GT350, worth the payment?

[Hack]

I wouldn't buy a 2016 base or tech, especially new from a dealer. Yes they are a blast to drive and on the street they will perform virtually identically to a track pack car for short time periods and in cooler temperatures. However, I don't think they are worth MSRP due to potential longevity issues and Ford's lack of support.

If you want to buy a base and decide you can afford it, buy a used one with a few miles on it and get it for a ~ GT premium price.

Here's another argument for not buying a GT350 right now. I was bored with the power level of the GT, so I wanted more power. Usually after a few years of having a certain power level, you get accustomed to it and you want more. I didn't want to add a blower to a GT because I didn't want to get used to 600+ HP yet. You have an S2000 with HP in the 200s. Don't go straight to a 500+ HP car. Go to something in the 300s or 400s first. You don't want to be 30 years old and bored with anything less than 700 HP. Take your time and gradually ramp up through the power levels. This will also give you more time to learn and grow into the power and be able to handle it without crashing into a crowd or something.

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[Mike02z]

I felt the same way you did [MENTION=12069]Hack[/MENTION]. I needed more and more power. I finally built my C7 to reach 700 RWHP. While it was fun for about a year it simply became too much for me. I'm not the type that can have a high HP car and only uses that power at the track. A 9.97 1/4 mile car (not me driving) is not ideal for me as a street car. I want to use all the power at times. It was not hard to go from 35-150 on an on-ramp. If I kept it, I'm sure it would have been my coffin. Not everyone should have a car with that much power. I'm one of those.

 

[CM581978]

I could never imagine a car payment even over 500 a month. Guys with Lambos and GTR's have to be paying upwards of $1200-$1500 a month.

 

[saleen367]

I agree with the whole, "it's all relative".

I've owned 13 Mustangs thru the years and not one was a wise personal financial choice. Did I enjoy them? Yes, most, but they all came with a "price".

Only you can decide if making that purchase is worth the expense or not. To some buying any new car, not to mention a $62k new car would be unheard of, while others do it all the time. So, its really dependent on your own situation.

If the markets crashed and the economy tanked tomorrow would you be ok with a $700+ car payment? If that kind of thing doesn't cause you to lose sleep, then go for it. If it does, grab your prepper gear and hunker down.

 

[Shift]

I could never imagine a car payment even over 500 a month. Guys with Lambos and GTR's have to be paying upwards of $1200-$1500 a month.

I cant imagine people spend hundreds of dollars, if not thousands on going out to eat every month, going out to bars every week, etc. We could go on and on with these kind of examples on what one thinks is outrageous. At the end of the day, if you can afford it, or have to make small sacrifices to get the car you want, then you should. My whole family thinks im insane for buying a Shelby, they dont understand it. To them, a car is an appliance, not a method of enjoyment. Thats why they all have Camry's.

 

[UMDrummer]

The payment on my GT Premium was $610/mo for 5 years. I could get a GT350 for about $720/mo for 6 years. Insurance would be about $15-20 more each month. I think ~$150/mo more to drive a dream car is more than worth it. I would not pay that for the GT500, because that much power is scary to me and I daily drive my vehicle. But to me, the GT350 seems perfect -- the powerband is strongest in the higher RPM range, so it's still practical as a daily driver, but it is still way more special than a regular GT.

It all matters on how much the car means to you personally. If you can get it within $150-200 of your current car's monthly payments, then do it... if the payments are that tight, get rid of cable TV, or don't go to the bar, etc... there are ways to close the gap. It's worth it, I think.

 

[Kurac]

When I was younger I always wanted a Vette but since I live in the snowbelt I knew better that I would have to have the Vette as a 2nd car, which meant I would have to have a house. I did the house, then bought my dream Vette all with having a daily driver. I wouldn't buy a $60K car and still be living at home. Get the necessities first, then focus on the toys.

 

[partyelmarty]

I would say it's worth the payment, BUT you're living at your parents' house. So I would say you need to adjust your priorities.

 

[firestarter2]

I have actually read home owner ship reduces your earning potential because you are less likely to move. I own a home but home owner ship isn't always a good thing.

Edit lol it's probably always better then owning a car though

 

[MrBHutch]

I could never imagine a car payment even over 500 a month. Guys with Lambos and GTR's have to be paying upwards of $1200-$1500 a month.

You're nowhere close on a Lambo payment - GTR maybe. Lambo leases (or purchases) with $25k down are probably in the neighborhood of 2500-4000/mo. I sold a few R8s that were 4 year leases in the 3500/mo. range with $10k down. Yikes!:headbonk:

 

[Mike02z]

I could never imagine a car payment even over 500 a month. Guys with Lambos and GTR's have to be paying upwards of $1200-$1500 a month.

You're probably in the minority if you like performance cars. The payment never matters to me if I get a 0% loan. Why would I take money that I may be making 4+ % interest on when I can get a free loan for 60 or 72 months?

It's all in how you look at it. Many don't want car payments at all so they pay cash. I'll keep my money as long I'm making more in interest than I'm paying in interest for a loan. To each his/her own :cheers:

 

[96cobra]

Personal finances are way too personal.. LOL. Only you can decide if this is worth it to you.

This car will always be available down the road, so it's not like if you don't buy now you won't be able to own one later.

I have a friend with a Nissan GT-R that eats at McDonalds or very cheaply/unhealthy every day to save money so he can pay for his car. That's his thing to make it work.. I couldn't do that. But it's his passion and his health.

 

[Superdog]

You're probably in the minority if you like performance cars. The payment never matters to me if I get a 0% loan. Why would I take money that I may be making 4+ % interest on when I can get a free loan for 60 or 72 months?

It's all in how you look at it. Many don't want car payments at all so they pay cash. I'll keep my money as long I'm making more in interest than I'm paying in interest for a loan. To each his/her own :cheers:

My only concern with that thought process was high lighted on Friday. Market tanks 400 points. I'm grateful that, even though I lost a small fortune, I've got 20 years to build it all up. It doesn't effect my life.

I did pay all cash, and Ive got my title. And when the economy tanks, and it will (always peaks and valleys) my total monthly nut is small because I pay cash for everything.

The more people live on 0% building up their total monthly expenses, the harder they are going to fall if shit hits the fan.

I'm not saying that's you. I'm only saying that many people feel the same way as you. And what happens when the expenses exceed what they are able to come up with?

 

[***GT350***]

My only concern with that thought process was high lighted on Friday. Market tanks 400 points. I'm grateful that, even though I lost a small fortune, I've got 20 years to build it all up. It doesn't effect my life.

I did pay all cash, and Ive got my title. And when the economy tanks, and it will (always peaks and valleys) my total monthly nut is small because I pay cash for everything.

The more people live on 0% building up their total monthly expenses, the harder they are going to fall if shit hits the fan.

I'm not saying that's you. I'm only saying that many people feel the same way as you. And what happens when the expenses exceed what they are able to come up with?

I was going to pay cash for mine until a family member talked me out of it. He's actually a partner at one of the top US accounting firm and said "don't dump your money in the trash can". I thought he meant don't buy a GT350...well he then clarify "get a loan that is at 1.49% for three years or 1.99 for 5 years, and put your cash (for the car) in a CD, which is the most conservative way to invest but still gives you more than enough to cover the loan's interest."

That very tiny bit of left-over (interest gain from CD minus interest pay to the car loan) can cover a tiny bit of the depreciation from the GT350. With all due respect, I do not want to have a piece of paper (aka the title) and a car that sits in my garage that depreciates every single day for the next few years of my ownership.

If i died unexpectedly, i know my wife would not want to keep the car around. Therefore, since the car loan is under my name, she can simply call the bank and toss the car keys back to them, then walk away from it. Yet, instead of having to dump the car at market value, there's still 60+k cash CD sitting in the bank waiting for her to collect.

A fact is still a fact, which doesn't change. :cheers: What i'm saying should only apply to people who want to pay their car(s) with cash, and with spouses whom don't want to keep the car if the owner passes away.:first:

 

[Superdog]

I was going to pay cash for mine until a family member talked me out of it. He's actually a partner at one of the top US accounting firm and said "don't dump your money in the trash can". I thought he meant don't buy a GT350...well he then clarify "get a loan that is at 1.49% for three years or 1.99 for 5 years, and put your cash (for the car) in a CD, which is the most conservative way to invest but still gives you more than enough to cover the loan's interest."

That very tiny bit of left-over (interest gain from CD minus interest pay to the car loan) can cover a tiny bit of the depreciation from the GT350. With all due respect, I do not want to have a piece of paper (aka the title) and a car that sits in my garage that depreciates every single day for the next few years of my ownership.

If i died unexpectedly, i know my wife would not want to keep the car around. Therefore, since the car loan is under my name, she can simply call the bank and toss the car keys back to them, then walk away from it. Yet, instead of having to dump the car at market value, there's still 60+k cash CD sitting in the bank waiting for her to collect.

A fact is still a fact, which doesn't change. :cheers: What i'm saying should only apply to people who want to pay their car(s) with cash, and with spouses whom don't want to keep the car if the owner passes away.:first:

So your reasoning is based on the premise that you might die and your wife will need the money?

Ok. For me, instead of having a $700 (approximatey) a month payment, I put that in the back.

And be careful, because if you live, and you need the money from that CD before it comes to maturity you are going to lose money. That's also a fact.

Like you said, to each their own. I've got my philosophy and you've got yours.

For me, if it's a toy, I pay cash. Always. If it were my daily, then I'm ok with financing through a blood sucking bank.

The interest a CD is paying you in comparison, is peanuts. Peace of mind is priceless.

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