Saving Up for a GT350

[random155]

So after trying to get my hands on a reasonably priced 2016 GT350 this week, I realized that its a bit more than I can afford, monthly. It's been a while since I financed a car and I cant believe that the interest rates are 4%-5%. With that being said, my saving starts today. I'm a Ford guy, with a F150 and Explorer. My dad owned a 1968 GT350 back in the 70's, but had to sell to grow his family, so this purchase has meaning to it. I figure I need to save $15k-$20K to put down on a used GT350 to get it in the price range I can afford to finance. I'm a cop in NJ so I have a mediocre salary with huge costs of living, so I'm being responsible by not biting off more than I can chew. I'll be checking in and reading posts to keep me motivated as it might take me quite a while to establish that amount of money. In the meantime ANY motivation is welcomed. Help me get this done!!!!

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[Hack]

Welcome and I can assure you the car is worth it. Good luck!

 

[mike.s]

I am an LEO as well and these cars are expensive for our pay but they are not out of reach. I did the same as you and saved up 20k to put down on the 18 I had, mine was crashed and currently trying to replace it. I miss it terribly and it was worth every hour of overtime and detail to get it. Keep you head down and you will get there, stay safe out there.

 

[galaxy]

I would add that if you’re that tight on purchase alone, you’ll need to consider the cost of ownership, especially insurance. Tires, oil changes, accessories, and everything else are a tad bit more than your Toyota Corolla. Having said that, your post sure sounds well thouht out and a lot more responsible than the choices and decionsis I would make, LOL, so I’m left assuming you have thought of these things.

Nothing I wanted more in life but to be a sheriff (and eventually a helicopter cop) when I retired from the military, but the starting pay is so horrible around me, I literally couldn’t afford that dream. And it wasn’t that I thought I was too good to sacrifice my standard of living or too good to start over, I mean I literally would not have been able to afford just my basic bills at that time. Oh well. Worked out in the end, but I would have loved it.

 

[random155]

Thanks! I do my own vehicle maintenance so routine stuff isn't an issue. Just replaced cam phasers in my F150, wow that sucked (that wasn't routine at all). I won't be daily driving so hopefully these odd sized tires won't need replacement too often. I can definitely say that LEO is not a job for the money. I was lucky to get in early so my salary isn't too bad, but the cost of living in NJ is so high now that it's hard to be able to afford luxuries. I've already made some alterations to monthly expenses. I cut out $200 monthly already. Gonna be hard to squeeze much more out, especially with young kids in sports. I am very determined to get this done so it's just a matter of timing.

 

[Nfs1000f]

So after trying to get my hands on a reasonably priced 2016 GT350 this week, I realized that its a bit more than I can afford, monthly.

What’s your budget?

 

[random155]

What’s your budget?

400-450 a month

 

[johnny1]

You probably don't want to do this but for me it is perfect. I'm an old fart (73) and this is like a last hurrah for me. So my car, the first one a 2016 was leased through US Bank for 5 years. When the 17's came out I'd had my 16 a year but wanted a 17 to get coolers. So my payment went up just a little but my dealership owner knew what you do to get out of the lease and start over without penalization. So he found me a new 17 and with a bit higher payment started my 5 year lease over again with US Bank. I'm allowed 10,000 miles a year but as US Bank said actually a total of 50,000 at time lease is up, its not checked on a yearly basis and it will be no where near there. I have no intentions of tracking it, just enjoy the heck out of these cars. So in 5 years I'll just give it back and depending on my health, just buy a used car and move on. And say I did it one last time and have the pictures and supplement gifts they give out to prove it. And payment was a few hundred dollars a month less by leasing. There will also be the option of buying the car from U S Bank at end of lease for $24,000. But in my case I can't save that much money and it wouldn't be cost effective to go get a used car loan and make payments for more years on it at probably a high payment on a used car . My dealership owner has already said he's gonna buy that car at end of lease and will cut me a great deal on what ever I want to drive next personally cause he knows that car will still be perfect. In a year I've only put 3,500 miles on it.

 

[random155]

You probably don't want to do this but for me it is perfect. I'm an old fart (73) and this is like a last hurrah for me. So my car, the first one a 2016 was leased through US Bank for 5 years. When the 17's came out I'd had my 16 a year but wanted a 17 to get coolers. So my payment went up just a little but my dealership owner knew what you do to get out of the lease and start over without penalization. So he found me a new 17 and with a bit higher payment started my 5 year lease over again with US Bank. I'm allowed 10,000 miles a year but as US Bank said actually a total of 50,000 at time lease is up, its not checked on a yearly basis and it will be no where near there. I have no intentions of tracking it, just enjoy the heck out of these cars. So in 5 years I'll just give it back and depending on my health, just buy a used car and move on. And say I did it one last time and have the pictures and supplement gifts they give out to prove it. And payment was a few hundred dollars a month less by leasing. There will also be the option of buying the car from U S Bank at end of lease for $24,000. But in my case I can't save that much money and it wouldn't be cost effective to go get a used car loan and make payments for more years on it at probably a high payment on a used car . My dealership owner has already said he's gonna buy that car at end of lease and will cut me a great deal on what ever I want to drive next personally cause he knows that car will still be perfect. In a year I've only put 3,500 miles on it.

That sounds very interesting to me. If you don't mind, could you private message me the details about the lease? Im interested in you payment and the specifics. I honestly didnt think that you could lease these cars. That may open up a new door for me. Thanks.

 

[A_Bau3]

I’m in a similar boat as well. I was able to get a quote of 5% interest based off credit (obv that can fluctuate) and I’m looking to buy a brand new 19 GT350. To be honest I’d love to know if there will be a 2020 model cause then I’ll continue to save and purchase an R instead. I know this might sound crazy to some but I’m only 21 and I’ll be putting $30k down on mine so the monthly payments will be under $500. Everyone tells me to just buy a 5.0 or wait until I get older, but honestly there’s just something about the FPC.. I was able to drive a friends 500rwhp 16’ 5.0 consistently during my time in Guam and it didn’t compare to when I had gotten the chance to test drive a 350 while I was back home.

 

[johnny1]

Its very unlikely there will be a 2020 since surely by then the GT 500 will be released. Most think this is the only reason theirs a 2019 is the delay on the GT 500. The down side of continued production is these so called limited cars are becoming less limited which also decreases there resale value. But then again also makes the price come down on used ones.

 

[Computer Guy]

400-450 a month

As Galaxy above mentioned, you need to consider the full cost of ownership for a GT350. I have both a 2011 Mustang GT and a 2017 GT350. The 2011 Mustang GT's insurance has been roughly $520 every 6 months since new. The 2017 GT350 started out at roughly $1,000 every 6 months, and jumped to $1,700 every 6 months roughly 6 months after purchase, even though my driving record is spotless and I have the maximum discounts at the insurance company. The $1,700 translates to roughly $283.33 per month, which is a sizable portion of your monthly budget if you happen to end up with similar insurance costs. Fortunately for me, the insurance company put in new insurance cost calculation software late last year that no longer lumps the GT350 into the same repair cost category as the GT350R, which caused the insurance cost to drop to roughly $700 every 6 months (that cost would still eat $116.66 per month of your budget). The GT350 also requires 10 quarts of full synthetic oil, so the oil changes tend to cost roughly 3 times as much as they do for my Mustang GT.

The GT350 is an awesome car that is a dream to drive, with a stock exhaust note that is simply unique and intoxicating. It is well worth setting aside hard earned money in a savings account to eventually acquire the car, but I suggest that you do not rush into a purchase without a good handle on the true monthly cost.

 

[aram_g]

4-5% apr is not necessarily true. If you have good credit, 750+, you can go to a credit union and try to get ~2.9% for a loan more than $30k, or roughly 3.1% for a loan less than $30k. I got mine a couple weeks back and I can't stop making excuses to drive it. That being said, I've heard about how bad gas mileage is, and it's not possible to really feel how bad it is until you drive it. It's really, really, really bad, but who cares, cause GT350 lol. I just did a 28mi round trip to Home Depot and back and with a bit of heavy driving went thru a smidge over a quarter tank. It's 100% worth it though. Also, a huge pro-tip, when you get insured for the car, low-ball the amount of miles you'll be driving, and make sure that they don't put it down as your primary commuter; it'll save you a ton of money on your insurance payments. Good luck!

 

[A_Bau3]

All you gents have some great points and advice, and i did not know about insurance jump! Idk if anyone will give me flack for this, but I’m still under my parents family plan, and i believe I can be under it until I’m 25. I still pay for everything, just allows me to save money. Really thankful for that, however the parents said as soon as I get a speeding ticket I’m on my own lol. I believe the quote was $214 when I called for full coverage in Wisconsin (I’m 21), however that was a good year and a half ago.. Also she will not be seeing any winter if I get one so about half the year the car will be under storage insurance so I’d be saving some money right there.

 

[random155]

I'm prepared for maintenance and insurance. I have factored in all of those costs along with my monthly payment. What credit union did you get in touch with and what are you loan details (payment, APR, years etc...?) You can private messages me, thanks for all the great support and info so far. Great online community.

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