Soo, its my senior year in High School and im thinking about selling my 00` mustang GT and getting an 03`-04` G35 Coupe.

The problem is, after putting my completly payed off GT as my down-payment on my G, id still have about 8k to pay off, so id have a car payment each month..(around 200-250). Im working right now making about 200 a week.

On the positive side, id have a decent head start on paying off my car before college..but on the negative side id now have a car payment each month.

Was wondering what your thoughts were?

Was also looking at the 350z and the new edge stang,charger,gto.. But after research im liking the G`s best.


-Thanks!

 

absoloutly worth it, I had a 2001 Mustang Cobra then I got an 05 evo and now in july I got my G coupe and it was a great choice. I'm not saying that the other two cars weren't great cars but the G is in a totally different class. You'll love it, go drive one if you haven't.

 

Question: Is the trade in value of the Mustang a sure thing or is it what you're getting from KBB or some other fairly inaccurate site? Without a Carmax trade in value or a paper quote from the dealer you're planning to get the G from, you'll likely be in for a surprise.

You're also not mentioning if you have any other money down but if it's a standard GT and not a convertible, I don't think the difference will only be 8k.

I don't know where you plan on going to college but working to pay a car note in school is hardly worthwhile. Just having a car is expensive enough given the addition of school costs and you might as well enjoy college without a vehicle payment hanging over your head. I left my new Prelude at home while I drove a beater in school. Campuses are usually pretty bad for parking and cars just get trashed in general.

I'm assuming you'd be paying a 7% note on 36 months. That works out to $247/mon. Without much credit history, it's possible you may not even get that rate (Cap1 and HSBC ~7.2% at last check). If the period is longer, then I would definitely walk away. You'd be paying ridiculous interest on a car that's 7-8 years old without any warranty. If the Mustang is going strong, drive it till it dies and buy a new G37 when you get out.

 

honestly, you cant afford even an 03 with what youre making. first off, the difference youll have to pay off will probably be close to double what youre thinking by the time you get out the door(probably 9k for your mustang trade in with the coupe costing around 20k, then taxes and fees).

on top of a high payment you will have insurance, gas, maintenance/repairs. you will have next to nothing left. its cool though, with the money you wont have for partying you can be everyones designated driver.

 

My mustang i would sell private, as it is a rare color (electric green) hardtop, and has rims and a salleen/mrt kit, lowerd, only 50k miles , brand new condition and no engine mods..after researching craigslist/ebay and such, im pretty sure i can get 13k give or take for it.

Im looking for a used g around 19-20k. considering id be buying it from private also, and talking down some.


So my loan would be around 8k-9k.


I also have the luxury of my parents being divoriced, once paying my insurance and one paying my gas.

Counting in a paycheck every week, xmas, birthday, graduation...i think id have a decent head start on paying it off before college..as i would also have to manage my money wisely.


Just a thought, thanks everyone for your imput!

 

If you have gas and insurance covered you might be okay,assuming your parents will also cover other costs such as tires or even repairs(since it will be out of warranty either when you buy it or shortly after).

The g is great, but i was in your situation before and bought a 3 series before college and it was a huge mistake, ended up selling it a couple months in and lost a few thousand on it because i couldnt afford to do anything else.

Keep your mustang until your done high school, and trade it in for something cheap and reliable for college and you will be alot happier.

remember, college girls dont care what you drive if theyve had too much to drink

 

Any more suggestions??


-Thankss!

 

Ask your parents for the loan!!!
I'll hold off on the G for now. You have a nice car already and you will be going to college soon. The last thing I need is to worry about making car payments while cramming for midterms and writing papers. The best years of college was not worrying about paying bills and loans.
Save the money and once you are done with college, you could probably afford a new G coupe.

 

+1 on keeping the mustang and waiting until later to get the G. you're a high school student ready to start college--you can use your money on other things. Be glad you have a decent running car--a lot of high school students dont.... Also, don't mean to burst your bubble, but I highly doubt you can really get $13K for your Mustang. Fords don't hold their value very well. Even in excellent condition, I doubt you'd get $10,000 for it--regardless of color, mileage, body kit, rims, etc. unfortunately, all those things don't add that much to the base value of a car. If you want to know how much your car is realistically worth, go to Carmax and have them appraise it as a trade-in--it costs you nothing and you're not obligated to buy their cars. You can figure that selling privately, you might be able to get about $1000 more than the trade-in value you'll be given. Also, check your car's value on kbb and edmunds. You can figure that you'd probably be able to sell your car for about $1000 to $2000 LESS than what KBB and Edmunds says your car's value is. I've bought/sold about 7 cars by now, so speaking from experience.... Good luck.

 

Coming from any sports car like a Mustang, GTO, S2K, or even a damn Civic, the insurance on the G is cheap.

 

i say get the G, its a sweet ride and if u make 200 a week u will definitely be able to pay for it, even if u had to pay 300 a month, u still got 500 a month for school and whatnot

only draw back is that having a G at college u will (most likely) have to park further away to be safe because all the closer spots are soooo packed in, i just got an 04 like 2 weeks ago and it already has small dings from stupid ppl who dont know how to open their doors or due to ppl that park too close i had to get into my car through my passenger side

so yeah u should be good financially and u got insurance and gas covered....go cop that G!

 

Making $200/week isn't enough to realistically own a car you have to make payments on even w/ your parents. If you buy it and wind up w/ more realistic $300/mon payments that's still nearly 1/3 of your income. Say you have to cut back your working hours to actually study and you're looking at 1/2 or greater of your income which will seriously put a damper on any fun in college. College is surprisingly expensive and that money is probably better spent on food, alcohol, and other college necessities. If your parents cover gas/insurance...I'd leave any money you make on the side for other stuff like spring break or actual education needs.

I easily make more in a day after taxes/retirement than you clear in a week and a car payment is still a hassle. Your parents may subsidize most everything you have now but they may balk at excesses like paying for spring break etc in the future so it's in your best interest to actually put up some savings for doing things you want to do.

Additionally, I'd hold off b/c you may not know your college campus yet and they may be particularly punishing to a G. Rarely will you have a parking garage to shelter your car from the elements and washings will likely be few/far between. My parking pass was over $500 and I still got 2-300 a year in parking tickets. I took beaters to NY and I still got pissed at how much damage they received from horrible parking jobs by others, weather, and the occasional drunk neighbor puking on it.

BTW, the only people that jocked me about my beater car were other guys. Didn't stop them from wanting to borrow it if they got a date.

 

...Not to mention you also probably want to drop the car, get a body kit and rims, so your $800/month is starting to thin out pretty quickly....Assuming you optimistically get $10K for your mustang, you still have to get a $10K loan for the G. Just consider if you'll be able to realistically pay off that $10K before college starts. if you're going straight from HS graduation to college, then you have no time to pay it off. If you take time off, you might, but then you'd have to devote your whole income to it. Honestly, it may end up being more like $12-13K that you'll end up owing.