We did it, we bought the 2011 Ford Escape!
it will take a few days before we can pick it up - but here's a stolen internet picture.
For those who missed it, we made the decision before my scrap heap of a vehicle could make the decision for us. Being able to take advantage of the Retire Your Ride program in Canada, was a big incentive. My car has needed several hundred dollars worth of repairs every couple of months for quite a while now - with no end insight (burning oil, cracked windsheild, steering problems ect).
We wanted to find a vehicle that would work for us now and for the next ten plus years. With that in mind, as well as Jordan's access to X Plan pricing through work and the above mentioned Retire Your Ride Program - we decided to go with Ford.
The escape seemed to fit well with our lifestyle now and what we forcast in the future - I'm sure you know though, that there are sooo many different options. I won't go through them (you know what they are if you're interested) but I will tell you what we chose:
Ours is the XLT 4WD 3.0L (V6). Notable features include:
- Installed winter tire package (as well as standard seasonals)
- Ford Sync
- SIRIUS Satellite Radio w/ 6 month paid subscription (Jordan can have my current radio)
- Canadian Winter Package
- Leather interior
- Heated Seats
- 6 way driver seat adjustment
So, on to the good stuff - how much are we paying?
Through incentives and negotiations we carved off $7,186.76 from the MSRP. The breakdown:
- $1686.76 (from x plan)
- $3,500 from extended term financing
- $2,000 from retire your ride program
....and so maybe everyone gets that good of a deal - but we feel pretty good about it.
We're looking at an interest rate of about 6.99% (though the finance guy is looking to get that down today). Paid over 84 months our bi-weekly payment will be $189.88.
What we are losing (1.99% interest rate) in going extended term is worth about $2,200 in additional interest expenditure - though we are gaining an upfront discount of $3,500. Our solution? Make an additional payment of about the same amount within the first year of financing, and we'll get the term down. We'll continue to make additional payments as the opportunity arises. As the loan is open ended, we can pay it off any time without penalty.