Keep the Mustang? Or......

speedrx said:

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.

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THIS is the best post in the entire thread.:clap2:

This thread is reminding me what a dummy I was for buying the mustang. Although I got a screaming deal at 29,500 on this car I've got a paid off truck and motorcycle and I work from home.

I didn't need a 400 dollar payment but ya know I just don't know if I'll live long enough to get to that retirement and damn it's a fun car. Yet still regret sets in reading this post. Should have just socked that 400 bucks into the house payment.

I do put the full 8% match on the 401k but I make 42k a year, I'd like to know what you 100k'rs are doing to pull this kind of cash.

No reason to spend 50% of yearly income not even made yet; on used cars at that. And what if you got injured and couldnt work or got laid off a year from now? That s the mentality that caused many many people to lose their homes the past 10 years; spending way too close to every penny they made with no savings or investments.

Bad choice. Keep what you have and save your pennies, some small portion of salary, toward something new after funding investments and retirement yearly. In a few years not only have built your net worth but also have the cash to buy something you really want.

Who comes up with these numbers rules? Half salary should be the max for a car? It should be what you're comfortable with. My living expenses for instance are so low that I can afford m 350 and I max out my Roth IRA, hit my 401K match, and still put away plenty of liquidity for rainy day. My 350 is definitely not half of my salary.

Keep the Mustang it's a respectable car. I think of mine as a Luxury Car but with a big ass Motor and it's made in the USA. I spend the rest of my money on Guitars and Motorcycles.


Mustangs, Stratocasters and Harleys. Can't get any more American

The mustang has always been a "poor man's sports car" but honestly I wouldn't want any other car. I have put some serious money in my car making it exactly what I want and I wouldn't be surprised if even with all I've put in it I'm still less invested than just the cost of an exotic or German car. I have protected my investment by adding 30K of coverage on my car incase of unforeseen accident and because its a Ford Mustang the insurance premium is still butt cheap.


I don't think there is another car on the market that is as customizable and has as much to offer in the aftermarket than the Mustang. Also, because its a Mustang you are not devaluing it like you would if you were customizing an exotic. There is a lot to be said about being able to do what you want to your car, this is what makes the Mustang so great and the S550 is a game changer in itself.

I agree with just about everyone above, take care of your family and be financially smart. That said I also work in a profession that scares me. Life is short and unpredictable so my advice is to enjoy it now as much as you can.


Upgrade your interior, drop some forced induction on it and enjoy the hell out of it. Oh and while your doing that, come see me!!!!! lol

speedrx said:

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.

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vnzbd said:

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...

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Listen to these guys, don't even waste money on things with lesser value unless you just can't resist. Buy a house, pay it off, payoff the stang.

I have made well over 100k for years and still won't spend more on a DD than a mustang. In fact if it wasn't for the mustang being so much fun to drive and the perfect DD IMO i would consider it too expensive.

1. Do not trade your current Mustang in, sell it privately.
2. Buy a 2018 with the Performance/Track Pack.

I have plans to go back to a used later model C6.

Sell the mustang and get into a German sports car. Thats what I did and never looked back.

69% of people retire with less than $1,000 in savings, these people live paycheck to paycheck or on welfare.

Unfortunately they don't teach kids about money in school, educate yourself and don't be part of this group. Use the advice of people with experience (know how to manage money) and make your decision on your auto purchase.

AlexhadanM3 said:

Sell the mustang and get into a German sports car. Thats what I did and never looked back.

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:doh:

Dont be car poor, 100k a year isn't what it use to be. Cost of living has gone up, and living on the east coast I am guessing is ridiculous. Everyone I hear that want to get rid of their stangs get bored of it because they leave it stock and are afraid of smoking the warranty with mods. The safe and reliable power potential of these cars are insane with relatively low investment. Nothing on that list would make me want to trade.

D.Brown said:

I've wanted a 911 for as long as I've been into cars (See avatar picture), but they still seem to be a bit out of my price range. My Mustang is a weekend warrior, as it's in storage all winter, but a 911 is a different animal in terms of upkeep and insurance.

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I just came from a 911 S that was near 400 hp and had a lot of suspension mods (Bilstein coilovers, RSS adjustable control arms, drop links, sway bars, etc, etc. It was an 07 and the maintenance/upkeep was starting to add up so I decided it was time to go back to my muscle car roots.

The 911 has always been my dream car and I LOVED owning it (bought it used and owned it for 4 years). I know I will get another one someday but it is a comfort level thing owning a car like that out of warranty. I would say keep your Mustang until you find your comfort level then get a 911--you won't regret it!

Funny as it sounds, I don't see the GT as a major downgrade. it is just different. Still tons of fun.

Good luck!

I see you have considered the insurance aspect for a new car, but, did you consider your overall salary will not be in the six figures, after taxes. Figure what your Fed Tax, State tax, etc will on your salary and the take home pay is what you should base your decision on. You may want to wait until the 2018's actually come out and look at them. Performance and cost wise it may be the way to go. If you really like your current Mustang, why get out of it. Do the mods you want and make it yours. Enjoy it!