2015 Race Red Mustang GT

[kroy11]

Thinking about selling because I'm afraid of getting screwed if I decide to trade in. We're looking to buy our first home and the overhead for owning this car just doesn't trump owning a nice first home.

Any helpful advice anyone cares to share? On my own between insurance and car payment alone is over $800 a month. I'm 22. The car has roughly 17000 miles on it. I'm the only owner and I love the car. Just would love a nice home more.

Best option to just sell outright since I still owe most of the loan?

Thanks for any advice you all might have

Sponsored

 

[Chameleon]

If you can sell it private party that would be the best option.

 

[Shouldhavegotthegt]

If you're upside down it might be hard to sell or trade in. I would imagine at 22 you're interest rate isn't that great so a lot depends on what you owe. You may have to come up with cash upfront even if someone buys it.

 

[kroy11]

Thanks guys, my interest rate is 3.4%, my credit is 740, never missed a payment, but owe 26K, I could keep the car and be fine just really hate for it to keep me from getting a nicer home by it being so much overhead. I'm going to look at a couple dealers today, where I bought the car and another one, told them not to touch my credit and that I'm looking to trade down to something cheaper and I feel like I'm gonna be upside down anyway I go unless someone can just cut me a check. Time will tell.

 

[16MustangVet]

if you really own only 26k id say you will have no problem getting rid of it for more than that!

certianly shouldnt be upside down imo.

 

[Shouldhavegotthegt]

I sell auto insurance for Liberty mutual. KY rates suck. If you're only at 3.4% your car payment probably isn't that bad. Most of that $800 is going to insurance. Your insurance isn't going to change that much if you get a focus or Honda. Your overall satisfaction for your car will plummet.

If you are married, is your wife on the policy or do you guys still do separate ones? Multi-car and multi-driver discounts are huge.

 

[kroy11]

I went to my ford dealership, you all are right I'm not gonna be upside down thankfully, are really wanting to put me in a 16 Fusion at 1.9% and my car payment drops about 115 also, my insurance is what sucks. They also have an Oxford white 16 Focus ST that I'm gonna drive today, I'm gonna call and get some quotes on that as well.

Would hate to give her up for a fusion or a focus honestly but saving a hundred here, 50 bucks there, will go a long way I'm sure when planning to buy my first home. I really appreciate the comments guys!

 

[Shouldhavegotthegt]

Bring lunch to work and save yourself a few hundred a month. I'd rather brown bag it and drive a GT than settle for a fusion. A Focus ST is decent. I'd go that route since that car can be fun as well.

I just refinanced my house. They only account for debt not all your bills. Obviously all your bills goes into whether or not you can actually afford the house but not into you getting approved or not. So they look at debt to income ratios. Your credit score is good enough to get you preferred rates on the house.

 

[kroy11]

Bring lunch to work and save yourself a few hundred a month. I'd rather brown bag it and drive a GT than settle for a fusion. A Focus ST is decent. I'd go that route since that car can be fun as well.

I just refinanced my house. They only account for debt not all your bills. Obviously all your bills goes into whether or not you can actually afford the house but not into you getting approved or not. So they look at debt to income ratios. Your credit score is good enough to get you preferred rates on the house.

Yeah I don't really wanna drive a fusion but the ST in a 6 speed will help fill the void for a minute maybe.

But she just took my current debt not all.monthly bills so just trying to free up some overhead mainly

 

[66sprint6]

I got into my 2015 GT from a 2013 Focus ST and would have no issue going back if I HAD to do it. In fact, in 2014 when I bought it, I drove a 2014 GT and the 2013 ST and came home with the ST. It was cheap, insurance is cheap, it was good on gas and very very fun to drive. FWD sucks but the fun factor of the car will keep that from being an issue. Good luck either way you go!

Matt

 

[S550Ghost]

Have you really shopped around for insurance? Any parents or family eligible for USAA? I pay $92 a month with 2 cars on policy, one being my 16 GT. Granted, I am over 30, but when I was in my early 20's I had corvettes and never remember my insurance being that high on them. Anything on your driving record? And discounts for driving course?

 

[kroy11]

Nothing should be on record, got a speeding ticket over 3 years ago. I have been told it's high because I'm under 25. But I believe it's ridiculous as well. I have called 4 different companies and most are cheaper but still high. Got a few more companies to call.

 

[GoBlues38]

being car poor at 22 will hurt you well into your 30's on almost every money decision you make.

Get a wife, get a good job, get a house. Save. Then go for the nice car.

 

[kroy11]

being car poor at 22 will hurt you well into your 30's on almost every money decision you make.

Get a wife, get a good job, get a house. Save. Then go for the nice car.

Not car poor, make $30/hour at a full time steady job. Just wanting to get a nice home so that's why im thinking about trading down. Would rather have a home I'll be happy with for a long time over a car any day.

 

[kroy11]

So just drive through ST, I really like it to be honest. Lol its extremely easy to drive, love the interior, plenty of room and actually has plenty of get up for a DD. And can carry 4 comfortably lol now to call insurance and see what they quote me on it

Sponsored