AJ06GT

If you're worried about the condition of used cars, bring them to a mechanic before you buy them. You should be doing this anyway if you don't know enough about the mechanical side of things to look it over yourself. They'll be able to tell you the condition of the car pretty quickly.

SPARTAN VI

Your payments, insurance premiums, and fuel costs are going to outpace your $500/monthly gross income. Even if your parents take over the insurance, maintenance, and fuel costs, you're still going to be in an uncomfortable position having only $300/mo to throw around. I'd recommend you use what you've saved up to pay-in-full for a used car. Then give yourself a few years to land a real job and revisit the idea of getting a new Mustang. The s550's will be around for years and possibly new powertrain options.

When I was 18, I financed my 2005 Mustang V6 for 5 years at $464/mo while barely taking home $1200/mo. It was only made possible by living with my parents, of course, but it was still a financial mistake. Had I waited 2 years, I would've found that my income doubled as did my appetite for horsepower.. I really could've gotten an 07 GT instead.

iXephoz

Hi guys? I thought about what all of you said. I think I'll wait a few years till I get one, in the mean time, I've gathered a new plan. I found a 1999 Mustang GT, in my favorite Dark Blue. It's only got 75k miles, seems really clean, and it's got a decent amount of upgrades. He's asking 8K, I'm gonna try for $7500. With a $5500 loan for a 36 month term, it costs me $160. A lot better than the $300 a month, huh?

Derf00

IMO way better. You want to own the car, not have it own you. You should be allowed to make mistakes with your car, tickets, accidents, and just crap from goofing off is going to happen, it's a fact of life.

A brand new car loses over 30% of what its worth the first 2 years and you wouldn't even be halfway through the payment schedule of 6 years. You would owe more than what it's worth for the first 4 years which means if it gets totaled, your will probably still end up owing money on a car you can't drive anymore.

Insurance rates start to drop really quick as you get older. Most start lowering their rates at 18 and continue at 20/21 and especially 25.

Anyways, Ill step down from my soap box

You might want to look into a 2005+ model in Kona Blue. More power and well...newer.

johnny_raincloud

Smart plan! Even smarter, would be to pay cash for the entire car!
There aren't many banks out there that will give out a $5,500 loan on a 15 year old car. Too much risk for the bank! Even if they did give you a loan, they will require 50% down. If you have the $7,500 in cash, just buy it outright.

This way, your insurance will be minimal compared to full coverage and giving you adequate funds to throw around. Who knows, you may decide to upgrade at some point.

moosestang

Bravo being able to save $7500. I didn't see that kind of cash till almost 30! I don't want to burst your bubble, but the smart thing to do is buy a used car and pay cash. At the end of 72 months, you'll be lucky if that car is worth $7500.

SPARTAN VI

$8k is a bit high for a '99 GT with that mileage (at least in SoCal). I'd talk him down $5k - $6k, and pay all cash.

mustlemn

Now that the price of the 2015 Mustang is finally announced I am actually surprised how low the price is. Are you surprised at the relative minor markups for the new model year Mustang GT?

"Next up we have the 2015 Ford Mustang GT fastback pricing. Labeled as package 300A, the 2015 Mustang GT with a 6-speed manual transmission has a starting price of $32,925. That is only $890 more for the 2015 Mustang GT and when you consider the number of upgrades and new features relative to the current models – that is a remarkably reasonable upcharge for the new model. Opt for the more heavily appointed GT Premium (400A) package and the Mustang GT starts at $36,100 while package 401A brings the price of the GT Premium package before any other options up to $38,720."

Source: http://www.torquenews.com/106/surpri...-arrive-online

Cruzinaround

YOLO....

Plain and simple. If you want the 2015 and can swing the payments then okay. But, if your parents are helping and they have great Credit. Why not lean on them a bit more? Either have them purchase the car in their names and link it to their insurance and see if they can get a better financing package for a shorter term with perhaps a smaller down payment.

If they have excellent credit scores...They may qualify for a "zero down" plan and a reasonable monthly payment on a shorter term or with a bit down even land a deal for a smaller monthly on a longer term loan. Time your purchase with a "you drag it, you pull it" type event where they offer $2000 on any car you can push, pull drag to the place for a trade and buy a real "F'd" up $100 beater for that day.

Maybe your parents have a hooptie car they can trade in?

Provided you have a steady income, a secure job and some money saved up and a parent's roof to live under...

1. If college and a continued Education is not in the cards for you...then get the car.
(for some people this just isn't on the agenda)
2. If you see yourself in a higher paying role within the next 3 years and not unemployed get the car
(assuming you will always make the amount you do now is a low expectations)
3. If your parents are helping you and they can take the car in their name while you pay for it, get the car.
(take advantage of this while you still have it, good parents help their kids)
4. In life when you settle for less, you always wish you had not and went with what you wanted.
(anything else will never be the 2015 you wanted)

Carry the momentum of moving forward with doing what you set out to do and then making it happen. It will mold you into a better motivated earner and will likely keep you more aware of what you spend and why you save. Continue to strive for more and aim high. Reach the goal you set for yourself and then push the bar higher each time.

Then by the time you're in your mid 30's to mid 40's.... you'll have a home, several great rides and a family. But, you'll be good with your money, saving and setting goals. All because you never settled. You're still young, with the proper motivation...its all good. And a car is motivation that won't leave you or cheat on you or ignore you. And when it's paid off...you can sell it for money to put towards something else, trade it for the next ride or keep it if you're making much more money than you started this journey with and buy another car.

Choices in life are limitless.....in the end their all yours to make. Have fun with it.

YOLO.

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