Selling car after driving it home?

[Mustang5ohMan]

must be nice. im 67 years old with a clean driving record. what company do you have.

What do you pay?

I think zip code and driving history pays the biggest factor into cost. I have basic insurance higher deductibles and I pay around 460/500 a month. Just what the price is and they told me that it’s because of what happens in my zip code.

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[ice445]

For me, I 100% financed my GT350, but I wasn't worried about payments and it's what I wanted. She's also my daily. It's mine, so I'm going to drive it. Track or street. I'm not worried about "value", because I plan on keeping my car. Smart buying is key, and a lot of people do not smart buy. They see something (reviews, etc.), thinks it looks cool, buy it, then regret it immediately.

That or they routinely get the 'next best thing' they enjoy. Some are quicker with that than others.

I salute you for daily driving a GT350 lol

 

[bnightstar]

I’m really confused, I’m seeing this more and more, so I must be missing something. I keep seeing these threads like ‘GT350/350R/500 for sale, bought last week, drove it home 50/60/70 miles, asking 5-6-7K less than what I paid.’ Are people just impulse spending 60-70-80 grand or what is going on? I am humbly asking to be educated.

I could try to drop my two cents here. I wanted a Mustang since they come out in 2015. I started saving money for one my other car is 82 hp 1.25i Ford Fiesta and the Mustang was my first RWD performance car. Last year I finally had enough money to buy left on the lot 2017 GB GT that was everything I wanted. However once I start driving it I discover that my skills are far away from the performance of the car. I also don't like speeding on the street and on the Track I'm super slow. I had a small incident with a curb in the car that scared the shit out of me so before my insurance ended (1600$ a year) I put my car for sale taking a hit of over 13000$ however selling such car in Europe is not exactly easy and I love the car to much to sell it. So I fixed it up and start driving it again. Taken tons of training in karting, performance driving etc and now I'm enjoying the car a lot but I still sometimes prefer driving my Fiesta as a Daily and even as a Trip car because having a backseat sometime is important. I didn't buy it impulsively or anything but the Mustang is not a daily drivers car as it has a lot of character and it's handling is specific but fun and involving. I can't imagine driving the Mustang after a long day for example. However if I'm well rested and I have a travel to make it's nice car.

 

[Rock&Roll]

This - One really shouldn't be buying a mustang if they can't put down at least 50% of the total cost. Toys are not things one should finance.

Most people can’t put 20k down on a car.

 

[beetle6986]

must be nice. im 67 years old with a clean driving record. what company do you have.

Erie insurance.

 

[69mach1-395]

OP, could be that people who do this more than once just have more money than brains? On the plus side, they do help out the economy, lol.

 

[nedim1991]

Put it this way. I'm just under 30, work in automotive engineering, and married with no kids. I'm probably upper middle class or whatever the terms are nowadays, and am fortunate to have a very decent amount of discretionary funds. I'm in a reasonable amount of debt, but also have a very decent amount stashed in savings for a rainy day. Basically a middle of the road American, and I'm really not tight with my money. Could I afford to take a $10K hit on a car so quickly after buying it? Sure, probably, I could gulp real hard and take it. I just.....can't imagine actually doing it.

 

[Vlad Soare]

Could I afford to take a $10K hit on a car so quickly after buying it? Sure, probably, I could gulp real hard and take it. I just.....can't imagine actually doing it.

Yeah, but on the other hand, what's the alternative? Be stuck with a car you've just realized you don't actually like, pay a lot in insurance and gas, then sell it later at an even bigger loss. So take your pick - either lose $10K now, or lose $15-20K in the long run. You may find it more sensible to just acknowledge your mistake, cut your losses and be done with it, than to pump even more money into something you don't want.

 

[nedim1991]

Yeah, but on the other hand, what's the alternative? Be stuck with a car you've just realized you don't actually like, pay a lot in insurance and gas, then sell it later at an even bigger loss. So take your pick - either lose $10K now, or lose $15-20K in the long run. You may find it more sensible to just acknowledge your mistake, cut your losses and be done with it, than to pump even more money into something you don't want.

I think this is a super valid viewpoint, I guess I just haven't reached this level of cold pragmatism in my life yet.

 

[beetle6986]

Nor should you with 0%, 0.9%, even 1.9% financing rates available easily. If you can't make more than the interest paid on the delta of the down payment, you're doing it wrong.

Very true. Why put any money down with 0% (unless you need to keep the monthly payment down). You can invest that down payment and earn $$$ on it.

 

[bnightstar]

Could I afford to take a $10K hit on a car so quickly after buying it? Sure, probably, I could gulp real hard and take it. I just.....can't imagine actually doing it.

I have 15 558 km on the odometer on my GT for that I spend on insurance,gas, parts, tires etc a total of: 14 385$ so 1 km in a Mustang is almost 1$ some of this expenses are one time or are because I'm going to track day (tires, oil changes, brake pads, brake fluid) but that's a lot of money. And if I spend 6000-7000$ a season a hit of 10 000$ when selling is not that big of deal you know.

 

[Strokerswild]

I think this is a super valid viewpoint, I guess I just haven't reached this level of cold pragmatism in my life yet.

Give it time, the older you get, the more coldly pragmatic you get.....

 

[Norm Peterson]

... but the Mustang is not a daily drivers car as it has a lot of character and it's handling is specific but fun and involving. I can't imagine driving the Mustang after a long day for example.

I'm afraid I don't understand that at all.

What I found - back when I had that thing called a day job - was that after a long day at the office, getting in my car for the commute home was the best way to put whatever happened during the day behind me and be the CTRL-ALT-DEL mental reset I needed. All of my cars were good at doing that; the Mustang was exceptionally good at it.


I can honestly say that every car except my very first one has been chosen with an expectation of 'fun to drive' being among the very top shopping criteria. And it's been working out well for us; the only cars we've kept for less than ten years were two that experienced mechanical failure costing significantly more than the cars were worth at the time (we only got about 9 years out of them).


Norm

 

[Norm Peterson]

Give it time, the older you get, the more coldly pragmatic you get.....

Or you learn how to go into your car shopping with a better grasp on what you're really looking for and what will keep you happier long-term.


Norm

 

[Dave2013M3]

What do you pay?

I think zip code and driving history pays the biggest factor into cost. I have basic insurance higher deductibles and I pay around 460/500 a month. Just what the price is and they told me that it’s because of what happens in my zip code.

Only advantage of getting older...cheaper auto insurance. I pay $220.00 per month for 3 cars with only a $500 deductible, 2020 Ford Escape, 2015 Ford Focus SE and my 2020 Mustang GT PP1. I also live in one of the most expensive areas in the country in El Segundo which is in the South Bay in S. Cali. near the beach.

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