Keep it or get out now

[AngryMan]

Most of your neighbors just over your southern border are just a few weeks from leaving winter behind for another year . I don't think we'll every see prices as crazy ( Tesla price drops ) as they were this past year so depreciation shouldn't be as bad as some of us experienced in 2023 . That being said maybe sit tight till you experience the Mach in the spring/summer.
Have you thought of maybe going with a "beater" for the winter and keeping the Mach clean and fresh for the fun driving coming up ? A relatively cheap ICE for the winter saves you from losing your shirt and takes some of your worries/issues off the table . This works great if you have a garage for 1 and a safe overflow spot for the other .

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[HuntingPudel]

<SNIP>
Have you thought of maybe going with a "beater" for the winter and keeping the Mach clean and fresh for the fun driving coming up ?
<SNIP>

I was going to use the Blazer exclusively for hunting, but a few duck hunting trips in the MME pretty much have left the K/5 sitting there. ??

 

[Mach1E]

I really can' t imagine wanting a Civic or Corolla over a Mach-E. I've been driving some ICE cars lately and I can't handle the lack of performance of ICE cars anymore and I really don't want the complexity of a transmission, fuel tank, starter, etc. anymore. But that's just me I guess.

Agree on the Mach E vs Civic or Corolla for sure. But everyone likes something different.

“Complexity of transmission, fuel tank. Starter, etc?”

People bring that up as an argument but it’s a bit of a false narrative. It’s no more or less complex than an electric motor, HVBJB, 50 components using 50 different software programs etc.

If the car starts and drives and does it reliably, HOW it does it really isn’t that important if it’s simple or complex.

 

[AwesomeJay]

One of the reasons I posted on here was to get other opinions/ideas that I didnt come up with.

I paid $82k for my MME out the door with extended warranty and all that. My plan was always to have it paid off in 4yrs and trade it in. It was never going to be a car I kept.

From the numbers I'm seeing online ( I havent been to a dealership to confirm) if I was to trade in and roll the negative into say a 2024 civic si it would roughly be around $80k.

So in my brain at the end of 4yrs either way I'll have paid ~$80k and either have a Mach-e I want to trade in or a civic I plan on keeping for another 5+ years. I know that its not that simple and I'm glossing over a tremendous amount of variables but thats what my brain sees.

 

[DennisD]

One of the reasons I posted on here was to get other opinions/ideas that I didnt come up with.

I paid $82k for my MME out the door with extended warranty and all that. My plan was always to have it paid off in 4yrs and trade it in. It was never going to be a car I kept.

From the numbers I'm seeing online ( I havent been to a dealership to confirm) if I was to trade in and roll the negative into say a 2024 civic si it would roughly be around $80k.

So in my brain at the end of 4yrs either way I'll have paid ~$80k and either have a Mach-e I want to trade in or a civic I plan on keeping for another 5+ years. I know that its not that simple and I'm glossing over a tremendous amount of variables but thats what my brain sees.

"My Brain" sees a terrifying scenario. If you are actually paying $80k for either car you need to sell your current car and get an affordable car that doesn't break the bankbook.

I am not sure if you are trolling this forum with a question posed that is out of this stratosphere of comprehension or this is a "real scenario for the dollars that you are talking?".

There is no way that paying $80 K for either car is acceptable.

I don't mean to sound like a jerk, but you really don't have any business in a car of this value with the prices that you are suggesting.

From a purely financial point of view, you need to unload the car that you purchased and have someone pick you up from the POS. You then count the money you have in the bank and look for a car with that value. You then in 5 years purchase a car that you "really want" and you will have no loans and be able to sleep well at night without asking people on a forum if that was a wise decision.

The decision that you are contemplating is financial suicide. You need to trust me on this one.

 

[AwesomeJay]

Two things. 80k is (SORRY, WAS) the price of a mach e premium AWD ext in Canada and second, who said 80k breaks my bank?

 

[Womps]

Here’s a 2023 Mach E Premium AWD in Alberta. Not $80,000, plus another $5,000 off for tax credit plus dealership discounts. Well under $65,000.

 

[BigMach-E]

I mean, I traded my MME Select AWD (which I loved) in to get my GTPE (which I love even more), but I traded in for a push, no negative equity. And I got a refund for my ESP. My interest rate climbed, so it might have not been the best fiscal choice, but I love my car. I am going to keep my car until the wheels fall off or until it costs too much to maintain or it doesn’t do what I need it to. I don’t think I will want to buy new again soon. Buying brand new is just not a wise move unless you need to or you are getting a 0 percent rate.

 

[DennisD]

Two things. 80k is the price of a mach e premium AWD ext in Canada and second, who said 80k breaks my bank?

Breaking the bank is a term that is used when you are exhausting your resources. In other words, you owe much more than what you purchased is worth. If you kept at that rate, your Bank account would hemorrhage.

I apologize because I was thinking it was US dollars. That still converts to 60K US dollars though.

In using that figure, paying 60K for a Honda Civic SI is still beyond the pale.

Not sure what I would do in your case but I do know one thing, you are on the fast slope of a money drain in regard to vehicles. If you think it is wise to see your money get thrown into depreciation cycles then I would seriously consider purchasing another new vehicle.

You are essentially asking people on a forum whether to lose a chunk of change to keep your current vehicle or trade it in on another depreciation to lose even more.

If you don't like the answer, I would quit asking it.

 

[AwesomeJay]

Never said I didnt like the answers I'm getting, in fact its quite the opposite.

I just looked at my bill of sale again. It was $72, 895 before extended warranty/taxes and all that.

 

[DennisD]

Never said I didnt like the answers I'm getting, in fact its quite the opposite.

I just looked at my bill of sale again. It was $72, 895 before extended warranty/taxes and all that.

You purchased an extended warranty.

If you trade your car off I am guessing that you are not getting that back or receive credit for that? You will also be paying sales tax on the difference. That is money out the door from the get go.

Do me a favor. Take all of your numbers and take them to an accountant or trusted friend that is wise with their finances and see what the difference is (money wise) if you kept your MME or traded it in for a Honda Civic Si.

I would guess they would have an estimation to see what the value maybe worth on both vehicles in 4-5 years.

I am guessing that you will save a big chunk of change if you keep your current car. If money is not a deciding factor then I would simply trade it in for a car you like more.

 

[Art]

Hello,

I bought my 2023 Mach-e premium AWD extended at the end of November. My intention was to keep it for 4 years max and use it for solid trade in value. Clearly the trade in value for used EV's has fallen big time. I'm paying monthly for it still. I'm curious if I should take the L now and trade it in (assuming the trade in value is the highest it will ever get) and roll the negative equity into a new ICE or keep the MME for the next 3.5 yrs and use it for whatever trade in value its worth then?

It really depends on whether you like it, have charging capability at home, and trouble free.
If the three points are not satisfied, I guess you should take the loss now.

 

[Mach1E]

Here’s a 2023 Mach E Premium AWD in Alberta. Not $80,000, plus another $5,000 off for tax credit plus dealership discounts. Well under $65,000.

That’s the price now. The MSRPs all just dropped significantly though.

 

[Womps]

That’s the price now. The MSRPs all just dropped significantly though.

Thats the new price for Canada not the USA for clarification.

 

[Mach1E]

Thats the new price for Canada not the USA for clarification.

Yup. And the OP clarified he paid 72k before extras. But again, at the old, higher prices.

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