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Texican1911
Ford Certified Sales Guy
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- 2018 GT 401a Lightning Blue with Midnight Blue 20" wheels Safe & Smart, Active Exhaust, Shaker
Surtur
Well-Known Member
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- 2015 Mustang Ecoboost
Do it man, 100% do it.
youre only 19 one time, you only get to have this much fun this young one time. Im 25 atm and dont regret a single dollar ive spent on having fun.
youre only 19 one time, you only get to have this much fun this young one time. Im 25 atm and dont regret a single dollar ive spent on having fun.
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Surtur
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no ragrets.
not even one little letter.
still go for it imo. Maybe lady luck will get in your favor and you can off the loan earlier than expected.
I stand by my first post. YOLO and buy that GT right meow.
Surtur
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Just make sure you dont do anything dumb with the car. Getting tickets or crashing it into someone or something is gonna make it hard to pay off lol. Im all for fun whenever you can find it but just make sure that fun doesnt come at the risk of others. As much as i want to floor the ecobeast whenever i can i always tell myself its not worth putting others at risk of my stupidity. Dont be one of those mustang guys you see on youtube in the fail videos.
Tamadrummer88
Finicky
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- 2015 Mustang EcoBoost Premium
Where do i start..
First of all, working in retail and only making $800-$900 a month? Dude, i worked in retail when i was 18 and i was making $2k a month working 25-30 hours a week AND going to school. My problem was spending all my money on stupid shit. Nowadays i know kids your age working in retail (sales) making way more than $900 a month. If retail is your thing and you want to comfortably afford that car, find a better retail job. Theres LOTS out there.
Second of all, is your name gonna be on your parents policy, or not? I only did that to get a cheap insurance rate. If anything happened and i was at fault the liability is on me. Better make sure its your name along with theirs on the policy and not just theirs.
Thirdly, no bank will approve you. As stated before, debt to income ratio is too high. your payment will take over 50% of your income, and trust me, its hard. Why? Been there, done that.
Also, if you have that much in savings at 19, i would not take all of that and throw it into a car. Take that money and invest it. Don't put it into a depreciating asset. Or, maybe take a small amount out and get a cheaper but fun car that is cheaper to own and insure all around. I will warn you right now, as the others have, that your purchase can get expensive FAST.
Lastly, this is to all the people complaining of other people living at home for awhile. Im 27 and just moved out of the house a month ago. Where I'm from its a cultural thing to stay with family for a long time. If someone is content where they are, why should they leave? Gives them time to evaluate their priorities, get an education and save money at the same time. As long as the parents are okay with it and they are okay with it, whats the problem? I never could understand parents wanting to kick their kids out of the house at 18. If they're living with you and helping out around the house and whatnot while trying to get a good education and save money, why is that such a problem? Some people want to stay with their parents past 18 nowadays especially with a shaky job market and mounting student loan debt. Young adults these days need to really look at their priorities first before making a big move. Theres a difference between someone sponging off of their parents and living at home and someone living at home but being productive and helping around the house and paying bills.
Bottom line, straight up, you can afford it. Even if you think you can, realistically, you can't. Reevaluate your priorities or get a better job.
First of all, working in retail and only making $800-$900 a month? Dude, i worked in retail when i was 18 and i was making $2k a month working 25-30 hours a week AND going to school. My problem was spending all my money on stupid shit. Nowadays i know kids your age working in retail (sales) making way more than $900 a month. If retail is your thing and you want to comfortably afford that car, find a better retail job. Theres LOTS out there.
Second of all, is your name gonna be on your parents policy, or not? I only did that to get a cheap insurance rate. If anything happened and i was at fault the liability is on me. Better make sure its your name along with theirs on the policy and not just theirs.
Thirdly, no bank will approve you. As stated before, debt to income ratio is too high. your payment will take over 50% of your income, and trust me, its hard. Why? Been there, done that.
Also, if you have that much in savings at 19, i would not take all of that and throw it into a car. Take that money and invest it. Don't put it into a depreciating asset. Or, maybe take a small amount out and get a cheaper but fun car that is cheaper to own and insure all around. I will warn you right now, as the others have, that your purchase can get expensive FAST.
Lastly, this is to all the people complaining of other people living at home for awhile. Im 27 and just moved out of the house a month ago. Where I'm from its a cultural thing to stay with family for a long time. If someone is content where they are, why should they leave? Gives them time to evaluate their priorities, get an education and save money at the same time. As long as the parents are okay with it and they are okay with it, whats the problem? I never could understand parents wanting to kick their kids out of the house at 18. If they're living with you and helping out around the house and whatnot while trying to get a good education and save money, why is that such a problem? Some people want to stay with their parents past 18 nowadays especially with a shaky job market and mounting student loan debt. Young adults these days need to really look at their priorities first before making a big move. Theres a difference between someone sponging off of their parents and living at home and someone living at home but being productive and helping around the house and paying bills.
Bottom line, straight up, you can afford it. Even if you think you can, realistically, you can't. Reevaluate your priorities or get a better job.
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Keyser_Soze
Well-Known Member
You're going to get a lot of 'old, stodgy' comments about you being spoiled or much more fortunate, etc, so I'll leave that part out. The only thing I'll point out is the immense possibility for large change in your life at age 19 - at 8-900 bucks a month, I'd just bank it and wait.
By having your parents at your back and stashing all your money, you're maximizing your future potential for post-graduation. After graduation, you'll find out a lot more about your actual life path, rather than the one you perceive now. I guarantee it'll be different. Much different. $15k buys a lot of used car at a much more reasonable payment (half), and if you need to sell it for whatever reason, you'll be looking at ~3k depreciation instead of what I'm guessing would be triple that. Are your parents going to support you when you're 22? 25? 30? If not, you'll need all the $ you can get at that point, especially as you're accustomed to a lifestyle of a 19 year old with free tuition and rent. If they are, and you're also earning a good salary, I'm guessing you'd want to drive something quite a bit nicer, but maybe not.
To be clear, I'm not chastising or saying the Mustang is a 'dumb' decision - if it's what you want and your parents are underwriting it 100%, do as you please. I just think you'd have a better experience in this situation by waiting for graduation, and graduating with $43k (maybe 25k after that used car) in the bank to start your post-graduate life, assuming zero interest.
Keyser_Soze
Well-Known Member
See what I was talking about?
danny0441
Well-Known Member
if it were me honestly at ur income i wouldn't do it reason being your giving 12k down that for me is a no no i rather have a higher payment and keep money in the bank for a rainy day than give it to the dealer in one shot second even at 375 a month if your only bringing in 900 a month your looking at 600 a month between gas and car parents change their mind sometimes do you really wanna be dependent on them to the point that if you piss them off you might not be able to pay for the car and insurance and also idk about you but me at 19 i wanted the nice car but also wanted to put away money and have spending money my advice get a better job and do it then
Keyser_Soze
Well-Known Member
He's delaying gratification of living alone by eliminating the sunk cost of 'rent'. He sounds like a level-headed kid who's not a total pain in the ass to have at home. Delaying gratification in one area to balance some instant gratification of a sweet car - not a totally spoiled kid move really.
Keyser_Soze
Well-Known Member
So, you don't HAVE confirmation bias, but you're actively seeking it. That might be worse. Of course you'll run into those people here. Go over to bogleheads or mrmoneymustache and you'll find people greatly 'succeeding' doing the exact opposite. Instead of looking for validation for a foregone conclusion, I'd just gather perspective and make a decision for yourself, rather than comparing specifics to others.
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