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Prospective Raptor Owners

Affording a Raptor


This is a discussion on Affording a Raptor within the Prospective Raptor Owners forums, part of the Ford Raptor Forums - General Information category!
So I'm a college student and I'm about to get out and start my first job. There's no way I ...


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Old 10-10-2015, 01:02 PM   #1 (permalink)
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Default Affording a Raptor
So I'm a college student and I'm about to get out and start my first job. There's no way I could afford a Raptor in the next 3-5 years and even after my student loans are paid off, I'd most likely only be able to purchase through a downpayment and loan.

What's the smartest way to afford one of these trucks?

How did you current owners buy them and at what age?




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Old 10-10-2015, 02:27 PM   #2 (permalink)
 
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Since you're asking, I'd work on having as little student loan debt as possible. Hopefully you're not one of those college students piling up 6 figure debt! Work hard through college and come out with as little debt as possible! Get a good job and start investing. Save for a home, save for retirement, have a rainy day fund and hopefully have enough after that to save for your Raptor. I never considered what I call higher end vehicles until I was much older than you or a lot of the 20 something Raptor owners. Some have great jobs while others just do it if they can afford the payment. If it's something you really, really want. Put some money away towards a Raptor every month and 5 years or whatever down the road, use that as a down payment and at least have 'reasonable' down payments. For me, I waited until I was 50 and well secure towards my future and retirement before I bought my 'dream' vehicle! GL man!!


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Old 10-10-2015, 04:13 PM   #3 (permalink)
 
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Personally, I wanted a Raptor since they were announced but knew that I couldn't make it work at the time. A few years, rental properties and timely promotions at work later and I finally decided to pull the trigger. I bought my first Raptor used earlier this year at 23 and while I absolutely love the truck, I am very glad I waited.

You'll know the day you can buy a Raptor when you you're not worried about saving for anything else. Focus on student loans and preparing for your future before buying a Raptor or any expensive vehicle for that matter.


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Old 10-10-2015, 05:58 PM   #4 (permalink)
 
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Old 10-10-2015, 08:00 PM   #5 (permalink)
 
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Default Affording a Raptor
I believe in the American way of getting in as much debt as possible.

My own personal experience, I sacrificed things my friends normally did for my truck. We never went out to eat, no vacations, none of that. That was on an E5s pay with dependent BAH though (about $52k). We won't talk about deployment per diem because that disappeared and somehow a bunch of Raptor parts started showing up. I was 21 when I bought it, extremely good credit, and a credit union that is very generous with lending.

Just never put yourself in a position where you cannot afford your debts. If you do, be prepared to get rid of them.

I know what's financially smart to do but you'll never hear me say not to buy something you want because I'm the most impulsive purchaser I've ever met. Just ask my wife.


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Old 10-10-2015, 08:29 PM   #6 (permalink)
 
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I'm 48 and bought my Raptor when I was 47. I've owned lots of toys and nice trucks. This one is really just a sweet pickup that I use for my business.

All that aside, I recently went to an auction where an elderly man was selling all his stuff. He and his wife are moving to a retirement village. This guy had it all - Harley's, antiques, restored cars, tons of cool shop tools and equipment. He was just sitting in the garage watching all his hard earned things disappear at pennies on the dollar.

I stopped to talk to him after the sale, and he took my hand and asked me what I thought he should have done years ago? I didn't have an answer. He told me that if he had it to do all over again, he would have put every penny he spent on all his toys in the bank.

I don't necessarily agree with this line of thought. I feel a hard working person should be able to enjoy some of the money they work hard every day to earn. However, I lived very close to the cuff for a lot of years to insure that my 3 kids had what they needed to be happy kids. Once they started leaving the house, I began to buy some things for me.

I didn't have a lot of college loans when I got out on my own, but it sounds like your loans are a lot my kids - they deserve to be taken care of before you start getting toys for yourself.

If you do it this way, then you won't need to worry about a 'rainy day' situation causing you to have to give up what you worked so hard to get in the first place. It's never happened to me but I can't comprehend the disappointment someone would feel by seeing their vehicle towed off by some repo company.

Whatever decision you make, sit down and make an honest budget. When I say honest, look on the bleak side and anticipate the worst case scenarios. That way you are prepared for them if they happen. If the bottom line shows you can still put money in the bank and pay for some toys along with your everyday expenses, then go for it!!! Otherwise, be patient and enjoy the ride. When you finally do get your first big toy, it will mean that much more to you.


Good luck with your decision........
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Old 10-10-2015, 08:58 PM   #7 (permalink)
 
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Old 10-10-2015, 09:22 PM   #8 (permalink)
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Thanks for the advice guys, I really appreciate it.
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Old 10-10-2015, 09:26 PM   #9 (permalink)
 
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Your story is quite similar to mine last year. A Raptor was my dream truck all through college, and when I graduated I was going to buy one whether I could afford it or not. I'm not exactly the smartest financially I suppose, considering I do have a pile of student loan debt as well. However my college program allowed me to land a ballin job right out of school, and with my 1st big boy college grad paycheck ever, I walked right into the stealership with the intentions of trading my pathetic but fully loaded jeep patriot for a badass Ford Raptor. 2 hours and a lowly down payment later I was leaving rubber on the tar in front of the dealership, something my old Patriot couldn't quite muster up. The moral of my story is, you're young like me and obviously have life goals. If you can swing it, then do it. But what was said above is definitely true, never put yourself in a position where you can lose the things you fought so hard to get. You'll likely be in debt for most of your life between student loans, mortgage, and new vehicles, so you might as well treat yourself to a sweet truck while they're still around.

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Old 10-10-2015, 09:53 PM   #10 (permalink)
 
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Build your credit score, know it (ask the first dealer what your scores are, or pay for the score from one of the big 3) shop around for lenders without running an inquiry, finance as little as possible, for the shortest term possible.

Your smart for considering a vehicle with a high resale value,

I sold a Toyota SUV to get into a rappy, the toyota maintained its value enough to be a down payment (I paid it off). This was before Toyotas were murdering people by sudden acceleration, so timing (and lending rates) is also a variable.

Be smart, not impulsive (until after your get it at least).

Make sure you can insure and maintain it.

Sell it if shit goes south and live within or below your means.
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