Damn so your payment on a platinum was only $4xx? That’s really good to be honest. It’s now in the 700s at the moment. I say to suck it up and ride out the lease or get an eqs and bury it all but your payment probably still be the same.
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6.5 years of payments left at 1547/mo sounds like he financed for 96 months…
Idk what the interest rate was, but I’m venturing to guess the truck only side was closer to $1k/mo. You gotta ride this one out.
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Can you put a bunch down to offset some of the negative equity?
96 months yikes. i really hope not.
Drive it to the beach at low tide. Don’t air down your tires. Wait for the tide to roll in.
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84 months, 7.9%
Concern is when I’m done the truck is worth 15k at the current rate or less
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lol, I live in the mountains and dug my own hole so I’ll see it through one way or another
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I can but it’s dead/lost capital. Best deal I’ve found is swap for a 36 month hummer EV at 2100 a month and 5k down
There’s no way your truck will be worth less than 30-40K in 3 years. It’s a truck, and a fully loaded one at that, so many people will still love to have it. And with that range, its good for most contractors.
I say just ride it out. At at one point you’ll be in a better spot to trade. What’s the point of rolling in $1100 a month into a smaller, crappier car? Driving a $1500 model Y payment is not really that smart either.
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Run an Amortization calculator. 100K at 8% for 7 years. By year 5 the ending balance is 35ish. and at year 6 its 18ish. That truck will still be with 25+ at that point.
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Splitting the negative equity is an interesting idea. I never thought about that.
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If it were gas I would agree but EV depreciation has been otherworldly and they seem to keep getting less popular. Still may be best to ride it out based on AM table I agree, if nothing but practicality is in play
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You mean like paying half and rolling half or something else?
I to am upside down about 30k on a EV, and exploring options because i just like changing cars alot lol. The idea of leasing two vehicles and splitting the negative equity between the two. Would it make sense to get a better deal on two and putting one on SAL.
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I didn’t know you could swap one for two but thats amazing as an idea
Here is the MMR forecast on your Lighting Plat
2023 FORD F-150 LIGHTNING AWD ELEC CREW CAB 0.0 PLATINUM
Here is the MMR forecast on a similar Ecobost Plat
2023 FORD F150 4WD V6 HYBRID CREW CAB 3.5L PLATINUM
Valuation and depreciation trends are very similar. Problem remains the overpay upfront.
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The biggest red flag here is the cycle of repeatedly rolling over negative equity.
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+15k when the loannis done is better than the -40k nowl
Uunless you can get a unicorn deal on and swap it, ride it out…
Also consider refi the loan when rates drop
There’s some auto refi places currently advertising 4-6%
At some point there should no surprises when one gets burned with massive neg equity. Cars are depreciating assets.
COVID-induced supply chain woes + people having nothing else to spend money on means almost ALL cars were subject to high demand/markups in 21-23. It wasn’t just EVs.
Good luck to OP finding a unicorn!
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I would agree with you if this was someone new to the process. Negative equity is never smart for the average consumer to roll. I would rather roll EV negative equity into a lease and get rid of it in 2-3 years, as opposed to paying down the ownership of one.
As an experiment either hop on the train of showing options save the financial advise for those asking.
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