I want a s550 but........

[CM581978]

am completely hesistant due to my financial situation. Years ago, I messed up with credit cards and have changed my ways. However, it will take me another 20 months to be credit card free. Am I completely wrong in wanting a new car, given my situation? :shrug:

Sponsored

 

[ktp1598]

I would say to continue paying on the cards as much as you can and get a Mustang only if you can still pay the cards down while you have it. I know all about too much CC debt. Learned my lesson long ago. Only buy the car if you are still comfortable with the payment. How happy do you see yourself in a year with the payments you'll have? You don't want to say I wish I hadn't done that.

 

[MagneticA]

We all have wants. And by the sounds of your past, you've indulged many of your wants. If you are truly going to step out of the shadow of your past mistakes, make sure you don't end up repeating them. If you can afford your credit card payments and a new car payment, and whatever your other liabilities are; go for it. But if the car takes away from your plan of paying off your debt, you might want to wait a while and pick one up used.

 

[Tommy556]

If I was you I would wait the 20 months until you are debt free and then take a look at some used Mustangs. There will be plenty for a good price by then. Don't buy a performance car if you can't afford it rather easily.

 

[StangMan04]

Be responsible and get debt free if you can first. As long as you have a mode of transportation, then wait. Reward yourself after with a new car.

 

[GoBlues38]

don't be car poor. been there, done that. there is nothing about these cars that says you have to buy now. you have time. unless the horsepower wars come to an end, it will just get better and better the longer you wait.

 

[cbrookre]

My advice: Price out your car that you want with Build and Price, and printout a picture of the closest thing you find in the forums. Make a goal of where you need to be to start your purchase, how much in savings and having the cards all payed off as a minimum. Pin the picture up on the wall as added incentive and when you reach the goals of where you could comfortably get it, then you can do it. As an added level of responsibility, one of these shiny new S550's should be at a reasonable used cost by then so you could also go that route!

All the best,

Chris

 

[domingos35]

I would never buy a used Mustang or sports car.

 

[aspensilver]

WAIT! CC debt stinks. And refinance to 0% for 18 months on a Discover card or something

 

[Twenty15]

Start saving a car payment and do this for six months. If you can handle this then go for it. If not, take the six months savings and put it on your CC's. win/win

 

[4point6grey]

I say wait it out pay off those CC but I know it's easier said then done

 

[ohmy350]

Start saving a car payment and do this for six months. If you can handle this then go for it. If not, take the six months savings and put it on your CC's. win/win

Completely agree with this^^^^. In fact, I'd take it a step further and get an insurance quote and put that amount (if more than what you're paying now) plus extra gas money- and you WILL be burning through it because you'll be driving the car all the time!) aside with the car payment mentioned before and then see how it feels. If after those 6 months or so it just gets to be too much money, put all of that money towards your CC debt as mentioned earlier. Heck, if this is enough money (would have to be $6,000+) to put a huge dent in your debt it'll be that much less to worry about when you do pull the trigger on the car.

Now that I've put a few minutes of thought towards this, I'd say that it's safe to say that a new $30,000-$35,000 vehicle, after car payment, gas, insurance, maintenance etc. is going to set you back about $1,000 a month. And that's every month you have the car for the life of your loan. After that, you don't have a car payment but maintenance usually starts to creep up so that amount doesn't go down as much as you'd think.

If you can manage an extra grand out of your pocket every month, take a trip to the dealership!


Sent from my iPad using Tapatalk

 

[Spartan]

am completely hesistant due to my financial situation. Years ago, I messed up with credit cards and have changed my ways. However, it will take me another 20 months to be credit card free. Am I completely wrong in wanting a new car, given my situation? :shrug:

Pay off your cards. Get the Mustang after.

If you really want it then work more (work side jobs) and you'll be able to get it sooner.

 

[Mustang1260]

Years ago, I messed up with credit cards and have changed my ways. Am I completely wrong in wanting a new car, given my situation? :shrug:

Changed your ways?
Sorry not quite yet but it appears your really trying hard and that is fantastic!!!

You still need to learn there is a huge difference between "Need" and "Want".

Get yourself financially straight first then think about "wants". For me, I wanted my LE in Wimbledon White. I just "had" to have it, not owing one was not an option, so I took on car payments which I hate to satisfy that "want". But I also put $25k down. My payments on a 60 mo note are in the $400s and my only consumer debt.

 

[cm5878]

alot can happen in two years. i can be dead lol.

Sponsored