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Trading for a GT?

IrishStallion

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Are we really going to pretend we care about this 24 year olds dilemma....??? Ph off.
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Zelek

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this begs the questions of why in the world go to college when you were able to afford 5 cars between 50-75k while you were in college....
+1 on What work did you do in college to get a 1200 a month approval?
Seriously, I was broke AF when I graduated college. There's some missing pieces here and with a $1200 a month payment, I'd say there was no down payment at all. Wondering what bank thought that was a great idea?

Giving financial advice to a 24 year old won't work anyway. I know how I was at that age. Give it 6 years.
 

Ebm

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Seriously, I was broke AF when I graduated college. There's some missing pieces here and with a $1200 a month payment, I'd say there was no down payment at all. Wondering what bank thought that was a great idea?

Giving financial advice to a 24 year old won't work anyway. I know how I was at that age. Give it 6 years.
I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
 

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Well, I have reached a point again where I am looking to get rid of another car. I donā€™t have many complaints about my GT350. But the time has come where Iā€™ve been heavily thinking of getting a 19-20 GT with the 10 speed and also the digital dash. Iā€™ve done some mods to my other cars Iā€™ve had(hellcat, scat pack, gt500, gen 2 raptor, and some to my gt350). But lately I just really wanna go fully built race car but also daily drive, and I know twin turbos on the new mustangs with the auto are just rockets. I just feel like I canā€™t get what I am actually looking for out of turboing my 350. And also the 5.0 platform seems to be extremely easy to build off of.
Honestly I just need someone to tell me to do it. GF doesnā€™t want me to spend the money but I guess the luxury of being 24 is I donā€™t really have to care about that opinion.
My Gt350 has about 25k miles on it
Also it would be nicer to have a lower payment. I bought mine brand new and dealers were charging markup for them. About $1,200 month +$220 for insurance
Am I reading that correctly?? $1,200.00 per month for the car payment with an additional $220.00 on top just for insurance?

Did you pay MSRP+ADM for the car with nothing down? No offense, but I thought GT500ā€™s were insanely high for MSRP (depending on options chosen), but a GT350 @ $1,200 per mo?

To trade it in for a GT would only make financial sense IF you have equity in the GT350 for the trade (or private sale) AND get a good deal on the GTā€™s pricing. Otherwise if youā€™re on the negative side of equity in the GT350, itā€™s not going to help if trading it in...

Youā€™re young and have plenty of time to do whatever you want - but donā€™t bury yourself in debt over a car...
 

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I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
Or none of the cars exist except in a video game. Lol
 

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Zelek

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Am I reading that correctly?? $1,200.00 per month for the car payment with an additional $220.00 on top just for insurance?

Did you pay MSRP+ADM for the car with nothing down? No offense, but I thought GT500ā€™s were insanely high for MSRP (depending on options chosen), but a GT350 @ $1,200 per mo?

To trade it in for a GT would only make financial sense IF you have equity in the GT350 for the trade (or private sale) AND get a good deal on the GTā€™s pricing. Otherwise if youā€™re on the negative side of equity in the GT350, itā€™s not going to help if trading it in...

Youā€™re young and have plenty of time to do whatever you want - but donā€™t bury yourself in debt over a car...
I was pretty excited for the Mach 1 too till I got sticker shocked. One of the great things about the regular Mustang GT's was the price/performance ratio. I feel like the price is getting out of control. Even my fiancƩ said, "I would never pay $50,000 for a FORD". That says a lot for a non car person.

25 year old me would have tried to finance the whole car and eat that $700+ a month payment. Today, I better have equity in my current car or at least $30k down to put on that car for me to consider it. Same way I am with credit cards now. If I have to put it on a credit card, I can't afford it.
 
OP
OP

BoostCreep

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Or none of the cars exist except in a video game. Lol
Pop on over to my igšŸ˜“šŸ„±

I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
Ahhh the sour people who just canā€™t be glad thereā€™s a ā€œmillennialā€ who isnā€™t lazy. Rich daddy? Wouldā€™ve been nice. Raised working/middle class. Iā€™ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Donā€™t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didnā€™t attend a single college party and instead worked and researched. Thereā€™s now a difference between me and you, I donā€™t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didnā€™t come here to beef with someone on the internet like little middle schoolers. I came here for information
 

AlmostFamous

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yikes. why not go Fox body or 197 and start with a much cheaper entry point? There's gotta be plenty of people ahead of you on putting the A10 in a S197.
all other questions aside...call Lebanon and trade your 350 in on one of their $42k GTs that comes supercharged with a warranty!

https://www.lebanonfordperformance.com/2020-supercharged-mustang-for-42495/
The first two options that came to mind for me if youā€™re just looking for a 1/4 mile monster.
 

Louk

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Pop on over to my igšŸ˜“šŸ„±



Ahhh the sour people who just canā€™t be glad thereā€™s a ā€œmillennialā€ who isnā€™t lazy. Rich daddy? Wouldā€™ve been nice. Raised working/middle class. Iā€™ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Donā€™t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didnā€™t attend a single college party and instead worked and researched. Thereā€™s now a difference between me and you, I donā€™t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didnā€™t come here to beef with someone on the internet like little middle schoolers. I came here for information

being a "not lazy millennial" has nothing to do with it... its simple math.
how did you afford 5 cars with a price between 50-75k all while in college? even burying yourself in a 1200 car payment besides the point. A bank wont loan you that money unless 1 of two things you have a job with an income high enough to give let you take a loan or you have a really really good cosigner and a decent job.

If you had such a large amount of money and are so smart with your money why do you currently have a 1200 car payment... just saying man dont make these claims and expect not a single person to question it.

plenty of kids come on forums like this to talk about cars and act like they are millionaires.
 
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Until proven otherwise, folks shouldn't assume or jump to conclusions. There is a lot one will not know, based on a simple post. Happens all the time on the forums, lots of folks making assumptions.

OP - assuming you are really not just BSing, I congratulate you on your discipline and determination. I'm in my early 30s, and I know quite a handful of people that are closer to your age range, and are self-made, and frankly, have more $ to spend than what it takes to buy a new GT350. Keep it up and all the best.
 

shogun32

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are so smart with your money why do you currently have a 1200 car payment
my payment was 980/mo. 0.9% at 36mo on a 35K GT/PP1. A 5 or 6 year on a car costing 2x would reasonably net to $1200/mo.

A 60mo at 4.9% on 62,000 is $1200/mo

I'm not seeing the problem on that front. He was just renting the car for a year or so, so what? On a low-enough interest rate why sink a ton of equity in a horribly depreciating asset when long-term ownership was probably not in the cards?

30grand in the stock market netted him a TON more money in the course of the past year than putting it in losing bet that is fancy painted sheet metal.
 

IrishStallion

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Damn, the kid was talking about his Forza game.... lol.
 

80FoxCoupe

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Pop on over to my igšŸ˜“šŸ„±



Ahhh the sour people who just canā€™t be glad thereā€™s a ā€œmillennialā€ who isnā€™t lazy. Rich daddy? Wouldā€™ve been nice. Raised working/middle class. Iā€™ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Donā€™t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didnā€™t attend a single college party and instead worked and researched. Thereā€™s now a difference between me and you, I donā€™t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didnā€™t come here to beef with someone on the internet like little middle schoolers. I came here for information
If the gt drag setup is what you want to do, go for it! Look into buying a car with TT already installed, no wait on a kit and save some cash.
 

AlmostFamous

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25 year old me would have tried to finance the whole car and eat that $700+ a month payment. Today, I better have equity in my current car or at least $30k down to put on that car for me to consider it.
It depends on the interest rate youā€™re offered. If the interest rate youā€™re offered is close to zero such as 1.49% APR and youā€™re the type that invests your money (Stock market, personal business, etc), itā€™s wiser to give a low down payment unless you donā€™t think you can beat 1.49% APR.
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