I make aprox. $1,500 a month with $200/ month rent. I support myself with my own food and pay my own auto insurance, as well as other bills (Roughly another $250/ month for food and $150 in other expenses, currently) This leaves me with roughly $900 a month to wiggle with.
After saving enough for the down payment, do you think I make enough money to pay off the high insurance rate and high interest loan I will be getting? (I want to try and pay my loan off in three years. Is this smart, or should I go for a longer term loan?)
2007-07-19 04:27:17 · 12 answers · asked by In flu3nce 2 in Cars & Transportation ➔ Buying & Selling
I never said I wanted a new one. The oldest I would go would be 05', though. My friend drives an Integra with a turbo, and even he is encouraging me to get a Mustang.
2007-07-19 05:21:46 · update #1
Before you buy anything, talk to your insurance agent and find out what the insurance will cost you. When I was 18, I bought a 280Z (yeah, I'm old), my car payment was $119 a month, my insurance payment was $127 a month. Basically I was paying twice for the car. I liked it and was willing to make the major sacrafices for it, but my girlfriend at the time hated the car because it cut into "our" fun money.
2007-07-19 06:10:22 · answer #1 · answered by egghead 2 · 0⤊ 0⤋
well if your spending $900 a month, are you banking that left over $600 a month? I know that you added a $150 a month in other expenses, but do you dip into that extra money? even spending for things like going out to eat, starbucks, etc adds up. If you are really banking that extra money, you should be able to afford the car. however, i would go for a longer contract (maybe a 5 year/60 month) contract. How much do you plan on putting down? Are you talking about a new ford GT? If you put say....5K down, your payments will still be in the high 300's a month. Get a quote from your insurance company on how much your monthly payment will be. You will be close to spending all that extra 600 a month on your car. Your money will be very tight. Your best bet would be to go with a used one...it'll save you money and you'll be able to afford more and start saving for your future.
2007-07-19 04:39:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
i say no. think about this very well, if that car costs that much a month. its not worth it-let me tell you why. if that car gets wrecked, the insurance rate will be so high its not even funny!!! then, later on-your monthy car payment will come along and you will barely be able to pay it. and it will go on and on. i say buy a mustang that is at least 2 or 3 years old.
2007-07-19 04:58:31 · answer #3 · answered by Curt W. 2 · 0⤊ 0⤋
i bought a sports car when i was young and the payments (car and insurance) really made it hard to make ends meet - it really hurt my credit for a long time - my advice - WAIT
take the money you would have put toward your down payment and monthly payments and put it in the bank - or better yet invest it - when you have enough to buy the car outright then pay for it with cash - that way you'll never be in a negative equity situation (owing more than the car is worth) - my grandparents always did that - they always had really great cars and never had a car payment
WAIT
2007-07-19 04:35:03 · answer #4 · answered by lancej0hns0n 4 · 1⤊ 0⤋
Grand Touring The ford GT is the GT40 under a new name,a guy bought the rights to the name so ford changed the name to keep the production rights, a little bit of ford history.
2016-05-17 09:58:36 · answer #5 · answered by ? 3 · 0⤊ 0⤋
First of all, your rent is cheap. Wow!! You could definitely afford the car. Don't know if you want to be paying a big monthly payment for the next 6 years! That is up to you, but if you think you won't cut yourself short, go for it!
2007-07-19 04:32:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you're a male under 25 you don't have enough disposable income to afford that. The insurance will eat you alive.
2007-07-19 07:21:32 · answer #7 · answered by Bostonian In MO 7 · 0⤊ 0⤋
i think you should put some money into savings and use the rest for cars. you might also want to check out reviews on 2005 Ford Mustang GT before you make your decision:
http://searchautoreviews.com/results.html?cx=006616979543893323550%3A3aew_r12l8e&cof=FORID%3A10&q=2005+Ford+Mustang+GT&sa=Search+reviews#1078
2007-07-19 06:04:06 · answer #8 · answered by david 2 · 0⤊ 0⤋
It depends on if you wanna be strapped with money or not and i wouldn't get one just because they suck gas and they break down alot and ford parts are expensive, i would go with a cheap honda.
2007-07-19 04:49:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You're better off getting an older model and fixing it up. Cheaper and more satisfying.
2007-07-19 04:38:54 · answer #10 · answered by Trillium 4 · 0⤊ 0⤋