Please help me, I’m confused! My boyfriend has a 2023 Ford Maverick Lariat, and he’s paying $813 a month with about $40k left to pay off. Recently, a Ford dealership offered to trade it in for a 2024 Ford Escape ST-Line.
The new payment would be $557 for three years, then $700, but he could refinance through his bank. We wanted something more affordable and spacious for our new baby, but I’m worried we might get played. Is this a good deal or should we hold off? Any advice is welcome, thanks.
Hey,
It’s the last year for the Escape, so there’s likely an oversupply of them, while demand for the Maverick might be higher. Remember, it’s all about supply and demand. Dealers are focused on moving vehicles and will prioritize their interests over yours.
I had a 2019 Ford Escape S that I loved and it had low mileage. After I got rear-ended and it cost $5,000 to fix, it looked brand new, but I knew the accident would show up in its history. I worried it would lower the car’s future value. My dealership offered me a new 2022 Escape SE with no money down and just $40 more monthly. My interest rate is about 3.5%, and my payment is $475 a month.
I happily switched to the new car, even though I owe more now. The 2019 Escape was also going to have future problems with coolant. I love my 2022 Escape and plan to keep it for many years, it has an extended warranty!
$46k was the most I could pay for a 2023 Maverick. It seems like you overpaid and are in a tough spot. The best option might be to keep your current car and pay a bit more each month to save on interest.