Age of mustang owners?

[ApollosWar89]

They can't. In going through the forums you will see posts on how they made a BIG down payment....$4000 and how payments are easy on a 84 month note.

Their financial skills and knowledge are soo lacking that they think an 84 month loan is sane and 'normal'. Bring up the idea of 25-30% down ($10-15k) and a 48-60 month note and they totally come unglued...

There is a point at which it doesn't make sense to put such a large down payment down. Especially on something like an automobile that will depreciate in price so immediately.

Yes, it would be insane to pay the min and stay the entire length of the note at 84 months. If you don't plan on staying with that vehicle for more than 2-3 years then push that payment down and finance at a rate lower than guaranteed returns. And considering a low-interest rate, you can use your own cash to make a much better return elsewhere. All of the above assuming your not dumping every penny you have into the "down payment" or "investment". Everyone's down payment of any kind should be separate to 401k, emergency funds, etc.

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[AlexhadanM3]

They can't. In going through the forums you will see posts on how they made a BIG down payment....$4000 and how payments are easy on a 84 month note.

Their financial skills and knowledge are soo lacking that they think an 84 month loan is sane and 'normal'. Bring up the idea of 25-30% down ($10-15k) and a 48-60 month note and they totally come unglued...

Wait so you're telling me that putting 0 down and getting approved for an 84 month loan at 14.59% interest was a bad idea?

 

[ghst]

49, turn 50 this Friday.
What amazes me is how many young bucks (and buckettes!) can afford a 30+k car. When I was in my 20s I was driving a beater.

Most of my friends drive beaters, and they're 22~26. I've always had new(er) cars because I bust my ass & have a solid career going, with a good amount of disposable income. Never done a car payment in my life, either.

Sure, there are many other, wiser, investments I could make, but life is short. Why not have fun, and buy what you want?

Granted, I'd never sink ALL of my money into a car, otherwise I'd have an R8 or something more exotic ;) but what's the point of living, if you don't, well... live? You can't take your money to the grave with you.

With that being said, I also have friends who blow every dime they have on their car... I guess they live by the creed "you can't drive a house, but you can live in a car" lmao.

 

[mindys]

They can't. In going through the forums you will see posts on how they made a BIG down payment....$4000 and how payments are easy on a 84 month note.

Their financial skills and knowledge are soo lacking that they think an 84 month loan is sane and 'normal'. Bring up the idea of 25-30% down ($10-15k) and a 48-60 month note and they totally come unglued...

Not everyone. Some young people have a decent grasp of financials at that age. Of course there is a different thing to consider if such a large purchase is worth it when you could divert all that money to appreciating assets. But I enjoy my car and driving, so this expense was worth it to me

 

[Norm Peterson]

There is a point at which it doesn't make sense to put such a large down payment down. Especially on something like an automobile that will depreciate in price so immediately.

You're either going to be out of pocket for the down payment or upside down on the loan. Six of one, half dozen of the other.


Norm

 

[spectremotorsports]

They can't. In going through the forums you will see posts on how they made a BIG down payment....$4000 and how payments are easy on a 84 month note.

Their financial skills and knowledge are soo lacking that they think an 84 month loan is sane and 'normal'. Bring up the idea of 25-30% down ($10-15k) and a 48-60 month note and they totally come unglued...

Yeah... the return on my portfolio, 401k and IRA far exceed the interest on my car note, and this thing sure isn't going to appreciate in value. Dumping that kind of money into a depreciating asset on a down payment makes no sense at all unless you plan on never getting rid of it.

People are individuals and you're painting with one hell of a broad brush.

 

[spectremotorsports]

You're either going to be out of pocket for the down payment or upside down on the loan. Six of one, half dozen of the other.


Norm

Unless you have a decent interest rate and didn't go with 0 down. It's not always black and white and there is a happy medium. You don't have to put >30% down to beat the average depreciation rate (19% 1st year, 10%/year after that) and unless you're structured to write off the depreciation then those large sums of money are far better suited elsewhere where the return exceeds the interest.

 

[natepcbfl]

40 here, but been driving Mustangs since I was 18.

 

[airfuel]

People don't realize the golden times we live in now.
When I graduated college in the early 80's, interest rates were through the roof.
College loans and up to 12% mortgage rates left little on the table unless you were a wall street shark. Enjoy while you can! (but keep an eye out for "market corrections" aka crashes)

 

[Norm Peterson]

You don't have to put >30% down to beat the average depreciation rate (19% 1st year, 10%/year after that) and unless you're structured to write off the depreciation then those large sums of money are far better suited elsewhere where the return exceeds the interest.

Your other post was more "on the money"; the part about "unless you plan on never getting rid of it" was closer than you might have expected.

We tend to keep cars a lot longer than many (if not most) folks, so they're more like durable goods than sterile financial assets as far as I'm concerned. Just because I've been keeping track of this for a while, that "longer time" averages about 18 years for the cars we no longer own, and the current "fleet" averages out to just shy of 11.


Norm

 

[spectremotorsports]

Your other post was more "on the money"; the part about "unless you plan on never getting rid of it" was closer than you might have expected.

We tend to keep cars a lot longer than many (if not most) folks, so they're more like durable goods than sterile financial assets as far as I'm concerned. Just because I've been keeping track of this for a while, that "longer time" averages about 18 years for the cars we no longer own, and the current "fleet" averages out to just shy of 11.


Norm

That absolutely makes sense, if you plan on keeping it long term then definitely paying if off fast as possible is the most beneficial and there's nothin wrong with that.
I was more commenting in reference to the gentleman implying that us younger folks don't know anything about finances, money, etc. Everyone has a different financial picture, and while some probably do have god awful 84 month loans with sky high interest, there are still plenty of us who financed with terms that benefit us far more in the long run. Especially since even though I love the hell out of this car, it won't be long till I'm on to the next one.

 

[DeepakGTCS]

23, first mustang after numerous lower tier japanese sports cars.

 

[5-OH]

If it helps I owned a mustang between
20-30&
30-40
But now I'm old and have to be slotted between
40-50

 

[My_Coyote]

I would like to see a poll to confirm 20 - 30 year olds prefer Ecoboost
and 40 to 70 year olds prefer V8

 

[Kevin08]

I would like to see a poll to confirm 20 - 30 year olds prefer Ecoboost
and 40 to 70 year olds prefer V8

27: prefer V8

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