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OySmallFry@SCS
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OP, what happens when you get in a wreck / someone keys your car / old lady backs into you?
God forbid you total it, which as good of a driver as you may think you are at 19, is much more likely now than 10 years later.
Are you parents fully supporting this? Will they be paying all increased insurance rates, damages, repairs?
Think worst case and make sure there's no chance to destroy your credit before you even get started in this world.
Either way, good luck with the purchase man. Drive safe.
God forbid you total it, which as good of a driver as you may think you are at 19, is much more likely now than 10 years later.
Are you parents fully supporting this? Will they be paying all increased insurance rates, damages, repairs?
Think worst case and make sure there's no chance to destroy your credit before you even get started in this world.
Either way, good luck with the purchase man. Drive safe.
archaica
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I think you should wait. There's two things at work here: Prudence, and Gratitude.
Prudence would seem to indicate that, rather than taking this head start and using it as an opportunity to put yourself into debt and limiting your options later on (when you want to take that job interview in another city but you have to make a car payment instead), you should probably find a fun-but-less-expensive car, have a lot of fun with that. Then later, when you are financially independent, have a really good savings buffer, and can afford the Mustang in a way where you can put a healthy down and have a reasonable monthly payment, go for it. the $30K you'll be spending on a car could easily be used as startup money for your life after college. Even if you only save half of it, that's $15,000 you could have for things like moving expenses, rent, &c. That's a lot of money.
Gratitude, to me, is the more important item. Your parents are paying for your housing, college fees, textbooks, car insurance, did they buy you a computer? We're easily talking thousands of dollars a month (depending on how much you use/what college we're talking). Do you live with your folks? If so, then they're paying for things like utilities, cable bill, etc. All of that benefits you, and is money they're spending you would otherwise have to. I don't know your parents and their attitude towards this. But I think you should take into account how taking their very generous gift of money (which is what it is, no matter whether both of you think it's the proper role for them), which is meant to keep you free of the crushing burden of student debt, and then trading that for another form of debt will make them feel.
Your circumstances are your own, and so is your judgment. I would just encourage you to think of those items.
Prudence would seem to indicate that, rather than taking this head start and using it as an opportunity to put yourself into debt and limiting your options later on (when you want to take that job interview in another city but you have to make a car payment instead), you should probably find a fun-but-less-expensive car, have a lot of fun with that. Then later, when you are financially independent, have a really good savings buffer, and can afford the Mustang in a way where you can put a healthy down and have a reasonable monthly payment, go for it. the $30K you'll be spending on a car could easily be used as startup money for your life after college. Even if you only save half of it, that's $15,000 you could have for things like moving expenses, rent, &c. That's a lot of money.
Gratitude, to me, is the more important item. Your parents are paying for your housing, college fees, textbooks, car insurance, did they buy you a computer? We're easily talking thousands of dollars a month (depending on how much you use/what college we're talking). Do you live with your folks? If so, then they're paying for things like utilities, cable bill, etc. All of that benefits you, and is money they're spending you would otherwise have to. I don't know your parents and their attitude towards this. But I think you should take into account how taking their very generous gift of money (which is what it is, no matter whether both of you think it's the proper role for them), which is meant to keep you free of the crushing burden of student debt, and then trading that for another form of debt will make them feel.
Your circumstances are your own, and so is your judgment. I would just encourage you to think of those items.
Surtur
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low mileage 2014 gts can be had for pretty cheap too if you arent only looking for s550 models.
obgod3
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Borrowing money isn't such a bad thing if the circumstance make sense. Today you can get very low or 0 percent interest. So take your money and put it in the market in a conservative fund or a 401, generally you'll be able to gain more benefits than the interest than your paying. I tend to put down a reasonable amount of money on a car 10-20% and finance the rest, I put my money to work after that. In most cases I win, I gain more than what I'm paying. Particularly when you can get 0 percent.
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Wolfman625
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I was a similar situation when I was 17 I worked and when to school. First car was a 06 charger SRT8! Despite what many ppl though that my parents bought me it. But I had No bills at that point in my life. So I didn't mind car payment as 60% of income. Fast forward to now I'm 23 am financially comfortable. Was able to to buy my mustang gt cash. And am currently retired (not that I really wanted to got hurt in Afghanistan on 2nd deployment) but having the SRT8 so young teached me how to budget. I say go for it. But just know what you are getting in to. Pay all payments on time and git that great credit wich in the long run will save you more money.
Waylap1
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When you're in college, whether you're working also or not, you're main job is college! "Treating" yourself to a brand new Mustang while someone else floats most of your other expenses isn't cool or a responsible thing to do.
I also grew up with parents who were well off.
***One of my main concerns at that age was that I too would like to have some of that. And if I demonstrated poor spending and irresponsible decisions, then the natural transfer of their assets would be given 2nd thoughts.
I made my own career starting at 19. Worked the same agency until retirement 20 years later. I too bought my first Mustang (1991 2.3 LX) at 21. But I was also paying my own rent, insurance and utilities in my own place. I was able to buy the Mustang through Ford credit because I was then at my new career for 2 years.
-just sayin..if your parents acquired their situation through hard work and responsible actions, they'll be looking at yours to know when it's time to let you have some of that responsibility too.
College will be done soon enough and when that happens you should be in your OWN apartment or house. How are you going to swing that while still paying for your Mustang and hopefully everything else you have like cell phone bill, car insurance, gas.
I also grew up with parents who were well off.
***One of my main concerns at that age was that I too would like to have some of that. And if I demonstrated poor spending and irresponsible decisions, then the natural transfer of their assets would be given 2nd thoughts.
I made my own career starting at 19. Worked the same agency until retirement 20 years later. I too bought my first Mustang (1991 2.3 LX) at 21. But I was also paying my own rent, insurance and utilities in my own place. I was able to buy the Mustang through Ford credit because I was then at my new career for 2 years.
-just sayin..if your parents acquired their situation through hard work and responsible actions, they'll be looking at yours to know when it's time to let you have some of that responsibility too.
College will be done soon enough and when that happens you should be in your OWN apartment or house. How are you going to swing that while still paying for your Mustang and hopefully everything else you have like cell phone bill, car insurance, gas.