With interest rates rising, how many won’t be completing their R1 purchase?

[AMoney]

With interest rates for financing and inflation both on the rise, how many won’t be completing their R1 purchase?

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[Biturbowned]

It’s getting harder for me to justify, but I’m planning to refi if rates drop more than 1%.

 

[Batman]

Yea rates are now around 3.99% for 60months.........

 

[jbronkoR1T]

I'm just going to pay cash and stop eating food.

 

[Prime]

Yea rates are now around 3.99% for 60months.........

Rates in Cali I have seen are over 5% for auto loans.

 

[Rivianation]

For $70,000 borrowed for 60 months, each percent difference (3% to 4%, 4% to 5%, etc) is an extra $32/month.

In any event, a recession's on the way and its gonna hurt. That'll drive down inflation and rates.

 

[Taycanfrank]

Just buy it and refinance when the recession inevitably hits. But yes, the interest rate for my i4 M50 was annoying considering the rate I got on my Taycan in 2020.

 

[Cgreenlaw78]

How many of y’all went through Rivian to finance?? Is it competitive ? Just weighing options here…

 

[Supraman16]

Just financed through my credit union for 3.75% for 72 months. If it was 2 months ago, I could have gotten 2%!! Rates are going up quick.

 

[RivianNowPlz]

Imagine being so strapped for cash that 200bps is where you draw the line on such a purchase. Just my preacher hat for a second but you all are the reason that repos are at an all-time high and that the recession will hurt high and hard for the most of you so the others who are equally in a bad position can waste their credit by refinancing their 5% to 3%. How unbelievably stupid.

Quick note that obviously my depiction of “all of you” is completely a generalization of users who think like some of the posters in this thread. I’m also just getting more and more disgusted by people who don’t pay cash for a purchase like this or that don’t finance at 25%+ down over 36 months at absolutely most. I’m sick of seeing these 72 month loan finances and I literally feel bad for people financing over 84 months. My goodness.


So taking off my preacher hat and just being back into fun loving Rivian user mode.. I hope you all are able to complete your purchases and enjoy your vehicle without ever worrying about some smuck on the internet.

 

[Donald Stanfield]

Imagine being so strapped for cash that 200bps is where you draw the line on such a purchase. Just my preacher hat for a second but you all are the reason that repos are at an all-time high and that the recession will hurt high and hard for the most of you so the others who are equally in a bad position can waste their credit by refinancing their 5% to 3%. How unbelievably stupid.

Quick note that obviously my depiction of “all of you” is completely a generalization of users who think like some of the posters in this thread. I’m also just getting more and more disgusted by people who don’t pay cash for a purchase like this or that don’t finance at 25%+ down over 36 months at absolutely most. I’m sick of seeing these 72 month loan finances and I literally feel bad for people financing over 84 months. My goodness.


So taking off my preacher hat and just being back into fun loving Rivian user mode.. I hope you all are able to complete your purchases and enjoy your vehicle without ever worrying about some smuck on the internet.

No one is perfect guy. I bet if I was to analyze your life I could find something that you aren't doing right either, probably more than one thing. We all do things that are stupid in the eyes of others, and unless the people here are asking you for money you can keep your opinion too. This is coming from someone who DID pay cash for my truck.

 

[Prime]

So financial adviser hat on.. it’s always best to have as much liquid cash on hand as possible. So putting a massive down payment on a hard asset like a house or a car isn’t always advisable. If we were to go into a recession a smaller monthly payment would be easier to handle than a huge one over 36 months. I think it’s fine that you do you. With the level of inflation even at higher interest rates most people won’t be at a loss over 72 months.

To add to that I’d take any additional $ I didn’t put on a huge down payment and put it into some high growth stocks once it bottoms out and help pay for my car.

 

[Zoidz]

Imagine being so strapped for cash that 200bps is where you draw the line on such a purchase. Just my preacher hat for a second but you all are the reason that repos are at an all-time high and that the recession will hurt high and hard for the most of you so the others who are equally in a bad position can waste their credit by refinancing their 5% to 3%. How unbelievably stupid.

Quick note that obviously my depiction of “all of you” is completely a generalization of users who think like some of the posters in this thread. I’m also just getting more and more disgusted by people who don’t pay cash for a purchase like this or that don’t finance at 25%+ down over 36 months at absolutely most. I’m sick of seeing these 72 month loan finances and I literally feel bad for people financing over 84 months. My goodness.


So taking off my preacher hat and just being back into fun loving Rivian user mode.. I hope you all are able to complete your purchases and enjoy your vehicle without ever worrying about some smuck on the internet.

In most years I have earned over 10% gain on my investments, some years much more, a few years lower, such as this year. I could easily pay cash for the Rivian, but I'll put ~25% down, take a 3.5% loan for 60 months, keep the rest of that portion of my cash reserve invested and make a net 6% - 7% gain per year, not including compounding, instead of paying cash for the full purchase.

"you all are the reason that repos are at an all-time high". Your generalizations are ridiculously over-generalized. It's amazing that you know so much about the financial status of the general members here!

 

[RivianNowPlz]

I immediately received the non-sensical almost brain dead replies from literally poor people that is all too common.

“I on average get 10% on returns in my investment!”

“large down payments on hard assets is bad because Steve Harvey told me so!”

Its a broken record and I will sit on my high horse and let you know right now whether you like it or not that anyone worried about rate, price, or employment should not be buying an $80k to $100k car. You should be buying a $25k car at most.. in cash. Period. It’s not even debatable and it’s universal advice that can be applied to anyone’s situation that is entertaining financing an asset like a EV purchase price that’s this expensive. It’s a toy, it’s completely unnecessary, and if you’re asking these questions you can’t afford it. Tough love bro.

 

[Dark-Fx]

I immediately received the non-sensical almost brain dead replies from literally poor people that is all too common.

“I on average get 10% on returns in my investment!”

“large down payments on hard assets is bad because Steve Harvey told me so!”

Its a broken record and I will sit on my high horse and let you know right now whether you like it or not that anyone worried about rate, price, or employment should not be buying an $80k to $100k car. You should be buying a $25k car at most.. in cash. Period. It’s not even debatable and it’s universal advice that can be applied to anyone’s situation that is entertaining financing an asset like a EV purchase price that’s this expensive. It’s a toy, it’s completely unnecessary, and if you’re asking these questions you can’t afford it. Tough love bro.

Some people happen to like living in soul crushing debt, thank you very much.

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