Debt Free When You Bought Your Mustang?

[XeninWorX]

I pay off the Mustang in September 2023. I don’t mind making car payments. I setup the payments so that they come out the day after payday. Can never miss a payment.

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[Son of SVO]

My Mustang is the very first (well, since I was a kid) car I've purchased with cash. I also ordered it from the factory. It was a great feeling waving off the usual finance stuff and telling the salesperson cash. Then getting the title in the mail a few weeks later. I OWN IT!!!

 

[Justpassingas]

I just retired in June at 62, sold the wife's 2015 Ecoboost in Sept. with the intent to buy a 2020 GT but I couldn't find exactly what we wanted so I ordered a 2021 GT on 12/27. That being said, I'm paying for it with my monthly 401K withdrawals. Time to spend the kids inheritance, I don't want to be the richest guy in cemetery.

 

[Treefrog]

I've paid off $14k in debt over the past year. My final payment is scheduled in a week. 100% debt free. I've rebuilt my credit. Ive paid off a car with low mileage that can handle my winters (a mustang is not an option) I've spent years preparing for this. I've busted my ass at work. Gotten multiple promotions putting myself in the position to afford it. I've wanted a mustang gt since 2013. Everyone says I'm crazy. It's impractical etc.

I'm turning 40 this summer, and i will have my dream.

I'm ordering a 2021 mustang gt in March with the ability to put up to 20% down.

 

[HoosierDaddy]

Been fortunate to be debt free for several decades. Get the best price and pay up front with three exceptions:

(1) I financed a 2004 Dodge Ram for a $4k incentive that didn't have any early payoff penalties and payed it off the next day.

(2) I put all but $1k of the price for my 2011 Mustang on a CC I paid off every month. Completely out of the blue situation. I was about to write a check and jokingly asked if I could put the car on my credit card. It was Dec 31st and thought I was already stealing the car but I guess maybe they needed that one more sale for the year and took my question to the manager to avoid any delay. They came back and said yes, but the bank won't let them put the whole car on it because of the extended warranty/return guarantee/etc. benefits. So, I got a 40 some day float. Don't know how much one extra sale could have meant to them but obviously more than whatever CC fee they had to pay.

(3) Usually, car makers have cash back OR interest incentives and I always take the cash back. But when I ordered my 2013 ATS, Cadillac didn't have any cash back incentives, only lease, interest free loans, and conquest. I talked Corp into giving me the conquest incentive despite not meeting the qualifications and wasn't going to leave the zero percent loan on the table.

 

[Balr14]

I tried paying for a car with a credit card once, just to say I did it. But, the fee the credit card company charges the dealer put a quick end to that idea.

I will be retiring in 6 weeks (for the 4th time). That will certainly slow down my future car purchases, as my car bank account won't get nearly as much added to it. I am hoping to buy a BMW Z4 M40i as my last car purchase. My Mustang just turned 13K miles and I only drive 2000 miles a year, so I don't have much justification for buying a new car. I guess I'll just have to wait and see.

 

[rileythemustangguy]

My wife and I are debt free except her grad school loans (she's graduating next year). We've historically financed cars, but put down a large chunk of money as a down payment and pay off the loan as quickly as possible, and it's only gotten faster with each car. With the mustang, I put $10k down and made 4 payments on the car total. In general, we are debt-averse, seeing the only "need" for debt being cars (to an extent, likely less so in the future), homes, and school (although the price of post-secondary education in the US is a different conversation).

 

[traktrbeam]

No CC debt, mortgage paid off, purchased 19 GT and 19 Pacifica for my wife cash.

 

[Johnnydarkgt350]

I sold my GT350H after owning it for 23 years: paid off some debt, paid cash for my GT350R, my 26th mustang. cash for my 65 Mercury Comet Cyclone. I now can say that if you buy a limited number hi performance Mustang pre owned that most will drive it for free . Do your homework and enjoy your hobby I’ve found.

 

[RonsterGT]

Traded my '19 Z06 and walked away with owning my '20 free and clear and the dealer cut me a cheque for $7800 CDN. Took the $7800 and paid off my '16 F150.

 

[Johnnydarkgt350]

As a result of my “ Drive it for free” experience. Let’s say you could afford to pay $40,000 cash for a Mustang GT normal high production mustang; and it will go through its normal depreciation in the next five years. Keeping it beautiful and low miles I estimate it may be worth 25 maybe 30? Comparing to a low mileage pre owned GT350R for 60,000 ; a five year Loan for 20k at 5% is 2276 interest and your GT350R might not depreciate or change very little, Who knows as history repeats itself it might go up eventually. Your savings 8-13k and your driving an R !

 

[EmCel]

I just had housing and utilities as far as bills when I bought my mustang. No credit cards anymore because I tend to drown in them learned the hard way.

Cash or I just don't buy anything.

Besides dealerships of course. If I'm buying it that day then I'll go & test drive it with my own loan and $$$ down which is what I did with my car.

 

[TXAG96]

sold a piece of dirt then paid off the house and bought my '20 Bullitt with the rest....
almost 50and debt freeeeeee

 

[Shadow277]

My wife had debt. But I've never had debt except the 2 cars I bought (2012 Civic Si in 2013 and my Mustang.) Also my house...

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