Double Disappointment

[Johnny Rockit]

I’d bet 29% of forums members on here pay over $750.00+ for their Mustang/insurance per month.

That is a scary thought. Just recieved my ins. bill for almost $900/yr. Glad it is not my daily. No car payments except the wife's toyota.

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[RagmopInKona]

You are retired you don't NEED a new car. You can get a 8 year plus old car that if it need servicing time to time no biggie as you don't need to get to work everyday .
Be honest with yourself! What bells and whistles do you USE,and what ones you never touch . Power seats are nice but if you are the only one driving you set it and forget it .
Nav is on your phone .
A,2016 Mustang is 7 years old now. Come winter time the prices drop .Your problem is sedans are a hard sell used other than the v8 mopars and any import performance trim. I.e. dealers are going to lowball you on your trade in. You might be better off selling it yourself after spending a little having it detailed.
Find the mustang you want that is in range of the book of your caddy buy it and then sell your caddy if it doesn't sell carvana will buy it . Then pay off the stang .
Just research the cost to insure the mustang now. You might rethink this after hearing the rates now.
Good luck .

 

[RagmopInKona]

Wow, don't tell my insurance agent. Just updated my policy with a "new to you" car for one of two daughters... $1137.88 twice a year for 4 cars, including the Mustang. Mustang is in the same class as the Honda Pilot, both listed as a commuter with 10+ miles one way. Premium just went down by $12. No such thing as a car payment, I've been fortunate enough to manage things such that I don't borrow any more.

Now do a quote with two sons . MALE PRIVILEGE. cough cough.

 

[RagmopInKona]

That is a scary thought. Just recieved my ins. bill for almost $900/yr. Glad it is not my daily. No car payments except the wife's toyota.

No way I'd have a 700.00 payment. I know it is the new normal for vehicle payments to be 500 bucks or more . But. I'd drive a 20 year old beater first .

 

[15BluStang]

You are retired you don't NEED a new car. You can get a 8 year plus old car that if it need servicing time to time no biggie as you don't need to get to work everyday .
Be honest with yourself! What bells and whistles do you USE,and what ones you never touch . Power seats are nice but if you are the only one driving you set it and forget it .
Nav is on your phone .
A,2016 Mustang is 7 years old now. Come winter time the prices drop .Your problem is sedans are a hard sell used other than the v8 mopars and any import performance trim. I.e. dealers are going to lowball you on your trade in. You might be better off selling it yourself after spending a little having it detailed.
Find the mustang you want that is in range of the book of your caddy buy it and then sell your caddy if it doesn't sell carvana will buy it . Then pay off the stang .
Just research the cost to insure the mustang now. You might rethink this after hearing the rates now.
Good luck .

I did not get a new car. I got a 2017 XT5 with 47000 miles on it and it has more on it that I was expecting to have. I was able to use the money in Mustang trade so now I have no car payment. For the driving I do and current life needs, the XT5 will do.

 

[DadzMach]

That is a scary thought. Just recieved my ins. bill for almost $900/yr. Glad it is not my daily. No car payments except the wife's toyota.

$900/year is great. That’s the same I was quoted by Grundy with a fixed replacement cost of $70k. State Farm is a bit more and no guarantee on price.

 

[KingKona]

No way I'd have a 700.00 payment. I know it is the new normal for vehicle payments to be 500 bucks or more . But. I'd drive a 20 year old beater first .

You don't make any sense.

You bought a 2020 Mustang, which more than likely means $50K + in car.

The payment is just a function of loan terms. Whether it's $500 or more, or less, is just a matter of terms. Anyone financing $50K for even 72 months right now is going to have a $800+ a month payment.

It's not about the payment, it's about how much you're spending. And you spent it too.

 

[RagmopInKona]

You don't make any sense.

You bought a 2020 Mustang, which more than likely means $50K + in car.

The payment is just a function of loan terms. Whether it's $500 or more, or less, is just a matter of terms. Anyone financing $50K for even 72 months right now is going to have a $800+ a month payment.

It's not about the payment, it's about how much you're spending. And you spent it too.

Some have a large down payment so there monthly bill isn't nuts or no monthly .
I try to not give banks money in interest if I can help it . And why my car was paid for in under 8 monthes from day I drove it off the lot .
SOME plan ahead and save for the next vehicle after they pay off the one they own now. Only vehicle I did not do this on was a 0.0% for 72 monthes as that is free money .
Yes I know what my car cost. Last vehicle before this was bought in 2004 paid off 2010 and saved like I still had payments and invested this allowed me to pay 90% of the mustangs O.T.D. cost cash .and wifes vehicle cash .
I make perfect sense, I will never have a 600 dollar or more vehicle payment even more so with today's interest rates.
Like always YMMV.

 

[KingKona]

Some have a large down payment so there monthly bill isn't nuts or no monthly .
I try to not give banks money in interest if I can help it . And why my car was paid for in under 8 monthes from day I drove it off the lot .
SOME plan ahead and save for the next vehicle after they pay off the one they own now. Only vehicle I did not do this on was a 0.0% for 72 monthes as that is free money .
Yes I know what my car cost. Last vehicle before this was bought in 2004 paid off 2010 and saved like I still had payments and invested this allowed me to pay 90% of the mustangs O.T.D. cost cash .and wifes vehicle cash .
I make perfect sense, I will never have a 600 dollar or more vehicle payment even more so with today's interest rates.
Like always YMMV.

The point is, it's NOT about the payment. It's everything you posted above, and more.

The payment amount is immaterial. It's what you spend, and you spent just as much as anyone else on the car, minus some interest you saved yourself.

When you post something "No way I'd have a 700.00 payment.", it's disingenuous. Or, really braggart.

 

[RagmopInKona]

The point is, it's NOT about the payment. It's everything you posted above, and more.

The payment amount is immaterial. It's what you spend, and you spent just as much as anyone else on the car, minus some interest you saved yourself.

When you post something "No way I'd have a 700.00 payment.", it's disingenuous. Or, really braggart.

Yes it is about the payment. The payment comes with an interest payment to the bank. A 4.9% is 6500.00 give or take to the bank on a 60 month note on a 50k car.
You might be fine giving 6500.00 to the bank ,I rather not.
So it is not the same . Dealerships love people that can not do basic math.

 

[KingKona]

Yes it is about the payment. The payment comes with an interest payment to the bank. A 4.9% is 6500.00 give or take to the bank on a 60 month note on a 50k car.
You might be fine giving 6500.00 to the bank ,I rather not.
So it is not the same . Dealerships love people that can not do basic math.

I've bought my last three cars at 0%, and huge money off sticker. So no, a payment does not (necessarily) come with an interest payment.

If you buy a $50,000.00+ car (which you did), you're either going to put a whole lot of money down, or you're going to have a $600+dollar a month payment. Just because you put money down to lower the payment and interest paid, doesn't change WHAT YOU PAID FOR THE CAR. The loan interest just adds to it.

Your hacking on people with (what you call) large monthly payments, is stupid. First; it sounds like you're completely out of touch with how much vehicles cost these days. And you also have no idea what loan terms they got, and what they're actually paying for the car.

Because......wait for it.......it's NOT ABOUT THE PAYMENT!!!! They could have a $1,000.00 payment, but be paying 0 interest, and be $15K to the positive in equity in the car as they rolled off the lot.

It's not about the payment. Just because you think a $500 a month payment is too much, doesn't mean the people paying them are making bad financial decisions.

 

[2016S550]

When I read this thread I wondered how some would feel about the current housing issues. Rent is ridiculous and rising home prices with additional interest rate hikes make that situation unbearable. Rental rates are up at least 25-30% compared to 3 years ago in my location. I could not afford to buy my home that I bought 18 months ago. I do not understand how people are affording housing.

 

[KingKona]

When I read this thread I wondered how some would feel about the current housing issues. Rent is ridiculous and rising home prices with additional interest rate hikes make that situation unbearable. Rental rates are up at least 25-30% compared to 3 years ago in my location. I could not afford to buy my home that I bought 18 months ago. I do not understand how people are affording housing.

I recently saw some article, stating that incomes have gone up something like 20% over the last 20 or so years, and home prices have gone up X2.5

People that haven't bought homes in the last 20 years are completely clueless. What used to take one adult income (home, cars, kids), now takes 2 adult incomes, and an OnlyFans account.

 

[Hadelson]

I’d bet 29% of forums members on here pay over $750.00+ for their Mustang/insurance per month.

Nope, just flat no. Running three cars, own all of them to include home. Umbrella insurance and its extensive auto coverage. Pay just over $400 monthly.

 

[Flimflamman]

Looking at prices nowadays I'm lucky I got my GT at the onset of covid. Hopefully the market is a little tamer come my next go-around, but I'm not counting on it. Dealers are not stocking up anymore and are gambling on that model going forward.

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