a certain extent.

I’ve become a firm believer in making sure you have the largest lot you can afford in the lowest density area with a house that meets your needs…but be sure to save up some money to buy a big zero turn mower.

 

[AZ_Craig]

I’ve become a firm believer in making sure you have the largest lot you can afford in the lowest density area with a house that meets your needs…but be sure to save up some money to buy a big zero turn mower.

Just live out here in Arizona, don't have to mow the desert .

 

[zoober]

Meh.
Our renters cover the bills anyway. Then the mortgage is accelerated till paid.
Rinse and repeat.
Haven't had a mortgage on our private house ( or cars) in years.
Dave Ramsey approved.

 

[zoober]

Homes depreciate - the land under them appreciates.

For this reason, you will pay extra and have a lower rate of return on a new home versus one that is a few years older, controlling for condition.

Having a documented ability to put a home on land helps its value. Having the infrastructure in place to provide services to the home helps further…but ultimately the structure itself does go down in value over time to a certain extent.

I’ve become a firm believer in making sure you have the largest lot you can afford in the lowest density area with a house that meets your needs…but be sure to save up some money to buy a big zero turn mower.

My wife has the Bad Boy 60". I have the 3 series Deere.
Ya, we're pretty low density.

 

[BR_1992]

"You can live in your car, but you can't drive your house."
Spend accordingly.

 

[bassist]

Just live out here in Arizona, don't have to mow the desert .

But you have scorpions!

 

[bassist]

My wife has the Bad Boy 60". I have the 3 series Deere.
Ya, we're pretty low density.

I have a 60” Kubota zero turn. Suspension seat is nice as I drive it like it was an orange colored Dodge Charger.

Still takes like two hours to mow.

 

[AZ_Craig]

But you have scorpions!

Scorpions are all hype. Been out here since 2009 and never been stung (and I am outdoors a lot).

My first rental house was a scorpion sanctuary also. One night I went out and killed over 35 of them on my view wall hitting them with a shovel chasing them with black light. They are horrible little creatures .

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