The abounding amount of self-restraint required to not purchase this vehicle. - Forums at Modded Mustangs
 
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post #1 of 18 Old March 3rd, 2015, 10:41 AM Thread Starter
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The abounding amount of self-restraint required to not purchase this vehicle.



Currently I'm working a 9-5 job making about $11/hr (With performance bonuses and commisioning) which brings me to about $15/hr 40 hour weeks. Not to mention I can get overtime whenever I want it. I'm also in the list of people to be promoted which will grant me about a 20% increase in profits. I think my best check I was getting almost $22/hr average. (I'm also 20 without any responsibilities, I have my life planned out for the next 6 years while I finish school, I have a savings account and I don't plan on leaving the parents house ( Which was agreed upon if I keep my grades at an A average ))

---

I've been following this vehicle and while it looks `nice` on the Internet, you have no idea how nice this car really is until you sit in it. I tried to go to a dealer the other day to test-drive one and they rejected me because I'm not 21 and their insurance wouldn't cover me, but I was seriously wanting to go at it.

Not to mention I have an automatic convertible right now, and I want a fastback manual.

I was quoted $218.52/mo with a $1,311.12 six-month premium from my insurance company which is pretty good, considering I'm 20 and this will be my first car, not to mention the insurance coverage is good to go for the car loan.

I can get the car (v8, performance package, without a downpayment for $573/mo) which would bring my total to $791/mo. or I could sell my current mustang and put the money towards a downpayment and the price would go to $710/mo.

It's a really hard decision for me, honestly, it is..

What do you guys think? I know I can afford it. I'll still be able to put the same amount in savings every-day. I just won't be able to go out and eat steak every other day anymore, but I'll have this monster.

---

What about you guys? How many of you are facing this "I want it, but I shouldn't" problem?
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post #2 of 18 Old March 3rd, 2015, 10:04 PM
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Yeah I hear ya. I drove PP GT and was very impressed and I wanted one by the time I got back to the dealer. My dilemma is at the opposite end of yours. I'm only a few years away from retiring and a car payment could hinder retirement plans. I've had a lot of brand new cars in the last 30 years. You will never have it any easier than when your living at home so enjoy it and buy the stang.

But, there's always a but, If you took that 700 a month and put it in a 5% return account added 700 a month for 5 years. Then when you hit 50 you would have about 170k. Living for today is important but I wish I had listen to the old guys telling me to invest more sooner.

Good luck with your decision.
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post #3 of 18 Old March 4th, 2015, 11:32 AM
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Holy shit man, don't do it. First off, $700+/month payment is obscene. Second, no money down leads me to believe the loan would be for something like 7 years or something. You will, without a doubt, regret the decision to buy the car regardless of how awesome it is.

Trust me, I'm in a much better financial situation than you and even I can't justify a payment that high, even if it was only for six months. Once the honeymoon period wears off and you realize your stuck with that huge payment that could rent you an apartment for the next 5-10 years, you will be stressing out hard.

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post #4 of 18 Old March 4th, 2015, 12:23 PM
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Quote:
Originally Posted by brtnstrns View Post
Holy shit man, don't do it. First off, $700+/month payment is obscene. Second, no money down leads me to believe the loan would be for something like 7 years or something. You will, without a doubt, regret the decision to buy the car regardless of how awesome it is.

Trust me, I'm in a much better financial situation than you and even I can't justify a payment that high, even if it was only for six months. Once the honeymoon period wears off and you realize your stuck with that huge payment that could rent you an apartment for the next 5-10 years, you will be stressing out hard.
Agreed.... >$500/month for insurance + financing means you can't afford the car...

Anyone who CAN afford a $700+/month payment, "should" know well enough to put a down payment and avoid getting raped by interest...

By waiting 10 months, you could have a $7,000+ down payment on a "used" impulse buy return car. and cut your payments by more than half...



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post #5 of 18 Old March 7th, 2015, 10:57 AM
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I agree with everyone above that this isn't a good time for you to buy the car. Heck, did you even get to drive it yet?

As mentioned, save up for a few months, once you turn 21 go look for a used one with your preferred options and drive it. Then decide if you wanna buy it and put a nice downpayment on it.

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post #6 of 18 Old March 7th, 2015, 10:41 PM
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Bro, I have a similar income and there is absolutely no way in HELL I would buy one! $700/month is outrageous! Keep putting money in the savings and lay off the steak. Before too long, you can buy one with cash money! Seriously! Don't do it! You will regret it...

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post #7 of 18 Old March 7th, 2015, 11:18 PM
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As others have mentioned, way to high on the monthly payment. I saved up enough money to buy my current car over but took out a loan anyways because rates are cheap for lending money. Don't strech yourself out for buying a car and you'll thank us.

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post #8 of 18 Old March 15th, 2015, 02:28 PM
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Imo wait until the 2016s come out and find a good deal on a 2015. Another option would be to wait and find it used to save a lot of money. I've never found a new car worth buying that is financially responsible except when it's the last year model. If you're willing to spend the extra few thousand dollars to get a new car smell, that's up to you.
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post #9 of 18 Old March 15th, 2015, 03:04 PM
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These guys are providing awesome advice. Be patient, brotha!


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post #10 of 18 Old March 15th, 2015, 03:08 PM
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Agreed.... >$500/month for insurance + financing means you can't afford the car...

Anyone who CAN afford a $700+/month payment, "should" know well enough to put a down payment and avoid getting raped by interest...

By waiting 10 months, you could have a $7,000+ down payment on a "used" impulse buy return car. and cut your payments by more than half...
I pay about $600 a month for my Tahoe including insurance. However its only a 2 year term. What is your opinion about that? Im currently about 8 months in, and plan on paying it off earlier than the full 24 months. The bank wanted me to do a 1 year term for the loan but I didnt want to shell out so much cash each month so I split it into 2.


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post #11 of 18 Old March 15th, 2015, 04:37 PM
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i've seen enough young guys on here spend more than they could afford on cars and really screw themselves over. by the time the regret of financial irresponsibility sets in, they're out a whole lot of money that they'll never get back from selling the car. i'd highly advise against getting it, but of course it's your money and your decision

i'd personally put the money into a house. it's smarter in every conceivable way

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post #12 of 18 Old March 15th, 2015, 05:48 PM Thread Starter
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i've seen enough young guys on here spend more than they could afford on cars and really screw themselves over. by the time the regret of financial irresponsibility sets in, they're out a whole lot of money that they'll never get back from selling the car. i'd highly advise against getting it, but of course it's your money and your decision

i'd personally put the money into a house. it's smarter in every conceivable way
I already have a house that was passed down to me through the family line, and right now I just need something to keep my head on straight and put a smile on my face. Sounds like an excuse but it's not.

I've been putting money back for this for awhile now in a small hidden savings, and the numbers I provided aren't that bad. I also just got another part-time at-home job that's giving me another $2k/mo. I'm not going to purchase the car unless I can pay for atleast 2/3 of it upfront. Even then I may wait the extra 2-3 months, because the insurance would go down quite a bit if I wasn't financing.

So I'm looking at another 5-7 months before I can get the vehicle, I'll probably be able to get a 2016 by then, eh?
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post #13 of 18 Old March 15th, 2015, 06:16 PM
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Sounds decent enough, but why not just save (potentially) 10 grand and get a 2015 then?


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post #14 of 18 Old March 15th, 2015, 09:12 PM
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The thing about $800 a month is that it is due EVERY MONTH. When it's snowing and you arent cruising much - payment due. When it's the holidays and you need extra cash - payment still due. When the next upgraded model comes out - payment still due. And what I have seen a lot of ppl fall into: when the new wears off - payments still due. I'm not being a dick but my wife and I clear $100K+(which isn't bad for this town.) a year and I don't know if I could sleep at night with that kind of car payment.


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post #15 of 18 Old March 15th, 2015, 09:52 PM
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Dont do it, driving these things wear off fast. Id recomend finding a good deal on a 13or 14 gt if you really want to upgrade. It cuts payments by atleast half, and so much bigger aftermarket availible.

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post #16 of 18 Old March 16th, 2015, 12:14 AM
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I pay about $600 a month for my Tahoe including insurance. However its only a 2 year term. What is your opinion about that? Im currently about 8 months in, and plan on paying it off earlier than the full 24 months. The bank wanted me to do a 1 year term for the loan but I didnt want to shell out so much cash each month so I split it into 2.
For a 2 year term... makes sense... especially because you got a lower interest rate.

Most people with that kind of payment and blowing it on a high APR 72-84 month loan.

But in my honest opinion, which I seem to have a habit of throwing around recently (working on toning it down), I think you could have waited a couple months and gotten your payment under $500/mo, still be able to shell out the same amount of money and pay it back even faster. If you could have swung it 1 year. Long term, you would have saved yourself a bunch of money.

I think that $500 is just my threshold that I chose to follow in my life.

Unfortunately, I have a student loan minimum payment of $1087.56 that I'll have for the next 10 years... So I need to keep myself acting financially smart while I pay off that big blunder.



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post #17 of 18 Old March 16th, 2015, 10:41 AM
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1.) Did you actually just say you plan on living with your parents until you're 26? Dude. How's that going to work when you want to bring a girl home at 23 and you're like "Oh yeah, you can't be too loud, my parents might wake up."

2.) That being said, most personal financial planners recommend that your housing cost should be no more than 25-30% of your TAKE HOME, post tax monthly income, and that your transportation costs should also be no more than 15-20%.

Assuming you're making $18/hr. for a nice round even number given what you've said, after taxes you should take home about $2,400 a month. Meaning you can afford to rent a place for around $600 a month. Meaning you can afford to drive a car that cost you $480 a month. That's for the cost of the vehicle, gas, insurance, and maintenance. Since you were quoted at $218 a month for insurance, that leaves you with only $264 a month to spend, and you know half of that is going to gas and maintenance. So you can afford a vehicle with a $132 a month payment. Which means you can afford a vehicle on a 48 month loan term, with 10% down, for around $6,500.

You sir, would be out of your mind to try and buy anything more.



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post #18 of 18 Old June 2nd, 2016, 08:30 AM
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screw it dude! treat yourself to a nice car! itll be a pain in the ass but itll be worth it everytime you sit in it! just dont wait to pay it off, interest is where youll lose the most money. dont ever expect to sell it though or youll be royally bent over and plowed. these cars hold value like a pair of shoes....
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