Buying 2016, Should I Go EB Prem or GT Prem?

[Shouldhavegotthegt]

I'm with a lot of the other guys on here. Hold off. You're 19, you don't need a new car unless your parents are buying it for you. I've wanted a new mustang since high school. A few of my friends had them. Now I'm 33 and I have one. Before that I paid for college, then grad school, and finally a house. Once those were checked off I got my dream car.

$30-35k isn't enough to have a $400 payment. Less than $1500 after taxes. Your own apartment will get you laid a lot easier than a mustang and sneaking her in to you parents. Just my opinion.

Sponsored

 

[Horde5.0]

I agree with many of the others that buying a new car at 19 is a huge financial mistake, especially if you live at home. When I was 19, I drove a 10 year old 1986 Mustang with a V6 and I loved it more than any car I have ever owned.

As for your actual question, if you really aren't buying it for the speed and you aren't already in love with V8s then don't spend the extra for the GT. You may face some snobbishness from the "no replacement for displacement" guys but you shouldn't buy a car based on what other people think anyway.

Personally the V8 is one of the biggest reason I bought a mustang at all. I am in love with the sound and feel of V8 engines and can't go smaller any more.

 

[Shift]

Little note: I'm not saying I'm definitely buying the Mustang. I'm just asking that, in the event I do, which one should I buy? I understand it may be better not to buy one yet, I'm just looking at my options
I've also thoroughly researched insurance premiums on all 3 engine choices and it would be well within my means.

So a little bit on who I am:
I'm turning 19 in a couple weeks, and I work at $11/hr for 18 hours a week. But I'm changing jobs and now I'm looking at ~$30-35k a year. With low rent ($150/month to my parents), I figured I'd splurge. And buy a Mustang.

I've used the ford.com site and built two cars I want, the GT Premium and the EcoBoost Premium. The EcoBoost (with the packagesI selected) is $6000 less than the GT.

Now, I'm not buying a Mustang for the speed. I already got two speeding tickets this year (I'm a dumbass kid, sue me), so I'm going to be taking this less than 10 over any speed limit. I'm buying it because owning a Mustang is one of my life's goals, and being able to own a brand new Mustang ordered how I want it makes me melt.

I don't know if it will change anything, but this is also my first RWD car I'll drive, and my first 6-speed. I'm used to 5-speed FWD cars with less than 150bhp (first a '99 Saturn SL2, now an '08 Scion tC).

So, my question is: Why should I pay the extra $6000 for the GT? Is it $6000 of HP I'm not going to use, or are there some better features I should know about?

I've looked it up on Google, and the best answer I could come up with is the GT has power and status. Many people regard the EB as a girl's car, to which I don't care; I personally love i4's and how nimble they are; plus they're easy to maintain and cheaper. That said, I'd love to be able to own a roaring V8. I'll be test driving both soon, so I'll be able to tell if I like the V8 then.

I'd love to hear people's thoughts! Price isn't really much of an issue, though obviously I'd rather save more money if possible.

You're 19 with a 2 speeding tickets. You want a sobering moment? Shop around for insurance. You'll want full coverage by the way, uninsured motorists, comprehensive, the whole shebang. I paid over $3k a year in insurance for my new SUV when I was ~22 years old, and that was with a clean record.

 

[BigFloyd]

You're 19 with a 2 speeding tickets. You want a sobering moment? Shop around for insurance. You'll want full coverage by the way, uninsured motorists, comprehensive, the whole shebang. I paid over $3k a year in insurance for my new SUV when I was ~22 years old, and that was with a clean record.

The only way to know for sure what the insurance will cost is to call your agent and get a quote based on a VIN for the car you're looking at or one like it (same model, year, engine).

In most states, 19 with two tickets will mean high cost insurance even if they don't put you in the assigned risk pool. If you finance, you must have full coverage to protect the lender. If you let it lapse, they will buy replacement insurance, charge you for it and repo the car if you don't pay.

Welcome to real life. Get independent first, pay your own bills a while, then figure out if you can afford a new car.

 

[Cole2999]

Wait. It's easy to think that you'll have a bunch of extra dough when you get that first real job. I thought that same thing when I was 21 (and paying my own bills living 1200 miles away from my parents) so I bought a brand new car. The interest rate was higher because I (like you) had no real credit history yet. I learned the hard way that was a very bad decision to burden myself with that kind of debt so early in my adult life. I paid that car off, but lacked funds for other stuff I needed more. Never again.

You mentioned that you're planning to move to Austin, TX. I lived there three years while going to grad school. Rent there is quite high since it's a college town and the state capitol. You'll also need $$ for furniture and other household stuff, utility bills, etc. It adds up. $30-35K/year isn't going to go as far as you might think living there if you want to have money left over to go out and have any fun (and Austin is a fun town). If later down the road you're able to land a better paying job, great. Shop for a new car then.

Tell yourself "not yet" on the new car thing. Try to find something a few years old that's been taken care of (preferably by a middle-age owner) and that you can insure cheaply. Having left over $$ to spend on dates (lots of pretty Texas gals in Austin) and having fun with friends is much better than having no WAM (walkin around money), looking out the window at a car that's become a burden to you instead of the joy you thought it would be.

Thanks man, this was some helpful advice. I was thinking about not getting one yesterday, and started instead looking at any used mustang ('05+) that was less than $10k, and I actually found an '08 in very nice condition in my town. I'm gonna check it out in a few days.

The Austin thing is what's really worrying me, though. I've been looking to talk to some other people who've lived in Austin to get an idea. I went down last year for a week and loved it, but food and really all purchases were expensive.
That said, I've been looking at apartments and I found a nice 1 bed on S. Lamar for $900. That's exactly what I'm looking for.
Some other people I've talked to said the real kicker is the cost of living. Was that true for you?
In any case, I'd be sharing an apartment with my girlfriend, and she'd be a part-time student. Combined income around $42k. I think that could be livable, no?

It's really great you happened to find this post, because you were in the exact same boat as I was hoping to be.

 

[NavyChief]

Get a GT don't be a little girl. LOL

 

[Cole2999]

I agree with many of the others that buying a new car at 19 is a huge financial mistake, especially if you live at home. When I was 19, I drove a 10 year old 1986 Mustang with a V6 and I loved it more than any car I have ever owned.

As for your actual question, if you really aren't buying it for the speed and you aren't already in love with V8s then don't spend the extra for the GT. You may face some snobbishness from the "no replacement for displacement" guys but you shouldn't buy a car based on what other people think anyway.

Personally the V8 is one of the biggest reason I bought a mustang at all. I am in love with the sound and feel of V8 engines and can't go smaller any more.

Yeah, I haven't had the chance to hear (or feel) a V8 yet, but I also don't think it'd be worth financially crippling myself for a nice-sounding engine I can't use.
Also, I'd be happy to own an '86 Mustang. Right now I'm leaning towards the "Don't be a fool, you're not buying a new car" choice. So I found an '08 right in my town (very surprising considering I live in snowy NH) for $10.9k (I can talk down to 9.5k) in very good condition. I'm checking it out next week.

[MENTION=19098]Shouldhavegotthegt[/MENTION] I know it's cutting it close, but I make about $600/month now and afford $200/month on my car (Actually, since I had union dues I was only making $450/month the past 4 months). It's not fun, I'll tell you that, but it's doable. That said, I'd love to actually have money for once in my life.

[MENTION=17000]Jww92201[/MENTION] & [MENTION=22150]15Black3.7[/MENTION] I know the V6s are nice, but I just personally like the added features of the EB Prem and would pay difference for them. Really, the only things that I really dislike are the center stack and leather seats. I'm not looking for a fast car, I'm looking for a car that I wouldn't care about living in (I might need to with those payments )

 

[BigFloyd]

Thanks man, this was some helpful advice. I was thinking about not getting one yesterday, and started instead looking at any used mustang ('05+) that was less than $10k, and I actually found an '08 in very nice condition in my town. I'm gonna check it out in a few days.

The Austin thing is what's really worrying me, though. I've been looking to talk to some other people who've lived in Austin to get an idea. I went down last year for a week and loved it, but food and really all purchases were expensive.
That said, I've been looking at apartments and I found a nice 1 bed on S. Lamar for $900. That's exactly what I'm looking for.
Some other people I've talked to said the real kicker is the cost of living. Was that true for you?
In any case, I'd be sharing an apartment with my girlfriend, and she'd be a part-time student. Combined income around $42k. I think that could be livable, no?

It's really great you happened to find this post, because you were in the exact same boat as I was hoping to be.

You can live okay (assuming no kids to raise) in Austin on a combined $42K IF you're conservative with your money. That's the key.

Take a hard look at the neighborhood around where you're looking at renting on S. Lamar. Some are okay, others not so great. Also, consider the commute to work/school. Austin traffic can be horrid, especially I-35 or Mopac.

If you can pull it off, wait until the move to TX before buying a car. It's normal around here to see cars that are many, many years old without any hint of corrosion.

Cheers.

 

[Chameleon]

My advice is to get an Accord and build up your resume/pay.

 

[paul123]

He's already driving a '08 Scion tC. Which is a lot nicer than what I was driving at that age.

 

[bay584]

He's already driving a '08 Scion tC. Which is a lot nicer than what I was driving at that age.

Agreed. I didn't have my first vehicle until I was 20 and it only had two wheels and a lot of miles. Rode that thing into the ground.


OP I have commented on these threads before. As a young guy who was lucky enough to get work right out of college, just wait a year. Things change, constantly. I'm still salivating at getting a new car but my cost of living is ridiculous and I'm saving for grad school. Alas, it's part of growing up.


Sent from my iPhone using Tapatalk

 

[EJS2016]

Focus on the personal and professional priorites in your life right now.
What's more important...your girlfriend or the Mustang?
Drive the Scion into the ground and start building a solid financial future for yourself.
A new Mustang will always be waiting for you at the right time...the one you really want.
Now is not the right time.
Perhaps consider a used V6 in a year or two.

 

[Surtur]

save your money get a mustang later, its not like theyre going to stop making them for a few years at a time...its not a camaro

 

[SWLA]

Being 19 with speeding tickets really screws you but live and learn. To me I feel paying rent on an apartment is a waste of money that you could be saving while owning a stang. Like others say sure save your money and drive what you got, but there is always life that gets in the way and 30 years from now you'll still be dreaming and wishing you'd got that mustang long ago. For me it's V8 or nothing in a mustang, i don't even consider the other engines. You most likely can find a used 15/16 GT premium if you look around and you have time since your wanting to buy in June and hopefully the 17 models will bring down the value some on the used cars. Oh also why are you worry about gas prices with a performance car, makes zero sense, if your gonna worry about gas buy a Prius.

 

[Brando]

I've actually already quoted myself for insurance, and the EB is only $50 more than I'm paying.

Take the $4000 price difference and add that $50 every month for the same length of time as a car loan. With a decent ROI you'll turn that to 10k.

But I've been young and dumb too. There's a value to your happiness. There's no promise of tomorrow. Ask yourself what's more important to you and stick to your heart. Haters going to hate no matter what. At least make yourself happy.

But for real, money well invested at your young age will change your life. Like, retire at 40 kind of change your life.

Sponsored