Need help on information on monthly payments

[c3po]

You don't seem to understand what's going on here. First you thought a new GT or ecoboost could be had for 300ish a month with such a low down payment. A simple google search for loan calculator would have showed you how impossible that is. Now you're on the other end of the spectrum thinking that a note for a new GT would be $1200? Dude, that's pretty much a house note.



You don't seem to have a grasp on finances, I wouldn't be purchasing a new car right now if I were you. Especially if you're still living at home. In order to make this even slightly affordable you're going to need to swing a 6 year loan. You'll be 25 before its paid off, and are going to have a hard time getting out of your parents house before then on a Lowes salary when you're forking out 450ish a month for a car note alone. Have you even called around for quotes for insurance? They're going to be really high for a 19 year old who's not in college driving a 420+hp coupe. You could easily be paying over 700 a month when you add in gas and insurance.



I understand you probably don't have a lot of bills right now, but you're 19... You're going to be having bills soon unless you're just going to live with your parents for a long time. Don't rush into signing a loan on a car that's going to pretty much be a money pit for a huge chunk of your income. Once you sign the dotted line, you're on the hook. And its going to be a long 5 or 6 years for you.



Again, I had graduated from college and had a nice job before I got my 2013 GT. Despite being a very affordable sports car, its not cheap for someone in your shoes.

Even though your opinions are on the opposite end of the spectrum as mine, I really can't disagree with any of them. 5,6 or 7 years of payments can really hold a person down, especially if they had designs of bettering their situation down the not-too-distant future. I was in a position to make that $920/month payment only because I worked my tail off to get myself in the position to pull the trigger. Who knows, in two years he might have a kid on the way, a girlfriend wanting a ring, and a house to put them in.

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[Fox9350]

Not quite. I did end up driving her minivan back and forth to work while she drove the new Honda Accord I traded in for, though!

She must be a 10. Are you high?

 

[Wildcat]

There is nothing better than not having a car payment. My GT is paid for, and while I relish the idea of getting an S550, I hate the idea of a car payment.

At your age and current employment, I would avoid a large car note. Just my opinion. Too many people waste the potential to save and have financial security by throwing half or more of their monthly income into toys and loan payments. Save the dough and buy yourself an affordable car.

I'm not telling you what to do or anything. If you want it, get it. I just think it wouldn't be the wisest way to spend your money at this stage of your life.

 

[wproctor411]

There is nothing better than not having a car payment. My GT is paid for, and while I relish the idea of getting an S550, I hate the idea of a car payment.

At your age and current employment, I would avoid a large car note. Just my opinion. Too many people waste the potential to save and have financial security by throwing half or more of their monthly income into toys and loan payments. Save the dough and buy yourself an affordable car.

I'm not telling you what to do or anything. If you want it, get it. I just think it wouldn't be the wisest way to spend your money at this stage of your life.

Great advice. I waited until I was 30 to even buy a car that cost more than 15k. I had my 2011 paid off in less than 2 years do to good savings habits

 

[mustanghobo]

obviously this kid had no idea what he was talking about or thinking.

This thread is a waste.

 

[winnersave]

I got the money now guys don't worry !

 

[Grimace427]

I got the money now guys don't worry !

Then what did you need help with?

 

[mustang317]

Without pulling up a loan calculator, I think you'd have to put down a pretty sizable down payment to swing a GT at 300 a month.

Don't forget to factor in insurance as well.

My best advice is to shoot for a 2014, you'll find some great deals once the 2015's come out and it will be much easier to hit your goal going that route.

EDIT: For a 300 dollar note you'll need to finance 19,000 for 6 year loan (72 months) @ 4.25%. You could probably get a lower interest rate but its not going to help too much. Just spit balling rough figures. So if you want a 2015 GT, you'll need a good 12-13k down payment. Any advice I'd give to a 19 year old in college is not to spend that kind of cash on a car. I didn't get my 2013 GT until after I graduated and got a good paying job.

Taneras i totally agree with you when i was 19 in college all i had was a 1996 honda accord coupe , now i am done with school and have a good paying job i finally decided to buy me a new mustang.:amen:

 

[Holyfenix]

Have you considered an 03-04 Cobra instead of a new mustang. Good looking cars, extremely fast and are going for less than $20k.

Being 19 and working at Lowe's regardless how many hours you work is not the correct formula to buying a new car. Just making your financial burden unnecessarily harsh.

On the other hand I totally see where you are coming from. I'm 24 and have been there done pretty much exactly what you are trying to do. Instead of getting a nice little reliable economy car I wanted something fast. Got a pristine 3000GT VR4 which promptly blew the transmission a year later. I wish I could go back and just take the Honda Accord I was being offered for free, especially considering the difference in back seat size ;). I never went to college and have a great job and will be buying a Mustang NEXT year (I never buy first year model changes whether new or used).

Really if you think you can afford the GT or Ecoboost then go for, gonna make life a little more difficult but I guarantee you will have a great time with the car, if you aren't sure I bet the V6 will still be only $23k with 300+hp so nothing to scoff at.

 

[PsyopGoat]

Then what did you need help with?

Yeah, this whole thing is just strange.

 

[Thed]

Am I the only kid that works for what I got?

 

[Grimace427]

Am I the only kid that works for what I got?

I was 21 when I bought my Audi brand new. Still working at the same dealership too.

 

[Dosia]

Ha. I have been driving my 98 Accord for 12 years now. I make enough money to buy a new GT but I am a cheap bastard. I have always wanted a Mustang though and I must say my interest is piqued for this new GT. If I was in your shoes I would buy a cheaper car and go to college. That is what I did at least and it paid off.

 

[Nate408]

Am I the only kid that works for what I got?

...nope!

Bought my first car (my) cash, buying a new Mustang hopefully soon after 6yrs college :ford:

 

[HanShadow]

Well this was a strange thread. Felt almost like a troll.

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