WarBird69

I realize asking complete strangers about advice related to when is right for me to buy an automobile is kind of silly... but I've wrestled in my mind for months and months on what to do, and when. Figure laying everything on the line in an open discussion couldn't hurt. Worst case senerio is I'll get flamed, but oh well. *dons flame suit* Here goes nothing...

My car payment on my 02 V6 'Stang is appx $280 per month. I have about $9k left on her as of today. My 'Stang is a simple BASE model... no upgrades what so ever except for the CD player. It runs well, no complaints in that aspect. But... it is lacking something.

I'm not sure what it is lacking exactly. Maybe a combination of things. Power to be one. Its no GT. The sterio could definately use an upgrade... my 97 Sable had a MUCH better sound set up (all stock also). She is an ex rental car. So she feels... meh... used. So many people have had their hineys in my seat. One or two I could deal with... but not hundreds. BUT... I am happy in the fact it is a Mustang.

I want an 05+ Mustang. It is currently my dream car. Preferibably a new GT, but with a V8 comes the extra insurance, increased payments over a V6, ect. I've recently been looking at used 05 V6 'Stangs... but all are still quite pricey. I doubt I would get the full $9k in a trade in... so more money out of pocket to cover that cost. plus I can't find one I like for less than 20k (cloth, AT, IUP with MyColor, Shaker 500). At those prices, an extra grand can get you a brand new one with 10 miles on the clock. An extra $5-7k gets you a GT (which I want more). Depreciation doesn't seem that bad for an 05, but I'm sure it will get steeper as time goes along and more S197 bodies are put on the road.

I thought I had settled this internal debate, but after seeing the thread about a potential 6-speed GT in 07 or 08... the debate has renewed. Should I keep my 02 and wait for the 6-speed manual GT to come out in 07 or 08 (possibably costing $30k+ if it is a special edition), or trade in my 02 Stang for an automatic V6 of my liking (new or used)?

Facts: I'm 23 years old, single, and active duty military. I'm due to be married in August. Currently insurance is costing me appx $200 per month for 100/300 coverage, due to drop in a month when a ticket comes off my record.

Of course... no one can make the decision but me. I'm hoping someone in a similar situation has traveled this road before, and can point me in the right direction. Or at least give some good advice so I don't shoot myself in the foot.

Imatk

Well my opinion... for what it's worth.

This may sound simplistic, but it's what I would do.

If you like driving your current car and have no problems then keep driving it.

If you don't like driving your current car and can afford a new one (comfortably afford within your comfor zone) then get a new one.

Now for the longer opinion

A car isn't an investment it's a tool to go from A to B. Financially you are most likely going to lose either way.

Since you already have a car that works and costs you less money then financially speaking you don't "need" a car so you should stick with the one you have until you "need" one.

But this sounds like a case of "want" and in that case it just comes down to how badly you want it and how much you are willing to spend.

As for whether to wait for a six-speed... again totally depends on what you want. BUT a six isn't definate so you may be waiting in vain.

mustangspeeder

Honestly, I would hold onto your current car until you have more funds available. If you really want a GT, then don't settle for a V6 right now. Another thing to keep in mind is that you insurance will drop by a HUGE amount once you are married.

I'd start a new savings account and start putting what money you can into it to save for a down payment on a 07 (or used 05/06) after you are married.

Galaxie

I agree with the posts above,

You should wait at least a few months before you make a decision. In the next few months I am sure that info will start trickling out about rumored HP increases for '07 and the rumored 6-gear transmission. By then you should be able to make a decision you won't regret.

WarBird69

Thanks for the advice so far.

I do have a savings account... couple hundred a month go away soley for the purpose of being used as a down payment. Forgot about it though...lol. Probably has a couple thousand in it by now.

sranger

Well,

You are right it is a tought decision that only you can make.

I would hold off buying one right now. Mainly because you are about to get married. That will require significant financial support even if you guy keep a level head and do not go for the one big day ( 10 year to pay off ) wedding and reception. In any event I would hold off buying a 'Fun" car until after you are married. Your priorities might change quickly and you may lose a lot of money on the "fun" car if you have to sell it in a few months...

Also, The price on the GT should be droping soon. It looks like supply has over taken demand now that some of the "new" has worn off the car. A local dealer now has about 10 GT's in stock and they are not moving at MSRP any more. They are having even more trouble moving the Saleens. I'll bet you see 1-2K rebate on the GT's before the end of the year...


And lets face it, Gas is goign to be in the $2.00 - $3.00 for the forseable future. Many supply and ( plain greed ) issues have not gone away. It being an election year, the price might stay contained to the $2.00 side, but that recent record profits ( at $3.00/gal ) for the oil companies has to be fresh in their memory...

The higher cost of gas, may also help to drive the demand for the GT down a little more...

Boltzman

Personally,I would wait till my duty in the military was up.

TorchRedV6

I'd wait a couple more months and see if used 05 prices drop since the new models are starting to be discounted. I saw a used 05 GT Premium with 12k miles on it for 24k ot the dealership recently.

vppreacher

I would wait until after the wedding...always seems that unexpected expenses hit you during major life changes (marriage, kids, moves, job changes, etc)...you should also consider waiting until 25 for insurance and the fact that you could get a used 05, maybe even 06 for a steal compared to new.

I'm military as well (12 years) and drove a Honda Civic for 11 years until I bought my Mustang GT. It was well worth the wait.

mrkabc

I had a 2002 GT Vert that I traded in to get my 2005. Lost my hiney on the deal - the 2002 had virtually no value and I had to beg and plead to even get the Kelley Blue Book trade in value on a car that had been garaged, meticulously maintained, and had 29k miles on the clock.

Definitely did not NEED to trade my 2002 in. It was a total WANT in my book. I've wanted to own an S197 ever since I saw the concept drawings in late 2001.

That being said, I do believe that if you are about to be married, you should hold off. Chances are you will sign yourself up for a payment that will break you - and weddings/life situation after the marriage may not warrant buying a new car for quite some time.

I'd steer clear of used S197s - why would someone trade in a first year car so soon? Maybe because it is a lemon? Don't take the chance.

The S197 is a GREAT car and I don't regret taking the plunge. However, if Ford remains true to their history the S197 will be around a long, long time! It will be there for you when you get your life on track and ready to splurge on toys.

Giddyup

Nick, when I shopped around for my 'Stang, it was $400 per year higher on insurance for the GT vs. the V-6 (full coverage...49 yrs. young). The amount you still owe on your car can be rolled into the new loan (assuming the #'s crunching goes down that way). As far as the rumored manual 6-speed in future Mustangs'...... Test drive both the new manual and automatic, and make a well informed decision. There is at least one person here at TMS that has traded in their '05 manual to purchase an automatic instead. I know I am perfectly happy with my automatic......

WarBird69

Again, thanks for all the insightful replies!

I've deceided to do the following:

Big picture (for now) is going to focus on a 2007+ GT, possibably as far ahead as the proposed redesign of 09. This will be re-evaluated after the wedding. We're planning on spending the minimum to get by on our wedding. Many things are being given to us. The largest expence we've come up with so far is the honeymoon to Europe (1.5k each). Still quite managable on both our salaries.

Keep my poor abused rental 02 'Stang, all the while keeping my eyes on the big picture ahead. Get her paid off ASAP (paying double the minimum payment per month definately helps!)

While keeping my eyes on the future, also keep my eyes on the used car classifides of this websight, EBay, autotrader, local dealers, and the base paper and lemon lot (no real lemons on it... just cars military members NEED to sell for one reason or another). Great deals can be found on members going overseas and unable to take their car. Espically from Airmen who get in over their heads and MUST sell. If some "OMGWTFBBQ HOW CAN TEHY SELL THIS AT THIS PRICE" deal comes along, I'll take a closer look. I've purchased (and sold) a few cars this way. Bought an 84 Camaro Z28 for $250. After repairs, sold for a profit of $1,500.

I find it sad sometimes that it take the opinions of others to help me make up my mind... but i'm insecure like that!
Until then... my dreams shall be filled with Mustangs roaming wild... Untaimed, and ungovenered!

Giddyup

Enjoy your honeymoon in Europe. I had a European Vacation a few years back, and out of London (forgettable), Belgium, Scotland & Ireland, I want to go back to Scotland as soon as I can. Ireland & Belgium are also very romantic locations, but there's just something about the Scottish Countryside that is second to none IMO.

Paris MkVI

It sounds like you have partially crunched the numbers. Do the math out more fully. Put it on paper in front of you.

Find out what you insurance would become with a GT. In your age bracket, that alone may tell you to be patient a little longer. I know about patient. I drove four-cylinder Fox Mustangs for 15 years. (I was VERY busy trashing my driving record the first nine years I had a license - and a V8 '69 Mustang.)

When the '05's came out, I nearly went nuts - but I waited for the '06 - for the buying frenzy to settle down some, and to let the first-year wrinkles get smoothed.

Now there's a beautiful '06 GT vert right below me in the garage as I type. It has everything - exactly the way I wanted it. It was worth the wait.

I am not suggesting you have to wait 20 years like I did. But a few more years of preparation might work to your advantage in the long run.

Look at the numbers in full. Imagine your budget with those numbers. Then decide.

2Slack

From what iahave seen, you have gotten good advice so far. When you do decide to buy a new car, do not settle for less than what you really want. That will help to ease the pain of a monthly payment. B)

azoufan

From a guy who got in over his head once because he wanted too many things...

If you even have a doubt in your mind that you can't afford it, you can't. If the cost of insurance in any way influences your car purchase, you cannot realistically afford the car. You know better than anyone else what your situation is, get married. Focus on that, build your marriage first and everything else will work out just fine. I love this car, but in reality, it's just a car, nothing can replace my wife or the experiences I have had with her.

When you get to that time in your life when you can comfortably afford the car, it will be a reward, not a guilty pleasure. I've had buyers remorse on so many things in my life, certainly with every car I've bought. This is the first brand new car I've ever owned. And when I picked it up, I had nothing but joy, never a second regretting plunking down that money for a car I knew would lose so much value as soon as I drove it off the lot. It was a reward for many years of taking care of my life, and my responsibilities as a husband. If you have every cool thing that comes out just like everyone else, it isn't special. To me, because I put off so many things in my life in order to make sure that I would never have to regret stupid financial decisions again, this car is truly an extension of me. It stands for patience, responsibility and hard work. Don't throw away the value of that feeling by getting in over your head on a car payment.

Good luck with everything and congratulations to you and your new wife!

Sean