Keep the Mustang? Or......

Chameleon said:

You answered your own question.

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I suppose you're right. The smart move would be to bank enough money where I can trade in the Mustang and put a hefty down payment on a 911 in hopefully a few years.

At the end of the day there's no wrong choice. Do what makes you happy you only live once.

I would be nervous to mess with a tune but as you mentioned you can get crazy performance out of those things with 2k-3k investments. I would keep the warranty and beat the crap out of it lol. With awd and stock performance (they tend to be underrated) you are already risking jail time not even getting close to that cars limits lol (same goes for the mustang too).

You should go for S3

Congratulations on the new gig!

I've read you should allocate no more than 20% of your take home pay towards a vehicle. So it seems like you will gross 100k salary but net take home will be alot less. So spending 50k on a car does not make much sense according to the rule.

With that said keep the current stang or go with an equal or less value vehicle. Resale, depreciation and of course enjoyment would be big factors in my shopping for another vehicle.

I would at least wait a year or two, and see how the job pans out all while saving some of that new income. Sometimes things don't work out, but you'll still have that Car Payment if that were the case.

I have been pulling down over 100k for many years and have never spent more than 35k on a car. I did however buy a new jet boat so between both the car and boat I am at 64k which is a nicely optioned Macan, GT350, or used 911. My advice is to keep your monthly payment.to 10℅ max of your monthly income.

Ive done over $100k every year for 10 years now and my $34k Mustang GT with PP is the most expensive car Ive ever bought. I did build a Factory Five Daytona Coupe but paid cash for everything I wanted as I could afford it. I say keep the Mustang and put the rest of what you would have in savings or retirement. Dont count on social security as a retirement.

TNcoupe said:

Ive done over $100k every year for 10 years now and my $34k Mustang GT with PP is the most expensive car Ive ever bought. I did build a Factory Five Daytona Coupe but paid cash for everything I wanted as I could afford it. I say keep the Mustang and put the rest of what you would have in savings or retirement. Dont count on social security as a retirement.

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Thank you for the wise words! I guess the general consensus is to keep the Mustang and see where I'm at 10 years from now!

D.Brown said:

Thank you for the wise words! I guess the general consensus is to keep the Mustang and see where I'm at 10 years from now!

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D.Brown,
The GT350 is an awesome car, my 2017 has been in storage the last three months right next to my 2011 Mustang GT. I have had to settle on driving a 2013 F-150 Lariat 4x4 with a 5.0 engine (my all wheel drive Mustang) while both cars are parked for the winter. Even after buying the gT350 I still enjoy driving the 2011 Mustang GT from time to time - there are places I have driven that car that I would not dare take a car like the GT350.

My salary is no doubt less than a few others in this forum, but over the years I drove decent quality vehicles, some of which were 8 to 18 years old. I continued driving the less expensive vehicles until I was able to pay off the mortgage on the house, pay off the loan on the truck, and carry a $0 balance on the monthly credit card bill. I was then able to put into saving what I was previously paying monthly against the mortgage (I paid it off 20+ years early). After a few years, that monthly savings allowed me to pay cash for the 2011 GT Premium, pay off the 2013 F-150 Lariat 4x4 in four months (Ford credit was offering something like a $2000 rebate on loans - I paid off all but $100 when the first monthly bill was due), and cash for the 2017 GT350.

My advice is essentially the same as what a few others have suggested. Be happy with what you have, pay off your debts, bank what you have left, and if the new job is still going well after a few years, put a hefty down payment on the next car to keep the monthly payments reasonable.

Good luck with the decision.

Just trade yours in for a new performance pack premium GT

Congrats on the increase, make sure you pay yourself first by automatically putting 10% (I do 20%) of your pay in savings/investments, you won't miss it but will be glad you did in 20-30 years when all the cars are gone but you have $1M in the bank. Also fully fund your 401K first if you have one.

Don't buy anything you can't pay cash for. Pay off the Mustang or save up for the car you want.

why is a 2018 PP2 GT not on the list?

Pay your Mustang off! Then keep making that payment to your new/next car fund. Then pay cash! Mean while save your money and invest. What is more important to you, an early secure retirement, taking care of your family or a car that you will spend 2% of your life in while you own it? No brainer for me...

Get what you want. That's what I did when I ordered my GT a few weeks ago.

As you already alluded to, most of the cars you listed are higher maintenance, and costly maintenance at that.

But again, if you want it go get it.

Everyone is at different stages of life. I do well financially but have 3 little girls, wife, house, a disabled mother that I help support. I can afford others cars even with my responsibilities, but I choose what I would be happy with... Although, I am putting a supercharger and other things in it LOL