Azudin

Hey all,

I'm a 21 year old...working a job that makes 9 dollars an hour. I havent been on this job long...but I'm hoping that in a year I might be able to get a 2005 Mustang GT.

I have a 1997 Firebird...its a great car...its only a v6 though. The Firebird is no more...like im sure most of you know...and the 2005 Mustang looks oustanding and seems to be a good time to jump on the mustang bandwagon.

So I'm wondering...how difficult it will be for me to get a 2005 Mustang GT?

I dont have that much overhead...other than paying for my Firebird which I have around 9000 left due (Well...Sort of...9000 I will end up paying...the actual amount due is a little bit less). So thats about 2 more years of payments from my end.

Is it very difficult to get a new car? I know they look at job history...which is why I'm hoping that a solid year at my new job might be good enough...plus my credit is fairly new...except for student loans (which are in good standing) and a credit card which I've been faithful in paying on.

I realize this is a hard question to answer...but maybe some of you more experienced car enthusiasts can give me some advice and just how easy or hard it will be for me to get into a 2005 Mustang GT sometime next year.

I can save up a down payment...since I imagine that will be a requirement...I wonder if a 1000 dollars is sufficient? I wonder what they look at...I still live with my parents...so I dont have an incredible overhead. Also I have been paying for my car but the car was officially purchased by my parents...so they have it on their credit...but I'm paying the bills since at first they were helping me with it.

This would officially be my first car purchase of my life...I have a good bank that I work with...GTE Federal Credit union...and my parents have said its much easier to finance a new car than an old one. My 1997 firebird is starting to have some wear but its still in good shape...but no warranty is kind of frustrating...what used to cost 50 dollars in a co-pay now costs a paycheck to fix.

Anyway sorry to ramble...any thoughts on how easy it will be or difficult for someone like me to get a 2005 Mustang GT "New" sometime before the 2006's come out?

Thanks!

stoic21

even with a year at the job it would still help alot to have your parents co-sign. save up about 2,500 and you should be pretty well off. you can do it with less money down but i would urge you to get your parents to cosign because you can get much better intrest rates that way. ford has a first time buyer program which the current v6 mustang falls under. however when you will pay more for it if you try by yourself.

crazyhorse

At about 5.9% on a 60 month loan, the payments are about $19.00 per thousand spent. Check the Fordvehicles.com site. They have a payment estimator if you "build your vehicle." For a mustang GT the payment should be around $500 - 600/mo. Dont forget tax, title fees, insurance and any amount of loan to pay off on the Firebird. I don't know how much a '97 V6 firebird is worth, but, I doubt much more than $9000. If you owe more than it is worth, you will have to pay the diff first.

Unless you plan to live with your parents for the next 5 years, $9.00/hr will not be enough to pay your payment, rent, bills etc. Unless you are working overtime regularly, you annual income will be around $18000/yr before taxes which brings home about 12k or $1000/mo. take $600 out of that and it leaves you $400 to pay rent, buy food, pay utilities, car insurance and all your other expenses. That my friend, will never work.

DarkStallion2K

So what if one makes about 30K a year and can trade an '00 GT?
I have an average amount of credit that is flawless and I want to keep payments below 400 a month. I wouldn't get it until around '07 though because I have a few more plans for my '00. I will probably end up getting the model between the GT and the Cobra when that comes out.

blueblood61

My idea is to wait and buy an 05 when they are a few years old. There are going to be a ton of these sold which should bring their value down as the years go by. I am guessing but a clean 05 GT in 07 should be had for between 18-22 grand. I have bought two new vehicles and I will probably never buy new again. I still have my 85 GT and my 2000 Ranger. Both are in great shape but guess what? Even though I bought them new both of them are now used! As far as a down payment goes, save and paydown as much as you can. Trust me. My Mustang payment back in 85 was 238.95 per month and 95 a month for insurance. I was pretty thin for extra cash in those days. If I was ever to buy new again I would probably put 10000.00 down on a 30000.00 car just to keep the payments low but that's just me.

crazyhorse

Regardless of your income, you need to look at the numbers. Research the value of your car and be realistic. What you think it is worth is probably not as much as a dealer is going to give you. you might be able to sell it outright and get a little more, but, once again be realistic.

If you own the car outright (no Loan) then the trade value will be like downpayment. If the rates are similar then, count on about $19 per thousand spent for you payment. So you need to get your financed amount down to around $20k to get a $400 payment. If you can fit that into $30k, then do it. Look at what you are going to be doing over the next 5 years and make sure it will be affordable then as well as now (kids, house/rent, more college, etc.) each $1000 down you save between now and then will knock another $19 off. If you wait a while the rebates will probably also start in. $3000 rebate lowers another $60.

I have a pretty respectable income, but, I also have a large house, 2 vehicles, 3 student loans, 3 kids, a current remodel project on the house, retirement to save for, college for kids to save for and a partridge in a pear tree. I would love to buy the current Cobra. It is a fine car. But, if I wait for the new one, I will have 2 of the student loans paid off and a significant down payment. It will make it much more affordable. Of course, I plan to keep my pickup to drive in inclement weather. If I would trade that, I could buy it now.

I drove a Cobra and a Mach 1 last week. I sat down, crunched the numbers, decided to wait.

Lalo

I feel you man.
i'm in the same situation youre in. I was so stoked at getting an 05 gt, but i think i might wait for when i get out of college, start teaching and making 40,000+ (2 MORE YEARS!!!!), and then get the BOSS variant
to get an 05 in 05, im pretty sure you need a good down payment, and a good steady job

dustindu4

You must be on crack if you think you're going to make 40k+ out of college teaching.

msd

I agree with crazyhorse. Making a little over $18K a year (assuming a 40 hour work week) is not enough to afford a ~$25K vehicle. You must figure in fuel and insurance as well. Wear items as well... the '05's tires are going to be pricey in either size (17" or 18"). As an example, I had a '97 GT with tires sized at 245/45 17... I spent $900 for new tires. Don't forget about all important maintenace costs as well! Oil and filter changes, etc... it all adds up and before you know it, you'll have your car on Ebay because you can't afford it.

Pay your current car off and save your money till you could afford not just the car itself, but the ownership costs for the car as well.

Mike

Lalo

salary for teachers with credentials in Long Beach Unified, (my future emplyer)
LBUSD Teacher Salaries

BOOYA!!
i'll be making 42,000 +
someones on crack and its not me

SVT200020

KBB says a 1997 Firebird trade in value is $2885. If you still have $9000 to pay off you are $6000 upside-down. The extra money will be rolled in the price of the new Mustang. So if you are looking at a GT, ($25,000). you price will be $31000. Not to mention tax title and fees. You will need a big down payment, and most likely a cosigner. $31,000 at 0% for 60 months is around $530 a month. 0% is not going to be offered. Soo you are looking at no less than $600 payment with nothing down.

Lalo

knowing this, it would be better to wait.
my girl still has 8,000 to go on her payment on her '99 mustang, and we're planing to pay off that car first before we plan to get another car.
patience is virtue :spin:
is that how the saying goes? :scratch:

VillianousBlak

I hate to say this but it sounds you need to wait on that new Stang there sparky. I'm 18, but I make 11 dollars an hour so the deal my parental units and I are working with is I will probably pay the insurance, down payment and matenience and they take care of the payments. Even still thats gonna be a stretch.
I don't know your living situation but considering you are 21 already in debt for one automobile and still live at home I would wait on that new car. Of course if you and your parents are both okay with you staying there until you are 30 then go for it.
$1000 down payment? According to Edmunds the dealers fantasy is 3k for every 10k financed, so on 30k GT, im trying to give them exactly what they want. I know thats not neccesary, but it would probably be for the best.

Wombert

I thought it was 'patience is the key to happiness'

dustindu4

News flash. $42k a year isn't a lot of money. heck I make $60k a year in NH (which would be around $80k in LA :bang, and it really isn't that much. Well I'm not poverty striken or anything but I don't have tons of cash to throw around. I have a buddy in LA that makes $40k and all he can afford to drive is a Nissan Sentra.

Not to mention you live in the most expensive greater area in the country, living expenses wise. Unless you're planning on living with mommy and daddy, you'll never live on your own with a GT payment. Someone your age, in LA, with that car, will pay OUTRAGEOUS insurance premiums. Loan and insurance will cost you at least $600 a month. You could always lease it.

Before I graduated I thought $50k a year was more than I ever needed. Boy did my views change once I started getting it. You'll find out on your own I guess.

usdclark

I dont understand why you think $60K on the east coast is worth $80 on the west coast, other than housing and gas whats so different?? I really dunno, i havent ever lived there before, just wondering.

I'll be making $45K out of college (signed offer already) and the ONLY way that ill be able to buy my new baby is that I am living with mom and dad for a couple years till I buy a place somehow.

ManEHawke

I think i have it well off then . My parents are buying me the car later maybe when i graduate. Since they are paying cash I will pay my parents back later when i settle. They are my parents and I get as much time as I want and no interest. I'm gonna live at home forever since its gonna go to my name later in my adulthood. I wil become an ASE Master Technician since I have the dedication.

Lalo

News flash. $42k a year isn't a lot of money. heck I make $60k a year in NH (which would be around $80k in LA :bang, and it really isn't that much. Well I'm not poverty striken or anything but I don't have tons of cash to throw around. I have a buddy in LA that makes $40k and all he can afford to drive is a Nissan Sentra.

Not to mention you live in the most expensive greater area in the country, living expenses wise. Unless you're planning on living with mommy and daddy, you'll never live on your own with a GT payment. Someone your age, in LA, with that car, will pay OUTRAGEOUS insurance premiums. Loan and insurance will cost you at least $600 a month. You could always lease it.

Before I graduated I thought $50k a year was more than I ever needed. Boy did my views change once I started getting it. You'll find out on your own I guess.[/b][/quote]
the gov't is gonna be paying for most of my house, so i wont have to worry about that. educators get good deals on loans and house purchasing. alls i gots to do is file for it and if i'm lucky enough it will get payed for.
not to mention i can do a little summer school educating for a little extra cash :geek:

wow, manehawke. your lucky
you have some very nice parents. can you adopt me just kidding. good luck

Lalo

ooooooh yea, thats it

Dan

ooooooh yea, thats it [/b][/quote]
You know though, money can't solve all your problems :nono:
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..... but fixing 95% of them ain't bad either