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Financing a Mustang, has anyone done this?

Tempyy

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I know there is a wiiiide variety of people here so I would like to get some feedback if people have done what I'm doing or if you are in the same boat as me currently. First, I'll give some background. I'm 19 years old, I go to college and I work. I'm fortunate enough to have parents that are well off where I don't pay for college, car insurance, or anything of those sorts. All I pay for is gas and food. I make roughly $800-900 a month from working. With that said, I'm putting a down payment on a 2016 GT and taking a loan for 60 months and the pricing comes out to about $375 a month. While the loan is a long while, the car is affordable, well because I don't pay for anything but that and gas. Has anyone had an experience with this? I figured asking car guys would be my best bet, since we all have this love for Mustangs!
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Firstly, discuss this possible purchase with your parents since they are your financial back-up. Also, consider insurance costs by obtaining quotes to better calculate your monthly cost. It might be a different financial picture upon graduation as well. Good luck!
 
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Tempyy

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Firstly, discuss this possible purchase with your parents since they are your financial back-up. Also, consider insurance costs by obtaining quotes to better calculate your monthly cost.
Done and done. Insurance won't go up as I won't be the one "in" the car ;)
They're backing me up 100% and don't see anything wrong with the purchase. Just seeing if anyone is in the same boat as I'm going to put myself in.
 

IvanCRF

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Sounds good, man. I'm not too much older than you. I graduated a few years ago, worked hard and have my GT's title in hand already. I hope it works out for you.
 
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Tempyy

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Sounds good, man. I'm not too much older than you. I graduated a few years ago, worked hard and have my GT's title in hand already. I hope it works out for you.
That's awesome! Thanks man.
 

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Done and done. Insurance won't go up as I won't be the one "in" the car ;)
They're backing me up 100% and don't see anything wrong with the purchase. Just seeing if anyone is in the same boat as I'm going to put myself in.
I've been there, you are talking about having a car payment that consumes almost half of your monthly income. Doesn't leave much left over so thats your decision on if it works. When I was younger and not making much money I bought a 2004 Mach1 it was a payment that was about 25% of my income, but after bills I had about 300 left over every month. I wasn't able to hold out, my company didn't give raises and was a lower paying company in my area. Now that being said hell yeah, buy it, suffer for awhile and get a better job as soon as you are ready!

For this of you who see this as bad financial advice remember, its bad financial advice that gets to drive a mustang. plus if mom and dad are willing to help then you can't be all that bad...right?:p
 

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And hanging out with other car guys on the weaken at the car show/burger joint only cost the price of a burger and a few drinks...you can do it!
 
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Tempyy

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I've been there, you are talking about having a car payment that consumes almost half of your monthly income. Doesn't leave much left over so thats your decision on if it works. When I was younger and not making much money I bought a 2004 Mach1 it was a payment that was about 25% of my income, but after bills I had about 300 left over every month. I wasn't able to hold out, my company didn't give raises and was a lower paying company in my area. Now that being said hell yeah, buy it, suffer for awhile and get a better job as soon as you are ready!

For this of you who see this as bad financial advice remember, its bad financial advice that gets to drive a mustang. plus if mom and dad are willing to help then you can't be all that bad...right?:p
Haha thanks. I came here pretty much just to hear some success stories or to see if other people made it work. I could've done other forums but they'd be like just buy a civic for 5 grand and drive it till a breaks. As an over obsessive car enthusiast I can not come to grasps with driving anything but my dream car, so I want to make this work.
 

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Haha thanks. I came here pretty much just to hear some success stories or to see if other people made it work. I could've done other forums but they'd be like just buy a civic for 5 grand and drive it till a breaks. As an over obsessive car enthusiast I can not come to grasps with driving anything but my dream car, so I want to make this work.
You can make anything work, anything you want, sometimes things get hard but dedication and determination pays off. what can get in the way of a guy and his dream car? darn girls, so keep it simple and stay focused. One stable person will attract another.

(also never drive the same route home with a girl, that way they can't come looking for you at home. its all on the back of the players card in your 2016 glove box)
 
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Tempyy

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You can make anything work, anything you want, sometimes things get hard but dedication and determination pays off. what can get in the way of a guy and his dream car? darn girls, so keep it simple and stay focused. One stable person will attract another.

(also never drive the same route home with a girl, that way they can't come looking for you at home. its all on the back of the players card in your 2016 glove box)
LOL. Thank you, for the laugh and advice. I'll find a way to make it work :)
 

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altjx

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Doesn't sound like a bad decision to me. Not much older than you either (I'm 24). When my first car took a good chunk out of my paychecks when I first started working in my career at 17, that did nothing but make me want to make more money and that encouraged me to study more for certs, reach out to bigger companies for guidance, etc. Gave me a big boost.

I know everyone is different, but having that long-term financial responsibility really motivated me in MANY other ways. It was well worth it. By the time I finished paying that car off, that monthly payment looked like some change.

Just my two cents. :D

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Tempyy

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Doesn't sound like a bad decision to me. Not much older than you either (I'm 24). When my first car took a good chunk out of my paychecks when I first started working in my career at 17, that did nothing but make me want to make more money and that encouraged me to study more for certs, reach out to bigger companies for guidance, etc. Gave me a big boost.

I know everyone is different, but having that long-term financial responsibility really motivated me in MANY other ways. It was well worth it. By the time I finished paying that car off, that monthly payment was just a little change coming out of my pockets.

Just my two cents. :D

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Sounds good, I never really thought about it that way so thanks for throwing that out there! I'd be fully committed to making this work because who really wants their brand new mustang repo'd anyway... Right?
 

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$375 a month is good. That must be a pretty big down payment. Sounds like a good deal if you can do it
 

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Sounds good, I never really thought about it that way so thanks for throwing that out there! I'd be fully committed to making this work because who really wants their brand new mustang repo'd anyway... Right?
Yep! Exactly. I mean I can understand some people saying it's not enough for the car, but everyone is different. My first car note was like over half of my pay check (maybe 60% of it), but I lived with my mother (who couldn't back me up because of her disability, etc.).

My cousin in the same situation wouldn't have made it long. Pushed all the right buttons for me though. Just depends on the person.

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