Should I buy this Mustang GT?
03-18-2010, 09:28 AM
#1
Thread Starter
Join Date: Mar 2010
Location: Ohio
Posts: 3
Should I buy this Mustang GT?
Sorry, new guy here. My name is Josh and I am in the middle of looking at buying a 2004 Mustang GT Convertible 40th Anniversary Black on Black with 5% window tint, and a Short Throw Shifter, and only 46000 miles. Other than that bone stock.
I know your going to tell me to make the trade I currently own a 2008 Chevrolet Cobalt Revolution Edition. Problem is i owe 10,728.84. and KBB is about 7500, I am going to try to get 8000 for it. I reaaaallly want this car I have hunted for a black on black GT for ages and never found one in my price range. I work at a dealership and we took this car in on trade and i can get a reaaaally great price on the mustang. problem is no banks will finance 72 months on an older car and i neeeed to stay at the same payment that I am on the car i have or my wife said no.
So guys needin some advice and hopefully i can join here with a mustang this afternoon!
I know your going to tell me to make the trade I currently own a 2008 Chevrolet Cobalt Revolution Edition. Problem is i owe 10,728.84. and KBB is about 7500, I am going to try to get 8000 for it. I reaaaallly want this car I have hunted for a black on black GT for ages and never found one in my price range. I work at a dealership and we took this car in on trade and i can get a reaaaally great price on the mustang. problem is no banks will finance 72 months on an older car and i neeeed to stay at the same payment that I am on the car i have or my wife said no.
So guys needin some advice and hopefully i can join here with a mustang this afternoon!
03-18-2010, 09:33 AM
#2
1st Gear Member
Join Date: Feb 2010
Location: South Dakota
Posts: 111
Short answer, don't do it.
If it's not lining up financially, don't do it. Buying a car because you want it and risking getting upside down in it right away isn't worth it at all. If you have good credit, financing a six year old car for 72 months shouldn't be a problem, but I wouldn't ever finance a vehicle, ESPECIALLY a used one, for six years. Ever. Never ever. You're already upside down in your Cobalt, so all of that negative equity will transfer over to the new loan for the Mustang, which would already make you more upside down in it than you'd already be buying it from a dealership.
If it's not lining up financially, don't do it. Buying a car because you want it and risking getting upside down in it right away isn't worth it at all. If you have good credit, financing a six year old car for 72 months shouldn't be a problem, but I wouldn't ever finance a vehicle, ESPECIALLY a used one, for six years. Ever. Never ever. You're already upside down in your Cobalt, so all of that negative equity will transfer over to the new loan for the Mustang, which would already make you more upside down in it than you'd already be buying it from a dealership.
03-18-2010, 11:08 AM
#4
1st Gear Member
Join Date: Mar 2010
Location: California
Posts: 79
I would say sell you car and pay the difference on the loan for what you sell it for, and then finance the mustang. Only if you can afford it..... you might be able to find a bank to finance you for 72months if you have decent credit. My Cobra is an 03 and is financed for 72 months, but my loan is where anything i pay above my payment goes directly to principle and I pay 2x's the payment or more every month so i can have it paid off in 2-3years. so again if this is a car you plan to keep for awhile and can afford it do it but only if the money is right.... Either way good luck and Welcome to MF!
03-18-2010, 11:11 AM
#5
1st Gear Member
Join Date: Mar 2010
Location: California
Posts: 79
Oh yeah and I was in the same boat you are.... I had a 2006 sonata that I owed 10.5k on and it only kbb for 7-8k, but still got a great deal on the cobra and financed for 72 months (but again if you do get 72month financing try to pay it off WAY before 72months cause thats ALOT of interest even if you get a low rate)
...GL...let us know how you make out!
