dodge guy
Bartlett IL
Senior Member
Joined: 03/23/2004
View Profile
 Offline
|
Would be nice if prices start dropping. But the interest rates are now ridiculous. My son is looking at newer cars and the rate with good-excellent credit is 7-8%. I have 4.5 on my Ram I bought 2 years ago!
So even if prices drop, the banks will take the difference.
Wife Kim
Son Brandon 17yrs
Daughter Marissa 16yrs
Dog Bailey
12 Forest River Georgetown 350TS Hellwig sway bars, BlueOx TrueCenter stabilizer
13 Ford Explorer Roadmaster Stowmaster 5000, VIP Tow>
A bad day camping is
better than a good day at work!
|
monkey44
Cape Cod, MA and Central Fla
Senior Member
Joined: 11/12/2002
View Profile
Offline
|
We agree with dodge guy ... the banks make up the difference in interest rates rising as prices drop. Our bank continuously asks us to refi our home (We have a 3.5% rate) and can give us a new mortgage a 5.5% ... and, wants us to refi our truck for 7%-8%, and we own it, no loan. We say 'No thanks' and smile.
Monkey44
Cape Cod Ma & Central Fla
Chevy 2500HD 4x4 DC-SB
2008 Lance 845
Back-country camping fanatic
|
Bionic Man
USA
Senior Member
Joined: 04/03/2009
View Profile
|
I’m still waiting for folks to go back to their pre-Covid past times. It’s still incredibly difficult to get reservations at any of the state or national campgrounds that we frequent.
2012 RAM 3500 Laramie Longhorn DRW CC 4x4 Max Tow, Cummins HO, 60 gallon RDS aux fuel tank, Reese 18k Elite hitch
2003 Dodge Ram 3500 QC SB 4x4 Cummins HO NV5600 with Smarty JR, Jacobs EB (sold)
2002 Gulf Stream Sea Hawk 29FRB with Honda EV6010
|
StonedPanther
Goshen IN
Full Member
Joined: 06/11/2023
View Profile
Offline
|
dodge guy wrote:Would be nice if prices start dropping. But the interest rates are now ridiculous. My son is looking at newer cars and the rate with good-excellent credit is 7-8%. I have 4.5 on my Ram I bought 2 years ago!
So even if prices drop, the banks will take the difference.
Those rates are tied to the prime rate, which is set not by banks but the Fed, and don't expect that to drop anytime soon. What will drop is the rate to borrow for new vehicles or Rv's. Just need for the sales numbers to tank a little more.
Tell your son to buy a Kia Soul, 2.9% for 48 months. Honda is offering 3.9% across the board for 48 months, 4.9% for 60.
Ford offers 3.9% for 60 on a lot of models. GM has 1.9% for 36 months but with the prices of some models good luck. $40K financed for 36 @ 1.9 is only @ $1150.00 per month ROFLMAO. Try it with a $92K Pickup for $2630.00 per month. Ouch.
monkey44 wrote: and, wants us to refi our truck for 7%-8%, and we own it, no loan. We say 'No thanks' and smile.
Huh? Refinance a paid off truck? Sort of like a home equity loan backed up by something with no equity? Sounds more like a personal loan with the truck as collateral?
Bionic Man wrote:I’m still waiting for folks to go back to their pre-Covid past times. It’s still incredibly difficult to get reservations at any of the state or national campgrounds that we frequent.
Keep waiting..............Pre Covid past times? 1956?...From what I can tell it was incredibly difficult since way prior to Covid based on what one reads on some of these boards.
* This post was
edited 06/23/23 03:01am by StonedPanther *
|
monkey44
Cape Cod, MA and Central Fla
Senior Member
Joined: 11/12/2002
View Profile
Offline
|
StonePanther ... Plenty of equity in truck - 2022 GMC, no loan - but our bank keeps wanting to refi or give vehicle loans at what is higher interest rates, and home refi or equity loans too. We kinda laugh when the offer just increases the interest rate, and if anyone does it, all it accomplishes is the bank gets more interest on the same loan it holds now. If we refi the house, for example, our mortgage payment would go up $460 a month, and we would get no cash out and we'd pay all the refi costs n addition.
We're just thinking it's the banks and finance companies trying to exclude the low interest rates on homes and vehicles that it funded with the low rates the past few years ... banks don't like getting 'stuck' with home loans at 3.5% for thirty years, nor vehicle loans at five or six years at one or two percent.
|
|
|
Grit dog
Black Diamond, WA
Senior Member
Joined: 05/06/2013
View Profile
Offline
|
^What SP said. The Fed rate can do what it does but dealers/mfgs, whomever is holding the notes can also lower rates as incentives. Happens every time. Just hasn’t happened in a while.
Ida thought RV prices would be further in the gutter by now, honestly.
But vehicles prices are still a bit of a different story. While they “should” be sliding further down by now, imo. However the 2+ years of vehicle shortages are still propping up the market.
2016 Ram 2500, MotorOps.ca EFIlive tuned, 5” turbo back, 6" lift on 37s
2017 Heartland Torque T29 - Sold.
Couple of Arctic Fox TCs - Sold
|
StonedPanther
Goshen IN
Full Member
Joined: 06/11/2023
View Profile
Offline
|
Grit dog wrote:^What SP said. The Fed rate can do what it does but dealers/mfgs, whomever is holding the notes can also lower rates as incentives. Happens every time. Just hasn’t happened in a while.
Yesterday afternoon was kicking tires at a local Chevy dealer on a 2024 Silverado 3500 SRW LTZ. They were willing to drop from sticker of $83,000 and change to $76000. The finance guy was certain if I financed @ $50K after trade in for 72 months, he could get me @ 3.00% on the financing, but I'm not biting. I dont know who's paying these 8-9% rates on new vehicles? People with bad credit or fools?
* This post was
edited 06/24/23 05:47am by StonedPanther *
|
Grit dog
Black Diamond, WA
Senior Member
Joined: 05/06/2013
View Profile
Offline
|
Anecdotal evidence, but I will be renting a camper for our summer trip this year.
Less than a month away, trip will be in the height of the summer, and there’s plenty of availability it seems and most all the campers are Covid purchases. ‘21 and ‘22 models.
Just TTs and THs, on just one website, there’s dozens available in the Idaho panhandle. And if the website is accurate, seems like most of the campers are only reserved very sporadically.
Also no problem getting another site in n short notice at a very popular campground, on Pendo.
|
ford truck guy
Pennsylvania
Senior Member
Joined: 03/22/2008
View Profile
Good Sam RV Club Member
Offline
|
Quote - could get me @ 3.00% on the financing, but I'm not biting. I dont know who's paying these 8-9% rates on new vehicles? People with bad credit or fools? "
Out of all my vehicles and RV, I have 1 payment book left, that the 2020 F350... That was 48 month at 0% special so I did that and have 3 payment left
If buying NEW, I would NOT do more than 1.9 or 2.9 depending on circumstances... But that is only for me and my financial situation.
Me-Her-the kids
2020 Ford F350 SD 6.7
2020 Redwood 3991RD Garnet
|
Bionic Man
USA
Senior Member
Joined: 04/03/2009
View Profile
|
I’d love to see interest rates below 3% on just about anything these days. Just isn’t going to happen unless it’s highly subsidized somehow. My credit score is about 800 and new vehicle interest rates are in the 7% range for me.
My first house in the late 90s was about the same interest rate. So it isn’t unusual. We just got spoiled the last several years.
|
|
|
