Downgrading Mustang GT?

[KeyLime]

So right now I have a 2020 mustang GT with mbrp race exhaust, tinted windows, changed all wheels and some other minor things. T

Let me ask a basic question or two. What are you using the car for? Weekend canyon burning or a long daily commute? Can you really afford either?

There comes a time (been there) when an econobox is the best choice, like it or not. Maybe a used Honda Civic is in your immediate future. And maybe in the far future you'll find yourself once again without a roommate (a.k.a. a soon to be ex-wife who's lawyer has castrated you) and the Civic is looking even better.

We're all on this forum because we love cool cars, especially Mustangs. But don't over-reach for a cool car. Have a good economic cushion.

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[BigR4444]

Atm it’s about $527 a month with 4.6 interest rate and still got like 70 months ish left

That's not terrible as far as a monthly payment goes... I know people paying more than that for cars nowhere near as sexy or fun.
Hell I know people that are leasing cars for that much.

I mean if you can get something good, and it's cheap and fits your budget, then great.

I just don't want you to get something for $400 a month and now you're only saving $127 a month, like...why wouldn't you just keep it at that point?

 

[young at heart]

Atm it’s about $527 a month with 4.6 interest rate and still got like 70 months ish left

Ethan, I hate to be the bearer of not great news here’s the truth. I’m not sure how you could possibly still have 70 months left on a car approaching 4 model years old but if you do, depending on the mileage on your GT and it’s condition you’re almost certainly upside-down in the car. That is to say the payoff will be greater than the car’s cash value. This is especially true with the car not being stock with exhaust, tint, wheels, etc.

I think your first task should be to get the loan payoff on your GT then find out what it’s worth. What you might get to replace it is irrelevant if you can’t get out of what you have!

Best of luck to you!

 

[ethonlee]

Let me ask a basic question or two. What are you using the car for? Weekend canyon burning or a long daily commute? Can you really afford either?

There comes a time (been there) when an econobox is the best choice, like it or not. Maybe a used Honda Civic is in your immediate future. And maybe in the far future you'll find yourself once again without a roommate (a.k.a. a soon to be ex-wife who's lawyer has castrated you) and the Civic is looking even better.

We're all on this forum because we love cool cars, especially Mustangs. But don't over-reach for a cool car. Have a good economic cushion.

I use the car to go to work and to my friends places mostly and occasionally a car meet. Its starting to seem like I do actually need to dial back and get a more affordable car. Although not sure what car I would go with cause I still do like having nice speakers with good bass and a touchscreen just cause I am so used to that. While I do want to save money and probably should be biting the bullet to get that affordable option, but still at least wanna be able to enjoy it.

 

[ethonlee]

Ethan, I hate to be the bearer of not great news here’s the truth. I’m not sure how you could possibly still have 70 months left on a car approaching 4 model years old but if you do, depending on the mileage on your GT and it’s condition you’re almost certainly upside-down in the car. That is to say the payoff will be greater than the car’s cash value. This is especially true with the car not being stock with exhaust, tint, wheels, etc.

I think your first task should be to get the loan payoff on your GT then find out what it’s worth. What you might get to replace it is irrelevant if you can’t get out of what you have!

Best of luck to you!

I looked it up and its closer to 60 months rather than 70 but I get your point, as far as selling the car I will be able to get a little bit of money out of it, also If I were to sell it I would be selling the wheels I have now and putting stock ones back on and putting the stock exhaust back on.

 

[KeyLime]

I use the car to go to work and to my friends places mostly and occasionally a car meet. Its starting to seem like I do actually need to dial back and get a more affordable car. Although not sure what car I would go with cause I still do like having nice speakers with good bass and a touchscreen just cause I am so used to that. While I do want to save money and probably should be biting the bullet to get that affordable option, but still at least wanna be able to enjoy it.

Sounds like you're weighing the options and keeping an open mind about this. In the long run you're going to be okay. Best of luck to you and enjoy life whatever comes your way.

 

[ethonlee]

That's not terrible as far as a monthly payment goes... I know people paying more than that for cars nowhere near as sexy or fun.
Hell I know people that are leasing cars for that much.

I mean if you can get something good, and it's cheap and fits your budget, then great.

I just don't want you to get something for $400 a month and now you're only saving $127 a month, like...why wouldn't you just keep it at that point?

Fair point, if the plan is to save money then I should probably be looking to save a pretty decent chunk

 

[FreePenguin]

I didn’t have to sell my mustang, but I opted to sell it and kept my 2012 Scion tC I bought brand new in 2012.
The reason being is it was cheaper in the long haul. It did the same thing mustang did, but slower.

Insurance 20 dollars a month. 28mpg average, 32 highway etc nothing of a car to brag about. But works and loosened the bills. My cars prob worth 4K as it sits. And I’d do it again if needed.

only thing I’ve done is new clutch at 175k miles, I’m at 200k now and do 15k oil intervals. My reason for this post is, my mustang I loved it, but now it’s gone and I’ve gone back to my cheap beater, it does everything equally that I need for and don’t have to worry about money.

albeit I’d even say it’s more reliable than my stang to be honest. But more power comes reliability issues. Weaker- less strain, simpler, less to break.

really those mentioning Honda civics are 100% justified

 

[Driv3n to Dr1ve]

Do you have positive equity in the car, if so how much? An easy solution is to use the equity to buy a different car cash.

Interest rates are at an all time high, so I’d minimize any future amount you borrow.

 

[Biggus Dickus]

Atm it’s about $527 a month with 4.6 interest rate and still got like 70 months ish left

And what percent of your monthly income is that $527?

 

[ethonlee]

And what percent of your monthly income is that $527?

Roughly 18-20% not including gas and insurance (insurance is 220 atm)

 

[ice445]

Roughly 18-20% not including gas and insurance (insurance is 220 atm)

it's better to include gas and insurance, since those aren't separate from the car itself. 20% all in for a fun car that you enjoy is fine in my book, if a bit high (but you can compensate if it really makes you happy). But if 20% is just the payment, that's not a great outlook.

With that said, it's going to be next to impossible to trade into something in the 20K range and not end up with a similar payment anyway due to current used interest rates. That's why if I were you, I'd just sell it and then buy something much cheaper, like that older Mustang I was talking about. Or something that will be useful until it dies, like a Honda FIT.

 

[NavyMAChief]

Downsizing will not save you that much unless you’re going to an old shitbox.
keep the car and find you a room to rent until you find a better living option.

Rooms for rent

I lived in a families converted garage for 2 years in Miami for 600month.
Depending on the area you could full time in an RV pretty cheap as I did that for 3 years and the slips can be pretty cheap if your in a rural area

 

[Dana Pants]

^this. I feel like you need to go to 9th gen civic Si or don’t bother.

 

[gone_n_60]

Keep! I waited about 40 yrs for this car, can afford it, have under 3% rate on loan balance to be paid off soon. Road trips, track season and cars'n'coffee is all it goes to. The years it was food, rent and family I drove beaters, a Toyota Corolla that lasted 357,000 miles a new 2000 Honda Accord lasted 385,000 miles and other blah Dad mobiles.

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