First Mustang in Near Future--Need input.

[INeedTorque]

Hi everyone! First post here. Been picking apart this forum for a handful of months now and here is my current situation. Admins, please don't delete if this is in the wrong place, this took forever to type out.

I'll be graduating here in May with my undergrad in Economics (Unversity of Iowa) and heading to Wichita, KS for work after school. I'll be bringing home a good paycheck and will have some extra cash flow for sure.

My current DD is a 2012 Mazda 3 that will be paid off in a handful of months. It has 55k miles on it with no problems. Unfortunately, it doesn't provide smiles per gallon the way I would like.

I won't consider a non-premium EB or GT because I just need leather and the other amenities.

I originally was dead set on an ecoboost premium because I drove one this past summer and loved it, It felt powerful. Although recently I have had second thoughts on the EB. Still haven't driven a GT. Here are my 3 options (You could suggest a 4th option as well)

For figurative purposes, we'll say my Mazda3 is worth 6.5k on trade in.

Three Options
1. Wait a few months after graduation and buy a New/Slightly used EB Premium. 28k-6.5k-2k(downpayment0=19.5k financed.
2. Wait a few months after graduation and buy an 07-08 Shelby GT500. 25k-6.5k-2k(downpayment0=16.5k financed.
3. Save up a years worth of car payments, Buy a New/Slightly used 2015-16 GT Premium. 35k-6.5k-10k=18.5k financed.

My thought process is this:
1. PROS: I can get into an almost brand new car w/300+hp. Cheaper gas (non-factor I'm buying a freakin' muscle car). Cheaper insurance (I don't know how MUCH cheaper it really would be. I have a good record.)
CONS: Not a V8. Not a V8. Turbo reliability Long term? Depreciation.
2. PROS: Fast. Beautiful. Depreciation already removed. Fast. V8.
CONS: Interior is sub par IMO. Won't keep it for more than a couple years (Probably?) Reliability?
3. PROS: This is really the car I want. V8. Fast.
CONS: Insurance cost? Waiting a Year is a LONG TIME imo.

So I guess my questions are:

Is the EB actually fast enough?
Should I just save up to buy a new GT if that is really what I want?
Is buying an '07 GT500 a bad decision based on reliabilty and using it as a stepping stone until I can afford a new GT?

Thanks in advance everyone!

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[timd38]

Dealers by me don't stock EB Mustangs. GT's and stripped V6's so, I don't think I have seen an EB. I am not a used car guy, so I would buy a new GT.

I would wait until I was 25 becasue insurance may kill you.

 

[AR306]

I tell everyone the same thing..

I have an Ecoboost, I want a GT.

If you really want a GT, nothing else will satisfy you.

As for an old GT500.. I love those cars, they are extremely badass but I wouldn't want to own one, especially if it's your only car Lol. That would make a great 2nd or 3rd car, would not want to live with it everyday.

 

[RegDir]

If you can keep your total monthly nut (includes insurance) to less than 10% of your gross income than you're ok as long as your other debt is reasonable(student loans?). I personally like to stay around 5% with cars.

That said I would go the GT route, nothing like a V8.

 

[CommyO]

This is really the car I want.

/thread

 

[stang305]

Save up and get a Gt. I saved and waited for a good deal.
I got my 2015 comp orange Gt premium with track pack with 600 miles leather Recaro seats navigation and back up sensors for 33.9k

 

[ob1]

Find a rental car company that has the V6 and v8 and drive them for a day
Drove a 2014 GT and I was hooked. 8 months later I ordered my GT.

 

[Cardude99]

Hello congrats on graduating there is no better feeling, I also have my degree in economics

First, always go v8, get the gt, if u can afford it get it and don't look back.

Second, I bet your Mazda is worth more than that, I have a hard time seeing u get less than 10k.

Third it's a mustang and they make 100k to 120k per year and will never retain a good value, just part of owning a mustang sorry.

Fourth never buy used especially a sports car, cause ur just buying someone else's problems.

Mustangs are very reliable, don't let the stigma scare u.

Finally did I say V8? Get the God Damn V8.

 

[LETHAL]

GT.

 

[INeedTorque]

I you can keep your total monthly nut (includes insurance) to less than 10% of your gross income than you're ok as long as your other debt is reasonable(student loans?). I personally like to stay around 5% with cars.

That said I would go the GT route, nothing like a V8.

I will be walking out of school with no debt. In-State tuition is a blessing in Iowa as well as the bank of mom and pop.

As for everyone else, It looks like I'll be saving in the piggy bank for a GT. I'll be back in a year or two with one.

Thanks for the help everyone, especially the ecoboost owner who regrets not having the v8.

 

[cbrookre]

Good on you to have the personal control to wait. The EB is a great car, and will serve you well. in the end it is your call, but glad to hear that you are waiting, will give you a better appreciation for the car you finally get!

 

[MustangS550]

So I guess my questions are:

Is the EB actually fast enough?
Should I just save up to buy a new GT if that is really what I want?
Is buying an '07 GT500 a bad decision based on reliabilty and using it as a stepping stone until I can afford a new GT?

Yes, yes, and I don't know about its reliability but I think you really would prefer an S550.

 

[cyandhappiness]

I would go with the GT. But I would suggest try to make one big financial decision after another.

Move to the new city first, get a feel on how much you need each month before getting a new car. A few months without car payment will go a long way, Mustang GT will always be here and in the dealership

 

[Joe 5.0]

I would go with the GT. But I would suggest try to make one big financial decision after another.

Move to the new city first, get a feel on how much you need each month before getting a new car. A few months without car payment will go a long way, Mustang GT will always be here and in the dealership

I agree.

Go with the GT. You can't beat the sound of V8 American muscle!

 

[Chameleon]

GT all the way, be patient and don't trade up later.

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