View Poll Results: Next mustang route:
Wait for the 2015, wait to make a decision and pay in full
13
81.25%
Buy new 2013/2012 next January '13 after graduation
1
6.25%
Buy used 2012 new January '13 after graduation
0
0%
Other? Specify
2
12.50%
Voters: 16. You may not vote on this poll
Yes, another "future upgrade opinion" thread
02-29-2012, 10:34 PM
#1
Yes, another "future upgrade opinion" thread
Alright, I'll start my own thread asking what to do in the near future.
With the speakers and head unit I just installed, my upgrades are done (and I swear to God, I mean it this time haha) besides the re-tinting that 1/3 is being paid for as a Christmas present.
Now, I intern at a major general defense contractor (to be unnamed) and I plan on working 30hrs/week starting the beginning of May and continuing through the year. I graduate in December with a mechanical engineering degree. Running the numbers, accounting for gas, rent, groceries, and a little fun budget, I estimate that I'll be able to save $10k by year end. My boss is considering turning my intern position into a full-time position with the approval of a few higher-ups. Seems like a decent chance of happening because while our country is cutting defense spending, her allies certainly have not and my company will likely need the head count.
My original plan was to work up until 2014, see how the 50th anniversary breed looks and handles like, and make my decision between a new 2015, or a barely used 2014 or barely used 2012. By then, I'll be able to pay the car off in full and immediately start upgrading.
Now, just heard from my boss and another intern that my company's credit union offers a service that will find the exact (or close to it) car/truck, and get employees a decent deal. On top of that, my company also offers another discount for new employees that just graduated college for NEW cars only. My co-workers friend apparently just bought a 2012 GT for $28.5k that MSRPd at $34k.
Is a $5.5k reduction enough to warrant an immediate purchase following graduation this year? Do you think there'd be any new 2012s on the lot? Most likely I would end up with a 2013 and while they look good and the optional track display (0-60 times etc) seem cool, I think the 2012's look a tad better and wouldn't mind losing out on the 8hp bump. At this point I would have 10k saved up plus the trade in value of the car, which according to kbb is about $8k. I'm thinking by end of the year it'll fall to $7k. So a total of $17k available to throw in on a new 2012/2013 or used 2012.
Or am I just being too antsy here?
So, options:
-Wait on the 2015, make decision then, and have enough to buy new 2015 or used 2014/2012 outright
-Purchase a new 2013/left over new 2012 after graduation
-Purchase a used 2012 after graduation. Car is used and should make up for the fact that I won't get a new graduate discount.
-Other?
Opinions/insults/life stories always welcome! And no, I will not just throw on a supercharger and call it a day and no, no motor/drivetrain swaps. This will be my DD, can't afford to have it out of commission for extended lengths.
With the speakers and head unit I just installed, my upgrades are done (and I swear to God, I mean it this time haha) besides the re-tinting that 1/3 is being paid for as a Christmas present.
Now, I intern at a major general defense contractor (to be unnamed) and I plan on working 30hrs/week starting the beginning of May and continuing through the year. I graduate in December with a mechanical engineering degree. Running the numbers, accounting for gas, rent, groceries, and a little fun budget, I estimate that I'll be able to save $10k by year end. My boss is considering turning my intern position into a full-time position with the approval of a few higher-ups. Seems like a decent chance of happening because while our country is cutting defense spending, her allies certainly have not and my company will likely need the head count.
My original plan was to work up until 2014, see how the 50th anniversary breed looks and handles like, and make my decision between a new 2015, or a barely used 2014 or barely used 2012. By then, I'll be able to pay the car off in full and immediately start upgrading.
Now, just heard from my boss and another intern that my company's credit union offers a service that will find the exact (or close to it) car/truck, and get employees a decent deal. On top of that, my company also offers another discount for new employees that just graduated college for NEW cars only. My co-workers friend apparently just bought a 2012 GT for $28.5k that MSRPd at $34k.
Is a $5.5k reduction enough to warrant an immediate purchase following graduation this year? Do you think there'd be any new 2012s on the lot? Most likely I would end up with a 2013 and while they look good and the optional track display (0-60 times etc) seem cool, I think the 2012's look a tad better and wouldn't mind losing out on the 8hp bump. At this point I would have 10k saved up plus the trade in value of the car, which according to kbb is about $8k. I'm thinking by end of the year it'll fall to $7k. So a total of $17k available to throw in on a new 2012/2013 or used 2012.
Or am I just being too antsy here?
So, options:
-Wait on the 2015, make decision then, and have enough to buy new 2015 or used 2014/2012 outright
-Purchase a new 2013/left over new 2012 after graduation
-Purchase a used 2012 after graduation. Car is used and should make up for the fact that I won't get a new graduate discount.
-Other?
Opinions/insults/life stories always welcome! And no, I will not just throw on a supercharger and call it a day and no, no motor/drivetrain swaps. This will be my DD, can't afford to have it out of commission for extended lengths.
02-29-2012, 11:20 PM
#2
I didn't even have to read that and knew my decision lol...what happens when you buy a 2013 and the new model comes out, you love it and you will be "upside down" on the trade in...not a good idea
03-01-2012, 06:26 AM
#3
So a buyer's remorse/lust at first sight scenario... definitely noted haha. You're right on with that. I do know of a few that just had to have one model and one year later move on to the next bigger and better thing. I call it the Apple effect.
03-01-2012, 07:09 AM
#4
4th Gear Member
Join Date: Jun 2010
Location: Illinois
Posts: 1,846
Easy. I'd aim for the 2015 and if it comes out and you think it's hideous, then buy a lightly used older model and then you'll have both saved money and still get the look you prefer...and if you love the 2015, then you'll be able to get your hands on it and won't regret it coming out had you bought earlier.
Also, (I'm **** and an Econ Major), for your budgeting, I assume you have a good amount of wiggle room right? Because likely after graduation you're going to have a lot of first time purchases your making, and for my calculations of outlook on income, I include assumptions on taxes, 401K contribution, rent, food, utilities, cell phones, insurance, and gas. I think I've taken on almost all "fixed" expenses in my calculations but in case any are totally missing from yours, it might be good to consider them. I'm probably over the top in my planning though
I have prospect salaries spread at 5K increments over a 25K range in possibilities, and then budget by assuming 15% or 20% savings shaved off the top after 401K and taxes. Then I have 5 year outlooks on those savings, assuming 5% returns on my savings and 1% raises (at least) each year.
How bad does rent hurt you down there? Just curious because I've never really spent much time in the FL area. It's nice to see other soon-to-be grads planning out their futures. I've already determined that all of my "savings" budget that isn't 401K is going to be prioritized for vehicle purchasing lol. Unfortunately I know other expenses will come up that will mess that up a little but still. Here's hoping when I invest in getting my MBA in a couple years that I'll come out making 6 figures
Also, (I'm **** and an Econ Major), for your budgeting, I assume you have a good amount of wiggle room right? Because likely after graduation you're going to have a lot of first time purchases your making, and for my calculations of outlook on income, I include assumptions on taxes, 401K contribution, rent, food, utilities, cell phones, insurance, and gas. I think I've taken on almost all "fixed" expenses in my calculations but in case any are totally missing from yours, it might be good to consider them. I'm probably over the top in my planning though
I have prospect salaries spread at 5K increments over a 25K range in possibilities, and then budget by assuming 15% or 20% savings shaved off the top after 401K and taxes. Then I have 5 year outlooks on those savings, assuming 5% returns on my savings and 1% raises (at least) each year. How bad does rent hurt you down there? Just curious because I've never really spent much time in the FL area. It's nice to see other soon-to-be grads planning out their futures. I've already determined that all of my "savings" budget that isn't 401K is going to be prioritized for vehicle purchasing lol. Unfortunately I know other expenses will come up that will mess that up a little but still. Here's hoping when I invest in getting my MBA in a couple years that I'll come out making 6 figures
03-01-2012, 10:05 AM
#6
Most of your options had 2012 in it. I like the 2013's too. 2015's dont exist yet, so it's merely speculation if it will look good or go horribly wrong, who knows. One thing for certain, at this moment, you know how the 2012's and 2013's actually look like. And you seem to like the 2012's a tad bit better. Just my two cents.....
Oh, and congrats for being steps away of earning your mechanical engineering degree and hope you get that full-time position. Skies the limit!!!!
Oh, and congrats for being steps away of earning your mechanical engineering degree and hope you get that full-time position. Skies the limit!!!!
03-01-2012, 10:40 AM
#7
Easy. I'd aim for the 2015 and if it comes out and you think it's hideous, then buy a lightly used older model and then you'll have both saved money and still get the look you prefer...and if you love the 2015, then you'll be able to get your hands on it and won't regret it coming out had you bought earlier.
Also, (I'm **** and an Econ Major), for your budgeting, I assume you have a good amount of wiggle room right? Because likely after graduation you're going to have a lot of first time purchases your making, and for my calculations of outlook on income, I include assumptions on taxes, 401K contribution, rent, food, utilities, cell phones, insurance, and gas. I think I've taken on almost all "fixed" expenses in my calculations but in case any are totally missing from yours, it might be good to consider them. I'm probably over the top in my planning though I have prospect salaries spread at 5K increments over a 25K range in possibilities, and then budget by assuming 15% or 20% savings shaved off the top after 401K and taxes. Then I have 5 year outlooks on those savings, assuming 5% returns on my savings and 1% raises (at least) each year.
How bad does rent hurt you down there? Just curious because I've never really spent much time in the FL area. It's nice to see other soon-to-be grads planning out their futures. I've already determined that all of my "savings" budget that isn't 401K is going to be prioritized for vehicle purchasing lol. Unfortunately I know other expenses will come up that will mess that up a little but still. Here's hoping when I invest in getting my MBA in a couple years that I'll come out making 6 figures
Also, (I'm **** and an Econ Major), for your budgeting, I assume you have a good amount of wiggle room right? Because likely after graduation you're going to have a lot of first time purchases your making, and for my calculations of outlook on income, I include assumptions on taxes, 401K contribution, rent, food, utilities, cell phones, insurance, and gas. I think I've taken on almost all "fixed" expenses in my calculations but in case any are totally missing from yours, it might be good to consider them. I'm probably over the top in my planning though
I have prospect salaries spread at 5K increments over a 25K range in possibilities, and then budget by assuming 15% or 20% savings shaved off the top after 401K and taxes. Then I have 5 year outlooks on those savings, assuming 5% returns on my savings and 1% raises (at least) each year. How bad does rent hurt you down there? Just curious because I've never really spent much time in the FL area. It's nice to see other soon-to-be grads planning out their futures. I've already determined that all of my "savings" budget that isn't 401K is going to be prioritized for vehicle purchasing lol. Unfortunately I know other expenses will come up that will mess that up a little but still. Here's hoping when I invest in getting my MBA in a couple years that I'll come out making 6 figures
Haha that's some serious stuff right there. Running my numbers (and I'm no econ major) 10k by year end is a very conservative amount. Considering no "fun" budget whatsoever, I'd be able to save $14k taking into account rent, groceries, gas, and car maintenance but leaving out first apartment rent and deposit and furniture. In school, I've been lucky enough to have my cellphone bill and car insurance paid for my parents (a life saver for me).
Upon graduation, if I do get the newly created position, I'm estimating $45k/year before taxes. Then factoring in gas (I want to live in the East Tampa area, so this would be a pretty big expenditure/year if it levels at $5/gal), car insurance, food, rent, utilities, renter's insurance, phone bill, and medical insurance, I'm estimating about $8-$10k/year for fun/saving not taking into account any savings or raises. I really can't compare rent with other areas of the country as I've only lived in Florida, but after the past few years of researching, for a 1 bed/ 1 bath, the low end is $700/month. For a pretty nice apartment, it'll cost about $1k to $1.1k/month. I'd be looking at deals for about $850/month. However, if I do pick up a job in Tampa with another engineering firm, I'd save a ton on gas and actually (as depressing as this sounds) move back home for a few months to save up for the apartment/furniture/deposit so I don't have to chew into the money I just saved. I guess this thread is going to be a lot shorter than I initially thought. Maybe I'm just jumping the gun here and getting a little too anxious with owning a high hp V8.
03-01-2012, 10:45 AM
#8
Most of your options had 2012 in it. I like the 2013's too. 2015's dont exist yet, so it's merely speculation if it will look good or go horribly wrong, who knows. One thing for certain, at this moment, you know how the 2012's and 2013's actually look like. And you seem to like the 2012's a tad bit better. Just my two cents.....
Oh, and congrats for being steps away of earning your mechanical engineering degree and hope you get that full-time position. Skies the limit!!!!
Oh, and congrats for being steps away of earning your mechanical engineering degree and hope you get that full-time position. Skies the limit!!!!
I do love the 2012s, however, my first mod would be to paint that rear bumper valence or just buy a black one! I dont know, I've heard the speculation that the 2015s will be smaller and a global vehicle so I was already having second thoughts about the re-design. I mean, the mustang is already pretty small as it is! I suppose the smart thing to do would be to wait until 2014 and keep saving, but it's so hard knowing that I'll be graduated and starting a new life and won't be able to grab that new ride that I've been setting my eyes on for the past 2 years haha.
03-01-2012, 10:58 AM
#9
3rd Gear Member
Join Date: Mar 2011
Location: Nevada
Posts: 501
Not to be the dad in the room, but.........................
Drive your current car until the wheels fall off. When that happens, get a 2 year old stang that someone else has taken the depreciation hit on. Take some of the money you are saving and open a Roth IRA or contribute to your 401k to the max if possible. You can never get back time, and the power of compunding interest is profound. Once you start a family it gets harder and harder to divy up the money to all the things you want to have and do. I think your car is fanstastic, and it seems like you finally got everything you wanted. Take 5k of that savings and throw a blower in there, and put 5k in an emergency fund or retirement fund. Good luck to you, seems like youare one of the few in this next generation that actually have their sh*t together.
*edit*
Sorry about the blower comment, just reread the end of your post. Although, you know a few guys on the board have blowers and they have extremely reliable cars.
Drive your current car until the wheels fall off. When that happens, get a 2 year old stang that someone else has taken the depreciation hit on. Take some of the money you are saving and open a Roth IRA or contribute to your 401k to the max if possible. You can never get back time, and the power of compunding interest is profound. Once you start a family it gets harder and harder to divy up the money to all the things you want to have and do. I think your car is fanstastic, and it seems like you finally got everything you wanted. Take 5k of that savings and throw a blower in there, and put 5k in an emergency fund or retirement fund. Good luck to you, seems like youare one of the few in this next generation that actually have their sh*t together.
*edit*
Sorry about the blower comment, just reread the end of your post. Although, you know a few guys on the board have blowers and they have extremely reliable cars.
Last edited by Hotwheelracer; 03-01-2012 at 11:01 AM.
03-01-2012, 11:00 AM
#10
LOL, true...I mean, you already have a nice mustang and the smart thing to do is wait. AS far as starting a new life, if you're single, decisions can be easy. If married, it will get a little tricky (you may go from saving money for that stang you've had your eyes set on or end up purchasing that family station wagon). Alot can happen in 2 years. But for now, I wouldn't wrap my head around it, just let it sit in your mind for a few days (maybe a few months), then re-evaluate everything and see what option you plan on going for.