Things to know before buying my EcoBoost Mustang

[GoranRC]

Hey There Mustang6G Forum!

I'm 17 years of age, and I'm hoping to get me a 2018 Performance Package Ecoboost Mustang in about 4-5 months from now.

I'm in love with cars... my brother had a 350z as his first car and then moved onto owning a mustang... I fell in love with it!

I'm working 3 Jobs, and make about $2.4k a month through everything I make. - I'm saving up to $9-10 thousand that I'll drop on Downpayment for the car, and then purchase around 2018.

I'm not planning to upgrade it's Engine performance at all.. I think the car's powerful enough for me, and I'm not getting the car to be an incredible racer... just to enjoy as a daily driver.
THOUGH I am going to spend a good amount of money of exterior. All kinds of lighting, LED's, spoilers, body-parts, tint, lips, side bumpers, I'm going to slam my windows, I am going to vinyl wrap it, everything to make it look beautiful!

Anything to remember? Anything to keep in mind? Anything to know, think about, avoid, etcetera?

Just kind of crash-course me through important things for me, haha!

Thank you guys,
I appreciate all the help,

Goran

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[bluebeastsrt]

At 17 my advice is don’t bother doing anything to the car. You’ll likely wreck and total it in the first year of ownership. I totaled my first car. Both of my kids did the same. The odds are not in your favor. And insurance doesn’t cover any of the cosmetic stuff you just rattled off. Good luck and I hope I’m wrong.

 

[ForYourOwnGood]

Price out insurance before you get too trigger happy.

To be honest at 17 you don't really need a car payment. I would take that money you saved and buy something with cash but that's just me.

 

[FruityJudy]

Figure out a way to get your parents or someone else to sign with you so you get lower interest rate on the car and then if you can't pay for it or don't want it anymore you can let them worry about it and you wont be stuck with something you really thought you wanted but ended up not. I mean this is how most kids work these days.

In all seriousness, if you are willing to do it go for it. Do a loan calculator with the interest rate and see if the down payment size drops the overall amount significantly enough or if you should pay 7k rather than 10k down and sit the other 3k in an account as an emergency situation so that you have 6 months of payments because you never know when life situations may happen. You may be in between jobs, medical issue, etc.

 

[wproctor411]

Start an IRA with a reputable investor, max it out this fall and then at the beginning of 2020, add $1000 a year and hope for 9% or better annual return, from 17 to 67 you’ll end up with almost $2million if your returns average 9%. Historically it’s about 12%. Your so far ahead if you do. Live debt free don’t fall into the everyone has debt and payments trap.

Simple tool.
https://www.bankrate.com/calculators/retirement/roth-ira-plan-calculator.aspx

 

[EthanHar]

Start using these quality probiotics and an IRA with a reputable investor, max it out this fall and then at the beginning of 2020, add $1000 a year and hope for 9% or better annual return, from 17 to 67 you’ll end up with almost $2million if your returns average 9%. Historically it’s about 12%. Your so far ahead if you do. Live debt free don’t fall into the everyone has debt and payments trap.

I was in a similar situation like you when I was buying my first car. I totalled it by tinkering with it too much, like Bluebeastsrt said. I say do it and learn from your mistakes if you have to. Don't spend too much money though.

 

[wproctor411]

Another investment might be a beater truck and some tools so you won’t have to work three jobs. A guy with tools and a truck can find work that pays well. I graduated high school in 97’ and was already making $40K after starting an insulation company which I sold and then bought some decent mowing equipment to do commercial lawn mowing while in college. Working for yourself or your own company can be very rewarding. You already have good work ethic if your burning through 3 jobs.

 

[petraman]

Jesus Christ, he asked for car advice, not life advice...

I do agree with insurance quotes... Especially in California, that could easily break your dream of owning a Mustang. Other than that, with your income (especially in California), perhaps a lease would be a better option for you. Just keep in mind that, if you do end up adding cosmetic modifications, you'll need to return it to stock. I've seen some great lease deals on Ecoboosts, though. Make sure that you have a co-signer, or else your interest payments will be through the roof.

What were you most concerned about?

 

[bnightstar]

Ask yourself is an high maintenance car like the Mustang is worth it if you are working 3 jobs. I'm 32 and it took me 2 years to save enough to buy a Mustang GT so I know how someone could want something so bad. But you will probably be way better of just buying something with cash and not worry about it like a used Toyota or Honda or something. It's your first car you will probably total it anyway I know I totalled my first car which was a beater Honda Concerto. So just get something that is easy to drive and wont kill you in the 3 to 5000$ range and invest the other 5000$ into index fund.

 

[YoloBathsalts]

lol I know you guys are trying to help but god damn let the kid live a little he seems responsible. answer the kids question. If hes working three jobs to buy a dream car hes clearly going to do it anyway.

I had a 16 ecoboost so i'll help as much as possible. The car is plenty fast, do not void your warranty. Do not get a stupid pedalmax, do not get a "chip tuner" (boost chip). The paint on these cars can chip easy maybe get a clear coat bra for the front end. Remove the liner under the hood so you can hear the re-circulating valve on lift off, it'll make it sound much cooler. Also change it to a BOV for that sweet blow off noise. other than that, make your payments on time and love the car. I loved my ecoboost. It was plenty quick, fun to drive, had better weight distribution than my current GT, it looks stunning from every angle. Dont tune it, they monitor key turns so you cant just slap the stock tune back on and pretend it never happened. Idk AMA.

 

[Scott18Mustang]

Hey There Mustang6G Forum!

I'm 17 years of age, and I'm hoping to get me a 2018 Performance Package Ecoboost Mustang in about 4-5 months from now.

I'm in love with cars... my brother had a 350z as his first car and then moved onto owning a mustang... I fell in love with it!

I'm working 3 Jobs, and make about $2.4k a month through everything I make. - I'm saving up to $9-10 thousand that I'll drop on Downpayment for the car, and then purchase around 2018.

I'm not planning to upgrade it's Engine performance at all.. I think the car's powerful enough for me, and I'm not getting the car to be an incredible racer... just to enjoy as a daily driver.
THOUGH I am going to spend a good amount of money of exterior. All kinds of lighting, LED's, spoilers, body-parts, tint, lips, side bumpers, I'm going to slam my windows, I am going to vinyl wrap it, everything to make it look beautiful!

Anything to remember? Anything to keep in mind? Anything to know, think about, avoid, etcetera?

Just kind of crash-course me through important things for me, haha!

Thank you guys,
I appreciate all the help,

Goran

I have a 2018 with the performance pack. I have done a lot of mods to mine and still going. If you are going to stay away from basic bolt on mods for power that is good but have a Catch Can installed.... This is a must for a longer living motor. I went with the Mishimoto. I check it and empty it every 1000 miles. If you are not familiar with American Muscle check them out. Good Luck!

 

[Zelek]

Get a GT, don't be a bitch.

Sorry, that's the generation I grew up in.

 

[Scott18Mustang]

Get a GT, don't be a bitch.

Sorry, that's the generation I grew up in.

Zelek, I'm 48 years old and telling a kid to buy a GT is not practical. Yes I have had a lot of big V 8's over my life time including the car when i was 17 was a 1971 Mach 1 with a 429 Cobra Jet. I currently have a 18 Ecoboost and its faster than a lot of V8's now and when I'm finished with it, it will be even faster.. Upgrading the internals next with a larger Turbo and many more mods to go. Not sure how old you are but don't be a dick and tell a 17 year old kid to get too much power so he can go kill himself.

 

[DuRsT]

Kind of impressive. Finding someone that is actually passionate about something and willing to work for it in today's younger generation(s) is increasingly rare, so good on you for that.

I've never owned an EcoBoost, but I've owned lots of Mustangs over the years, and way too many cars in general. I could likely be far richer if I had bought less cars or car parts.

Couple of things:
If you can save $10k, buy a car with cash. Payments suck at any age, but they really suck at your age. Starting out with a paid off car means you can drop whatever you want on aesthetics on a monthly basis.
When thinking about the payment, don't just think about right this second. You're making that much now that its summer, how will it look when you're in school? What about when you graduate? Are you going to college? How will you work? All things to be considered. If you don't have clear line of sight to pay the payment for the next 5 years you're far better off to just buy one with cash.
I know you didn't ask about this, but @wproctor411 gave you some real gold there. When it comes to money, there is no greater tool than time as it cannot be replaced. Start now young man, and you'll be able to retire early.

Best of luck!

 

[IronG]

Hey There Mustang6G Forum!

I'm 17 years of age, and I'm hoping to get me a 2018 Performance Package Ecoboost Mustang in about 4-5 months from now.

I'm in love with cars... my brother had a 350z as his first car and then moved onto owning a mustang... I fell in love with it!

I'm working 3 Jobs, and make about $2.4k a month through everything I make. - I'm saving up to $9-10 thousand that I'll drop on Downpayment for the car, and then purchase around 2018.

I'm not planning to upgrade it's Engine performance at all.. I think the car's powerful enough for me, and I'm not getting the car to be an incredible racer... just to enjoy as a daily driver.
THOUGH I am going to spend a good amount of money of exterior. All kinds of lighting, LED's, spoilers, body-parts, tint, lips, side bumpers, I'm going to slam my windows, I am going to vinyl wrap it, everything to make it look beautiful!

Anything to remember? Anything to keep in mind? Anything to know, think about, avoid, etcetera?

Just kind of crash-course me through important things for me, haha!

Thank you guys,
I appreciate all the help,

Goran

Happy birthday btw. Seems between Saturday and today you turned 17. Only comment is I hope HS and college (if you go) don't get in the way of you paying for your car. Good Luck!

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