iXephoz

Hey guys, hows it going. When I first the saw the 2015 I really wanted to get it, much like I still do now. I am 16 years old, with a part-time job at Dairy Queen making roughly $500 a month. I have $7500 saved up right now, and will probably save another $2000 before the end of the summer before it comes out. Through Ford's financing options, if I make a $9500 down payment on the Base V6, it should cost roughly $200/mo. What do you guys think? Too much of a burden for a younger guy like me? I really am in love with this car, and want to get it so bad!! Opinions?

iXephoz

Forgot to add the finance will be over a 72 month term.

rjstubbl

What about insurance?

Insurance will likely be expensive for a 16 year old guy on a brand new mustang.

iXephoz

My parents said I don't have to pay for it, but I want to anyways. But what my plan was is to have one of my parents register it under their name as "there car" and I'll be giving them the monthly premium which I'm hoping should be around $100/mo. My parents have outstanding driving records so I'm hoping the premium won't cost that much.

dcarlinf1

It doesn't matter if your parents have the car in "their name". If you have three people in the home that are driving age and three cars, one will have to be assigned to you and insurance rates will be applied accordingly. I know, I have one daughter and three cars.

Now if mom drives a 10 yr old VW rabbit, that could be the one that has your name attached to it. It doesn't matter who actually drives it day to day.

Regardless who pays for the insurance, insuring a 16 yr old is going to be expensive. My 20 yr old daughter drives a 2004 Mazda 3 and her liability only insurance is basically the same as my comprehensive coverage for my 2011 GT. It was just reduced because she turned 20. It was also reduced when she turned 18. Good grades, good driving record and driver safety training and multi-policy discounts and it's still expensive.

Good luck though, I hope you get it. Just don't drive it like I drove my '71 stang when I was 16 yrs old. You'll end up hurting yourself or someone else.

P.S. Check out www.streetsurvival.org Every teen should take this class IMO. They teach you how to drive in real-life, accident avoidance scenarios rather than just how to steer and park. The best $75 I ever spent. My daughter can run circles around all the boys in their cars because she understands over-steer, under-steer, hydroplaning, emergency lane changes, decreasing radius', etc. And, she does it while using a manual gear box!

iXephoz

Thank you sir, appreciate the advice. I'm actually on my way to a driving course right now haha. I guess I should have my mom call the insurance agent and ask for a general quote on a V6 mustang, just to see if it's around my ball park. I think my problem is not mainly the money, but a matter of me wanting to get another car. I am going to stop looking at cars and keep my mind set on the mustang, because of all cars I look at this is probably the most practical

R1nStang

remember when financing you may have a large downpayment but still doesnt mean youll have a low monthly payment. it all goes by your credit score too. not sure if they loan will be in your name...but being 16 im sure you dont really have a credit history.
plus $500/month from work...that MAY cover your car payment. but like others said...insurance, fuel, maintenace, mods if you go that route.

Adam

Terrible idea. Buy a used honda.

rjstubbl

I try to be careful where I park my car and I'm guessing you will drive it to school. There is no way I would park a new mustang a high school parking lot. Aside from accidental door dings, there are a lot of jealous ***holes out there that might screw with it.

AJ06GT

I'd do yourself a favor and wait. Get something cheap that you can pay cash for now. You don't make nearly enough money for the involved costs, and even if you managed to cover the costs with $500, you wouldn't have a penny left over. Do you want to buy a car and not be able to afford to do anything else? I've done this before, it's not as fun as you think. First off, consider that the loan will have to be in your parents name, or it will likely be over $500 a month itself. You have no credit, your interest rate will be something ridiculous like 15% and you'll end up flushing thousands of dollars down the drain on interest. Insurance will be bad on any car, but especially a brand new Mustang. Probably easily $200+. Even with the loan in your parents name and being on their insurance, there's almost no way the total cost is going to be less than $500 a month.

Get yourself through school first, get a real job, then get yourself a nicer car. You'll be much happier as a teenager with a paid for car and plenty of cash in your pocket. I agree with Adam, find yourself a cheap Honda.