Depreciation

[Derail_90]

I hate it when someone says that. Just hate it.

It like your best friend from college tells you: “ I just found out that I have terminal cancer”. To which you reply: “everyone gets sick. Shit, I had a cold two weeks ago”.

For real. Some people just like to him themselves. I like my car but the reality is this car has depreciated faster and at a higher rate than normal depreciation.

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[67 Stang Convertible]

My Ford Options loan is up in 3 months. My inclination is to keep the car and refinance the balloon amount. I keep my cars 7 to 12 years and put 15K to 20K miles per year on them. Done this for 30 years. Don't see any reason to stop now.

David, depending on the balloon amount don't just blindly refinance it. See what the amount is and then do some research on similarly spec'ed and similar miles you may find it financially beneficial to turn yours in and buy a previously owned own. Or even funnier buy your used one back from the dealer after you turn it in! This is due to the severe depreciation of the EVs. Just my 2 cents!!

 

[ipca204]

This subject comes up often. The truth is that there isn't rapid technological improvements, just incremental ones. Only after about 10 years do you see any sort of radical changes. And this hardly an EV issue, it applies to the broader automobile market.

As to leasing, it only makes sense if you can keep to the mileage limits, don't care about actually owning a car/building equity, and like to upgrade cars every few years. I've never had a situation where it works for me.

My Ford Options loan is up in 3 months. My inclination is to keep the car and refinance the balloon amount. I keep my cars 7 to 12 years and put 15K to 20K miles per year on them. Done this for 30 years. Don't see any reason to stop now.

Leasing has never worked for me until just recently. I had actually sold my 2023 GT due to trying to trim down my "debt to income" ratio for the Az house purchase. After that was completed I came across this gem:

https://www.swapalease.com/lease/details/2024-Ford-Mustang-Mach-E.aspx?salid=1738202

This will buy me some more time to figure out what my next EV will be. I am still on the look out for a low mileage 2024 or 2025 for the Az house so In can join in Marks suspension/spring club, but have not come across anything that has tickled my fancy..

 

[MacherAWD]

In new England the best 2 deals right now, a 2024 Rally for 30k, or a 2023 ER AWD for 25k, pick up a deal like that, get an extended warranty and enjoy!

I have been so tempted to drive up to Northern VT to get that rally!

 

[devmach-e]

David, depending on the balloon amount don't just blindly refinance it. See what the amount is and then do some research on similarly spec'ed and similar miles you may find it financially beneficial to turn yours in and buy a previously owned own. Or even funnier buy your used one back from the dealer after you turn it in! This is due to the severe depreciation of the EVs. Just my 2 cents!!

The refinanced amount is going to be around $19K. I can’t find anything within 250 miles of me that is lower than that. Most are several thousand more expensive. The cheapest equivalent to my Premium RWD ER Mach-E is in Florida for $18K. Florida is some 3K miles away from me.

Besides, I like my car. I don’t feel the need to upgrade to AWD or get into a GT for more money. Both result in loss of range, too.

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