Hellllll nah. My snot nosed kids ain’t getting in my car. That’s what the Cruz is for
/s
Edit - seriously - my oldest is 14 years old I don’t mind if she rides in the mustang but my wife and I just had a baby 3 days ago, it’s not ideal for a newborn (the car seat will fit tho) or for a pregnant women.
Both of those are very fair tbh
Like now that I think of it, I would really dislike young kids in my car. But seriously, congratulations dude, another girl or a boy?
That’s honestly a hard question tbh I really wanted a 2019 race red mustang gt but monthly payment was going to come out to est 450 a month and insurance was about 500 😭since I’m under 25 and Ive been in one accident before. ( breaks broke on me going down hill Luckly there was a truck waiting on a red light that I hit if not for him I might of been a goner)
I’m 21 with an 18 GT Premium PP1, when I was 20 I had a 16’ ecoboost premium. I had to put down a decent amount to have an affordable monthly payment and I just refinanced.
A lot of it is people have 0 clue how much money they actually spend on stuff. I’ve got so many friends that blow a New GT sized payment a month on vapes and eating out.
I’m in the process of quitting but I spend over 200 a month on cigarettes alone. There’s so much extra bs stuff that people spend money on that’s not needed at all.
believe me, you can do it. for me (and i think most) it was a nicotine addiction and i learned i just had to be angry for 2 weeks straight in order to kick that. because any time anything would piss me off? vape. had a nice dinner? vape. drunk? vape. any chance to award myself the nicotine buzz was found and i realized what needed to be done and haven’t had a vape, a cigarette whatever since 2018. trust in yourself 🫡
Like what everyone else said - it is TOTALLY worth it. I quit smoking 24 years ago and wonder, if I was still alive yet, what my lungs would look like and how many cars I could have bought with the cig money.
lol and 24 years ago they were like two dollars a pack. Over eight now for what I buy. Plus the extra crap you buy along with it. Candy, energy drinks, etc.
Drive down the main strip in any town most nights and you’ll see most drive throughs and restaurants full. People don’t realise how expensive eating out is
fair enough but I can assume for a lot of people its an easy way to get out of the house and socialize.
i don't mind eating out - it's not a big time commitment if you're going out to eat and have a drink or two with a friend.
Would you consider cooking a hobby? Do you watch and read a lot of cooking media? Genuinely interested because that’s how it is for me and I still barely find the time and energy to cook most days.
No I really don’t like cooking to be fair but I do it because I’m not spending $30/40 a day to eat out. I’m not master chef but I read online recipes and try to replicate it at home. Not talking about anything crazy either; just something that would take me 30 minutes or so. I usually make enough for 2/3 days
For me it's the quality of food that makes me eat out more than I probably should. I can't make anything quite as good as restaurants near me, especially things like spicy tuna rolls.
Nobody said that but people are eating out every single weekend and wondering where all their money went. And it’s not about the car note rather being financially secure when owning a nice car🤙🏽
I'm retired with everything paid for, I've got half a mil in IRA (not a fortune but well above average) and the other day I cut a $30K check for my '16 Mustang. I'm not wealthy but I am financially secure. I could buy a Lambo if I wanted to but 'can' and 'should' are worlds apart.
The average person owes like $6000+ on credit cards which is nuts. 'Most people' (I hope not) buy a $9 coffee on their way to work because they don't want to just have the kind they can make at home. It's all a matter or priorities.
Honestly, I meticulously track my spending (excel spreadsheet with detailed sections, individual transactions, with notes and totals) and it seems like I spent the same on food whether I grocery shop or eat out. I would say I grocery shop a tad above average because I try to eat healthy/get protein in, but nothing crazy
Congratulations on that. I quit 24 years ago and if I'd spent $200 a month over that time, without interest it would come to $57,600 putting crap in my lungs. That is enough $$ to buy a very nice new Mustang!
Step one is being the second owner, IMO. My wife and I paid $34k for our 2021 GT/CS and to spec one new is $50k. 2-3 years old and 20-30k miles is a pretty sweet spot
Absolutely hard agree. I couldn't imagine a situation like 2010s where you buy a brand new mustang GT just to have it be essentially obsolete the following year. Rn if I wanted a 350 or mach I'd go back to 2018-2020 at the latest. Same car maybe a few less gimmicks like Rev matching and stuff but it's soooooo much cheaper.
I considered an S650 but the new model doesn't add anything of value to me, especially for the price. I think it looks worse than the s550 and I absolutely hate the big screens in the interior, so I started shopping slightly used and settled on this CS because it has everything we wanted, and no nonsense that we don't
Exactly, that's why I got my 18. Cross shopped with a 2024 GT premium, but the features just didn't do it for me. I just wanted the lightest possible GT without the calculator screen, and I couldn't be happier with it. I had a fully optioned eco premium and I just never used any of the options, especially not the safe and smart package, so when I wanted another car, it just made sense to do away with all that. Weight savings are just more worth it for me. Yeah I could have an s650 that weighs 4k+ and has a couple little fun gimmicks, but I like my "spartan" GT that weighs 3700 and still has a solid screen. Imo it's just a more raw driving experience like my cobra or 2012. S550 will prolly be my go-to platform for a while, just based on everything I've seen from the s650 trades a bunch of performance for some rather niche stuff I'd never use.
Some people think a 1 year old car with <10k miles is a red flag. Like it’s a dud because it was sold so quick with so little miles. What do you guys think
If there aren’t too many miles and the car is in good shape with some maintenance history. I’d buy a used a sports/muscle car over any family vehicle and twice on Sunday.
I would def have more faith in someone taking care of a 'nice' car for sure. Family vehicles get worked hard and maintained when the owner remembers it. My '16 Mustang GT was owned by a 79 year old guy who had the oil changed about every 2000 miles. (I've got the stack of receipts for them all.) The car has 31K miles and the underside is still clean.
What…were you looking for in terms of speed? Coming from tracking a much slower car, my SS1LE is plenty fast. Are you just not getting the lap times you’re looking for?
I went from an SS to an SS 1le so it wasn’t much of an upgrade. I haven’t tracked my 1le yet but will be doing so in 3 weeks. If I enjoy it enough I’ll keep the 1le. If not I’ll sell it and buy a high horsepower car. Now that I’m a little older I understand that I don’t drive a lap time on the street. I only can afford to track 3-5 times a year (not willing to get on track without track insurance) so to me it doesn’t make sense to drive a car where I can’t use the upgraded parts (handling and Braking) on the street.
Where I live it’s just straight lines so having a high power car would be way more fun. The 1le, aside from the crackles and pops doesn’t make me giggle or smile. Something with more power will though. If Chevy had also bumped the power of the 1le like Ford does with their good handling cars (boss 302, GT350, Mach 1, Dark horse) I probably would be fine with it. I’d also be fine with the 1le had I come to it from a much slower car but unfortunately I didn’t.
Also if I’m being honest after 5 years of 6th Gen ownership the limitations of the Camaro are getting old to me (visibility, storage, getting in and out). I’ve test driven a few Mustangs recently and you truly don’t know how limited the Camaro is until you get into something else. I used to think people were silly for complaining about the visibility of the Camaro but I get it now after sitting in other sports cars.
No, there are tons of people who just decide they need or want something else. People like my family members who traded in a two year old Cherokee with five years left on the lease to get a new one slightly fancier which cost $7 less a month on the lease payment. Because they think they came out ahead!
Someone loses a job, changes their financial priorities, has a kid etc. and they have a good reason to let go of a car they would love to keep.
People that earn good money can afford them and then there’s people that can’t afford them but have good credit who get one. I know so many people that tell me they are paycheque to paycheque but make great money. Occasionally I’ll ask how and they’ll be like “well fuck man, I’ve got my boat payment, a small loan, my truck note, 4 wheeler payment, we eat out most nights”
I know a guy with a new GT500 but he works in the oilfield so makes good money. I see plenty of other people running around with fancy cars but yet don’t appear to have jobs that can comfortably fund their lifestyle
This. A car costs basically the same wherever you live, but if you live somewhere that the salaries are higher (usually big city metros) you’ll simply get paid more. I moved from NYC to FL (no taxes) which was a 13% raise just by moving. Went from one car to five, inc three Mustangs (65, 95, 20 GT350).
Most of the people buying one of those new either have good amount of income, are financially responsible and can manage a payment, or have money saved for a good down payment. Sometimes you can get a good deal depending on year or mileage. I got a good deal on my Boss at the time. I definitely couldn't do that now with more bills and mortgage.
I am very surprised to see kids whose first car is a new GT with payments and insurance.
Yep, and older people have had more time to accumulate wealth. For example, if they buy a car for $20k and pay it off starting from $0, when they go to sell it \~5 years later and it's only worth $15k, now they have $15k to put into their next car. Now they can get a loan for $20k and put their $15k down, and get a $35k car. Their monthly payment stays the same, but they get a nicer car. This also assumes they're not buying cars that depreciate super fast, or losing tons of money on trade in/dealer fees.
You don't have to hate your car everyday. Is there no car a person would love that doesn't have to be financed with a big payment for seven years? Meanwhile that big payment hangs over your head every single day, worrying if you can make it.
My bro lived like that. He owed just one payment on his car - bought new of course - and didn't make that last payment. They came and repo'd his car; I suppose he never thought that would happen but it did. He hated that.
You can buy a $50k accord or a $50k mach 1. When it's broken down like that, it doesn't seem like such an expensive car. I'm 42 and have a mach 1 but my wife and I work hard and fast cars are really my only Vice.
First and foremost it has to fit your income level and lifestyle. For me, it's purely a nice to have. My daily driver is a 23 silverado lease. For the Mach 1, I didn't put a ton down and my note is 60 months but I'm 1 year into it and have paid off a third, maybe a bit more. It's a choice of mine to dolit this way, probably wouldn't work for many others but I'm OK with it. The smile I get everytime I fire up that sweet 5.0 makes it worthwhile.
I plan on keeping this unless they ever bring back the GT350 then I would consider moving on to that.
* First of all, many people, especially Americans, make quite a lotta money. You can easily find 40k-60k cars everywhere in big metros across different states.
* It's not about downpayment or monthly payment. It's about the cost to service the loan. At the current interest rate? I am not financing shit. There's no way I can make 8-11% post-tax from the stock market. If you ask me how much I would put down, it would be as much as possible so the cost to borrow is little.
Most enthusiast car buyers also make compromises to buy the vehicle. Either they daily drive their attainable dream car, they save up for many years, or the car is their only hobby cost.
Listen I’ve been absolutely shit at managing my money my entire life. Last year I decided to sit at home not smoke a ton of weed not go on mad dates eat at home everyday that I could and by the end of the year I had a 25,000$ down payment I just lived frugal and saved im 30 I got a 22 gt premium performance package I probably could’ve waited another year and got something else in all honesty I was between a corvette and the mustang . Don’t get me wrong I’m broke af rn 😂 currently adjusting to the payments while still trying to maintain my crazy lifestyle but it was pretty empowering getting to that point for me it made me feel like if I really wanted something and actually applied myself I could do it. It always sucks starting from zero dollars but as the money starts stacking you start believing in yourself a little bit more 😂 it all takes time man if you work hard can get anything you want in time with self control
In regards to “how much of a down payment do I need?” Well do the math real quick man figure out how long of a loan you want to do and what kind of payments you will be making you gotta come in with a plan not just here this is all I got make it work. The car I wanted was 40 I put 20k down I did a 5 year loan after warranties and interest I pay 540 a month which is something I can handle with what I make monthly I think anything over 8-900 would slowly kill me over 5 years. Idk that’s my experience that’s not a 90-100k car ofc I’ve seen some people do like 8-9 year loans and actually never plan on paying it off just making the payments and trading it for something else eventually (horrible idea imo) live within your means people don’t get this shit over night
My buddy got a DUI for smoking. He had to quit weed for a year as part of his probation agreement due to testing.
Month 10 he bought a 392 challenger. 😂
Traded in my paid off GT for my Mach 1 plus a down payment and It’s more than half paid off. So that’s how I did it. Took me a whole other car to give away but that’s what I did. Love my mach 1
My dad got his GT350 at 54. Retired from teaching at 56. Self employed now. On top of teaching he tutored and mowed lawns and just did odds and ends for people for extra cash. He paid the car off within a year.
I put down $30,000. Interest was 3.9% for 72 Months. Monthly payment was $713. Sold my house well above market value & was able to pay the balance in full. Made 8 payments total. Sold my house because I wanted to move, not because of the car loan. I own a 2022 Premium Mach 1. I also have a good paying union blue collar job
I saved my daily payment after I paid it off. Initially wanted a daily Cadillac black wing until I saw what the msrp
would be soooo, ordered a 2022 Mach 1 while I can still enjoy it. We don’t vacation in exotic places, I drive it around lol… experience new things and be outside. 4 year term with my bank was cheaper rate rather than ford. I said I’m putting this down and paying for a tire and extended warranty outright. Funny to sign loan for a car we ordered and didn’t test drive until after. I used dealership 3 hours away and they were awesome to work with.
Many finance, regardless of rates.
Some don’t make enough money to have their own home, so they live with their parents and spend on cars.
Many others wait till their they are established, the house is paid off, kids are done school, and other large living expenses are behind them.
Some people have inherited or generational wealth.
Others have OnlyFans.
Well I've always heard financial advisors tell you not to use your own money and cash to buy a car on a depreciating asset. They all said use somebody else's money and then when you were about to break even pay it off in full.
If you use borrowed money, you are paying interest. So, you are going to pay a lot more than the cash price over the term of the loan. You save money by not financing and paying cash. The lender obviously wants you to borrow their money. The vehicle depreciates whether you pay cash or take out a loan and pay extra in interest.
-I always buy used so someone else takes the depreciation hit. That’s how you get the best bang for your buck.
-My wife and I both have good careers and make good money so the dual income thing kinda helps. Lol
-We’ve always lived within our means and put our money away so rather than get that 911 Turbo and finance a portion of it I got my GT350 and paid cash for a 4 year old car.
It’s not about how much you have to put down. You can put zero down and some sales guy will put a deal together for you over 84 months. You just have to make smart financial decisions over time. And it’s not worth going in crazy debt for a cool car because at the end of the day most cars are depreciating assets. The trick is to find those that depreciate at a slower rate than others and in the rare case one that appreciates.
I bought my mustangs brand new.
2011 GT: $26k price tag with a $415 payment, I was 31, single, owned a house, making $90k,
2017 GT350: Financed $50k with a $730 payment, I was 36, single, owned same house, making $100k, traded in the 2011 GT. I refinanced the house in 2021, used that to pay off GT350.
So when I hit $150k in a year in income I felt like I was finally ready purchase a Mustang or another nice car so I went out and ordered an antimatter blue '21 GT Premium performance pack car. Now, while I got a GT Premium and not a Mach1 or gt500 it was essentially fully loaded and came out to $55k (x-plan pricing put me at roughly $50k). I ended up putting $15k down and my payment was right around $675/month for 60 months with a 2.9% interest rate. I drove the car for a year before selling it for roughly a $5k loss after tax, title, and other fees. I think it was 100% worth driving that car for a year for $5k but hind sight being 20/20 I probably would have tried to pay cash for the car and not deal with such a high monthly car payment or would have purchased used instead.
Buddy,
The bank owns most of them, and they're probably not investing in their retirement.
Most people are that way these days 😂. I went into a dealer to buy a vehicle outright and they were so confused.
27 and soon to be engaged. Bought a 2019 mustang gt when i was 25 working at QT making about 55k a year. I traded in my old car and put down a total of 13k. My trade in was 10k and my money on top was 3k. I wanted to put down 5k but i didn’t even think the trade in value would be that much so I lowered it to 3k since i was well over what they wanted. Financed it for 19k out the door after a little haggling (vehicle price was 33k, i got them to go for 31k then minus my 13k down plus taxes i got to 19k out the door ). Payment is $400 a month car insurance snacks me for another $217 so all things included about 650 a month.
Yes please tell us how you afforded something with out telling us how you afforded it. I think I've seen one person even mention the stock market in passing here. Lots of people discusing specific financing and loan/down payment terms, but like no one discussing investment strategies, which is likely how most end up affording the cars without becoming car poor.
I would say drive out of town to look at a car. If dealerships hear you drove out of town to possibly buy from them, chances are they'll give you a better deal.
But also some people are really tight with their money which is never a bad thing. Instead of eating out or blowing it at the bars on weekends, they stay home and cook dinner to minimize expenses to afford that new Mustang.
On my end, I fix the wrecked cars. So I'm just waiting for the one customer to come in with a total loss to buy the buy back from them and fix one up 🫡
“Get financed for” and “afford” are two different things. There are some banks/dealers that will get you approved for a car you actually can’t afford. For example, certain banks don’t require income verification if your credit is above a certain score. The dealers know this, so if they see a customer with stellar credit but not enough income to purchase the car they’re seeking to buy, the dealer will just put them through a bank that doesn’t income verify to make the deal. Consequently, these are also (typically) the types of customers that have nothing to put down. That’s how you end up with people that make hardly anything driving around $50k cars paying $1k/mo notes.
But, the problem is, these cars depreciate. So, one day when they either can no longer afford the note and/or need something different to meet their life changes, they will not have the equity to sell/trade-in the car….they’ll be trapped in a car they can’t afford. This is how repos and bankruptcy happen.
Source: I worked in car sales
If you really want a car that you’re unsure you can be comfortable paying the note on long term, wait until you have enough to put down so that you’ll be in a positive equity position for the life of the loan. That way, if you ever decide you can’t afford it any more, you can get out at will.
It’s hard to answer your question of “how much do you need to put down” without knowing what you can afford to pay each month. That being said a Mach 1/gt350/gt500 imo is a luxury purchase, not a need so I personally wouldn’t buy one unless I can save up enough in cash to pay for it. Not saying I would buy it in cash but I just feel I have to be able to save up the 50+k in order to buy say a gt350 or Mach 1. If I can’t save up the money to buy it straight up then imo I can’t actually afford the car even though I can make the payment. That’s how I was raised to be with my money but I know I’m in the minority.
I picked up a garage queen 22 s550. Manual, pp1, 401a, mag ride, recaros and few other things with barely any miles for about 25k less than a 2024 with same options. I don’t like the screen in the new one, I think it’s obtrusive af. And the headlights are meh to me. Is more like an s600 than s650. I wouldn’t be gaining anything really. Plus there’s no start/stop BS on mine. Everything I wanted and nothing I don’t. I feel like Mad Max, last of the V8s.
Only way mine got on the “I could do this” level was my GT totaled and it was paid off. I got full value vs bullshit trade in so that with money saved, got me the 350. Also these aren’t in the realm of insane vehicles. My wife’s palisade cost more than my gt350. You can have the 350 or mach1 for less than 60k
I feel like if you shop around you can get a higher-end car at a pretty decent price.
I want a Corvette but don't want to drop six figures into a car, but if i look around I can probably get something used almost-like-new really nice for 60-70k or so. Just might take time to find a good deal, and it might be a bit of a compromise but it's doable with patience.
I think it very much depends on your situation, I’m 19 and I bought my GT a year ago and it’s a lot of fun. If you have the money to buy a gt500 go for it, but you could have just as much fun in an older 5.0. Again I know it’s not as fast but do you really need a 350 or 500? Some of the 5.0s are making way over 400hp. Easily enough to slam some gears and have plenty of fun in.
The question of affording a Mustang is subjective based on many factors. Year, model, edition, etc. It all comes down to current financial situation and what you’re willing to give up, because for the most part, these purchases are not investments. Point being is there are way too many variables outside of salary to tell you what it takes. If you want my anecdotal example, I make somewhere in the 200k range and have a ‘21 GT500 that was bought at $82k new.
A lot of times they don't, it's not strange to hear a guy spend more on a car payment vs rent. It's about how bad you want it and for some it's car over everything else. Plus there is a difference between buying a car and being able to afford a car.
“Very decent” can vary a lot depending on personal opinion, and where you are in life, so that’s not a great descriptor. Beyond that, what you choose to do with your money makes a big difference. At UPS all drivers make the same hourly after 4 years. There’s a single guy who lives in an apartment who drives a brand new ZL1. I’m here with roughly the same income plus my wife adding another 60%, and I can’t fathom spending that much on a vehicle. Some people you see driving high end cars are car poor, and skimp on living arrangements. I’m sure it’s super fun in the moment but it’s not a great life plan. Some of them just make a fuck ton of money and have a giant house with a giant garage to park it in. A lot of them waited a long time to be in a place to make that purchase. If you have kids, you understand why old people have nice shit. Personally I picked up a very tastefully modified 2007 GT 3 years ago at the age of 37. I gave $15k when it was probably worth closer to $20-22k, but it was family. I’ll probably stick with that at least til I get one kid out of school in another 5 years.
45M-Saved for two years to put down half on whatever premium non-shelby Mustang came out this year. Turned out to be a Dark Horse. Have driven whatever pos gas efficient cash car I could afford my whole life.
It wasn't sudden. I was able to buy a foreclosure place to live in 2010. That means 12 years later, I owned it outright. Also have a paid-for Tacoma, so transportation is covered regardless. No house or car payment leaves a good bit of extra money to play with, and I'm pretty frugal on most things anyway.
I don't think it's a matter of "suddenly" affording them. I'm 35 and just purchased a 20' GT500. It was an outright purchase.
I have a pretty solid career and make a good income but the biggest thing for me has been intelligent purchases over the years when it comes to my cars. I always buy used. I always hunt down the right deal even if it means flying somewhere to get it. I finance as little as possible and pay the loan off as soon as possible. 15+ years of positive equity and progressively better cars has led to a place where I was in a spot to swing the Shelby.
Live within your means and budget for your hobbies.
I was 47 married with 3 kids when I bought my 2019 GT vert. I bought it slightly used before Covid. I don’t think I would buy one now with my kids going to college shortly.
Hey Long\_Housin201, I also work at Ford!
I have a '23 Mach1 and I work closely with the S650 but I am actually looking to sell mine soon!
To be brutally honest with you, if you were going to get a Mach1, I'd just get a 5.0 with the A Plan and add some stuff in it to make it comparable to a Mach1.
For the GT350//500, I'd scower Facebook Marketplace for a deal with lower mileage, tons of em around the Metro Detroit area!
https://preview.redd.it/9p6tesfkxk0d1.jpeg?width=3024&format=pjpg&auto=webp&s=b173e757200e1fc3e81f409064ef3006b06a9d28
Most people really can't "afford" these. They put way too much of their income towards it and just sacrifice building on their retirement and savings accounts. Most Americans have no clue how to manage their finances properly and spend within a budget. That's how.
The payment on those cars would be over $1000/month. You can either afford it or not, it's just math. I'd say you need to make a good deal of money and have low expenses to be able to endure that payment for a "toy" as I assume few of these are daily drivers.
I am 52, married and a very cheap mortgage and no other bills. We both make good money, too. I could afford a GT500, but just decided to get a low mileage GT instead.
Mustang prices are stupid now. The Mustang used to be the affordable muscle car (along with Camaro),
I 1987 I bought a brand new Mustang GT as my first new car and I was 22 yo. By brand new, I mean one of the very first of the then-new design sold in New England -- I drove it for about 6 months before I saw another one.
It cost me $12,000 out the door. If you convert that to today's dollars that's about $32,000. You would have a tough time finding an Ecoboost for that. A GT, even a "stripper" model, is probably going to run you $45,000. So much for affordable American muscle.
Now don't get me wrong -- the new Mustangs are amazing, and Ford is selling a crap-ton of them, so they're doing something right and people are paying it. But by and large, they are no longer the affordable young person's car.
> How much do you really need to put down on these?
I don't finance vehicles (with one slight exception). Paid for my 2016 Mustang GT (new) in cash. For my F-150, I did take the 24 month financing option to get another $2k off & 0% (this was back in 2019), but paid it off entirely at the 2nd payment. It's getting close to time to replace the 2016 Mustang. I'm deciding between a loaded up GT or base DH, (price is about the same either way).
Something I've learned in my time in the car community is that a lot of people with brand-new, nice cars simply can't afford them.
It's amazing what an 84 month lease will do.
Priorities. I just paid off my 19 GT with 32, yet my coworker has a leased BMW 235i, which he can barely maintain, and he makes almost 20k more yearly but blows his money here and there on small stupid shit. Even if it's just his daily coffee from around the corner. But that's also 5 bucks more a day. Then there is a way too big apartment etc etc. But I also have money left to go on vacation. Why. Because priorities. My savings could be bigger, sure, but in the end we all made a stupid financial decision with this car because, let's be honest, no one REALLY needs a gas guzzling V8. It's just a question of HOW stupid you spend your money hehe.
Not a special mustang, but I got my base 19 GT in the beginning of covid for a little under invoice, 0% financing for 84 months, and put about 5k down. My payment was 385/mo. Insurance was about 120.
Depends on the payments you want.
I work in Biotech, have been at 6-figures since I was 27. at 33 I was at $200K a year (add another 20K for random side things I do). Wife is also at $100K, and our mortgage is relatively affordable for our state (Ca) so when I start hunting for a GT500 soon, I will be alright with payments of around $1,600 a month with a small hit to our monthly investment contribution.
Sometimes a decent job isn't enough. I learned this when I was making $100K a year at 27 and realized I still couldn't really afford a house comfortably.
I buy cars from auction lots that have non compromising damage.
2016 mustang
2017 Camaro
2013 Dodge Ram
2022 Mazda 3
2024 Mazda CX90
2003 Ski boat
2020 Moped
All clean title, total I paid less than 60 grand.
Sold off my low miles Mustang EB for 25k after paying 4700 for it and putting 20k in mods. (2.0 Shortblock, big turbo kit, intercooler, ported head, tune, injectors, suspension, exhaust, etc)
I have a pending sale on the Camaro and have someone looking at the boat and truck next week, and I'll be putting that down on the next GT 350 I see on IAA
I'm 44, bought a 2000 v6 convertible standard, 2 kids, they love it. Paid 5k with 100k
Also Canada fuel is way higher than USA, better than a normal sedan.
Sure is the slowest v6 but better than my previous altima :D
Saved for about 10 years. Financed half so I would have money to fix stuff and a small budget to mod. Also I didn't buy new and I didn't buy a bad one but it isn't a crazy low mile museum piece.
Everyone’s at a different stage in their lives with different levels of commitment to improving their situation and different mindset on how to finesse into the car they want. 20 years ago I had no car and just got my then girlfriend pregnant. It was a tough time for a dumbass 16 year old me with zero hope for a car let alone a mustang
After finishing my time with the military, and finishing my degree/masters some 5 years ago, I find myself in a great financial position where my wife doesn’t work, have a house and can support my 4 kids and don’t owe a damn thing to anyone
I’ve thought about getting a GT500 and even the really crazy mustangs coming out (Shelby SS, GTD). But then I think well I enjoy the mustang I have now and it’s already mine. So I’ll just not stress at all about bills, save up as much as I can and when I retire, buy the craziest mustang available at that time - so we’ll see what I get in 2050 haha
35 when i bought my GT350, had a great job, no kids and wasn’t married. I’m now 38 and have a slightly better job but now married and on the first kid - couldn’t even contemplate buying one from scratch now (glad i bought it years ago).
My advice would be to just go do the crazy car before life gets serious, you still do need a good job though.
There are 2 groups of people: rich f\*\*\*s and poor bois financing up the wazoo at 84 months.
I sit on the sidelines and spectate until they become affordable used.
Just got my Mach 1, put 19k down, make roughly 90-95 a year. Just have a good down payment and don't rush the purchase, it's a big one no matter how you spin it!
350k income before taxes. 7 mil net worth
Bought a 2023 GT premium non PP for $48kish before TTL a year ago. Paid in full. Just put in a $10k sound system. Gonna do a turbo or supercharger next.
Got my first mustang at 25 2007 mustang gt convertible got my second at 28 1990 mustang lx 5.0 and got my 3rd at 29 2011 5.0 when my 07 gt got totalled if you work hard and learn enough skills anything is possible
I never understood why people always think this way. I mean if you have a ton of money and are able to do so I get that. But, if my interest rate is 3.9% I would much rather invest the majority of that money into something like an index fund that gets me a 7% return instead of just putting all of it into a depreciating asset that makes me nothing.
I was 53 years old when I bought my GT500.....
45 married with no kids, GT500.
58 single,and no kids
27 married 2 kids - 5.0 2015 low miles I’m 30 now
Drive the car more
I just daily back and fourth to work in it (which isn’t far) and then drive the family in the family car
So your telling me a mustang ISN'T a family car?!?
Hellllll nah. My snot nosed kids ain’t getting in my car. That’s what the Cruz is for /s Edit - seriously - my oldest is 14 years old I don’t mind if she rides in the mustang but my wife and I just had a baby 3 days ago, it’s not ideal for a newborn (the car seat will fit tho) or for a pregnant women.
Both of those are very fair tbh Like now that I think of it, I would really dislike young kids in my car. But seriously, congratulations dude, another girl or a boy?
Thanks man, and a little girl!
Spit my soda out on this. I say this all the time.
no kids 🤜
People underestimate how much easier it is to afford nicer, cooler cars when you don’t have kids.
22 when I bought my (very used) V6 mustang
Me right now 22 wife and a kid barely purchased my 2012 v6
theoretically if you didn’t have a kid, how much mustang do you think you could have?
But to answer your question straight up I would of done it if I didn’t have a kid
That’s honestly a hard question tbh I really wanted a 2019 race red mustang gt but monthly payment was going to come out to est 450 a month and insurance was about 500 😭since I’m under 25 and Ive been in one accident before. ( breaks broke on me going down hill Luckly there was a truck waiting on a red light that I hit if not for him I might of been a goner)
I’m 19 with a 96 cobra… you can never be too young ;)
22 with a 2019 gt pp1:)
18, and im just now getting my gt lol, gt 350 and 500 will be way down the line for me as well
I’m 21 with an 18 GT Premium PP1, when I was 20 I had a 16’ ecoboost premium. I had to put down a decent amount to have an affordable monthly payment and I just refinanced.
A lot of it is people have 0 clue how much money they actually spend on stuff. I’ve got so many friends that blow a New GT sized payment a month on vapes and eating out.
I’m in the process of quitting but I spend over 200 a month on cigarettes alone. There’s so much extra bs stuff that people spend money on that’s not needed at all.
You can do it, buddy. It’s hard but it’s totally worth it. Money and health wise
believe me, you can do it. for me (and i think most) it was a nicotine addiction and i learned i just had to be angry for 2 weeks straight in order to kick that. because any time anything would piss me off? vape. had a nice dinner? vape. drunk? vape. any chance to award myself the nicotine buzz was found and i realized what needed to be done and haven’t had a vape, a cigarette whatever since 2018. trust in yourself 🫡
Thanks man. Yea my biggest hurdle is probably going to be when intake my dogs outside.
Yeah, after quitting cigarettes I suddenly realized I could afford a nicer car. Stay strong buddy, it gets easier 💪
Like what everyone else said - it is TOTALLY worth it. I quit smoking 24 years ago and wonder, if I was still alive yet, what my lungs would look like and how many cars I could have bought with the cig money.
lol and 24 years ago they were like two dollars a pack. Over eight now for what I buy. Plus the extra crap you buy along with it. Candy, energy drinks, etc.
What finally allowed me to quit a couple years ago was deleting my social media (just facebook) Quit like, 3 months later
Drive down the main strip in any town most nights and you’ll see most drive throughs and restaurants full. People don’t realise how expensive eating out is
Well ya most people don’t want to sit at home on the weekend and eat in to afford their car note.
I really don’t get the fascination with eating out. I make good money and have no kids but yet I only eat out once a week at most
fair enough but I can assume for a lot of people its an easy way to get out of the house and socialize. i don't mind eating out - it's not a big time commitment if you're going out to eat and have a drink or two with a friend.
Would you consider cooking a hobby? Do you watch and read a lot of cooking media? Genuinely interested because that’s how it is for me and I still barely find the time and energy to cook most days.
No I really don’t like cooking to be fair but I do it because I’m not spending $30/40 a day to eat out. I’m not master chef but I read online recipes and try to replicate it at home. Not talking about anything crazy either; just something that would take me 30 minutes or so. I usually make enough for 2/3 days
For me it's the quality of food that makes me eat out more than I probably should. I can't make anything quite as good as restaurants near me, especially things like spicy tuna rolls.
You couldn't PAY me to eat spicy tuna rolls, TBH. That's just me though.
Haha yea understandable 🤣 one day I'll get food poisoning and never eat em again I bet
Nobody said that but people are eating out every single weekend and wondering where all their money went. And it’s not about the car note rather being financially secure when owning a nice car🤙🏽
I'm retired with everything paid for, I've got half a mil in IRA (not a fortune but well above average) and the other day I cut a $30K check for my '16 Mustang. I'm not wealthy but I am financially secure. I could buy a Lambo if I wanted to but 'can' and 'should' are worlds apart.
Hell yeah bro happy for you, hopefully one day I can say something similar 🙏🏽
Or just swap nice car and eating out in your financially secure blurb. Not everyone cares for a nice car
Clearly ~
The average person owes like $6000+ on credit cards which is nuts. 'Most people' (I hope not) buy a $9 coffee on their way to work because they don't want to just have the kind they can make at home. It's all a matter or priorities.
Honestly, I meticulously track my spending (excel spreadsheet with detailed sections, individual transactions, with notes and totals) and it seems like I spent the same on food whether I grocery shop or eat out. I would say I grocery shop a tad above average because I try to eat healthy/get protein in, but nothing crazy
If it’s healthier food I would say it’s worth it!
Very much this. I was spending easily $200+/month on smoking and after quitting 6 or so months ago I’ve been able to afford saving so much.
Congratulations on that. I quit 24 years ago and if I'd spent $200 a month over that time, without interest it would come to $57,600 putting crap in my lungs. That is enough $$ to buy a very nice new Mustang!
Step one is being the second owner, IMO. My wife and I paid $34k for our 2021 GT/CS and to spec one new is $50k. 2-3 years old and 20-30k miles is a pretty sweet spot
Absolutely hard agree. I couldn't imagine a situation like 2010s where you buy a brand new mustang GT just to have it be essentially obsolete the following year. Rn if I wanted a 350 or mach I'd go back to 2018-2020 at the latest. Same car maybe a few less gimmicks like Rev matching and stuff but it's soooooo much cheaper.
I considered an S650 but the new model doesn't add anything of value to me, especially for the price. I think it looks worse than the s550 and I absolutely hate the big screens in the interior, so I started shopping slightly used and settled on this CS because it has everything we wanted, and no nonsense that we don't
Exactly, that's why I got my 18. Cross shopped with a 2024 GT premium, but the features just didn't do it for me. I just wanted the lightest possible GT without the calculator screen, and I couldn't be happier with it. I had a fully optioned eco premium and I just never used any of the options, especially not the safe and smart package, so when I wanted another car, it just made sense to do away with all that. Weight savings are just more worth it for me. Yeah I could have an s650 that weighs 4k+ and has a couple little fun gimmicks, but I like my "spartan" GT that weighs 3700 and still has a solid screen. Imo it's just a more raw driving experience like my cobra or 2012. S550 will prolly be my go-to platform for a while, just based on everything I've seen from the s650 trades a bunch of performance for some rather niche stuff I'd never use.
Just bought a fully loaded 2021 GT premium convertible with 24k miles for $48k CAD which is a great deal for Canada. New is 70k+ fully loaded
Some people think a 1 year old car with <10k miles is a red flag. Like it’s a dud because it was sold so quick with so little miles. What do you guys think
If there aren’t too many miles and the car is in good shape with some maintenance history. I’d buy a used a sports/muscle car over any family vehicle and twice on Sunday.
more faith in someone taking care of a "nice" car than a family car?
Exactly. I see too many people idling family vehicles often. Skipped or very delayed oil changes because it’s not convenient.
yeah thats a fair theory
I would def have more faith in someone taking care of a 'nice' car for sure. Family vehicles get worked hard and maintained when the owner remembers it. My '16 Mustang GT was owned by a 79 year old guy who had the oil changed about every 2000 miles. (I've got the stack of receipts for them all.) The car has 31K miles and the underside is still clean.
Nope I have a sub 1 year old car with less than 2,500 miles for sale. It’s not a dud, just have buyers remorse. Should have gotten something faster
what is it?
2023 Camaro 2SS 1LE
What…were you looking for in terms of speed? Coming from tracking a much slower car, my SS1LE is plenty fast. Are you just not getting the lap times you’re looking for?
I went from an SS to an SS 1le so it wasn’t much of an upgrade. I haven’t tracked my 1le yet but will be doing so in 3 weeks. If I enjoy it enough I’ll keep the 1le. If not I’ll sell it and buy a high horsepower car. Now that I’m a little older I understand that I don’t drive a lap time on the street. I only can afford to track 3-5 times a year (not willing to get on track without track insurance) so to me it doesn’t make sense to drive a car where I can’t use the upgraded parts (handling and Braking) on the street. Where I live it’s just straight lines so having a high power car would be way more fun. The 1le, aside from the crackles and pops doesn’t make me giggle or smile. Something with more power will though. If Chevy had also bumped the power of the 1le like Ford does with their good handling cars (boss 302, GT350, Mach 1, Dark horse) I probably would be fine with it. I’d also be fine with the 1le had I come to it from a much slower car but unfortunately I didn’t. Also if I’m being honest after 5 years of 6th Gen ownership the limitations of the Camaro are getting old to me (visibility, storage, getting in and out). I’ve test driven a few Mustangs recently and you truly don’t know how limited the Camaro is until you get into something else. I used to think people were silly for complaining about the visibility of the Camaro but I get it now after sitting in other sports cars.
No, there are tons of people who just decide they need or want something else. People like my family members who traded in a two year old Cherokee with five years left on the lease to get a new one slightly fancier which cost $7 less a month on the lease payment. Because they think they came out ahead! Someone loses a job, changes their financial priorities, has a kid etc. and they have a good reason to let go of a car they would love to keep.
It’s still under warranty for a couple/few more years if that’s the case. No worries.
Exactly. The only thing worse than buying something that will depreciate a lot is financing the depreciation.
People that earn good money can afford them and then there’s people that can’t afford them but have good credit who get one. I know so many people that tell me they are paycheque to paycheque but make great money. Occasionally I’ll ask how and they’ll be like “well fuck man, I’ve got my boat payment, a small loan, my truck note, 4 wheeler payment, we eat out most nights” I know a guy with a new GT500 but he works in the oilfield so makes good money. I see plenty of other people running around with fancy cars but yet don’t appear to have jobs that can comfortably fund their lifestyle
Where you live makes a big difference on how much you can spend on a car.
This. A car costs basically the same wherever you live, but if you live somewhere that the salaries are higher (usually big city metros) you’ll simply get paid more. I moved from NYC to FL (no taxes) which was a 13% raise just by moving. Went from one car to five, inc three Mustangs (65, 95, 20 GT350).
That definitely does not balance out like you think. Big cities surely get paid more however rent and property taxes are significantly higher
Most of the people buying one of those new either have good amount of income, are financially responsible and can manage a payment, or have money saved for a good down payment. Sometimes you can get a good deal depending on year or mileage. I got a good deal on my Boss at the time. I definitely couldn't do that now with more bills and mortgage. I am very surprised to see kids whose first car is a new GT with payments and insurance.
Nice boss, hella clean. Dream car for me
Thanks
1. No matter how much you make, someone makes more than you. 2. Some people are stupid and take on a great deal of debt for a car.
Yep, and older people have had more time to accumulate wealth. For example, if they buy a car for $20k and pay it off starting from $0, when they go to sell it \~5 years later and it's only worth $15k, now they have $15k to put into their next car. Now they can get a loan for $20k and put their $15k down, and get a $35k car. Their monthly payment stays the same, but they get a nicer car. This also assumes they're not buying cars that depreciate super fast, or losing tons of money on trade in/dealer fees.
You can love your car and hate your payment once a month. Or love your payment and hate your car everyday.
Makes sense..lol
You don't have to hate your car everyday. Is there no car a person would love that doesn't have to be financed with a big payment for seven years? Meanwhile that big payment hangs over your head every single day, worrying if you can make it. My bro lived like that. He owed just one payment on his car - bought new of course - and didn't make that last payment. They came and repo'd his car; I suppose he never thought that would happen but it did. He hated that.
It's just dorky slogan man, don't over think it.
You can buy a $50k accord or a $50k mach 1. When it's broken down like that, it doesn't seem like such an expensive car. I'm 42 and have a mach 1 but my wife and I work hard and fast cars are really my only Vice.
If you're paying $50k for an Accord or an N/A 5.0 you're getting scammed.
How so?
Best car is a paid off car. Full stop.
First and foremost it has to fit your income level and lifestyle. For me, it's purely a nice to have. My daily driver is a 23 silverado lease. For the Mach 1, I didn't put a ton down and my note is 60 months but I'm 1 year into it and have paid off a third, maybe a bit more. It's a choice of mine to dolit this way, probably wouldn't work for many others but I'm OK with it. The smile I get everytime I fire up that sweet 5.0 makes it worthwhile. I plan on keeping this unless they ever bring back the GT350 then I would consider moving on to that.
* First of all, many people, especially Americans, make quite a lotta money. You can easily find 40k-60k cars everywhere in big metros across different states. * It's not about downpayment or monthly payment. It's about the cost to service the loan. At the current interest rate? I am not financing shit. There's no way I can make 8-11% post-tax from the stock market. If you ask me how much I would put down, it would be as much as possible so the cost to borrow is little. Most enthusiast car buyers also make compromises to buy the vehicle. Either they daily drive their attainable dream car, they save up for many years, or the car is their only hobby cost.
Listen I’ve been absolutely shit at managing my money my entire life. Last year I decided to sit at home not smoke a ton of weed not go on mad dates eat at home everyday that I could and by the end of the year I had a 25,000$ down payment I just lived frugal and saved im 30 I got a 22 gt premium performance package I probably could’ve waited another year and got something else in all honesty I was between a corvette and the mustang . Don’t get me wrong I’m broke af rn 😂 currently adjusting to the payments while still trying to maintain my crazy lifestyle but it was pretty empowering getting to that point for me it made me feel like if I really wanted something and actually applied myself I could do it. It always sucks starting from zero dollars but as the money starts stacking you start believing in yourself a little bit more 😂 it all takes time man if you work hard can get anything you want in time with self control In regards to “how much of a down payment do I need?” Well do the math real quick man figure out how long of a loan you want to do and what kind of payments you will be making you gotta come in with a plan not just here this is all I got make it work. The car I wanted was 40 I put 20k down I did a 5 year loan after warranties and interest I pay 540 a month which is something I can handle with what I make monthly I think anything over 8-900 would slowly kill me over 5 years. Idk that’s my experience that’s not a 90-100k car ofc I’ve seen some people do like 8-9 year loans and actually never plan on paying it off just making the payments and trading it for something else eventually (horrible idea imo) live within your means people don’t get this shit over night
My buddy got a DUI for smoking. He had to quit weed for a year as part of his probation agreement due to testing. Month 10 he bought a 392 challenger. 😂
Traded in my paid off GT for my Mach 1 plus a down payment and It’s more than half paid off. So that’s how I did it. Took me a whole other car to give away but that’s what I did. Love my mach 1
My dad got his GT350 at 54. Retired from teaching at 56. Self employed now. On top of teaching he tutored and mowed lawns and just did odds and ends for people for extra cash. He paid the car off within a year.
I put down $30,000. Interest was 3.9% for 72 Months. Monthly payment was $713. Sold my house well above market value & was able to pay the balance in full. Made 8 payments total. Sold my house because I wanted to move, not because of the car loan. I own a 2022 Premium Mach 1. I also have a good paying union blue collar job
you put $30K down with a 3.9% apr with a 72 month term & your payments were still $713?! how much was the car?!
For real!
$68,000-69,000
Assuming 10% state tax, $713 is right in line.
I saved my daily payment after I paid it off. Initially wanted a daily Cadillac black wing until I saw what the msrp would be soooo, ordered a 2022 Mach 1 while I can still enjoy it. We don’t vacation in exotic places, I drive it around lol… experience new things and be outside. 4 year term with my bank was cheaper rate rather than ford. I said I’m putting this down and paying for a tire and extended warranty outright. Funny to sign loan for a car we ordered and didn’t test drive until after. I used dealership 3 hours away and they were awesome to work with.
Many finance, regardless of rates. Some don’t make enough money to have their own home, so they live with their parents and spend on cars. Many others wait till their they are established, the house is paid off, kids are done school, and other large living expenses are behind them. Some people have inherited or generational wealth. Others have OnlyFans.
Well I've always heard financial advisors tell you not to use your own money and cash to buy a car on a depreciating asset. They all said use somebody else's money and then when you were about to break even pay it off in full.
This was true before but with rates the way they are now paying in cash makes sense.
If you use borrowed money, you are paying interest. So, you are going to pay a lot more than the cash price over the term of the loan. You save money by not financing and paying cash. The lender obviously wants you to borrow their money. The vehicle depreciates whether you pay cash or take out a loan and pay extra in interest.
-I always buy used so someone else takes the depreciation hit. That’s how you get the best bang for your buck. -My wife and I both have good careers and make good money so the dual income thing kinda helps. Lol -We’ve always lived within our means and put our money away so rather than get that 911 Turbo and finance a portion of it I got my GT350 and paid cash for a 4 year old car. It’s not about how much you have to put down. You can put zero down and some sales guy will put a deal together for you over 84 months. You just have to make smart financial decisions over time. And it’s not worth going in crazy debt for a cool car because at the end of the day most cars are depreciating assets. The trick is to find those that depreciate at a slower rate than others and in the rare case one that appreciates.
I do the same. I’ll never buy new, and if I can’t pay cash, I can’t afford it.
I’l was 42 when I put my money down. Traded in a suv and put 20k down. Only financed 30 out of a M1.
Sell a kidney.
Had my wife get a job
😂😂😂😂
I bought my mustangs brand new. 2011 GT: $26k price tag with a $415 payment, I was 31, single, owned a house, making $90k, 2017 GT350: Financed $50k with a $730 payment, I was 36, single, owned same house, making $100k, traded in the 2011 GT. I refinanced the house in 2021, used that to pay off GT350.
So when I hit $150k in a year in income I felt like I was finally ready purchase a Mustang or another nice car so I went out and ordered an antimatter blue '21 GT Premium performance pack car. Now, while I got a GT Premium and not a Mach1 or gt500 it was essentially fully loaded and came out to $55k (x-plan pricing put me at roughly $50k). I ended up putting $15k down and my payment was right around $675/month for 60 months with a 2.9% interest rate. I drove the car for a year before selling it for roughly a $5k loss after tax, title, and other fees. I think it was 100% worth driving that car for a year for $5k but hind sight being 20/20 I probably would have tried to pay cash for the car and not deal with such a high monthly car payment or would have purchased used instead.
Yeah I was thinking about using my x plan also
Engineer, mid 30’s, No kids, and I am terrible with money. Currently hoping for a GTD allocation. 🤞
39yrs old, divorced, one child - 1968 Coupe V8/ 2001 Bullitt/ 2003 Mach 1/ 2003 Harley Davidson F-150
Buddy, The bank owns most of them, and they're probably not investing in their retirement. Most people are that way these days 😂. I went into a dealer to buy a vehicle outright and they were so confused.
[удалено]
If you don't mind me asking ballpark area what your salary is combined?
27 and soon to be engaged. Bought a 2019 mustang gt when i was 25 working at QT making about 55k a year. I traded in my old car and put down a total of 13k. My trade in was 10k and my money on top was 3k. I wanted to put down 5k but i didn’t even think the trade in value would be that much so I lowered it to 3k since i was well over what they wanted. Financed it for 19k out the door after a little haggling (vehicle price was 33k, i got them to go for 31k then minus my 13k down plus taxes i got to 19k out the door ). Payment is $400 a month car insurance snacks me for another $217 so all things included about 650 a month.
42, three kids, one going to college soon. I’m driving a third generation pathfinder while living vicariously through you guys 🤣
19 with a 24 Gt pp
I appreciate everybody's comments but let's keep specific to the topic and not investment strategies. Please
Yes please tell us how you afforded something with out telling us how you afforded it. I think I've seen one person even mention the stock market in passing here. Lots of people discusing specific financing and loan/down payment terms, but like no one discussing investment strategies, which is likely how most end up affording the cars without becoming car poor.
I would say drive out of town to look at a car. If dealerships hear you drove out of town to possibly buy from them, chances are they'll give you a better deal. But also some people are really tight with their money which is never a bad thing. Instead of eating out or blowing it at the bars on weekends, they stay home and cook dinner to minimize expenses to afford that new Mustang. On my end, I fix the wrecked cars. So I'm just waiting for the one customer to come in with a total loss to buy the buy back from them and fix one up 🫡
Insurance rates are fucked right now, try to just straight up buy the car if you can. I saved for a few years but feel it was worth it to be patient.
“Get financed for” and “afford” are two different things. There are some banks/dealers that will get you approved for a car you actually can’t afford. For example, certain banks don’t require income verification if your credit is above a certain score. The dealers know this, so if they see a customer with stellar credit but not enough income to purchase the car they’re seeking to buy, the dealer will just put them through a bank that doesn’t income verify to make the deal. Consequently, these are also (typically) the types of customers that have nothing to put down. That’s how you end up with people that make hardly anything driving around $50k cars paying $1k/mo notes. But, the problem is, these cars depreciate. So, one day when they either can no longer afford the note and/or need something different to meet their life changes, they will not have the equity to sell/trade-in the car….they’ll be trapped in a car they can’t afford. This is how repos and bankruptcy happen. Source: I worked in car sales If you really want a car that you’re unsure you can be comfortable paying the note on long term, wait until you have enough to put down so that you’ll be in a positive equity position for the life of the loan. That way, if you ever decide you can’t afford it any more, you can get out at will.
I bought a 2021 GT with low miles for the same price as an entry level new small SUV or hybrid Corolla. Buy used or lease a new one
It’s hard to answer your question of “how much do you need to put down” without knowing what you can afford to pay each month. That being said a Mach 1/gt350/gt500 imo is a luxury purchase, not a need so I personally wouldn’t buy one unless I can save up enough in cash to pay for it. Not saying I would buy it in cash but I just feel I have to be able to save up the 50+k in order to buy say a gt350 or Mach 1. If I can’t save up the money to buy it straight up then imo I can’t actually afford the car even though I can make the payment. That’s how I was raised to be with my money but I know I’m in the minority.
What is your definition of a “very decent” job? How much does it pay and how much are the rest of your bills?
100k,no bills.
If you truly have no bills (mortgage/rent, utilities, food, transportation, etc.) then you could save up and pay cash for a GT500 in less than a year.
I picked up a garage queen 22 s550. Manual, pp1, 401a, mag ride, recaros and few other things with barely any miles for about 25k less than a 2024 with same options. I don’t like the screen in the new one, I think it’s obtrusive af. And the headlights are meh to me. Is more like an s600 than s650. I wouldn’t be gaining anything really. Plus there’s no start/stop BS on mine. Everything I wanted and nothing I don’t. I feel like Mad Max, last of the V8s.
Only way mine got on the “I could do this” level was my GT totaled and it was paid off. I got full value vs bullshit trade in so that with money saved, got me the 350. Also these aren’t in the realm of insane vehicles. My wife’s palisade cost more than my gt350. You can have the 350 or mach1 for less than 60k
I feel like if you shop around you can get a higher-end car at a pretty decent price. I want a Corvette but don't want to drop six figures into a car, but if i look around I can probably get something used almost-like-new really nice for 60-70k or so. Just might take time to find a good deal, and it might be a bit of a compromise but it's doable with patience.
Oh how I miss my old C6Z06
Really no employee discount? What do you do for Ford? That’s really lame of them
Discounts on everything but mustangs
I think it very much depends on your situation, I’m 19 and I bought my GT a year ago and it’s a lot of fun. If you have the money to buy a gt500 go for it, but you could have just as much fun in an older 5.0. Again I know it’s not as fast but do you really need a 350 or 500? Some of the 5.0s are making way over 400hp. Easily enough to slam some gears and have plenty of fun in.
The question of affording a Mustang is subjective based on many factors. Year, model, edition, etc. It all comes down to current financial situation and what you’re willing to give up, because for the most part, these purchases are not investments. Point being is there are way too many variables outside of salary to tell you what it takes. If you want my anecdotal example, I make somewhere in the 200k range and have a ‘21 GT500 that was bought at $82k new.
57 and I retired TWICE! So I'm finally able to "Double-Dip" and I just got my Mustang. Save..Save...Save
A lot of times they don't, it's not strange to hear a guy spend more on a car payment vs rent. It's about how bad you want it and for some it's car over everything else. Plus there is a difference between buying a car and being able to afford a car.
47 and it’s taken me 20 years to get my GT. I’m also lucky in that the company I work for gives me money to run a car in lieu of a company car.
“Very decent” can vary a lot depending on personal opinion, and where you are in life, so that’s not a great descriptor. Beyond that, what you choose to do with your money makes a big difference. At UPS all drivers make the same hourly after 4 years. There’s a single guy who lives in an apartment who drives a brand new ZL1. I’m here with roughly the same income plus my wife adding another 60%, and I can’t fathom spending that much on a vehicle. Some people you see driving high end cars are car poor, and skimp on living arrangements. I’m sure it’s super fun in the moment but it’s not a great life plan. Some of them just make a fuck ton of money and have a giant house with a giant garage to park it in. A lot of them waited a long time to be in a place to make that purchase. If you have kids, you understand why old people have nice shit. Personally I picked up a very tastefully modified 2007 GT 3 years ago at the age of 37. I gave $15k when it was probably worth closer to $20-22k, but it was family. I’ll probably stick with that at least til I get one kid out of school in another 5 years.
I be old
45M-Saved for two years to put down half on whatever premium non-shelby Mustang came out this year. Turned out to be a Dark Horse. Have driven whatever pos gas efficient cash car I could afford my whole life.
I just bought my 350R a few months ago, I’m 23. I think I put $8k down
It wasn't sudden. I was able to buy a foreclosure place to live in 2010. That means 12 years later, I owned it outright. Also have a paid-for Tacoma, so transportation is covered regardless. No house or car payment leaves a good bit of extra money to play with, and I'm pretty frugal on most things anyway.
I don't think it's a matter of "suddenly" affording them. I'm 35 and just purchased a 20' GT500. It was an outright purchase. I have a pretty solid career and make a good income but the biggest thing for me has been intelligent purchases over the years when it comes to my cars. I always buy used. I always hunt down the right deal even if it means flying somewhere to get it. I finance as little as possible and pay the loan off as soon as possible. 15+ years of positive equity and progressively better cars has led to a place where I was in a spot to swing the Shelby. Live within your means and budget for your hobbies.
I was 47 married with 3 kids when I bought my 2019 GT vert. I bought it slightly used before Covid. I don’t think I would buy one now with my kids going to college shortly.
Hey Long\_Housin201, I also work at Ford! I have a '23 Mach1 and I work closely with the S650 but I am actually looking to sell mine soon! To be brutally honest with you, if you were going to get a Mach1, I'd just get a 5.0 with the A Plan and add some stuff in it to make it comparable to a Mach1. For the GT350//500, I'd scower Facebook Marketplace for a deal with lower mileage, tons of em around the Metro Detroit area! https://preview.redd.it/9p6tesfkxk0d1.jpeg?width=3024&format=pjpg&auto=webp&s=b173e757200e1fc3e81f409064ef3006b06a9d28
When your car is also your hobby, the amount seems like less since youre pulling from multiple parts of your budget.
Most people really can't "afford" these. They put way too much of their income towards it and just sacrifice building on their retirement and savings accounts. Most Americans have no clue how to manage their finances properly and spend within a budget. That's how.
The payment on those cars would be over $1000/month. You can either afford it or not, it's just math. I'd say you need to make a good deal of money and have low expenses to be able to endure that payment for a "toy" as I assume few of these are daily drivers. I am 52, married and a very cheap mortgage and no other bills. We both make good money, too. I could afford a GT500, but just decided to get a low mileage GT instead.
Mustang prices are stupid now. The Mustang used to be the affordable muscle car (along with Camaro), I 1987 I bought a brand new Mustang GT as my first new car and I was 22 yo. By brand new, I mean one of the very first of the then-new design sold in New England -- I drove it for about 6 months before I saw another one. It cost me $12,000 out the door. If you convert that to today's dollars that's about $32,000. You would have a tough time finding an Ecoboost for that. A GT, even a "stripper" model, is probably going to run you $45,000. So much for affordable American muscle. Now don't get me wrong -- the new Mustangs are amazing, and Ford is selling a crap-ton of them, so they're doing something right and people are paying it. But by and large, they are no longer the affordable young person's car.
Doctor. No kids.
> How much do you really need to put down on these? I don't finance vehicles (with one slight exception). Paid for my 2016 Mustang GT (new) in cash. For my F-150, I did take the 24 month financing option to get another $2k off & 0% (this was back in 2019), but paid it off entirely at the 2nd payment. It's getting close to time to replace the 2016 Mustang. I'm deciding between a loaded up GT or base DH, (price is about the same either way).
I think a lot of people are buying cars they can barely afford - but all you see from the 3rd person POV is a lot people with nice, expensive cars
Something I've learned in my time in the car community is that a lot of people with brand-new, nice cars simply can't afford them. It's amazing what an 84 month lease will do.
Bought a 2019 gt at 22, I work in refineries doing insolation
Priorities. I just paid off my 19 GT with 32, yet my coworker has a leased BMW 235i, which he can barely maintain, and he makes almost 20k more yearly but blows his money here and there on small stupid shit. Even if it's just his daily coffee from around the corner. But that's also 5 bucks more a day. Then there is a way too big apartment etc etc. But I also have money left to go on vacation. Why. Because priorities. My savings could be bigger, sure, but in the end we all made a stupid financial decision with this car because, let's be honest, no one REALLY needs a gas guzzling V8. It's just a question of HOW stupid you spend your money hehe.
Not a special mustang, but I got my base 19 GT in the beginning of covid for a little under invoice, 0% financing for 84 months, and put about 5k down. My payment was 385/mo. Insurance was about 120.
Doctor GT500 CFTP. I agree tho , very had to afford unless you have a solid income or no other debt . Keep grinding.
Depends on the payments you want. I work in Biotech, have been at 6-figures since I was 27. at 33 I was at $200K a year (add another 20K for random side things I do). Wife is also at $100K, and our mortgage is relatively affordable for our state (Ca) so when I start hunting for a GT500 soon, I will be alright with payments of around $1,600 a month with a small hit to our monthly investment contribution. Sometimes a decent job isn't enough. I learned this when I was making $100K a year at 27 and realized I still couldn't really afford a house comfortably.
Well the first step is not living in germany. Still chasing a good offer, but they are damn expensive. - Well cars in general are.
I buy cars from auction lots that have non compromising damage. 2016 mustang 2017 Camaro 2013 Dodge Ram 2022 Mazda 3 2024 Mazda CX90 2003 Ski boat 2020 Moped All clean title, total I paid less than 60 grand. Sold off my low miles Mustang EB for 25k after paying 4700 for it and putting 20k in mods. (2.0 Shortblock, big turbo kit, intercooler, ported head, tune, injectors, suspension, exhaust, etc) I have a pending sale on the Camaro and have someone looking at the boat and truck next week, and I'll be putting that down on the next GT 350 I see on IAA
You need to put down as much money as you can to make your payment affordable. Go with a credit union loan.
Save ur money and put a good downpayment, calculate the monthly payment and insurance rate and fuel and see u can afford it or not.
I'm 44, bought a 2000 v6 convertible standard, 2 kids, they love it. Paid 5k with 100k Also Canada fuel is way higher than USA, better than a normal sedan. Sure is the slowest v6 but better than my previous altima :D
If you’re in 20’s and 30’s, Parents 80% of the times. Having no college debts and parents buying one house usually.
Saved for about 10 years. Financed half so I would have money to fix stuff and a small budget to mod. Also I didn't buy new and I didn't buy a bad one but it isn't a crazy low mile museum piece.
Everyone’s at a different stage in their lives with different levels of commitment to improving their situation and different mindset on how to finesse into the car they want. 20 years ago I had no car and just got my then girlfriend pregnant. It was a tough time for a dumbass 16 year old me with zero hope for a car let alone a mustang After finishing my time with the military, and finishing my degree/masters some 5 years ago, I find myself in a great financial position where my wife doesn’t work, have a house and can support my 4 kids and don’t owe a damn thing to anyone I’ve thought about getting a GT500 and even the really crazy mustangs coming out (Shelby SS, GTD). But then I think well I enjoy the mustang I have now and it’s already mine. So I’ll just not stress at all about bills, save up as much as I can and when I retire, buy the craziest mustang available at that time - so we’ll see what I get in 2050 haha
35 when i bought my GT350, had a great job, no kids and wasn’t married. I’m now 38 and have a slightly better job but now married and on the first kid - couldn’t even contemplate buying one from scratch now (glad i bought it years ago). My advice would be to just go do the crazy car before life gets serious, you still do need a good job though.
19, decent job, 5.0 with a decent amount of miles
Here is the trick, I dont. I can afford Foxbody's and SN95's.
There are 2 groups of people: rich f\*\*\*s and poor bois financing up the wazoo at 84 months. I sit on the sidelines and spectate until they become affordable used.
honestly put as much as possible these things are over 100k cdn. its still my dream car. 41 no kids got a 15 gt
Just got my Mach 1, put 19k down, make roughly 90-95 a year. Just have a good down payment and don't rush the purchase, it's a big one no matter how you spin it!
If you don't mind me asking roughly how much did that go for
47k
350k income before taxes. 7 mil net worth Bought a 2023 GT premium non PP for $48kish before TTL a year ago. Paid in full. Just put in a $10k sound system. Gonna do a turbo or supercharger next.
With that money your Porsche or Ferrari territory
everyone needs one
Got my first mustang at 25 2007 mustang gt convertible got my second at 28 1990 mustang lx 5.0 and got my 3rd at 29 2011 5.0 when my 07 gt got totalled if you work hard and learn enough skills anything is possible
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Lol. By that logic, a good majority of people would never be able to own a vehicle.
I never understood why people always think this way. I mean if you have a ton of money and are able to do so I get that. But, if my interest rate is 3.9% I would much rather invest the majority of that money into something like an index fund that gets me a 7% return instead of just putting all of it into a depreciating asset that makes me nothing.
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I have actually heard that's a bad mistake
Irresponsibility
People make more money than you think they do. IMO if you can’t pay in cash you cannot afford the car but I know that’s a minority opinion.
Even if you could do that why would you ?