chaosangelxx

In about 2 weeks i'll get my new job making roughly about 1,300$ a month...and in 2 months after i get settled in with it and save some money im thinking of going to get my mustang. It's a 2007white GT Deluxe, GT appearance package, interior upgrade package for 27,700...i was just wondering if thats a good price for it. i was also wondering what i could be expecting in terms of payments. i know that i wont know for sure until i go and actually try and get it but an estimate would be nice. i just dont want to run myself dry with paying for it.

Im 18 years old, soon to be college student, i have 3 points on my licence for running a red light though(i know excuses arent worth crap but it was 6am, dark, and at one of the oddest light set-ups in town...still ignorrent nontheless).

im trading my 05 ford focus for it (i think about 7500-8000$ trade value), i love my focus but i have wanted a mustang since i was old enough to know what one was, and now that im going to have a job making enough money to pay for one (hopefully) i want to go for one.

Now enough of my rambling, any advice, suggestions, and estimates would be most appreciated.
Thank, Andrew.

raubt

From a Focus to a Mustang? You must be pretty stoked about it. Going manual or auto?

And congrats, I'm sure you'll enjoy your new Mustang!

chaosangelxx

i've never been so stoked about anything like i am now. sadly it's going to have to be an auto, im not really good with a stick as of yet, plus i do alot of in town travel and dont feel much like fooling with the clutch.

Orion_240

only making 1300 a month and even with $7500 down (at best) your payments will be very high, not to mention the insurance, gas expenses, etc. Plus your credit rate isn't going to be good enough to give you a good % loan. No offense, but you're 18 and it takes years to get a good credit score.
Unless if $10,000 falls out of the sky into your lap (or even better all $30K) I really would recommend that you consider a used V-6. If anything! If your 2-year old Focus is paid for you really should wait at least a year more, saving up money to make a good sized down payment.
I know lots of guys here will say go for it, but if you save just $200 a month you'll have more than $2400 + interest, + the savings on the better mileage, several hundred dollars maybe!

SPARTAN VI

I was making just under $1200 a month when I bought my stang. I've more than doubled it now, now I want an 8.[>:]

At my age, a GT wasn't an option. I was paying $462 a month for the car, and $266 a month ($3200 annually) for insurance. With the GT... well, let's just say I couldn't afford it. Of course, about a year and a half later, I've doubled my income.. now I want an 8. Probably just wait for the Boss 302.

howarmat

Insurance is going to be a killer at anywhere from 200-4000 on a GT. Payments will range between 350-500 probably as your credit score or lack of credit historyis going to be a big factor.

redfireshaker06

Well I can say only making $1300 a month (is that bring home), has nothing to do with it. What will hurt is credit and if you have noco signer. I needed a cosigner for my ranger, then had a little trouble getting my2002 v6,then had no problemsgetting my 04 GT, had an8.5 interest rate.Had even less problems getting my 06 GT w/ no interest rate. And Iam not paid a lot by any means. As you can tell, my car is not lacking. lol*Pats self on the back*

mygt500

Making 1300 dollars a month will play a factor. Any credit agency or bank will consider how much you make in determining how big a loan and the risk involved in paying back that loan. Having a co-signer will help as it uses the co-signer as a back up to go after and ruin their credit if you the owner don't pay! Age is a factor as well as you really have no established credit history even if you do have a credit card. Now the 7000 down on a car that costs 27,700 dollars (which is a good real world number for a GT) will help. Figure 25-40 dollars a month for each 1000 dollars you finance (probably with a co-signer). Your interest rate will be high but look into any credit unions in the area as they seem to offer better rates to customers than a bank. Insurance is another big problem for you unless you have a parent put you as a rider on their policy. Being 18 yrs old is close to the cut off from being on your parents policy but if you are still in school (college) you might be able to stay on their policy. It helps to have an insurance agent that is a friend or someone that has been doing business with the folks for quite some time. For example my brother lived at home until he was 29yrs oldand the whole time he has been on my parents insurance and getting a much lower rate. Granted I don't know your situation but it is time to team up with the parents and not see them as the enemy that doesn't know sh*&. They can be a great resource in getting that mustang and getting it as affordable as possible. Personally it will be a stretch to pull it off but where there is a will there is a way....just make it happen. Remember it is better to try and fail than to never have tried at all. If you can't get the mustang this year than it wasn't your time and try again the following year!

28HopUp

Good info. Another choice for you might be a pre-owned GT (05 or 06). You won't take the hit on depreciation, and it will cost you less per month. I found my 06 Pony Pkg coupe on autotrader...

classj

No offense. But with what you are making income wise, this is going to be a little tough. Especially if you are going to be going to school too. Work and full timeschool are a wierd mix. Some people can do it. Others can barely work a few hours a week and keep up with classes. I would wait to make sure you can stay working while in school unless you have uber generous parents.

Between the insurance, car payments,the fact thatI bet you only see 6500 for the focus on trade(unless a dealer has already promised you more).

I would say you are looking atapprox 850-900 a month even on a 6 year loanbetween insurance and car payments for an 17-18yo with some points, no credit credit to speak of (high interest rates if you can get a loan on your own).Plus gas, plus oil changes. etc etc etc etc I hope you don't plan on modding the thing now.


If you want a mustang, try considering aslightly molested 05 with some mileage. Or maybe even pick up a 99-04 GT on the cheapin the verylow teens. Then you will have a super small car loan and money to mod it as you please.