Pulling cash out of the Raptor

[UnlimitedTraction]

I have zero intention of selling my Gen 2 Raptor. I wanted one for a really long time and when the pandemic hit last year, I was able to buy one under invoice. My timing on the purchase was perfect. I just don't think I will be able to buy one near the price I paid for it. The gen 2 Raptor is my favorite truck and I really like DDing. I will be keeping it for a long time to come. I did place an order for a '22 ZL1 1LE. I really hope that car gets built this year.

 

[GordoJay]

Prices must come down? Inflation says otherwise.

I remember my Dad buying a brand-new Chevy 3/4 Ton in 1974 after a good year with the plums. He paid almost $5k.

 

[GCATX]

I have zero intention of selling my Gen 2 Raptor. I wanted one for a really long time and when the pandemic hit last year, I was able to buy one under invoice. My timing on the purchase was perfect. I just don't think I will be able to buy one near the price I paid for it. The gen 2 Raptor is my favorite truck and I really like DDing. I will be keeping it for a long time to come. I did place an order for a '22 ZL1 1LE. I really hope that car gets built this year.

I meant to use the Raptor like a bank. As the value of the truck goes up, taking an equity loan on the truck, similar to re-financing a home mortgage.

 

[NickyF25]

I meant to use the Raptor like a bank. As the value of the truck goes up, taking an equity loan on the truck, similar to re-financing a home mortgage.

I may be wrong, but think you would be hard pressed to find a lender during these crazy times willing to do a cash out used car loan with high LTV and a low interest rate. Used prices could normalize anytime potentially leaving them with a bad deal.

 

[GCATX]

I may be wrong, but think you would be hard pressed to find a lender during these crazy times willing to do a cash out used car loan with high LTV and a low interest rate. Used prices could normalize anytime potentially leaving them with a bad deal.

You may be right. But the LTV would not be high, I wouldn't think.

 

[UnlimitedTraction]

I meant to use the Raptor like a bank. As the value of the truck goes up, taking an equity loan on the truck, similar to re-financing a home mortgage.

That is a horrible idea and very financially poor idea

 

[GordoJay]

That is a horrible idea and very financially poor idea

It is. Unless inflation takes off. Then it's a very good deal. We haven't seen real inflation since the 1980s. People forget. It is a gamble, and if you're going to **** the money away instead of buying assets that hold real value, it's silly.

 

[Simplejack]

I did this once in 2000 on my 98 z71. Pulled out 5k in equity (refy) to buy wife's engagement ring. This does bring up a good question, I recently purchased 2 land lots for 31k and could sell for over 50k no problem now. I could pull out 30k on the raptor and purchase more property here in texas where everything is booming. It is hard to bet against any land purchase in texas.

 

[Kaz109]

If I had 30k mi on my raptor it would be a no brainer to sell imo but i only have 5k so i really dont see them giving me any more money for my truck as they would if it had 25k more miles on it. Good decision OP

 

[Frank N]

I would be miserable driving anything else but my Raptor. Especially on my monthly runs to the Outer Banks.Well maybe I could drive Raptor R.