Trading for a GT?

IrishStallion

Well-Known Member
Joined
May 11, 2020
Messages
708
Reaction score
379
Location
Missouri
Vehicle(s)
18 gt mustang
Are we really going to pretend we care about this 24 year olds dilemma....??? Ph off.





Advertisement

 

Zelek

Well-Known Member
Joined
Feb 11, 2016
Messages
3,025
Reaction score
1,721
Location
Austin, TX
First Name
Matt
Vehicle(s)
2017 Mustang GT Premium PP, 2018 Honda Accord Touring 2.0T
this begs the questions of why in the world go to college when you were able to afford 5 cars between 50-75k while you were in college....
+1 on What work did you do in college to get a 1200 a month approval?
Seriously, I was broke AF when I graduated college. There's some missing pieces here and with a $1200 a month payment, I'd say there was no down payment at all. Wondering what bank thought that was a great idea?

Giving financial advice to a 24 year old won't work anyway. I know how I was at that age. Give it 6 years.
 

Ebm

Well-Known Member
Joined
Nov 21, 2016
Messages
2,883
Reaction score
1,130
Location
North Carolina
First Name
Guy
Vehicle(s)
'14 GT
Seriously, I was broke AF when I graduated college. There's some missing pieces here and with a $1200 a month payment, I'd say there was no down payment at all. Wondering what bank thought that was a great idea?

Giving financial advice to a 24 year old won't work anyway. I know how I was at that age. Give it 6 years.
I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
 

Cobra Jet

Well-Known Member
Joined
Feb 12, 2015
Messages
7,329
Reaction score
5,345
Location
NJ
Vehicle(s)
2018 EB Prem. w/PP and 94 Mustang Cobra
Well, I have reached a point again where I am looking to get rid of another car. I don’t have many complaints about my GT350. But the time has come where I’ve been heavily thinking of getting a 19-20 GT with the 10 speed and also the digital dash. I’ve done some mods to my other cars I’ve had(hellcat, scat pack, gt500, gen 2 raptor, and some to my gt350). But lately I just really wanna go fully built race car but also daily drive, and I know twin turbos on the new mustangs with the auto are just rockets. I just feel like I can’t get what I am actually looking for out of turboing my 350. And also the 5.0 platform seems to be extremely easy to build off of.
Honestly I just need someone to tell me to do it. GF doesn’t want me to spend the money but I guess the luxury of being 24 is I don’t really have to care about that opinion.
My Gt350 has about 25k miles on it
Also it would be nicer to have a lower payment. I bought mine brand new and dealers were charging markup for them. About $1,200 month +$220 for insurance
Am I reading that correctly?? $1,200.00 per month for the car payment with an additional $220.00 on top just for insurance?

Did you pay MSRP+ADM for the car with nothing down? No offense, but I thought GT500’s were insanely high for MSRP (depending on options chosen), but a GT350 @ $1,200 per mo?

To trade it in for a GT would only make financial sense IF you have equity in the GT350 for the trade (or private sale) AND get a good deal on the GT’s pricing. Otherwise if you’re on the negative side of equity in the GT350, it’s not going to help if trading it in...

You’re young and have plenty of time to do whatever you want - but don’t bury yourself in debt over a car...
 

Louk

Well-Known Member
Joined
Nov 26, 2018
Messages
400
Reaction score
216
Location
America
First Name
Lou
Vehicle(s)
2019 Bullitt, 2017 Raptor
I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
Or none of the cars exist except in a video game. Lol
 

Zelek

Well-Known Member
Joined
Feb 11, 2016
Messages
3,025
Reaction score
1,721
Location
Austin, TX
First Name
Matt
Vehicle(s)
2017 Mustang GT Premium PP, 2018 Honda Accord Touring 2.0T
Am I reading that correctly?? $1,200.00 per month for the car payment with an additional $220.00 on top just for insurance?

Did you pay MSRP+ADM for the car with nothing down? No offense, but I thought GT500’s were insanely high for MSRP (depending on options chosen), but a GT350 @ $1,200 per mo?

To trade it in for a GT would only make financial sense IF you have equity in the GT350 for the trade (or private sale) AND get a good deal on the GT’s pricing. Otherwise if you’re on the negative side of equity in the GT350, it’s not going to help if trading it in...

You’re young and have plenty of time to do whatever you want - but don’t bury yourself in debt over a car...
I was pretty excited for the Mach 1 too till I got sticker shocked. One of the great things about the regular Mustang GT's was the price/performance ratio. I feel like the price is getting out of control. Even my fiancé said, "I would never pay $50,000 for a FORD". That says a lot for a non car person.

25 year old me would have tried to finance the whole car and eat that $700+ a month payment. Today, I better have equity in my current car or at least $30k down to put on that car for me to consider it. Same way I am with credit cards now. If I have to put it on a credit card, I can't afford it.
 
OP

BoostCreep

Member
Joined
Jan 7, 2021
Messages
5
Reaction score
11
Location
USA
Vehicle(s)
2017 GT350
  • Thread starter
  • Thread Starter
  • #23
Or none of the cars exist except in a video game. Lol
Pop on over to my ig😴🥱

I was as well.

There's definitely some BS going on here. I'm going to be that guy and say the kid has a rich daddy or an idiot that was a cosigner on the car note. A 24 year old paying over $1400 a month just for his car? LMAO!
Ahhh the sour people who just can’t be glad there’s a “millennial” who isn’t lazy. Rich daddy? Would’ve been nice. Raised working/middle class. I’ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Don’t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didn’t attend a single college party and instead worked and researched. There’s now a difference between me and you, I don’t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didn’t come here to beef with someone on the internet like little middle schoolers. I came here for information
 

AlmostFamous

Well-Known Member
Joined
Oct 12, 2016
Messages
539
Reaction score
261
Location
Austin
Vehicle(s)
2016 Mustang GT
yikes. why not go Fox body or 197 and start with a much cheaper entry point? There's gotta be plenty of people ahead of you on putting the A10 in a S197.
all other questions aside...call Lebanon and trade your 350 in on one of their $42k GTs that comes supercharged with a warranty!

https://www.lebanonfordperformance.com/2020-supercharged-mustang-for-42495/
The first two options that came to mind for me if you’re just looking for a 1/4 mile monster.
 

Louk

Well-Known Member
Joined
Nov 26, 2018
Messages
400
Reaction score
216
Location
America
First Name
Lou
Vehicle(s)
2019 Bullitt, 2017 Raptor
Pop on over to my ig😴🥱



Ahhh the sour people who just can’t be glad there’s a “millennial” who isn’t lazy. Rich daddy? Would’ve been nice. Raised working/middle class. I’ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Don’t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didn’t attend a single college party and instead worked and researched. There’s now a difference between me and you, I don’t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didn’t come here to beef with someone on the internet like little middle schoolers. I came here for information

being a "not lazy millennial" has nothing to do with it... its simple math.
how did you afford 5 cars with a price between 50-75k all while in college? even burying yourself in a 1200 car payment besides the point. A bank wont loan you that money unless 1 of two things you have a job with an income high enough to give let you take a loan or you have a really really good cosigner and a decent job.

If you had such a large amount of money and are so smart with your money why do you currently have a 1200 car payment... just saying man dont make these claims and expect not a single person to question it.

plenty of kids come on forums like this to talk about cars and act like they are millionaires.
 
  • Like
Reactions: Ebm

cmxPPL219

Well-Known Member
Joined
Feb 7, 2019
Messages
353
Reaction score
274
Location
Toronto, Canada
First Name
Eric
Vehicle(s)
2019 Mustang GT PP2
Until proven otherwise, folks shouldn't assume or jump to conclusions. There is a lot one will not know, based on a simple post. Happens all the time on the forums, lots of folks making assumptions.

OP - assuming you are really not just BSing, I congratulate you on your discipline and determination. I'm in my early 30s, and I know quite a handful of people that are closer to your age range, and are self-made, and frankly, have more $ to spend than what it takes to buy a new GT350. Keep it up and all the best.
 

shogun32

Well-Known Member
Joined
Feb 8, 2019
Messages
7,217
Reaction score
4,100
Location
Northern VA
First Name
Matt
Vehicle(s)
2019 GT+PP, SS+1LE, 2020 F150
Vehicle Showcase
2
are so smart with your money why do you currently have a 1200 car payment
my payment was 980/mo. 0.9% at 36mo on a 35K GT/PP1. A 5 or 6 year on a car costing 2x would reasonably net to $1200/mo.

A 60mo at 4.9% on 62,000 is $1200/mo

I'm not seeing the problem on that front. He was just renting the car for a year or so, so what? On a low-enough interest rate why sink a ton of equity in a horribly depreciating asset when long-term ownership was probably not in the cards?

30grand in the stock market netted him a TON more money in the course of the past year than putting it in losing bet that is fancy painted sheet metal.
 

IrishStallion

Well-Known Member
Joined
May 11, 2020
Messages
708
Reaction score
379
Location
Missouri
Vehicle(s)
18 gt mustang
Damn, the kid was talking about his Forza game.... lol.
 

80FoxCoupe

Well-Known Member
Joined
Mar 28, 2018
Messages
2,430
Reaction score
1,746
Location
Cincy, OH
Vehicle(s)
16 GT, 80 Fox
Pop on over to my ig😴🥱



Ahhh the sour people who just can’t be glad there’s a “millennial” who isn’t lazy. Rich daddy? Would’ve been nice. Raised working/middle class. I’ve worked multiple jobs and in turn took that money and invested a large amount of my money in both the stock market and real estate. Don’t hate on me because I understand how to make money in addition to working a regular job. Please understand your talking to a 24 year old kid who didn’t attend a single college party and instead worked and researched. There’s now a difference between me and you, I don’t get sour when I see other people who are doing better then me. That just motivates me to do and make more.

I didn’t come here to beef with someone on the internet like little middle schoolers. I came here for information
If the gt drag setup is what you want to do, go for it! Look into buying a car with TT already installed, no wait on a kit and save some cash.
 

AlmostFamous

Well-Known Member
Joined
Oct 12, 2016
Messages
539
Reaction score
261
Location
Austin
Vehicle(s)
2016 Mustang GT
25 year old me would have tried to finance the whole car and eat that $700+ a month payment. Today, I better have equity in my current car or at least $30k down to put on that car for me to consider it.
It depends on the interest rate you’re offered. If the interest rate you’re offered is close to zero such as 1.49% APR and you’re the type that invests your money (Stock market, personal business, etc), it’s wiser to give a low down payment unless you don’t think you can beat 1.49% APR.
 

Advertisement





 
213 - Auto Mafia Racing


Advertisement
Top