What do you do?

[CAL Captain]

As another poster pointed out, no shame in buying used. I bought both of my old NSXs used and had just as much fun as I would have buying new.

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[Massman]

As Spock once said, "wanting is often better than having". Rough paraphrase. After my divorce in 85 I led a financially irresponsible life drinking, partying, and chasing women despite not being close to a 6 figure salary. When refinancing my home I purchased a 95 MR2 Turbo (1 of 190 imported) which was way out of my price range. This caused me to take on a room mate which was a PITA. Finally grew up and began a couple of regular savings accounts. One for when I wanted another sporty car. Many years later I began to look at new Mustangs, but when I read about the 50th anniversary Bullitt, I knew this was the one I wanted. Fortunately I was lucky enough to get one, as in New England they are rare. Being 68 and with no dependents I took the plunge and I don't regret it for a moment. BUT be sure you account for the car payments, insurance, and any excise (property taxes) you'll incur so you don't strain your budget.

 

[Hack]

Online forums that pedestal depreciating assets are not good places to have finance conversations. Every person's situation and priorities are different but one thing I will say is don't be house broke and definitely don't be car broke.

Now let's frame things a little differently too: if you're looking for a sports car that's fun with a V8 and the price range of a new Mustang is making you tremble, you'd have to be crazy to not consider a C6 Grand Sport.

I agree that the C6 GS are worth a look as a sporty car option. I personally think the C6 Corvette is super ugly, but I know some people like them.

 

[qtrracer]

It's not "what price can I get it for". I believe the OP asked what members of the community do to afford one of these cars. "Afford" is a slippery slope which usually requires some opportunity costs. I choose to call the GT350 or GT500 a Mustang; and won't pay a ridiculous premium for one.

 

[Hack]

It's not "what price can I get it for". I believe the OP asked what members of the community do to afford one of these cars. "Afford" is a slippery slope which usually requires some opportunity costs. I choose to call the GT350 or GT500 a Mustang; and won't pay a ridiculous premium for one.

Ridiculous is in the brain of the beholder. I for one am very glad to have owned a GT350. Even though I had to replace the transmission and add a rear differential cooler, it was such an awesome car on track. And it was great as a daily as well.

And I assume most of us have the disposable income. We just bought the GT350 instead of spending the money on something else. IMO cars are a good thing to spend my money on.

 

[Lorne34]

I think it comes down to what you are comfortable with in your mind in regards to price vs value... I am in my 50's, own my own business and I am in pretty good financial shape, however I still have kids at home, some in college and don't want to be stretched too far. It has taken me a while to get to the point where spending 40-50K on a vehicle was a comfortable thing. We are talking about a want (luxury) vs a need (basic transportation).
Your debt to income ratio has to be low and your mindset has to be ok with spending this type of coin on a depreciating item.

 

[Hack]

I think it comes down to what you are comfortable with in your mind in regards to price vs value... I am in my 50's, own my own business and I am in pretty good financial shape, however I still have kids at home, some in college and don't want to be stretched too far. It has taken me a while to get to the point where spending 40-50K on a vehicle was a comfortable thing. We are talking about a want (luxury) vs a need (basic transportation).
Your debt to income ratio has to be low and your mindset has to be ok with spending this type of coin on a depreciating item.

Yeah I'm sure it makes a big difference if you have kids - no matter what age they are. I'm married, over 50 and no kids. My house is not expensive. My wife doesn't try to spend (too much) of my money as we keep our finances mostly separate.

The values of the GT350 and GT350R are higher than MSRP for many people. That fact has been obvious for years now.

 

[SVTinAR]

It's to much money for a car in a practical sense - especially considering how dealers price them. To the dealers credit (at least the better ones) Ford doesn't leave them much meat on the bone with their pricing to them. But go look at stickers on new, loaded Ford Pickups and SUVs or Chev Suburban's - it will almost seem worth the price then.

 

[Hack]

It's to much money for a car in a practical sense - especially considering how dealers price them. To the dealers credit (at least the better ones) Ford doesn't leave them much meat on the bone with their pricing to them. But go look at stickers on new, loaded Ford Pickups and SUVs or Chev Suburban's - it will almost seem worth the price then.

Agreed. Buying any new car is impractical, but especially the bigger and most popular vehicles cost a lot.

Practical is a 2-5 year old Toyota Corolla or Ford Fiesta.

 

[Nomnom]

Oh man, thanks everyone for the replies! This has been really helpful, I will try giving more information for better context and answer some other questions that some of you have asked (questions I have asked myself).

I am Active Duty Military, been in 12 years and plan on retiring at 20 or 22 years in. I am 30 years old and married, no kids, wife has student loans, I do not. Debt to income ratio right now, we're pretty good but there are some things I would like to close up before I make such a big purchase. I will be buying used to save myself from mark ups and I like most color combinations of this car so that isn't a big deal to me. Below are some (not all) of my barriers:

- I move every few years, I would be uncomfortable with letting some randoms ship a GT350
- Depending on where I move, if there is no circuit track or winding roads relatively close for me to enjoy the car, I wouldn't buy it (yet)
- This will be the spare fun car, not the daily and I am uncomfortable with leaving cars outside so a 3 car garage upgrade is required
- I have been into cars and motorsports my entire life and I think I am reaching a point in my life where I should own a grown up "real" sports car, but I could be wrong
- The wife is not 100% on board with this decision. She tells me to do what makes me happy but she cannot fathom the expense.

As of right now, my stance on this is that I still really want the car and can barely afford it right now, but it is not the right time. I will continue to lurk the forums and do research, keep up with news and updates, but unfortunately, I think it will be at least a year or two before I actually buy this car.

Thanks again to everyone who took the time to post here. I have spent my recent years saving and saving due to life (we all know how that goes), the little amount of time I had with the car reminded me why I enjoy motorsports so much, it reignited a forgotten passion of mine that I want to return to sooner than later.

 

[nastang87xx]

It's to much money for a car in a practical sense - especially considering how dealers price them. To the dealers credit (at least the better ones) Ford doesn't leave them much meat on the bone with their pricing to them. But go look at stickers on new, loaded Ford Pickups and SUVs or Chev Suburban's - it will almost seem worth the price then.

Cars in general are out of control. My uncle wants a new work horse and family hauler so I priced out a new Ram 2500 for shits and giggles and I shit my pants and certainly did not giggle.....

Holy god are those new Rams nice though. My goodness. Their lower trims are on par with Ford's middle trims and BETTER than GM's middle trims. I have a Silverado 1500 LT as well and a base trim Ram makes me scratch my head.


Oh and to answer this question...

I believe the OP asked what members of the community do to afford one of these cars. "Afford" is a slippery slope which usually requires some opportunity costs.

I'm a data engineer. I had a lot of value in my 2011 Mustang GT when I traded it plus it was paid off early. I got 19,000 trade in value with 45,000 miles on the ticker. Plus I made additional down payment. I'm on track for paying my 350 off about 9 months early.

 

[oldbmwfan]

I think that's a mature assessment. For a long time my "fun car" was also my "practical car" because I drove older BMW sedans that have great handling and performance, are easy to work on and relatively cheap to maintain, and cheap to buy. If you want to have a fun car but don't want to add a third car, that can be one way to go. An E90 M3 can get you a 414-HP, 8k-RPM V8 in a sensible sedan body for mid-$20s.

 

[CCasey]

Oh man, thanks everyone for the replies! This has been really helpful, I will try giving more information for better context and answer some other questions that some of you have asked (questions I have asked myself).

I am Active Duty Military, been in 12 years and plan on retiring at 20 or 22 years in. I am 30 years old and married, no kids, wife has student loans, I do not. Debt to income ratio right now, we're pretty good but there are some things I would like to close up before I make such a big purchase. I will be buying used to save myself from mark ups and I like most color combinations of this car so that isn't a big deal to me. Below are some (not all) of my barriers:

- I move every few years, I would be uncomfortable with letting some randoms ship a GT350
- Depending on where I move, if there is no circuit track or winding roads relatively close for me to enjoy the car, I wouldn't buy it (yet)
- This will be the spare fun car, not the daily and I am uncomfortable with leaving cars outside so a 3 car garage upgrade is required
- I have been into cars and motorsports my entire life and I think I am reaching a point in my life where I should own a grown up "real" sports car, but I could be wrong
- The wife is not 100% on board with this decision. She tells me to do what makes me happy but she cannot fathom the expense.

As of right now, my stance on this is that I still really want the car and can barely afford it right now, but it is not the right time. I will continue to lurk the forums and do research, keep up with news and updates, but unfortunately, I think it will be at least a year or two before I actually buy this car.

Thanks again to everyone who took the time to post here. I have spent my recent years saving and saving due to life (we all know how that goes), the little amount of time I had with the car reminded me why I enjoy motorsports so much, it reignited a forgotten passion of mine that I want to return to sooner than later.

First, THANK YOU FOR YOUR SERVICE!!! God bless all of our military. My son is a combat vet and I know what so many service members go through during, and after their career.
My thought is if you aren't sure you can afford it, it will take fun out of owning it. That's one reason I waited so long to get one. Once I was positive that it was doable, I did it. Every time I get in my car and know it's paid for, it makes it that much more fun because I'm not worrying about my next payment.

 

[svttim]

Funny, I am retired Military and I always had Mustangs while I was in. Lots of advice her so, I wont give any but, I will tell you my philosophy. Others will not agree and that's fine, I live by my rules. There is a fine line. My grandparents lived through the depression. They saved all there lives and in the end, left a lot of money behind. Good for my parents but, not so good for them. They went very few places, did few things. Loved them dearly and always will but...… On the other side, I have relatives who spend every dime and live off social security. They can now do very little and will leave nothing behind. For me, its a balance, one that is hard to master. Live life, enjoy it. Plan for the future but understand there are no magic formulas for how long you will be around. If you want the car and can afford it, get the car. If it makes you financially nervous, find something that does not. We work so we can live, not so we can pass money on to our kids. If you plan it right, you can do a bit of both. Good luck

 

[jmn444]

Funny, I am retired Military and I always had Mustangs while I was in. Lots of advice her so, I wont give any but, I will tell you my philosophy. Others will not agree and that's fine, I live by my rules. There is a fine line. My grandparents lived through the depression. They saved all there lives and in the end, left a lot of money behind. Good for my parents but, not so good for them. They went very few places, did few things. Loved them dearly and always will but...… On the other side, I have relatives who spend every dime and live off social security. They can now do very little and will leave nothing behind. For me, its a balance, one that is hard to master. Live life, enjoy it. Plan for the future but understand there are no magic formulas for how long you will be around. If you want the car and can afford it, get the car. If it makes you financially nervous, find something that does not. We work so we can live, not so we can pass money on to our kids. If you plan it right, you can do a bit of both. Good luck

Best advice here IMO.

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