Originally Posted by JIM5.0

Do listen to JD, he is definitely here to help you and the OP, not to take stabs at you guys at all. He definitely is give you two great advice.

I will not lie to you, $200 a month is a far cry. Even for me, with a very high credit score, when I bought my own '11 GT 300A, a $31K car. I got my payments down to about $460 per month, and I opted for a 72mo loan. I am going to refinance down the way, after about 3 years, but even if I brought $10K down, and the dealer gave me the usual $1000 discount, my payments would have still been just under $500 per month for a 5 year loan.

I am not here to trash on you, I am only trying to hep. I too want to see you in a Coyote 'Stang, they are awesome, but I do not want to see you go under in your bills, especially while you are still in school.
A lot of students f*** up their credit in college and they even go as far as having their cars repossessed. And even after they graduate and have decent jobs, they now have a mess of a credit that hurts them when they are ready to buy a new car and also a house. The credit scores hit them hard and what would have been decent house and car payments are now making them struggle.

Originally Posted by onegoal

In 2008 when I bought my 2006 GT I tried getting the loan which was 10k for 5 years and no dice. Ended up needing my mom to co sign. At the time the part time job I was working at paid about 500$ a month but during the school year I also get 916$ from the government each month which my tuition is only around 1000$ a semester so I can pocket the rest. I had a good credit score in the mid 700s for my age with little history but the finance guy told me it was because of my income and lack of credit history.

IM sure they would say the same thing this time too.

It just sucks for probably another two years I wont be able to get a new car. By then I could afford a used 5.0 but then im sure a newer and faster stang would be coming out by then. Once the transformers hype dies down I could maybe afford a 2009 Camaro SS used.

I dont want to sink any more money into my current gt because its not worth jack now.

Originally Posted by soonerwarren

ya i understand i get about 1k a month and i have nothing else i have to pay for. My parents are nice enough to take care of insurance and so on. Im sure if i get this car i will have to help pay for insurance though but with the car being my only expense making the payments wont be hard for me.

Originally Posted by JIM5.0

Two years is not that bad at all. That only gives you more time to save so your would have to finance even less. Don't let this get you down, and also, on average, most Americans keep their current cars for about 5 years.

For me, I plan to keep my 1st year Coyote for longer than 5 years, and I might not ever part with it. I will upgrade it, sure, to keep up with what is newer, maybe even going as far as buying a crate 302 Coyote engine that is stock equipped with DI & Ecoboost (if Ecoboost is put onto the Coyote).

Also, look at it his way: If you wait those two years, the 2013 GT Coyotes will more than likely stomp the every living crap out of the '11 GT Coyote. And you will have saved up even more money so that when you go to the table and drop that down, you will probably get your monthly payments very low with a decent interest rate.

Originally Posted by JIM5.0

$1K a month is damn nice, especially since you don't have anything else to spend it on. Just keep on saving, because in just 5 months, you will now have $18K to bring to the table, and financing the rest might be way easier. The banks just might say "yes" because instead of financing, say $19K, you only have to finance $14K then, and the banks just might deem you less of a risk.

If you are willing to wait a year, you will have saved up enough money to pay two thirds off the car in cash!

Originally Posted by onegoal

So Im on truecar.com and looking at local average prices on the 2011 gts. Is there some kind of error? It's saying average sale vaule of a 2011 GT deluxe locally is under 25k! Something doesn't seem right there.

http://www.truecar.com/Ford/Mustang/...?zipcode=63125

and for 2 door coupe gt premium 27,328

Something doesnt sound right when these numbers are way below invoice and from reading posters on here who have bought 2011s they got them nowhere near these prices even with the coupon.

Originally Posted by 2cokeman

Everybody wants the latest and greatest, thats just human nature bakerjd!