Argonaut

I have to agree with the Dont Do it response. If you are that serious, I suggest you wait a week or 2, think about it more, then decide, don't get caught up in the impulse(there will always be deals out there, this economy aint getting any better for a while). Thats a lot of money for a car. Its one thing if you have a large disposable income andare looking at it as a long term keeper (the only way a Shelby will ever be worth the price - monetarily speaking) but its entirely different if you are emptying your savings and getting a monthly payment in return. What if something happens, some emergency where you really needed that 10K, now what? You have a very nice car right now, one of the best out there, is having a Shelby really going to make your life that much better?

Sorry - a bit of soap box. I'm assuming you are fairly young. I was the same way, I really, really wanted a 911 when I was in my twenties. I put away enough cash to buy it and guess what....by the time I had cash in hand it just wasnt that important anymore. I kept on saving and now have no worries about future earnings. Compounded interest is a wonderful thing, take advantage of it.

My 2 cents.

abrush

I think the decision is completely up to you. People have brought up some good points in their posts that you have to consider. My first concern would be if you have another daily driver. I sure wouldn't want to have to drive a nice beautiful Shelby everyday of the week. Secondly, you need to take your financial situation into play. Are you going to be able to build up your savings again and how long will it take you? Do you really want to lose that $10,000 cushion you have? I would definetly think this one out for a couple of weeks and see what you think then.

TreyMR2

As bad *** as the shelby is I'd say don't do it also. I don't think I can really put it better than some of the guys over me already did so just read what they said and really think about it.

Derf00

I wouldn't. Unless you have money to spend/lose don't. If you're pulling it all out of Savings and Bonds which gain value over time, theres no reason to put it into an asset that loses money (depreciates).... And before anyone state that a GT500 will be worth more in time...try 20+ years (that's how long it takes something to become a classic). You'll make more in that time with compounded interest in savings/bonds than waiting for a car to appreciate.

If the money was sittin in your checking account because it was there to spend, go for it. That or decrease your down payment and increase your monthly payment...but I wouldn't take all my money out just to buy a car. Savings yes, bonds no.

timothyrw

and let's not forget about the 2010 mustangs coming out.

i'd wait just to see what the final product is. gt with an ecoboost twin-turbo v6 with 340hp and better gas mileage?

motortrend says a boss mustang with a 6.2 V8 is still a go for 2011 as well.

wait and see, wait and see.

JOHNNY

Sell your car for more keep your cash and bond most creadit will finance an 07 as new at a good rate make a a higher payment while your other money still makes money for you the new body style mustang will be in the range or the camero and challenger and any boss will cost more than a gt500 that not a bad price but try to get more for yours.

oldschoolera

It's a hard thing to do...trading a car that's relatively new and already paid off. Then adding insult to injury...emptying your savings with no apparent cushion and still having to make payments on the GT500. Have you considered selling your car instead of trading it? That may put you a few thousand ahead. You can also buy a brand new GT500 at MSRP now, around $46,000 to $47,000 range. Banks and credit s will finance new cars at alower interest rate than a previously-owned/used car. Also, if you can get credit financing,that is generally lower than banks. Avoid dealer financing...banks give bonuses to the dealership and this is all passed along to the buyer. Bottom line, even if you have to pay a highermonthly payment,you shouldavoid using/emptying your savings for a car.Practically all cars will depreciate, especially in thefirst year or two of ownership. A car is a poor investment. Even though it is difficult to make money these days from savingsalone, it's better to have it than lose it by investing in a GT500 that will certainly lose money during the foreseeable future.

I own a GT500 but I chose to finance mine rather than emptying my savings. If I need or want to unload it, I will just sell it without having to take a chance of losing a huge out-of-pocket investment.

Good luck with your decision.

mlcrycc

I agree. Dealers are going to rape you right now on a V8 trade. Sell private, and make from 2 to 4K more on your 05. Then, find a dealer that is selling a Shelby at sticker. They are out there. At that point, you are close to an even deal. By the time you finance a new, instead of used car, you will be better off because of the finance rate on new vs. used.....

Legion5

You could buy a Saleen Supercharged for 32k with similar mielage, and beat a GT500 every time, in looks exclusivity, and speed, and espetially cornering (saleen is one of the best handeling cars actually). Then with any money that you'd spend on the GT500 trying to beat the Saleen back, you could spend that on upgrading to extreme spec, and end up with a car capable of more hp.

Example:

GT500 600hp upgrade (udp cai, exhaust and other bolt ons) = 2k

Saleen SC 520hp upgrade (high torque clutch and other transmission building with a detuned 550hp upgrade) = 1.5k

GT500 725hp upgrade (new supercharger) = 8k

Saleen SC 770hp upgrade (forged stroker internals, SC pulley and GT500 transmission 10k

in the end you spent 10k less on the car.

marcuskeeler

In principle I would say go for it. The GT500 is a far superior vehicle which will hold it's value better than any GT, especially a modded one.

In practice i would say it's a tough call. You're not borrowing much but emptying the savings account and throwing the bonds away is a mind bender. See if you can't get a better deal on your own ride. 16K isn't much is it
My own GT is worth more to me because it was also a cash purchase. the idea of financing to buy another vehicle will keep me in it's seat for a while to come.......