Agreed, lets assume its 5 years (60 months)Jaxboro said:You know a lease is called a fleece for a reason. $360 for how long? Was there something wrong with your Bronco? That is one nice Bronco man. There are ways you could have bought a newer truck for less without going brand new.
Somebody here is a Dave Ramsey fan :shrugJaxboro said:94XLT is feelin me here. I wish I could have showed you this beforehand Scheki. If nothing is wrong with your Bronco...look at this:
Your Bronco value = $4000
Down Pymnt = $3000
360X36 at 5% Interest = $14,300
Total of $21,300.00 <----Notice this is very similar to your payments after 5 years
Buy an F150 3 years from now at $15K. Take the remaining funds and continue to invest them, drive the new truck for 4-5 years and pay yourself the $360. Now you can drive vehicles that are 2-3 years old, bought with cash the rest of your life and never finance again. Anyone want to chime in with the bargaining power of $15,000 cash versus a $3,000 down payment? I didnt even include the $3000 in down payment you had in the interest calculation. The numbers I came up with are a quick example and by no means are they gospel. Just wanted to illustrate this.
This is the plan I am following, if you are willing to sacrifice upfront then you win out later on.