spooky

if you already have a car, i'd seriously think about moving out before buying another one... especially if it's an expensive car. to some,the GT might not be expensive, but to me it is. i couldn't justify buying the GT cause i don't drive very much. i also live by myself and pay my own insurance which is something a lot of kids on this forum can't relate to.

06SaLeEn

First off your monthly payments are going to be based off your credit score. Being 18 you probaly have little or no credit, so if you figure the sale price of a 06 Gt is 24k with a good rate of lets say 6% over 72 months your monthly payment would be about $400 month assuming you put 10% down it would be $357, you stil need to include tax tag and title.
A) I doubt you can put down 10%--I could be wrong
B) You can not afford $400 a month plus a $100-$150 full coverage insurace rate at your age
C) I dont care what the dealer said, he will tell you anything to get you in the room to sign your life away. He will tell you yeah we can do it for $300 and before you know it its $500 for 72 months and the rest is history.
D) I used to be a loan officer in my early days. No way in hell and 18 with 1300 month in salary with no co signer are would we give you a loan. Bottom line. To much risk, plus your debit to income ratio is to high.

Look your young Get a good education or some good working exp. and when your 28 (like I am ) maybe you can afford a brand new Saleen my wifes Eddie bauer expedetion and a new house (1/2 mill) and my 3rd child due in June.

all I am saying its tough out there dont weigh yourself down with debit at a young age. You got a whole to make bad choices don't let this be one.

When I was 18 I had a 88 grand am. Paid for!! First loan for a car when I was 20. BIG Mistake!!!

Good luck

05MustangSally

Insurance won't be any different if you get an 05 over a brand new 07.

Gas is going to cost you a lot since you'll be driving to work and school. And being 18, you'll probably be joyriding and cruising a lot too.

If you're headed into college, you are going to have a lot of expenses if you don't have a scholarship or financial aid. You might end up selling the GT to pay for school or drop out of school to pay for the GT.

I'd wait and take care of what you have first...

raubt

Call your insurance company to be sure, but I seriously doubt there is any real difference between an 05 GT and an 07 GT in terms of insurance. Like, maybe $10-15 a month, if that.

The main reason your insurance is so high is because you'd be driving a 300 HP (that's what it's rated at, I know it's actually more like 320) sports car, you're 18, you're a male, and you have demerits on your record.

Because the 05 and 07 are both sports cars with the same HP rating, the year of the car won't have a big impact on insurance price.

chaosangelxx

my parents are my cosighners (but they dont have the best credit) and im planning on putting 2k down on the stang. my first plan was actually to buy a older fox body 5.0 and mod it but then i got interested in the 05+ stangs. im not sure when i'll end up moving out of my parent's house...probibly when i get my other job and work up alot more money (after college might get a job with google when they open their building in lenoir). but for now im doing good, i dont really have that many rules to live under (my parents are cool like that).

"all I am saying its tough out there dont weigh yourself down with debit at a young age. You got a whole to make bad choices don't let this be one."
thats thr reason i made this thread, to get others opinions from experience to make sure i dont make a mistake.

EDIT:: i also wanted to know what some prices on an older mustang fastback might be?...like a 68 or something.

raubt

With that in mind, you need to seriously consider your college plans amongst all this. I don't know where you're going to school, what you're taking, for how long, if you're getting scholarships or someone else is paying for it, but generally speaking, school is very expensive.

So, if your parents are paying for college, and you're not getting scholarships to cover it, you'll have to take out loans, right? Big school loans (the total for these will likely be way more than a new Mustang) plus Mustang payments will most likely get you into some serious financial trouble.

The best decision, if you have to pay for your school through loans or whatever, is to hold off on the Mustang and get the school bills dealt with first. A Mustang is cool, no question, but between school and a new car, you should definitely go with school. It'll pay off in the end when you can get a good paying job with your education and can then buy a nice new Mustang (maybe even a Saleen or Shelby.)

If you don't have to pay for school, you still have a serious decision to make because car payments + insurance + gas + inevitable repairs/aftermarket mods is going to bite into your income pretty badly.

It can be done, no doubt, but at a price. I have a friend who didn't go to school so there were no extra bills like that to pay, and a little while ago he bought a new Acura for like $36 000 or something, and now he's 28 and still living at his parent's home with his girlfriend because his massive car payments (+ all that other stuff I mentioned) take away too much of his income for him to be able to move out.

If I were in your shoes, I would give priority to school first. You've already got a reliable, almost-new car to get around in (which costs you less than the Mustang would in gas and insurance), and you might be making yourself very financially vulnerable to trade it in just so you can drive around in something "cooler."

markus51

You've gotten some good advice from the gang on this forum Son.... Take it from them.. Don't do it!!! You are gonna weigh yourself down with debt and sure you might be driving around in a nice car but when you find that cutie to take out on a date whacha good do? McDonalds? We're not being haters here.. We've just been there or know somebody who has been there before.. Car Payments aren't a great thing no matter what age... and for an 18 year old??? Forget about it... Save those funds for doing what most of us did at 18.. hanging out, sportin nice clothes, and chasin the ladies.. That Foxbody looks like a nice deal.. I'd jump on that and put a little work into her to make her all yours... You'd have your Stang and money to enjoy it..

Good luck on your choice..

markus

chaosangelxx

i would like to thank all of you for replying to me and giving me the good advice. im going to think it over but im pretty sure im going to keep my focus, get a fox and mod them. I really dont want to not have any money to play with which is why i most likely wont get the new stang. if i dont get the newstang i'll wait and take my college classes and get my job with google and get a newer mustang with whatever amount of ungodly power ford might put in it.

not to change the subject much but what kind of numbers are some of the 5.0s putting down?...and also (please be flame gentle) what do u guys think of turboing the focus?...i really like the thought of haveing a 2600lb 250hp car.

06SaLeEn

Not to knock you guys with car payments... Car payments is never the way to go. I say if you can't by it at the very least never get a lone for more than 3 years and make sure you do your reserch and dont get upside down...

Your 18 and your going to what you want to do, but if I was one of your parents (and I have great credit) I would not co sign. No way in hell would I put my 18 year in a postion to fail. But when you get your car payment booklet and its for 72 months and it says last payment 2013 you will want to be sick!! Dude you think the 07 stang are bad wait till u see the 2013. Plus you will be 25 years old. insurance will be lower.
Also if you parents credit is not that good then more than likely you will get stuck with a 8,9,10% or higher intrest rate, and with 2k down all thats going to do is pay tax tag and title.

When I was 18 I had no one who taught me about credit. Take our advice (advice your parents should give you) dont do it....

StangNeWbieDJB

DO IT!!!