Downgrading Mustang GT?

[ethonlee]

So right now I have a 2020 mustang GT with mbrp race exhaust, tinted windows, changed all wheels and some other minor things. This car is great and I love it but I am 24 and will probably not have a roommate for my next lease, so I will have to get an apartment without a roommate so I will be spending more money. I was wondering if I were to downgrade from a mustang GT what are some car options I could look at that still can be fun and have aftermarket options and is below the price of $26,500 (ish). I can keep my mustang GT but will probably be strained for money but I also ask you guys if I should keep it or go with a more affordable car. I have already looked at refinancing options as well and none were worth it.

A car that pops into my mind is a used 2016 Hyundai genesis coupe 3.8

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[Torched10]

So right now I have a 2020 mustang GT with mbrp race exhaust, tinted windows, changed all wheels and some other minor things. This car is great and I love it but I am 24 and will probably not have a roommate for my next lease, so I will have to get an apartment without a roommate so I will be spending more money. I was wondering if I were to downgrade from a mustang GT what are some car options I could look at that still can be fun and have aftermarket options and is below the price of $26,500 (ish). I can keep my mustang GT but will probably be strained for money but I also ask you guys if I should keep it or go with a more affordable car. I have already looked at refinancing options as well and none were worth it.

A car that pops into my mind is a used 2016 Hyundai genesis coupe 3.8

Just buy a low mileage gt.i have a 2019 gt premium vert auto and love it a I see the coupes are in your price range.id steer away from any non stock car unless you know the owner

 

[ice445]

I vote sell. Trust me, it sucks dick having almost no money because your car is eating up all of it.

The move here is to sell it, and pick up a clean 05-09 Mustang GT. They're far more affordable. Slow, but still very fun to drive. And there's tons of mods you can do to keep you busy.

 

[04DarkShadowGT]

If you have to even stretch a little to afford a car payment, you cannot really afford that car payment.

Sell your car and buy whatever comfortably fits into your budget.

 

[FreePenguin]

I vote sell. Trust me, it sucks dick having almost no money because your car is eating up all of it.

The move here is to sell it, and pick up a clean 05-09 Mustang GT. They're far more affordable. Slow, but still very fun to drive. And there's tons of mods you can do to keep you busy.

Agreed, I miss my mustang but after selling it. Yeah I don’t have a stang, but financial freedom to do other things > mustang

 

[sirben711]

ONLY sell if:

1. You 100% financially need to.
2. If you can find a car that you love almost as much.

An apartment lease is only temporary. Things can change for better or worse in 6 months or a year. Question is, do you think you can find someone to move in in a year or so from now? Or finances improving in that time?

 

[Driv3n to Dr1ve]

You could also get a 2015-17 GT, I bought mine for 27k.

 

[2023EGM1]

While I love cars, I would never recommend anyone to stretch their finances for a car they don’t need. IMHO

 

[Balr14]

"Downsizing" is rarely profitable. A modded Mustang is not going to have the value you expect. Be very careful!

 

[XFactor7889]

OP, I agree with @04DarkShadowGT. If the lack of a roommate impacts your ability to afford your car, are you giving yourself any cushion for emergencies and/or future savings? Don't let yourself be in the statistic that can't get $1k together in a pinch if/when things get tough (roughly 57% of Americans from the latest reports I believe). Don't get me wrong, it's an expensive world and it sucks having to wait to have awesome toys. But, make no mistake, one day you're going to have an unexpected expense pop up that you can't put off. If it happened tomorrow, how confident are you that you could handle it without much trouble? It'll feel so much better finding yourself in a position where you can genuinely separate your living expense budget from your car expense budget so that neither has to be impacted by the other.

That said, I have to respectfully disagree with @sirben711. That is not the most fiscally responsible advice. That line of thinking is generally what causes repossessions, foreclosures, and bad credit scores. Don't get me wrong, it doesn't happen to everyone, but it happens a lot. I know this advice was given with the best intentions, but it is just not the wisest financial decision you can make. Especially when you're only 24. If you make the decision today to provide more cushion in your budget, not only will you have another Mustang again in the not too distant future, but your future self will absolutely be glad you did.

As for car suggestions. If you're wanting to stay on the relatively newer side, you should check out a Civic Si. No, it won't feel like a Mustang. But, like the Mustang, there's a huge community and lots of aftermarket options to make them more fun and put your own stamp on them. They are very reliable cars and you should be able to get a certified one within your budget pretty easily if you keep your search to the 10th gen or older. When your budget is fairly limited, having a fun car that's also very reliable is huge.

 

[ethonlee]

OP, I agree with @04DarkShadowGT. If the lack of a roommate impacts your ability to afford your car, are you giving yourself any cushion for emergencies and/or future savings? Don't let yourself be in the statistic that can't get $1k together in a pinch if/when things get tough (roughly 57% of Americans from the latest reports I believe). Don't get me wrong, it's an expensive world and it sucks having to wait to have awesome toys. But, make no mistake, one day you're going to have an unexpected expense pop up that you can't put off. If it happened tomorrow, how confident are you that you could handle it without much trouble? It'll feel so much better finding yourself in a position where you can genuinely separate your living expense budget from your car expense budget so that neither has to be impacted by the other.

That said, I have to respectfully disagree with @sirben711. That is not the most fiscally responsible advice. That line of thinking is generally what causes repossessions, foreclosures, and bad credit scores. Don't get me wrong, it doesn't happen to everyone, but it happens a lot. I know this advice was given with the best intentions, but it is just not the wisest financial decision you can make. Especially when you're only 24. If you make the decision today to provide more cushion in your budget, not only will you have another Mustang again in the not too distant future, but your future self will absolutely be glad you did.

As for car suggestions. If you're wanting to stay on the relatively newer side, you should check out a Civic Si. No, it won't feel like a Mustang. But, like the Mustang, there's a huge community and lots of aftermarket options to make them more fun and put your own stamp on them. They are very reliable cars and you should be able to get a certified one within your budget pretty easily if you keep your search to the 10th gen or older. When your budget is fairly limited, having a fun car that's also very reliable is huge.

Appreciate this post especially, defiantly something to think about and I’m starting to think that financial stability is gonna feel a bit better than having a mustang

 

[BigR4444]

I feel like I don't have enough information to make a recommendation.

From what I understand; prices, monthly payments, and interest rates are at an all time high...
Not a great time to be shopping for a car.

I guess it depends what you're paying per month, how many payments you have left, how much money down etc

 

[XFactor7889]

Appreciate this post especially, defiantly something to think about and I’m starting to think that financial stability is gonna feel a bit better than having a mustang

I'm glad I could help. And remember, it's just not having a Mustang right now. (Although, if you're willing to give a used ecoboost a go, I bet you could find one in your budget. They may get a lot of grief around here, but they're still a lot of fun. I loved mine before getting my GT this year.)

And if you want to talk in more depth about what your budget could look like, I'd be happy to help. I've got a Bachelor's in Accounting and Finance and my MBA; budgeting and forecasting is my full-time job. I'm a total spreadsheet nerd . So feel free to shoot me a DM if you do.

 

[ethonlee]

I feel like I don't have enough information to make a recommendation.

From what I understand; prices, monthly payments, and interest rates are at an all time high...
Not a great time to be shopping for a car.

I guess it depends what you're paying per month, how many payments you have left, how much money down etc

Atm it’s about $527 a month with 4.6 interest rate and still got like 70 months ish left

 

[Juantrickpony]

a Camaro

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