What Salary Is Needed to Afford a Raptor?

I’ve been considering purchasing a new or certified pre-owned (2021+) Raptor for a couple of years now. It would easily be the most expensive vehicle I’ve ever owned, and while I absolutely love these trucks, the payments make me hesitate. Every time I feel ready to make the leap, I talk myself out of it.

I know everyone’s financial situation is different, but what do you think is a reasonable salary to afford one of these trucks? Any advice would be greatly appreciated!

One smart approach I’ve seen is to put away the monthly payment amount as savings for a year before buying. This way, you’ll know if it fits into your budget. Plus, you’ll have a hefty down payment ready if you decide to go for it.

@Keaton
I did something similar when I bought my first truck. Saved the payment amount monthly for two years, and by the end, I had enough to pay for it outright. Even worked with my bank to loan the money to myself to build credit while I paid myself back.

Personal finance is very individual, but a general rule is the 20/4/10 guideline: put 20% down, finance for no more than 4 years, and spend less than 10% of your monthly income on transportation (payment, insurance, gas, etc.).

For a $75K Raptor, that means:

  • $15K down
  • $1,100/month payment for 48 months
  • $400/month for insurance and gas

You’d need an annual income of roughly $250K gross to comfortably fit those numbers into the 10% rule. Of course, adjust based on your priorities and lifestyle.

Dealers are offering 72-96 month loans with insane interest rates to make these trucks “affordable.” People stretch themselves thin with these loans, and it’s rarely a good financial decision. Stick to a 48-month loan if you can and avoid overextending yourself.

I make over $100K and would put down $10-20K, financing the rest for 48-60 months. My mortgage is $3,100/month, and I contribute to retirement accounts and my kids’ 529 plans. I’m cautious about making such a large purchase because I grew up watching my parents struggle with money.

@Nico
As a financial planner, I’d suggest putting down 35-55% and ensuring the payments don’t strain your cash flow. If you can still max out your retirement contributions and cover regular expenses, it sounds like you’re in a good position to buy the truck.

What helped me justify buying my Raptor was thinking about the experiences I’d have with it. Joining an off-roading group and taking it on adventures with my family has made the investment worth it.

Rory said:
What helped me justify buying my Raptor was thinking about the experiences I’d have with it. Joining an off-roading group and taking it on adventures with my family has made the investment worth it.

My two boys would absolutely love off-roading adventures. The smiles-per-gallon would make it worth it!

If you can run the truck through a business, you might be able to write off the purchase and reduce your taxable income. It’s worth considering if you’re self-employed.

Oak said:
If you can run the truck through a business, you might be able to write off the purchase and reduce your taxable income. It’s worth considering if you’re self-employed.

That’s a great idea. I’m a CRNA and own my own anesthesia practice, so this could definitely work for me. Thanks for the suggestion!

A good rule of thumb is to only finance something if you can afford the monthly payment twice over after all other expenses are covered.

General advice is to keep vehicle expenses under 15-20% of your take-home pay. But if you’re frugal and have strong savings habits, you could justify spending a bit more on something you truly enjoy.

I have a high income but still couldn’t bring myself to buy a Raptor. I grew up watching my parents struggle with money, and that’s always in the back of my mind. I ended up leasing a more affordable Explorer ST instead.

Hearing about everyone’s experiences and financial approaches is helpful. I think I’m leaning toward a certified pre-owned Gen 3 Raptor instead of buying brand new.