lp9820

After seeing every one around me getting newer cars handed to them from their parents I have decided to forget about any frivolous wants I have start setting aside most of my money every month so that I can have a fairly large down payment by the time the 2011 order sheets start showing up but I want to know what insurance is like on a 2008-09 V6 and GT and what the payments with a 72 month financing option are like

woody24

Insurance for my '06 GT is about $110/month for State Farm in Michigan. I'm 27, and have quite a bit of discounts. I have home insurance, perfect driving record, my parents start date with state farm transferred over to me, so it says ive been a member since '76, and I've only been alive since '80. lol. I laughed when they told me I was a member since then, when they were going over the discounts. And there are some other ones.

SINBUSTER007

depending on your age and insurance company, up to $200/month for insurance.
i got a loan for $24000 @ 6.0% for 72 months.... payments = $398/mo
depending on your interest, for every $1000 i financed, the mo payment went up $25
hope this helps.

Shotokan1509

24 yr old male, one accident, no tickets. 06 GT and 95 Ranger, 100/300/100 coverage, no collision on truck = $1715 per year insurance (truck is main driver, stang has 7500 mile per year limit). The year cost will actually be less since the car coverage will be reduced while in winter storage.

lp9820

This information is helping a lot, so I'm guessing a $10,000 is what I'm gonna be looking at to keep payments combined with insurance below $500 a month which is a little discouraging but still possible

Five Oh Brian

Actually, on a 72 month loan (at rates like you got), each $1,000 financed is a little less than $17 per month. On a 60 month loan, it's about $20 per month per $1,000 financed.

And, insurance can vary quite widely, like most have said. A young driver (especially males) with full coverage insurance (usually required in most states on a financed vehicle) can easily push insurance premiums as high as $300 to $350 per month. Pays to shop around to keep premiums in check!

Ministang

Ask your insurance agent for a quote for a 2009 Mustang for you to get a rough idea for numbers, as it can vary widely from one person to another and from one area to another. When I was 20 I paid around $250/month for full coverage on a 1981 Mustang V8 Cobra and a 1988 Suzuki Samurai. Now, 18 years later, I pay around $150/month for all five of our cars.

There are also many online loan calculators available to plug different loan amounts, interest rates, and durations into, to try and find some ballpark numbers that work for you. I went with a 36 month loan from Ford Credit at 1.9% for my '08 Mustang, but should have it paid off in 18-24 months.

Radman

You may not like my answer but if you're going to save up 10k, buy a reasonable miles 05-07 when the time comes. You'll save a tone on the car itself and insurance should be at least a little cheaper as well. I know new cars are tempting but they just aren't worth it, especially when you're young. 72 months is a very long time to finance a car. Too long IMO.

Don't fall into the trap of having to have new. Be wise with the $ and you'll have much more to spend later on in life, sometimes only a few years later. Be patient, be smart.

Good luck whichever way you go!

tw0scoops123

Too many factors for insurance. You could pay 500 a year or 3000. Best to call some ins companies and get quotes.

frdtch05gt

Buy used to start with, it's a much better plan than losing a lot of money on a brand new car. The first year is when it looses a large amount of value. Let someone else take that hit and buy up a 1 or 2 year old car for a lot less.

lp9820

Well I stopped by my local FORD dealership today after class and took a look at what to expect as far prices and I'm loving the '09 V6 appearance package and I believe that's what I'll be looking for about this time next year or early 2010

woody24

i got a good deal on my car. Ive had it since last November. Its an '06 gt. Bought it from a Chevy Used car lot. It only had 990 miles on it. Basically a brand new car at used price. Still even had the new car smell to it. And was clean clean clean.

The guy who had it before me had it in storage, and never drove it obviously. He owns a construction business, and needed to free up some money, so he traded the Stand, and a work truck in. And the other good thing about my car, was the dealer wouldn't let people test drive it, unless they were going to buy it, just to keep it under 1000 miles.

So I got lucky with mine. I was like a hawk on the car websites, just looking for the perfect car. Then this popped up.

Sad thing now is, I drive it as my everyday car, so in a years time, I've put 22k on it.

TheDarkKnight

I purchased my 2005 Mustang GT (Fully Equipped) with 15K miles on the odometer in August of 2007. I paid 22K for the vehicle including taxes & registration and I'm currently financing 20K over a period of 60 months; my payments are currently at $415/Mo. My interest rate isn't where I'd like it to be at the moment, however, since I was 21 at the time of purchase and I'm still building my credit history this seems to be about average. I'm hoping to refinance into the 5% interest rate ballpark as opposed to the 9% rate that I currently have. As far as insurance goes, I use State Farm and I'm on a family plan with a total of 5 vehicles and a good driving record (No tickets/No accidents); my payments are $110/Mo. Not including gas or regularly scheduled maintenance, the cost of owning my GT is currently $525/Mo.

BREAKDOWN:

Vehicle: Used 2005 Mustang GT (Fully Equipped) w/ 15K Miles.
Pricing: $20,000/60 Mo. @ 9% = $415/Mo.
Insurance: Clean record + Family plan = $110/Mo.
Total: W/out gas or regularly scheduled maintenance = $525/Mo.

Thank you for helping me realize why I'm broke.

StangMahn

my plan is to buy a 07 GT around may of 2011, they should be a reasonable price by then, and I'll have a job lined up post college.

sook

I don't know how you are planning on driving the mustang, but I classified my 2006 as a pleasure only vehicle and have my beater corolla as my work car. With Mercury Insurance, I pay maybe $700 every six months for both cars. I don't remember how many miles per year they limit a pleasure vehicle to, but it might be worth looking into if the stang won't be your DD.

Oh yeah, and my payments are $425/month for 60 months. I got it back when they did the 0% interest

lp9820

I'd be driving it as much as i do with my current car, maybe breaking 3,000 miles a year

Black GT500

Why is that sad, It is after all a car, and I am sure you would rather be driving your beautiful clean Mustang than some other clunker...

Besides, if you don't drive it the next owner will...

woody24

I guess the sad part was, that I drove it more than I really wanted to. Right after I got it, I made like three, 9 hour trips. One to head back to my parents to show them. 2 weeks later I had to go back for a funeral. And then 2 weeks after that I went to a concert. And then I was driving a hour each way to work. And then I got laid off from work, so I went to go visit friends, and put about 5000 in just one weekend there. *EDIT* Opps. 5k miles in 2 weeks. Not 1 weekend.

So I love the car as my everyday driver. But if I had put the same amount of miles that I've put on my car in years past, it would still only have 8k on it. But I'm glad that with all the driving that I've done, I've had this car. Its made traveling a lot funner. Just didn't want to rack up the miles so fast.

But good news is, next year will be much lower. I have a new job, and is only 2 miles from where I live. Plus, I'm only 3 hours away from my familiy, and not 9.