shad2009

my 2007 Mustang GT is getting up there in mileage (55kish miles) and is about coming out of the powertrain warranty...so i'm looking upgrade to either an '11 or a '12 GT...we have a used 2011, 2k miles, black with premium rim, already tinted for 33k or i could go brand spankin new 2012...i would be making the switch to the 6-speed manual...i ran some hypothetical numbers and with my trade (negative equity) and with $2k down, i'm looking at close to my current payment or a little less...so it's not a total loss...if i wait till march i could probably get my payments lowered



what do you guys think?

S197GT07

I do not understand how the payments on a 12 or 11 are the same as your 07 which you got used.

it does not make any sense to me. I would hate to see you make the move, then realize it was a stupid idea and have to get rid of it.

shad2009

price of the car is $33...i'll get it for $27-$28...maybe $25-$26 if i ask the right person to right the deal (which i will)...my manager said he would give me $12 for my trade when i fix the damages (as long as i don't go over 65k...this is him being nice) so lets say i get the car for $25...with the trade it's $13, then add the neg equity($9) brings it to $22...minus $4 down, $18...plus taxes, $19,125 plus fees, $19,550/60 month term is $325.84...even at a 20% interest rate (which i wouldn't get) my payments would be $412, $2 more then what i pay now...if i can get a low interest rate i'll be staying in the $300's...working at a dealership has its perks, especially when you buy a pre-owned car

S197GT07

I think you need to also think about the future. That's $400 a month (Plus higher insurance) for the next 6 years! I think you have a good idea for now, but need to look into the future a bit more.

Right NOW, I could afford something better, but its not a wise decision to make because I'll have those payments for a long time. I'd like to get things like a house for instance.

Buy that ring yet? That should factor into your finances as well

shad2009

no, i called, my insurance is about the same, plus next year it takes a dive $100+ the ring is already bought, all it needs to be is sized and picked up...this move wouldn't happen for a while if it's made...

so by the time they move up here (a year or so) i'll have already cut my insurance from $190, down to around $90 per month...the only reason i'm at $190 now is because my dad has speeding tickets up the ball sack and that makes the premium go up which makes my cut higher, so getting my own plan knocks it down a little and next year it takes a nose dive(have already talked with my agent about this)

i'm taking time before i do this, i'm even picking up a second job (nights) for some extra cash...we're waiting till she's outta school before we look into houses, so no need to worry about that, and my parents should kick the bucket soon so no worries after that (lol jk jkjk) all in all, the only way i'm doing this is if my payments get lowered into the 300's which it looks like it can, so i can pay it more and pay it faster, plus you already know the problems i have been having...looks like they are rising again, so this needs to be on the table if that does happen...this won't be something i do if my payments can't be lowered...i'll look for another 08-09

S197GT07

I just have a hard time believing the insurance part.

my 07 is 600/year
wrx is 900/year

The mustang is a higher starting class, but because its old, is so much lower. Who do you have for insurance?

shad2009

Liberty Mutual...if anything, i could see it staying the same, or a couple dollars higher because a brand new one has me at $210...so no way a used mustang is gunna b higher

S197GT07

Its not the used part that affects the insurance, I can get a 1 year old "used" Ferrari but guess what, its going to be just as expensive as off the lot.

Also, I always thought mass had a bar set at 300hp, once you eclypse that it becomes a "performance car". I remember reading about this when I got mine, because ours are 300, and there were people with mach 1's (305) complaining that their insurance was much higher because of it.

Do what you think is best. It'll take 6 years to pay off a new one, and what, 2 to pay off what you have now? Then you can have that extra $300/month for 4 years to mod.

That's a lot of modding

shad2009

it's deff not two years...try 5...and you really can't use a ferrari as an example because it's a ferrari lol

and it does make a differance wether it's a new or used (not huge, but it's a difference)

i've never heard of this 300hp thing...not when i was shopping to get the camaro and not when i was talking to my agent about getting a used 2011...maybe your insurance is different...and my mom has had this policy for about 30 yrs, and they keep throwing me discounts if i stay with them...so the insurance part im not worried about, as it's gonna dive next year anyways...it's all about the car payments

S197GT07

So you said you owed $9k, and you say it'll take 5 years. I cant see that being true unless the interest rates are like 60%. @0% for ****s and grins, $250/month would take 3 years to pay off. How the hell are you going to take 6 years to pay off $20k? Math seems a bit off dude.

The 300hp thing again, is what I remember reading when I looked. I saw a few people who went from GT's to mach 1's were pissed because the insurance went sky high, they then found once you hit 300 it was classified as a "performance vehicle". Sadly the mach is a 305 so its the same thing.

Could this be wrong, most likely, but again it was in my initial research. My 2 lowly cars are both under 300 (or so they think) so I've never had to deal with it.

Now are you on your moms policy or do you have your own? All my numbers so far are based of of my own policy I've had since I had a licence