Help me feel good about this....:)

[madmann26]

My wife has asked me to sit on the purchase for 24hrs before making a decision on whether I'm buying a new to me truck.

I drove the truck today. It's used, new to me, 2013 F150 Eco, 68k (averages out to 7,555 miles a year). 

Sale Price: 28,998

Down: $3500 (will probably do $4500)

Interest Rate: 9.95%

Term: 60

Coming out of a ch13, I doubt I could get much better. I haven't had a car note in eons either. It's financed with Carmax (actually their "bank") and they don't even require me to show proof of income (which I thought was weird as hell).

Interest rate is high(er) but not like 15+%.

[dunn2500]

carmax and carvana have really high interest rates and their cars are typically more expensive than the market.......am sure its not always the case but it is known.......I would do ton of research and explore multiple options and even financing just to see whats available, and go from there.......

[increasingmyfico]

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@dunn2500 wrote:

carmax and carvana have really high interest rates and their cars are typically more expensive than the market.......am sure its not always the case but it is known.......I would do ton of research and explore multiple options and even financing just to see whats available, and go from there.......

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    Trucks are high right now but you could probably do a little better at a traditional dealership. Also those are nice trucks but make sure you consider a service contract. That's a 10 year old truck with a turbo engine. 

[disdreamin]

Have you checked Kelly Blue Book (kbb.com) for a realistic valuation for the exact specs of the truck you're considering? Depending on the trim level, that price could actually be more than the vehicle sold for new. I tossed in an XLT Super Cab version just for fun and it spit back $21-24.5k for private party sale, which would make a sales price of $30k seem pretty high, but yours might be a much higher trim level.

[TRC_WA]

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@madmann26 wrote:

Coming out of a ch13, I doubt I could get much better. I haven't had a car note in eons either. It's financed with Carmax (actually their "bank") and they don't even require me to show proof of income (which I thought was weird as hell).

Interest rate is high(er) but not like 15+%.

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You could definitely do much better.  I just  had my Ch 13 discharged last week and I just purchased a $65k Scat Pack Challenger thru Capital One @ 4.81%.

[ldkcivilservant]

As a former owner of a 2013 F150 XLT 3.5L EcoJunk Supercrew I would advise strongly that you stay away from that engine. They were great, when they were new, but they have many reported issues including chain rattling that you would never hear until cranking it from cold in the winter.

When I bought my new F150, I avoided the Ecoboost altogether and went back to the naturally aspirated engines. Unless you need the additonal power for regular towing (in which case buy the 5L V8) I would avoid an EB.

It's worth noting too that the MPG isn't that great on these engines. I never averaged better than 17. I get 22 from my natually aspirated V6.

[disdreamin]

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@ldkcivilservant wrote:

As a former owner of a 2013 F150 XLT 3.5L EcoJunk Supercrew I would advise strongly that you stay away from that engine.

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My sole experience with the EcoBoost motor was renting an F150 for a week in Savannah, GA, and it wasn't a good experience. They offered the F150 as a free upgrade when I picked up the rental, and it was fine right up until it wasn't. I was driving down to Jacksonville, FL in light drizzle and had maintained a fairly constant speed for quite a few miles when I needed to pass a slower vehicle. When I changed lanes and accelerated to pass, the engine must have sucked in droplets that had formed on the air intake. The truck went into a limp mode, CEL on, shuddering and slowing...all while I'm in the left-hand of three lanes of I-95S. It was terrifying as I couldn't maintain speed while trying to get over to the right shoulder. After a few minutes coasting at ~55mph the shudder went away and I was able to resume the trip. Needless to say, I got on the throttle hard every little while to make sure the same thing didn't happen again on the way back to Savannah.

The above is a known issue with that particular motor and I believe Ford changed the design to minimize the issue as much as possible in future generations. I think they might have also offered a retrofit for the affected years, but you'd have to look into that and confirm whether work was done on the motor in the truck you are considering. My experience was one of the reasons I didn't go with Ford when I bought a new truck last summer.

[TRC_WA]

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@disdreamin wrote:

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 on the way back to Savannah.

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I spent 35+ years in that area prior to my move out west in 2011.  Grew up in Hinesville/Ft. Stewart and spent my 20's and 30's in Savannah/Pooler/Rincon/Tybee areas.

Small world.