Sponsored

Selling car after driving it home?

Sabre

Well-Known Member
Joined
Mar 26, 2013
Threads
11
Messages
371
Reaction score
294
Location
Iowa
First Name
Dave
Vehicle(s)
Iconic Silver 2023 Mach 1 with Handling Package
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
Sponsored

 

Balr14

Well-Known Member
Joined
Jul 31, 2019
Threads
30
Messages
2,509
Reaction score
2,307
Location
SE Wisconsin
First Name
John
Vehicle(s)
BMW Z4 M40i
I have bought a few cars I initially thought were great, but turned out that I didn't like them very much and didn't drive them. You might as well sell them and cut your loses. Otherwise, you are just wasting money on insurance and depreciation. I always buy used to avoid the huge initial depreciation hit, which helps a lot.
 

thill444

Well-Known Member
Joined
Jan 16, 2018
Threads
5
Messages
994
Reaction score
837
Location
New England
Vehicle(s)
20 SS1LE (sold 18 GT350)
Happened to me once.. Got the car home and knew I made the wrong decision. Dealer had a 30 day return policy (under so many miles) and I literally went back the next day and got into another car they had that I liked much better.

In my case it was the opposite of most. I picked selected a cheaper more practical car and had instant regret and got a more sporty car with a manual that cost more and was not as practical :)

Dealer was actually happy as I spent more money.
 

Mustang_Lou

Well-Known Member
Joined
May 1, 2016
Threads
13
Messages
1,817
Reaction score
773
Location
Toronto, Canada
Vehicle(s)
2020 Mustang Bullitt
I swear that the dealership I bought my Bullitt from said I had a cooling off period on the car if I wanted to return it. We do have such a cooling-off clause up here built into our consumer protection act but it does not apply to cars (does to door-to-door sales, time-shares, gym membership, that type of thing).
 

Matti777

Well-Known Member
Joined
Jun 5, 2020
Threads
20
Messages
388
Reaction score
197
Location
Edmonton
First Name
Matthew
Vehicle(s)
2020 Mustang GT
Buyers remorse is common with everything. I had it after driving my '20 Mustang GT home recently. I didn't borrow any money so payments weren't an issue but I still wasn't 100% sure after months of shopping whether this was the right car for me or if it was a sensible thing to do in these times. I certainly got a good deal on it. I'm enjoying the car as much as I can considering there is no where to drive these days but it needs some mods to be a really good car IMHO. Then I'm wondering if I took the money for mods and bought something (albeit used) in a higher price bracket perhaps that would have been a better decision. I'll probably own it a couple of years and move on anyway but we'll see. Then there is the question as to how to use a car with 460hp on the street in a sensible fashion. A GT350 would be a bigger predicament. :)
 

Sponsored

Sigma6

Well-Known Member
Joined
Sep 13, 2019
Threads
15
Messages
523
Reaction score
321
Location
NC
First Name
Jay
Vehicle(s)
02’ 360, 06’ GT, 11’ GT500, 15’ 911, 17’ 350
Impulse buying occurs easier the more toys you got. Also the more toys you have the less it seems any of them are taken out. I never understood when I was young how guys have the cool rides but hardly drive them, I get it now.
 

Avispa

Well-Known Member
Joined
Dec 5, 2019
Threads
13
Messages
651
Reaction score
432
Location
Oldsmar, FL
First Name
Richard
Vehicle(s)
2016 Mustang GT/CS convertible
I don't get it either. I looked for a year for the '16. It had about 37k miles on it, but it had a VMP 2.3 and Magna Flow exhaust already installed and tuned. Cost of the car was about what a plain old GT would have cost. Well worth the wait. They'll probably bury me before I buy a new car, let alone dump one after a few miles.

My first Stang was an 89 LX 5.0 convertible, dang near new. Got a deal and a half on that one. Story was the original owner got rid of it bc his golf clubs wouldn't fit in the trunk.
 

damships

Well-Known Member
Joined
Aug 18, 2019
Threads
10
Messages
116
Reaction score
32
Location
Nevada
First Name
Gabe
Vehicle(s)
2020 Mustang GT A10 PP1 (Rapid Red)
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.
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.
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).

As for what the OP mentioned, I think most of the time it's an impulse/emotional purchase. The new car smell, the Shelby logo, the power when test-driving it or hearing it turn on. It's completely emotional and we rationalize the purchase when signing off the paperwork. But I think once you leave the lot and get it home and look at the numbers (whether cash pay or finance), people get worried and decide to sell it. It's good that they bite the bullet instead of waiting for further depreciation lol. The population that does this is either in one of the following categories A) in a mid-life crisis or B) older, retired and looking for a good time or C) young adults who barely have started their lives and don't even know what they're getting themselves into.
 

Idaho2018GTPremium

Well-Known Member
Joined
Nov 20, 2018
Threads
20
Messages
1,506
Reaction score
1,312
Location
Idaho
Vehicle(s)
2021 Camaro ZL1 A10
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.
How about selling the Civic instead? Why not daily drive the Mustang? It's not like it's a Ferrari or Lamborghini.
 

Idaho2018GTPremium

Well-Known Member
Joined
Nov 20, 2018
Threads
20
Messages
1,506
Reaction score
1,312
Location
Idaho
Vehicle(s)
2021 Camaro ZL1 A10
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).
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.
 

Sponsored

IrishStallion

Well-Known Member
Joined
May 11, 2020
Threads
4
Messages
722
Reaction score
393
Location
Missouri
Vehicle(s)
18 gt mustang
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.
Impulse control and taking control of your finances at an early age. Not doing what the majority does...was my point. Lol.
 
Last edited:

Jimmy Dean

Well-Known Member
Joined
Jul 26, 2019
Threads
30
Messages
2,029
Reaction score
2,411
Location
Baton Rouge
First Name
Al
Vehicle(s)
71 mach 1, 82 Bronco, 86 Bronco (dd),
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.
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?
 

damships

Well-Known Member
Joined
Aug 18, 2019
Threads
10
Messages
116
Reaction score
32
Location
Nevada
First Name
Gabe
Vehicle(s)
2020 Mustang GT A10 PP1 (Rapid Red)
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.
The funny thing is I thought "Dave Ramsey would hate me right now" as I signed the paperwork :giggle: 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).
 

Matti777

Well-Known Member
Joined
Jun 5, 2020
Threads
20
Messages
388
Reaction score
197
Location
Edmonton
First Name
Matthew
Vehicle(s)
2020 Mustang GT
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.
 

damships

Well-Known Member
Joined
Aug 18, 2019
Threads
10
Messages
116
Reaction score
32
Location
Nevada
First Name
Gabe
Vehicle(s)
2020 Mustang GT A10 PP1 (Rapid Red)
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.
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.
Sponsored

 
 




Top