Should I trade my 2015 F150 for a GT???

[Justpassingas]

First time Mustang owner....I bought my wife a 2015 EB Premium for a Xmas present back in Dec 2014...We absolutely love this car but I don't get to drive it much...8 months later my 99F150 needed some major repairs and not worth sinking any money into so I took a 401k loan out and paid cash for a new XL2WD F150....I've always had a truck...So I bring my truck in for first oil change last week and talk to salesman about trading in the EB for a GT but because I was upside down on the trade-in for the wifes car I would be even more upside down trading it in....car payment in the stratosphere so that idea is out the window...Then I get to thinking that I don't really use/need the truck so why not trade the truck in with title in hand which wouldn't be as a big hit as the EB, ...then take another $20k 401k loan and pay cash again to order a 2016 or 2017 GT to my liking....This way I have weekly payroll deductions(which is more affordable) without having 2 monthly car payments...Am I crazy for thinking like this???...Financially I know its not a good business decision but I've always lived for today and not this wish I should of,would of thing.....And is there anybody out there with HIS & HER Mustangs???...Opinions welcomed and somebody PLEASE talk me out of this crazy idea....

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[v8ter]

I have both,a F150 2014 tremor 3.5 Eco boost, that has plenty of power, and my Mustang Gt, I thought Id use the truck for daily driving,and the mustang as weekend car, but so far got 15,000 on the mustang ,got it since Nov/2014 and 6700 on the truck , got thet since aug/2014 and thats because I need the truck for loads, but I enjoy driving the car so much more and it has become my daily driver , so are you crazy you want to to that, not at all in my opinion


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[wazslow]

Taking out a loan against your 40k to buy a car that you don't need is completely insane. You did it once, and want to do it again? Good luck.

 

[Jbenso127]

Finance part I will not comment, as that's personal and everybody handles things differently.

BUT, I have had trucks for the past 10 years... I purchased a new 2014 f150 fx4 middle of last year... Got fed up with having a truck and wanted something a little more fun to drive, now that I'm not on the road anymore.

Purchased truck in June, put 5k miles on it, made the decision to trade it for a mustang.. Found one I liked, purchased it in September and haven't looked back since. I couldn't be happier with my decision.

As for the HIS & HERS, I am about to do that as well, as soon as the 2017 MY comes out and some get on the road. Probably pick one up for the Mrs. later this year when the warranty is up, on our Fusion, and trade it in.

Good luck!


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[Justpassingas]

Taking out a loan against your 40k to buy a car that you don't need is completely insane. You did it once, and want to do it again? Good luck.

Your absolutely right.... I totally agree its insane BUT I live for today and I still need transportation wether a car or truck...I'll be paying myself back PLUS I'm still contributing to my 401k with company match...I have a good paying job and wont be retiring for at least another 10 years....

 

[Ultrakla$$ic]

I'd keep the truck and take a beating on the EB for a GT.

 

[Chameleon]

First time Mustang owner....I bought my wife a 2015 EB Premium for a Xmas present back in Dec 2014...We absolutely love this car but I don't get to drive it much...8 months later my 99F150 needed some major repairs and not worth sinking any money into so I took a 401k loan out and paid cash for a new XL2WD F150....I've always had a truck...So I bring my truck in for first oil change last week and talk to salesman about trading in the EB for a GT but because I was upside down on the trade-in for the wifes car I would be even more upside down trading it in....car payment in the stratosphere so that idea is out the window...Then I get to thinking that I don't really use/need the truck so why not trade the truck in with title in hand which wouldn't be as a big hit as the EB, ...then take another $20k 401k loan and pay cash again to order a 2016 or 2017 GT to my liking....This way I have weekly payroll deductions(which is more affordable) without having 2 monthly car payments...Am I crazy for thinking like this???...Financially I know its not a good business decision but I've always lived for today and not this wish I should of,would of thing.....And is there anybody out there with HIS & HER Mustangs???...Opinions welcomed and somebody PLEASE talk me out of this crazy idea....

I would skip this idea altogether. You end up paying more in the long run for the initial hit plus the new finance charges throughout the new loan.

 

[4 ROUSH]

I would skip this idea altogether. You end up paying more in the long run for the initial hit plus the new finance charges throughout the new loan.

Plus 1...........

 

[Fripp64]

Personally I'd say if it's what you want...do it.
I've done several 401k loans over my 25 year career. No biggie.

My only caution is the following... I did have a small 401k loan with my last company and I left when I was recruited away to another company. If you leave you have to settle up on the loan you have once you're no longer an employee. So, if there is a chance you may leave or they may let you go before you pay it back I'd be careful.

Good luck with your decision.

J

 

[Ultrakla$$ic]

Trade the wife AND EB for a GT!

 

[Long Run Nick]

I would skip this idea altogether. You end up paying more in the long run for the initial hit plus the new finance charges throughout the new loan.

Agree. Taking money out of 401k and getting hit with a tax penalty, if you aren't of age is not the wisest move. Actually grabbing retirement money early, unless it is a medical emergency is not a prudent move. Investing in quickly depreciating things like vehicles- with retirement money becomes a double loss.
A thought for anybody reading my post: Smart people don't need advice, dumb people never need it.

 

[69mach1-395]

I have a good paying job and wont be retiring for at least another 10 years....

Haha...not at the rate you are going. Reminds me of that childhood story about the ants and the grasshopper. Only the ants aren't going to bail you out and neither are we.:cheers:

 

[Fripp64]

Long Run...his employer offers a loan against his 401k so there is no tax penalty. He's not pulling money out. The drawback is that money is not sitting there invested and earning interest for his retirement. My employer allowed loans up to $50k against our 401k and we could select a variety of options on how we wanted to pay it back. If you have a substantial 401k I never worried about taking out small loans of $5-$20k and paying myself back at a low interest rate (with no penalty if I paid off early with an annual bonus or tax return).
It's not a bad option for certain folks.

my 2 cents

 

[Long Run Nick]

Long Run...his employer offers a loan against his 401k so there is no tax penalty. He's not pulling money out. The drawback is that money is not sitting there invested and earning interest for his retirement. My employer allowed loans up to $50k against our 401k and we could select a variety of options on how we wanted to pay it back. If you have a substantial 401k I never worried about taking out small loans of $5-$20k and paying myself back at a low interest rate (with no penalty if I paid off early with an annual bonus or tax return).
It's not a bad option for certain folks.

my 2 cents

Gotcha. Thanks. Curious why he didn't do that with EB for his wife. Like folks often say on these threads, it comes down to the guy/gal and their value system. Sadly, a lot of folks suffer from immediate gratification of wants.

 

[RegDir]

Your absolutely right.... I totally agree its insane BUT I live for today and I still need transportation wether a car or truck...I'll be paying myself back PLUS I'm still contributing to my 401k with company match...I have a good paying job and wont be retiring for at least another 10 years....

Go get a bank loan for 2% and stop throwing money away.

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