Should I pull the trigger?

[Macfarland]

So that means you'll have nothing down and $30K+ car loan? It's really up to you. I can't stand car payments/debt personally, so I would never do it.

I have $3K to put down.

Sponsored

 

[113]

Honestly man, I'd wait.

The S550 is awesome. It was a huge upgrade to go from my 2009 to 2016, but at this point the S550 is at it's mid-cycle, so I would actually just wait it out a few more years. Pay off your S197, improve your credit score, and save up more money for a huge downpayment on an S650 when that's unveiled.

 

[Lost]

30K is too much for a 16 w/10K miles.
$27,782 ($557/month)*Fair Purchase Price-48$26,135 - $29,428-50.8Fair Market Range

 

[jbuck]

Which puts it right in line if they are giving an extra 2k on the trade. It's just a game. The deal is probably fair. Another dealer might give you 10k on the trade and sell the "new" car for 28k. Which still leaves you at 30k otd before ttl

 

[Macfarland]

What about buying out of state? I found a 2015 Magnetic premium GT/PP with 16k miles for $27,996!! And that's without negotiating!!

 

[GT-SV]

What about buying out of state? I found a 2015 Magnetic premium GT/PP with 16k miles for $27,996!! And that's without negotiating!!

More trouble than its worth when considering time/travel/airfare/transport costs/CA out of state DMV fees and smog certification, especially for a vehicle of unknown quality. Plenty of desirable selection in CA, avoiding out of state cars where salt is used

 

[NoVaGT]

Just wait until Ford is offering 0% on the 2018s, and put some money together for a down payment.

 

[jtmat]

Lowest apr I found through credit union was 2.48. I can’t get that because my credit is not stellar. I was looking on auto trader all of SoCal and at $30k it’s very competitive.
Thanks for the replies.

Credit not stellar? That is a surprise!

All jokes aside, I'm glad there is so much great financial advice given to you already... seems you have ignored them.

Sounds like your mind is made up... you want out of your current car.

I say sell your mustang and get a used Honda accord for 5 to 7 thousand and work on getting your credit up and savings. Couple of years, you will be good.

If that does not sound good, keep your current car and pay it off.. keep it for a while.

If that does not sound good, go further into debt...

Either sounds great... it is your life. Not everyone can have a 800+ credit score. If that were to happen, 800+ would be meaningless.

 

[Macfarland]

Credit not stellar? That is a surprise!

All jokes aside, I'm glad there is so much great financial advice given to you already... seems you have ignored them.

Sounds like your mind is made up... you want out of your current car.

I say sell your mustang and get a used Honda accord for 5 to 7 thousand and work on getting your credit up and savings. Couple of years, you will be good.

If that does not sound good, keep your current car and pay it off.. keep it for a while.

If that does not sound good, go further into debt...

Either sounds great... it is your life. Not everyone can have a 800+ credit score. If that were to happen, 800+ would be meaningless.

Any score above 700 is pretty good. I’m almost there. I have brought down my credit card debt significantly.

 

[Macfarland]

Just wait until Ford is offering 0% on the 2018s, and put some money together for a down payment.

I’d love the 2018, but at $49k+ the way I configured it, it’s waaay out of my budget.

 

[Macfarland]

More trouble than its worth when considering time/travel/airfare/transport costs/CA out of state DMV fees and smog certification, especially for a vehicle of unknown quality. Plenty of desirable selection in CA, avoiding out of state cars where salt is used

There’s not much selection in SoCal much less under $32k for a GT premium with PP. This 2015 is located in Houston and is at a Ford dealership. How much to transport the car from Hou?
$500?

 

[GreenS550]

I have $3K to put down.

If your heart is set on an S550, then 15-17 are basically the same car. I've purchased all my more recent Mustangs, 07,05,09,11 and the '15 I have all used. I never had an issue with any of them. I sold every one for more than I paid, but overall lost a few thousand because of the mods, which to me are entertainment.

The '07 Gt/CS had 70K when I bought, sold with 79K and did nothing to it. A stick and a blast!
The '05 had 80K on it and sold it with 89K. Auto ran flawlessly. I put 4.10s in it and it did 13 flat with summer tires.
The '09 was a Bullitt with 43K, sold with 63K after installing a Vortech 488rwhp. I actually broke even with the blower cost. Ran perfect.
The '11 had 15K on it, sold with 45K. Put a Roush on it. Stupidly put an Exedy 500 clutch in it which made in non-fun in the city. Ran perfect when I sold it. Ran 11s with street tires.
The '15 I bought had 17K on it. Might order new (I can pay cash) or put that inexpensive Livernois Magnuson on it.

In summary, if I were you I would look for a one owner with reasonable miles that was well taken care of. Maybe pay very low 20s. 40-50K miles will save a lot and if you get a cpo car you will have powertrain until 100K miles andd 12/12 when you buy. Something like this which has less than 20K miles on it. Auto, too. But I couldn't see the Auto Check. Might have had an accident.

Final word. DO NOT FALL IN LOVE WITH ANY OF THESE CARS. Just analyze features vs cost. Stay cheap. When you want to re-sell you will do good.

https://www.lakelandautomall.com/vehicle-details/used-2016-ford-mustang-gt-1FA6P8CF5G5219205

 

[GT-SV]

There’s not much selection in SoCal much less under $32k for a GT premium with PP. This 2015 is located in Houston and is at a Ford dealership. How much to transport the car from Hou?
$500?

Yes, about $600, not including DMV fees and out of state smog certification fees which are higher than for CA cars.

 

[Robertscz]

Any score above 700 is pretty good. I’m almost there. I have brought down my credit card debt significantly.

im gonna chime in here on this comment.... you say your brought down your debt? meaning your still in credit card debt?!

DO NOT DO ANYTHING UNTIL YOU PAY OF ALL OF YOUR CREDIT CARDS!!

and once you do that, if you use your cards you MUST pay them off in full every month... your going down a big deep dark hole if you carry credit card debt and it is extremely difficult to get out of... like everyone else has said, do not do this deal.... we dont know you, but in all honestly everyone is trying to help you right now...

do not carry credit card debt... that is not good debt. a mortgage is "good debt" because your building equity. my guess is your credit card APR is 25%... that is insane and your likely throwing THOUSANDS away in interest. please do yourself a favor and get your finances in order and then build a savings, THEN get the car of your dreams.

 

[abharwani]

im gonna chime in here on this comment.... you say your brought down your debt? meaning your still in credit card debt?!

DO NOT DO ANYTHING UNTIL YOU PAY OF ALL OF YOUR CREDIT CARDS!!

and once you do that, if you use your cards you MUST pay them off in full every month... your going down a big deep dark hole if you carry credit card debt and it is extremely difficult to get out of... like everyone else has said, do not do this deal.... we dont know you, but in all honestly everyone is trying to help you right now...

do not carry credit card debt... that is not good debt. a mortgage is "good debt" because your building equity. my guess is your credit card APR is 25%... that is insane and your likely throwing THOUSANDS away in interest. please do yourself a favor and get your finances in order and then build a savings, THEN get the car of your dreams.

Agreed with ^^^. These cars aren't going anywhere, get yourself in a better position financially and then enjoy all the good things that will come, especially if there's nothing wrong with your current car.

Sponsored