Average S550 monthly payment?

[RocketGuy3]

I agree, at 1.95% its almost free money. However, you got a payment you like. Also the car in the current used car market his holding its value so pretty good.

Yeah, at the time I was thinking I MIGHT want to buy a new house, so I should keep my "bad debt" and debt-income ratio low. It was a trivial difference, though, and wasn't really necessary. Then soon after, my wife and I decided we were happy where we are (even before interest rates mooned).

I think a part of me was just averse to aggressively investing anymore money at the time, too... Anyway, whatevs, spilt milk. /lifestory

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[Dave2013M3]

Yeah, at the time I was thinking I MIGHT want to buy a new house, so I should keep my "bad debt" and debt-income ratio low. It was a trivial difference, though, and wasn't really necessary. Then soon after, my wife and I decided we were happy where we are (even before interest rates mooned).

I think a part of me was just averse to aggressively investing anymore money at the time, too... Anyway, whatevs, spilt milk.

That's funny as I am a Realtor and a loan officer. My first rule I tell my clients, "No buying cars until after the transaction is done!!!"

 

[shogun32]

That's funny as I am a Realtor and a loan officer. My first rule I tell my clients, "No buying cars until after the transaction is done!!!"

and you take a House Equity loan out to "pay" for them.

 

[DandeeLioness]

I have had plenty of practical vehicles in my life. And I have wasted god knows how many thousands modifying vehicles that weren't meant to go fast including a 450hp Ford Edge Sport. I can't even give a good reason as to why I tried that. At least the Mustang was meant to go fast. I never was really known for common sense. lol. I need something that puts a smile on my face. There are a million better uses for my money than buying a new Mustang. But it makes life fun.

I’m relieved to see this reply in a sea of so many practical and diverse perspectives — all of which I’ve found quite helpful, admittedly.

There’s no “right” version of an answer to OP’s original question, though I’d be willing to bet a lot of non-forum people would say “the right financial choice is NOT buying a sports car.” And they’d probably be right to some extent, too lol

As for me, my car will be here any day now and I’m genuinely terrified of making such a “frivolous” decision, on my own, for the first time in my adult life (I’m child-free, got the steady job, the house, the 401(k), the practical and efficient paid-off car, etc). So I’ll be ignoring my “what if it all goes wrong” survival instinct in favor of the less popular and oft forgotten, “what if it all goes right?”

I do not share the frivolous spending habits that my fellow millennials apparently conjure up in the minds of the masses — I don’t even drink coffee lol Truth is, I’m an over-thinker/planner to the point of decision paralysis and I don’t like taking unnecessary risks; especially financially.

And yet…the pure, unrivaled joy I feel on an open road, behind the wheel of one of these cars…that just has to be an example of exactly when you trust and bet on yourself and throw caution to the wind, right?At this point, I’m thinking I’d rather fear regret more than failure and make my life more fun rather than safe.

Just this once.

 

[Dave2013M3]

and you take a House Equity loan out to "pay" for them.

Now you're paying for that car over 30 yrs

 

[Shifting_Gears]

$480/mo on a great interest rate. Car was $29.9k, zero down for 72mo. Two years old, under 6k miles… this was when times were good. Back then I thought that number was “high” but that quickly changed post covid.

 

[nustang]

272, but had a good trade.

 

[lacanteen]

My ordered vert was $49.2K OTD. Paid $32K down from the wrecked 2018, paid the balance from my emergency fund. My emergency fund gets paid back $75 automatically every Monday, so essentially, my "payment" is $300/month. There was little risk since my emergency fund still has a balance of 1 years' salary.
So, two months and 3900 miles Da Grape and I are on the road most weekends.

 

[Dave2013M3]

My build today in 2022 is $46,635, when I bought the car MSRP was just at $41k. I also got the car for 0% interest for 72 mos. No way would I sell now to get another Mustang.

 

[wynand32]

My build today in 2022 is $46,635, when I bought the car MSRP was just at $41k. I also got the car for 0% interest for 72 mos. No way would I sell now to get another Mustang.

I don't blame you. For something that you're absolutely going to buy regardless, 0% financing is like free money.

 

[Crew4991]

Now you're paying for that car over 30 yrs

Yes Mr. Banker - using a HELOC for a purchase of a mustang is justified because sometimes it becomes part of the house!

 

[Dinokill3.7]

My ordered vert was $49.2K OTD. Paid $32K down from the wrecked 2018, paid the balance from my emergency fund. My emergency fund gets paid back $75 automatically every Monday, so essentially, my "payment" is $300/month. There was little risk since my emergency fund still has a balance of 1 years' salary.
So, two months and 3900 miles Da Grape and I are on the road most weekends.

50k for an ecoboost is insanity to me. Yikes

 

[OldPhart]

Hi - My wife gives me interest free lifetime loans with no payment schedule... Bruce

 

[Partock]

Well, I bought at just the right time.
2016 Mustang GT Premium Convertible that was low enough mileage that it still had some factory warranty left on it (three years ago) and paid $25K.
Not a rental, no wrecks, clean history and one owner.
About $440 a month.

 

[Son of SVO]

Sorry all, my answer is $0. I paid cash for my car when I bought it new. First time ever!

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