Is 55k out the door for a 2024 2-door Bronco good or not

I’m looking at a 2024 2-door Badlands 4-cylinder for 55k out the door. They told me I’m about 10k negative on my current car. Does this sound like a decent deal or should I look elsewhere?

If you’re already negative on equity, you should probably get something cheaper.

I wouldn’t do it.

You shouldn’t buy a new car when you’re still paying off the old one. Either sell the current car and take the 10k loss or get a cheaper used car. Rolling this into a new loan is just asking for trouble.

@Florian
Especially with the interest rate you’d likely get.

Hadi said:
@Florian
Especially with the interest rate you’d likely get.

Yeah, probably something around 20%. That’s rough.

Florian said:

Hadi said:
@Florian
Especially with the interest rate you’d likely get.

Yeah, probably something around 20%. That’s rough.

I’m the one who posted this. My first car had a 20% APR (I was young and didn’t know better). They’re offering me 6.9% with the Bronco, but I’m still not sure if it’s a good deal. I just need to get rid of my first car ASAP or refinance.

@Cleo
Take it to CarMax and see if you can get out of the loan. I’ve got a 2022 Bronco Badlands, but I bought a Honda CR-V hybrid because the Bronco’s gas mileage was killing me. With the gas savings, the CR-V has become my main car.

@Reagan
What is CarMax? I was considering a Honda too. My first car was a Honda, and it was great. I’ve just always wanted a Bronco, but maybe it’s not the best idea because of the negative equity.

Cleo said:
@Reagan
What is CarMax? I was considering a Honda too. My first car was a Honda, and it was great. I’ve just always wanted a Bronco, but maybe it’s not the best idea because of the negative equity.

Sorry, I meant CarMax. The Bronco is nice, but repairs can be pricey. My CR-V hybrid holds its value well and is fun to drive. I’d hate to see you end up deeper in debt. I love my Bronco, but I bought it outright, so I’m not dealing with interest.

@Reagan
You’re right. I think I’ll go with something more practical. Thanks for your advice!

Cleo said:
@Reagan
You’re right. I think I’ll go with something more practical. Thanks for your advice!

I hope everything works out for you!

@Cleo
So is 55k with a 6.9% APR for this Bronco a good deal or not?

Cleo said:
@Cleo
So is 55k with a 6.9% APR for this Bronco a good deal or not?

With negative equity, you’re really paying 65k at 6.9%. That’s not great. Plus, banks don’t usually finance cars for that much over value. Make sure the 6.9% is locked in because sometimes they’ll change it later based on final approval.

@Hadi
Thanks for explaining. Can you break it down more? What would you suggest I do? I’m okay with getting a cheaper car.

@Hadi
Also, the loan is for 55k, and the 10k and fees were already added.

I’ve seen 2023 Badlands models go for 48–54k. Cactus Gray ones are closer to 48k. I guess that color isn’t popular.

Shan said:
I’ve seen 2023 Badlands models go for 48–54k. Cactus Gray ones are closer to 48k. I guess that color isn’t popular.

Actually, it’s a Big Bend. I’m new to Broncos, sorry for the mix-up.

@Cleo
Where are you? In Florida, I just got a 2-door Big Bend for 40k.

Shan said:
@Cleo
Where are you? In Florida, I just got a 2-door Big Bend for 40k.

I’m in New Mexico. I’ve got negative equity from my current car, so I need to refinance or find something cheaper.