Sabre
Well-Known Member
It's guys impulse buying....driving it home....and the wife saying, "Are you crazy? We can't afford that! Sell it or take it back!" LOL
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Kind of depends how you classify a toy. I bought my car to daily. Rain, shine, snow, whatever. I'm sure some people would find that silly, but in my mind it's not a toy, just spicier A to B commuting. Being single and having no kids makes it easy to justify. Now if we're talking a GT350 or above, then sure, it's really strange to buy something like that to where it's not a toy. And you probably shouldn't be financing it for anything other than the best rates. Either way you're gonna lose money on it though, that's just the nature of the beast.
I see where you both are coming from.This - One really shouldn't be buying a mustang if they can't put down at least 50% of the total cost. Toys are not things one should finance.
How about selling the Civic instead? Why not daily drive the Mustang? It's not like it's a Ferrari or Lamborghini.I think it could happen to any vehicle in that price range.
I'm selling mine with only 12k miles bc I just don't drive. At all anymore. I've put 250kms on it since March.
I agree with the daily driver thing - why people don't daily their Mustang I don't get (not including those that have 50 mile each way commutes, or use their car for deliveries, or hauling, or snow, etc.)? But for a 10-15 mile commute to work? Why not daily a car that you really enjoy driving? I'd feel my soul die a little bit each time if I daily drove a 10 year old Civic or Corolla, while my GT sat in the garage to drive once or twice a week. Doesn't make sense. These aren't Lamborghinis, Ford GTs, or McLarens. A Mustang GT with 50,000 miles is only worth a little less than a Mustang GT with 30,000 miles in the grand scheme of things. Drive the thing - these aren't collector cars.I see where you both are coming from.
Ice445, I'm kind of you with the daily driver situation. I use it as a daily and it's just more of a fun daily driver for me. I'm sure people find it silly too, but I've always wanted a GT and being that I'm 30 and have no children, I'm in a situation where I can splurge. It's a blast every time I drive it.
Biggus Dickus, I agree that is the financially responsible thing to do. I wont lie though, I financed mine 100%, but I have very good credit score and at 0% APR, I can pay it off in 3-4 years (just got it a few weeks ago since my original purchase was a lemon buyback). I'm not financially irresponsible and still put money away for savings monthly. I was just more in the mindset of "I'm going to enjoy this more now than 15-20 years from now". I'm aware of depreciation etc. I think it's dangerous when people finance and don't expect any of that (i.e. people who work and pretty much slave away for car payments).
Impulse control and taking control of your finances at an early age. Not doing what the majority does...was my point. Lol.If you have a couple hundred grand in the bank and 2 to 3 years of expenses covered, you either won the lotto or didn't make very many impulsive decisions that cost 20k. That kind of money comes from many years of impulse control.
And the data are that most lotto/big lawsuit settlement recipients squander it all within 2 to 3 years.
my dailies after I get my mach 1 are going to be a motorcycle (cruiser), 21 mach 1, 71 mach 1 once thats on the road, a 90s f-150 for bad weather, and my lifted 82 bronco, and Ill add a new bronco as well in a couple years. I spend over an hour a day commuting, why not do it in something that I enjoy?I agree with the daily driver thing - why people don't daily their Mustang I don't get (not including those that have 50 mile each way commutes, or use their car for deliveries, or hauling, or snow, etc.)? But for a 10-15 mile commute to work? Why not daily a car that you really enjoy driving? I'd feel my soul die a little bit each time if I daily drove a 10 year old Civic or Corolla, while my GT sat in the garage to drive once or twice a week. Doesn't make sense. These aren't Lamborghinis, Ford GTs, or McLarens. A Mustang GT with 50,000 miles is only worth a little less than a Mustang GT with 30,000 miles in the grand scheme of things. Drive the thing - these aren't collector cars.
Also, if you can get a 0% interest rate, and assuming you can either a) easily afford the payment or b) write a check for the car, you're actually better off financing 100% and paying the minimum each month. Your payment actually gets smaller over time due to inflation (even if the dollar amount doesn't change), and you can make money on the money you would have used to buy the car outright, assuming you invest the money you would have put toward buying the car outright. I know, Dave Ramsey wouldn't agree because his advice is based for people that aren't fiscally responsible, aka the "average American". But technically, if you do it smartly, you'd come out ahead this way, assuming you invest the lump sum of money safely.
I wrote a check for my wife's Volvo XC90 a couple of years ago because I didn't want a car payment. But, I also wasn't getting an interest rate that was 0%, so it made financial sense to just write a check for it.
The funny thing is I thought "Dave Ramsey would hate me right now" as I signed the paperwork lol. Yeah, the payment is affordable. I've never missed a car payment in my life so I'm not worrying about it. They let me do 60 months as well, so it was a solid deal. I didn't want to go for the 72 or 84 months as those are the most common terms seen with the 0% APR deals (even with no interest, I just don't want to be paying on a vehicle for that long, and the negative equity would really really suck).Also, if you can get a 0% interest rate, and assuming you can either a) easily afford the payment or b) write a check for the car, you're actually better off financing 100% and paying the minimum each month. Your payment actually gets smaller over time due to inflation (even if the dollar amount doesn't change), and you can make money on the money you would have used to buy the car outright, assuming you invest the money you would have put toward buying the car outright. I know, Dave Ramsey wouldn't agree because his advice is based for people that aren't fiscally responsible, aka the "average American". But technically, if you do it smartly, you'd come out ahead this way, assuming you invest the lump sum of money safely.
I think most people (at least I'm hoping most people lol) are aware that it's either 0% APR or the cash incentives. It's typically one or the other. My recent purchase was a buyback though. There were no deals or incentives allowed, just straight MSRP swap and I financed the amount from the swap. So my 0% APR had nothing to do with deals or trying to get the price lower as that was not allowed with the buyback.One thing to remember (at least up here) is that Ford low interest rates are baloney as you get another discount if paying cash. That means that when you finance at a low rate you are buying the rate down yourself. I believe it was around a $1750 discount.