Hate to break it to you, but the average new vehicle in the USA is now ~$50k. And that ignores sales tax, doc fees, registration, etc... since the dealer associations typically don't report the all-in cash to get the keys. For their optics, the auto sales folks always focus on the first line of the ARB agreement seen while you're suffering with the auto dealer finance guy. But you as a consumer need to care about the total cash needed to get the keys.
Your $50k line in the sand seems outdated and doesn't account for recent inflation... if you're in the market for a hot new Silverado EV... prepare to have more cash set aside. Or if you think this is all wrong... you may be better off jumping on a good deal for a ICE now since then you can enjoy a new truck now and move on with your life in a new ride.
For those who are willing to jump in on an expensive EV truck in 2024... it seems a lot of folks think they're just going to finance when the truck comes out and it's no big deal. But the problem is they're not paying attention to likely pricing and ignoring recent movement in the loan markets. With the latest info on pricing... you should start saving right now if you really want this truck. Try to get your expectations in line with the likely reality in 2024.
A moderately equipped 3WT with 300-ish miles of range is going to be $73k + $7k taxes/fees. So you'll need $80k to get the keys (assuming none of @EVTrucking
's favorite ADM factors in). If you're looking at a healthy loan to value (LTV) of 80%, make sure to plan around having at least $16k cash ready for the down payment at that time. And, do the math to see if your DTI gets FUBAR should you finance $64,000 over 60 months at 4%. If your hypothetical auto loan brings your debt-to-income (DTI) is over 40% during a recession... this truck isn't right for you.
If you think you're getting a 4WT, that's $90k cash. And a super baller Edition 1/RST could easily take $120k cash.
Auto sales-folks will push DTIs into the 50%s on auto-loans because they don't care if they ruin your credit with a truck you cannot afford. The truck can always be repo'ed. But if you care about your own financial health, you'd keep your DTI 40% or less. These EVs are expensive, the loans are expensive, and it's never too early to start planning the $.
Subprime borrowers in particular are feeling the impact of higher prices for both new and used vehicles.
The average car payment for new vehicles was a record-high $700 in the third quarter of 2022, a double-digit percentage jump from the third quarter of 2021.