Ford Pricing during Covid

[ipca204]

one of the more idiotic posts i have seen here...

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[txaggies07]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

Just keep driving the 21 for another 5 years.
i have a standard loan on my FE with little money down and owe 16k. Not sure what you did to still owe 45k.

One other thing, you need to factor in your $7500 tax credit when considering your losses on the car.

 

[ipca204]

No negative equity and less than 3% on the loan. With it being a new car, even for ford, they just took advantage and jacked up the price.

you left out the part where they held a gun to your head and forced you to buy the car..

 

[silverelan]

Why didn’t you sell the car for more than you paid in 2022?

 

[4sallypat]

Wait until the middle east war erupts and oil prices go skyrocketing.

That's when EVs will become the hot ticket.

 

[Flint302]

Remember: You are not a Ford customer, you are a customer of the dealer. The dealer is a Ford customer.

 

[DennisD]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

You did not get taken.

You purchased a new car when prices were at their highest and you took the risk of it not going down much.

20/20 hindsight is everything. You now know that this was not an investment but rather an extremely poor financial decision on your part.

If you still owe 45K on it 3 years later, you made an unwise choice of purchasing said vehicle. You have no one to blame other than yourself.

The amazing thing about this (now knowing this was not a wise decision for your pocket book) is that you are contemplating doing the whole thing again and expecting a different result with another new car?

The only thing I can get out of this post is that you are one of these:

A. You are not serious and you are laughing at the responses to your post.

B. You really are this naive?

 

[ack154]

The amazing thing about this (now knowing this was not a wise decision for your pocket book) is that you are contemplating doing the whole thing again and expecting a different result with another new car?

It would actually be even worse. If OP went through with a trade now, he'd then be rolling that $20k of negative equity into the new car and probably be underwater FAR longer - if anyone would even finance that.

 

[jruggs65]

Are there any lawyers here? This sounds like a class action lawsuit to me. Ford is selling these cars knowing they’re gonna go down in value. And then unsuspecting customers owe money for that car, and they can’t drive a brand new car every 3 years. Seems shady.

 

[jruggs65]

I am also in this sinking ship

 

[Grewsome]

No negative equity and less than 3% on the loan. With it being a new car, even for ford, they just took advantage and jacked up the price.

They can do that because consumers like you pay it. I don't understand how people can complain about the cost of something but still buy it. Its a free market and you told them that the car was valued appropriately when you bought the car.

I wanted a Mach E when it first came out, but wasn't willing to pay over MSRP. I waited them out and now I can get it for under MSRP.

 

[Trick.Mach-E]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

Did the dealer add a 20K ADP (Additional Deal Profit - or any other name for the ripoff) or did they roll a auto loan balance in to the Mach-E purchase? Unfortunately for you if you signed a contract with any ADP or prior loan balance there is not much you can do. Smarmy dealers took advantage of anyone they could over the past four years and banks did many wrong by letting dealers roll huge payoff loans in to a new loan...

We bought our '21 FE in 02/2021 at sticker minus the X-Plan on our options lease. Our dealer is now contacting us about our buyout which is less than what the car is worth at places like Carvana and CarMax.

 

[SJP]

Why are you talking about trading to a different car and eating 20 grand, when in your first sentence you say you love your car?

If you love it and don't want to eat 20 grand, your path forward seems pretty simple.

I agree- with all the problems (new model year and decline in value) the car does drive and handle great. Just keep driving it. Hopefully the math catches up and we will get our value out of the car. We are all pissed that the value of the car is down, but it's happening to all the electric vehicles. I would buy a new one today if the trade in value was worth it.. but this is not only a loss to us but also to Ford because they won't see me in the showroom for another 7 years.. ( used to be every three years..)

 

[azerik]

I was offered a 21 GTPE in the end of 22 for $92k plus TTL. I told them to talk a walk. It was sold to some unlucky contestant the next week.

Dealer ADM isn’t Ford, it’s dealer tricks. Ford didint adjust the price up, they sell them to dealers for less than sticker.

What does the new model year actually get you? The car is virtually the same, less some useable features like kick to open gate, and some door dings. Not to mention your VLT will go back up to new car status and you’d have to foot a bigger bill for that.
I jumped on my 21 thinking I was going to save ~$500 a year in VLT. I was wrong. I also paid MSRP for a 2 year old car because of demand and within 3 months that demand dropped and so did the price all around. Was an annoyed? You bet! But it’s the same with a Rolex, or refrigerator, or PlayStation (aside from ADM but that’s Game stops discount of $30 less for a used PS5 vs new)

 

[Monke]

The way that I look at the car depreciation is that the unrealized loss is a trade for the happiness. People spent thousands of dollars for vacation. Those money would be lost forever. The depreciation will be a realized loss once I sell it. Many have already suggested to keep the car for longer time to offset the drop in value per year. If I don't like to see the depreciation, I could trade it for another car that will hold the value better. Trucks seem to be the best choice. I would only trade if I need a truck and it has to be at a good buying price.

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