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2022 Tundra vs 2022 F-150 opinion?

Discussion in '3rd Gen Tundras (2022+)' started by john1062, Dec 3, 2021.

  1. Oct 4, 2022 at 2:55 PM
    #2371
    DrZoidberg

    DrZoidberg New Member

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    Don’t even get me started on that lol. I got flamed for the lightning msrp going up but they removed the ambient lightning in th door, bin and cup holders.

    the ford cucks called it no big deal but no. Sorry. The fact they raised msrp and took features away is bs. Then they started crying when they took away smart hitch, onboard scales and park assist lol
     
    OnThaLake[QUOTED] likes this.
  2. Oct 4, 2022 at 3:36 PM
    #2372
    Breathing Borla

    Breathing Borla New Member

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    at some point its just time to shut down until they can build things right, not these half assed trucks for top dollar and all that missing.

    at least toyota hasn't done that yet that Im aware of, when you order a platinum you get all the stuff
     
  3. Oct 4, 2022 at 3:48 PM
    #2373
    Terndrerrr

    Terndrerrr it's good to get lost once in a while

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    Toyota did the same thing in 2014. Deleted several features and options (interior features and storage, engine options) in the middle of the 2nd generation while continuing to raise MSRP.

    Ford did just say somewhat recently that they were committing to decreasing their out of control warranty costs. Maybe this is part of that. Or it’s just the result of inflationary costs/scarcity of necessary parts, and the increase is being passed onto the consumer.
     
  4. Oct 4, 2022 at 5:08 PM
    #2374
    OnThaLake

    OnThaLake New Member

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    No way do any of the manufacturers of trucks cut content because of raw materials costs. They may use that as an excuse but trucks have massive profit margins.

    I think these manufacturers are definitely defending their massive margins and passing every little increase onto us using economic conditions
    as the excuse.

    Warranty and chip shortages are plausible, but to hit customers with reduced content and then higher prices... seriously these manufacturers are becoming like politicians....no shame even in the obvious.....
     
    07DCLimited likes this.
  5. Oct 4, 2022 at 5:18 PM
    #2375
    MrFord

    MrFord New Member

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    Yes. My rate is variable and it went up to 5% since March this year from 1.3%!!!
    My monthly payments are getting close to 2X compared to Jan this year.
    All Canadians with fix rate mainly do 5 years rate hold. Then renegotiate every 5 years. So for many of them next year will be a brutal awakening…
     
  6. Oct 4, 2022 at 5:23 PM
    #2376
    MrFord

    MrFord New Member

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    If they will continue increasing rates at the same paste.., most Canadians will end up returning keys to the bank…

    double digit mortgage rates were hard on people back in 90s with low mortgages. today it will result in 10,000$ Monthly mortgage payment.. who can afford it!?
     
  7. Oct 4, 2022 at 5:42 PM
    #2377
    Terndrerrr

    Terndrerrr it's good to get lost once in a while

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    I don’t think these profit margins are as massive as one might think given the sustained levels of inflation we’ve been sitting with over the past several months.
     
  8. Oct 4, 2022 at 5:45 PM
    #2378
    Kung

    Kung ^ likes to fart

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    Agreed.

    And all of this is why I'm super happy my truck is paid off. I mean, we all made it through the recession of 2008, but it wasn't 'fun' and I'd rather not be saddled with any more debt than I need to be.
     
    MrFord and Terndrerrr[QUOTED] like this.
  9. Oct 4, 2022 at 6:22 PM
    #2379
    digitalwiz

    digitalwiz New Member

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    not to be insensitive to anyone who will lose their home, because that’s an awful situation to experience but the people who didn’t buy more home than they could afford understanding their rates could change, and those who put a solid down pymt and took a less risky traditional fixed rate loan, will weather the storm.
     
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  10. Oct 4, 2022 at 7:27 PM
    #2380
    OnThaLake

    OnThaLake New Member

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    They'll never show their hand.

    Just like any business, they're going to pass on all the costs.
     
  11. Oct 5, 2022 at 6:47 AM
    #2381
    Bannerman

    Bannerman Tasteful Thickness

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    This is crazy to me. My loan balance is about $770k, (house is worth twice that) I wouldn't be able to sleep if this was hanging over my head. Seems like a terrible decision so sign up for a variable rate even if you can afford it. You are basically agreeing to a deal where you don't know the terms....
     
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  12. Oct 5, 2022 at 6:49 AM
    #2382
    DrZoidberg

    DrZoidberg New Member

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    I will say kudos to Toyota. Seems to be the only manufacturer that isn’t cutting things or having to park for chips.

    and they are crediting $140 for heated steering wheel, heated mirrors. Womp womp .

    I really wanna raptor but I really don’t want to keep bending over and taking the bs .
     
    Terndrerrr likes this.
  13. Oct 5, 2022 at 8:14 AM
    #2383
    borla123

    borla123 New Member

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    Actually - that's not the crazy part. U want crazy? The thing that no one wants to talk about - the Elephant in the Room ?

    its that when people took out these variable rate mortgages the payment structure was like a fixed mortgage to start principal/versus interest ratio.
    With a bank like TD the payments remain the same and the ratio changes as rates rise.
    With the current rates the monthly mortgage payments are mostly interest now. So that is really like paying rent now with pandemic era variable rate mortgages.
    Not much going to principal.
    In an environment where prices have dropped 20% in the GTA and heading lower.
    In order to not have to pay for mortgage insurance here we need to have a 20% deposit when buying. Well prices have dropped 20%

    https://betterdwelling.com/toronto-real-estate-prices-have-dropped-over-224000-in-just-6-months/

    Note that In Canada - on our principal residences we can't write off the interest but we also don't pay Capital Gains tax when a principal residence is sold. There had been talk of removing this exemption.
     
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  14. Oct 5, 2022 at 8:21 AM
    #2384
    Bannerman

    Bannerman Tasteful Thickness

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    So wait, if the rate changes, the monthly payment stays the same but just the amortization schedule changes?
     
  15. Oct 5, 2022 at 8:26 AM
    #2385
    borla123

    borla123 New Member

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    Depends on the lender regarding the capped payments but yes. Now the problem is with the last rate hike, alot of these variable mortgages were "triggered", or will be with the next rate hike this month, because no more principal is coming off. So the bank in line with the mortgage contract, raises the monthly payment - without even have to advise the client they are doing it.
     
  16. Oct 5, 2022 at 8:29 AM
    #2386
    Bannerman

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    Are people signing up for this type structure voluntarily or because it's the only kind of mortgage they can get due to poor credit or something? Like is this just for subprime buyers?
     
  17. Oct 5, 2022 at 8:39 AM
    #2387
    borla123

    borla123 New Member

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    It was/is their choice and it is still their choice to lock in to a fixed at any time.
    All I can tell you is my experience. I went through 1988. I know that normal Mortgage rates are 4-5-6-7% in a normal environment. When family members took 1.4% variable mortgages, I as an investor with no mortgage, saw 1.65% fixed 5 year rates offered, and I jumped on this free money. As the rates rose I pushed and pushed family members to lock in...... it won't last I told them. They are younger 25-30, their mindset is different. It's all about buying and leveraging.
     
  18. Oct 5, 2022 at 8:45 AM
    #2388
    Terndrerrr

    Terndrerrr it's good to get lost once in a while

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    I've always filed ARMs under "avoid at all costs".

    Regarding capital gains on homes in the US, you can avoid tax on the first $250k ($500k if married/filing jointly) of cap gains if the home you sold was your primary residence for at least two of the previous five years. There are other, more esoteric ways to avoid capital gains (investing those gains in "Opportunity Zones" for example), but they never look as good once you dig into the details, and those are generally very risky investments as far as LPs are concerned...
     
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  19. Oct 5, 2022 at 8:51 AM
    #2389
    borla123

    borla123 New Member

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    I understand
    Take into consideration this regarding the GTA Greater Toronto Area.
    any regular couple/family that bought a regular house (principal residence) for $200k in the GTA Greater Toronto Area mid 1990's.... many sold that same house for 1.25 million average in 2021. No taxes outside of the realtor fees/taxes.
     
    Terndrerrr[QUOTED] likes this.
  20. Oct 5, 2022 at 8:58 AM
    #2390
    Terndrerrr

    Terndrerrr it's good to get lost once in a while

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    One of my clients did exactly that...downsized when his youngest went off to college just before the pandemic, selling his home for about 6-7x what he paid. Here, he would have paid capital gains rate on around half of what he made on the sale.
     
  21. Oct 5, 2022 at 8:59 AM
    #2391
    Outbound

    Outbound SSEM #2.5, Token AmeriCanadian

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    We bought our house in 2019. Locked in a 2.34% iirc. Variable was 1.89% at the time. Super glad we locked in and praying the rates drop by the time renewal comes around. Fortunately, our mortgage is only around $280K so even with higher rates we won't be on the street.
     
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  22. Oct 5, 2022 at 9:02 AM
    #2392
    Bannerman

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    I didn't know capital gains avoidance was limited to the first 500k. That sucks. We are wanting to move to a better school district in the next couple years. That is going to sting.
     
  23. Oct 5, 2022 at 9:08 AM
    #2393
    Bannerman

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    I checked out a new Tundra when I was buying my wife's 4runner a couple months ago. Interior felt very cheap compared to my Tremor. But it was an SR5, so probably not a fair comparison. Upper trims use nicer materials right?
     
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  24. Oct 5, 2022 at 9:13 AM
    #2394
    Outbound

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    I have a '22 SR5 TRD Off Road. The interior materials feel pretty solid to me. Definitely better than the '21 XLT F150 I drive at work.
     
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  25. Oct 5, 2022 at 9:28 AM
    #2395
    Terndrerrr

    Terndrerrr it's good to get lost once in a while

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    Yep. That's part of the reason our kids are in private school. Got sick of moving around for better schools.
     
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  26. Oct 5, 2022 at 9:32 AM
    #2396
    DrZoidberg

    DrZoidberg New Member

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    Lol. We get it, you love your 2nd Gen and you’re not a serious 3rd Gen shopper.

    you brought up an old ass supplier issue and a few recalls as your argument?
     
  27. Oct 5, 2022 at 9:43 AM
    #2397
    MrFord

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    As borla mentioned, Canadian mortgages (as a product) are slightly different from US.
    First thing, regardless or variable or fixed rate, ppl lock mortgage rates for 5 years only. Banks do offer longer terms, but they are so much higher than 5 years so that no one takes them.
    Second, fixed vs variable. It’s a gamble, but on average, historically speaking, variable rate mortgage was always cheaper long term then fixed.
    This is the reason I am on variable mortgage.
    Next thing to understand, variable mortgage can have fixed payment structure or variable payment structure. The first one remains the same when rates go up (only the ratio changes of principal to interest) and the second one increases every time rates go up. I have the second type of variable mortgage and my monthly payments have been on a roller coaster since March this year…

    Now I want to address another BIG elephant in the room. For all other 60% of Canadians who have locked variable mortgage payments, there is a a trigger point past which the monthly payments DO go up!!!. Because initial monthly payment is no longer enough to cover the interest… and it is 3% increase. This is what happened in September, additional increase of 0.75% was 3.25% since they started early this year and it DID trigger monthly payments to go up. This month we are expecting another 0.75% increase (we copy what US does) and all locked variable mortgage payments will keep rising because they passed the point of “no return”…

    not to pension that anyone on fixed rate who’s term is due soon probably loosing sleep as we speed… average mortgage in Greater Toronto area (GTA) is around 1M with average house price 1.5M for many years since 2016…

    there is a very high chance we will see many house owners defaulting with rates north of 8%.
     
  28. Oct 5, 2022 at 9:57 AM
    #2398
    Kagisexton

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    I just test drove a tremor today and it was much tighter and more solid feeling than my tundra. I am at 21K miles already and the rattles from interior and exterior panels have progressively gotten so bad, it feels cheap to drive now. I think I am pretty serious about making the switch soon.
     
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  29. Oct 5, 2022 at 10:01 AM
    #2399
    Bannerman

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    Ours will be in private school regardless, Charlotte public schools are notoriously terrible. But we are in a very unique area, honestly it's pretty much filled with starter homes and apartments with the notable exception of the houses on the lake which are obviously much nicer. But we don't have enough higher income types to support a good private school I guess.
     
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  30. Oct 5, 2022 at 10:04 AM
    #2400
    Bannerman

    Bannerman Tasteful Thickness

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    This all sounds like a very bad system, but maybe just because I don't understand it well/am unfamiliar with it. Almost sounds like a balloon mortgage. Short term, low rate, but you have to pay it off in full at the end so many people just get another similar mortgage.
     

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