Average S550 monthly payment?

[Some Random Guy]

Yeah I definitely agree with you on this. I'm 28 and grew up poor. Coming from nothing, I only pay cash. I'm probably a rarity because of my strange perspective... the main reason I only pay a ton of $ upfront and don't finance is because I can't imagine driving around in Chase Bank's or Bank or America's car. The cars are mine and nobody is going to be taking them away from me. Worked too hard to acquire the things I want to enjoy only to risk having them taken away even if I can afford the payment. Everyone is different though.

It’s a great mobility perspective to pay cash and avoid being tied down! That helped me in my 20’s keep chasing opportunities with my wife. We went from 1 job flipping burgers to 2 fully employed adults with no debt and maxing retirement contributions annually within 4 years. Each time one of us found something better we could have gotten tied down by car payments or a mortgage but we kept renting and chasing.

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[Jasonb543]

My brother bought his Gt500 off the showroom floor.
Something like...$50k down... cash and 500/month for 84 months.

The dealership literally had a brinks truck show up and take the money ... they were almost mad about the cash.

 

[young at heart]

Yeah. No thanks. Terrible financial move for MOST people.

Nobody can know another’s financial details but logically you would think that if one could afford a payment like $960 he could likely afford a big down payment if he had wanted to. So good chance there are factors in play we don’t know about.

I don’t mean to sound judge-y but I just find these real big numbers kinda shocking. I guess everything is relative.

 

[Cory S]

Nobody can know another’s financial details but logically you would think that if one could afford a payment like $960 he could likely afford a big down payment if he had wanted to. So good chance there are factors in play we don’t know about.

I don’t mean to sound judge-y but I just find these real big numbers kinda shocking. I guess everything is relative.

Agreed. I'm just saying even if I made 300K a year, I wouldn't blow $1100+/month on a Mustang. Period.

 

[DougS550]

I understand the thought behind your question and it applies to many, many more things As well.
I’m blown away with the spending I see going on, I just don’t get it. People are shopping payments.
I’m seeing spending habits from the 20-40yo crowd that will flat out get ‘em in trouble tomorrow.
The inflation rate came out again this morning @8.2%. I’ll guarantee it’s higher than that when we continue to see gas and groceries alone still climbing.
I here people complaining yet won’t give up their $15 a day Starbucks habit. The younger crowds don’t know how to shop to save and certainly don’t know how to cook. Their habits have not changed during this recession.
I know this doesn’t apply to all young folk but it’s pretty prevalent.

Agree, And Very troubling to say the least. I have educated my children from day one about spending responsibly and IAW their NET income. Banks and loan providers could care one cent for your health, safety financial debt ratio incurred. Spend Wisely My Friends and May The Power of the Schwartz Be With You

 

[AvalancheSVT]

Agreed. I'm just saying even if I made 300K a year, I wouldn't blow $1100+/month on a Mustang. Period.

yeah man, i don't get that. i love this car and im sure the upper levels are better but in my very humble opinion the law of diminished returns kicks in pretty hard after the a nicely equipped GT.
they're super cool but when approaching six figures i'm looking at something from Stuttgart.

 

[fast306stang]

I'm not great at haggling and I took on a little negative equity. But I was given 2 options on my 2020 PP2. Incentives and interest on the loan or 2) 0 percent but no incentives/discounts and I got some wheel/tire insurance. Payment was $850/72 either way, so I took the zero percent.

 

[Crew4991]

It’s a great mobility perspective to pay cash and avoid being tied down! That helped me in my 20’s keep chasing opportunities with my wife. We went from 1 job flipping burgers to 2 fully employed adults with no debt and maxing retirement contributions annually within 4 years. Each time one of us found something better we could have gotten tied down by car payments or a mortgage but we kept renting and chasing.

THIS ^ Thanks for the encouragement. That is exactly what I am doing. Somehow I tie the thought of financing with instability. Having seen some shit growing up, all I want now is stability in my life. If something happens and I lose my job, the cars aren't going anywhere since they were paid off from the start.

 

[Cory S]

I'm not great at haggling and I took on a little negative equity. But I was given 2 options on my 2020 PP2. Incentives and interest on the loan or 2) 0 percent but no incentives/discounts and I got some wheel/tire insurance. Payment was $850/72 either way, so I took the zero percent.

You can't lose with 0%. Just enjoy the car, take care of it, and keep it a good long time.

 

[Genxer]

I put down enough that I wouldn’t have to worry about gap, if the car got totaled. 0% for 60 months on the balance. I have 2 years of ownership now after having it paid off. Love that! I have a Honda that’s been paid off for 12 years. My goal has always been to never have more than one car payment, and to drive them all for their entire useful life.

 

[Cory S]

I put down enough that I wouldn’t have to worry about gap, if the car got totaled. 0% for 60 months on the balance. I have 2 years of ownership now after having it paid off. Love that! I have a Honda that’s been paid off for 12 years.

This the the way to do it. Smart.

 

[wynand32]

I'll usually always jump on 0% financing because I can invest the money and definitely get a nice return. That requires self-discipline, though, i.e., not spending the money on something else that's not necessary and actually investing it. Of course, there's always a mathematical equation you can apply to compare interest paid versus investment income to see where you come out ahead.

Put another way, if you can invest the cash and make X%, then it's easy to figure out whether it's better to pay Y% in interest than spend the cash.

With my 2022 Mustang, I put as much down as I was comfortable with given that the cheapest financing I could find was 3.9% over 72 months. My payment's about $540/month, which I'm okay with even though I'm paying some interest. I also know that if I change my mind, I can always pay off the car whenever I want with the cash I didn't spend (and that's making money). I can also send some extra every month and pay it down more quickly.

 

[wynand32]

I put down enough that I wouldn’t have to worry about gap, if the car got totaled. 0% for 60 months on the balance. I have 2 years of ownership now after having it paid off. Love that! I have a Honda that’s been paid off for 12 years. My goal has always been to never have more than one car payment, and to drive them all for their entire useful life.

I'm paying just $16/year for gap insurance, which is of course trivial. It's also stupid because I paid enough down that I'm well under what it would cost to pay off the loan if the car was totaled. What I really need to investigate is new car replacement coverage, because that's what I'll need if the worst happens.

These purchases can get complicated. That's why part of me says, screw it. Just buy the damn car and enjoy it. Life is too short to spend so much time and effort dialing things in so precisely.

 

[joe603]

Bought mine a year ago! 21GT 6MT Premium, with everything except magna ride...MSRP was 52,870. They gave me a rebate of $500 and a "market adjustment" of 1595. Sale price was 53,965. 35k trade, difference was 18,965. They added taxes, fees, reg...subtotal was 21,006. Put 5k down, so loan was 16k. 48mo at 1.24%...$158 bi-weekly (316/month).

What really hurts is that I was looking at a GT350 and found a 2020 with 3k miles for 64k. They were giving me 37k for the trade. Now that car is worth in the 70s...but it was red and I wanted black or grey.

 

[ArnyFlowers]

This is not a straightforward thing to answer though. You can’t just look at payment and interest without taking the potential depreciation, or lack of it, into account. I bought my R in march for 62k. Paying 1.99% on 65 months through credit union. I would do that all day as I view that transaction similar to capital preservation, assuming it will hold value in near and long term. Debt is not a bad thing, misuse of debt is.

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