tu3218

I can't believe I am even thinking of this and creating a post about it, but I'd like to hear some opinions from some of our more experienced users here

Five months ago I graduated college and I was just accepted into a four year bachelors/masters program at Johns Hopkins to become a CNS. I absolutely love my car and hate to even think about getting rid of it but I'm trying to think smart. First year is all classroom work, second year is working as a RN, an then third and fourth year is working as CNS and getting my masters. So really I only wouldn't be getting paid for a little over a year. The rest of it ill be working while studying.

I live about ~45 minutes from where I'll be going to class/clinicals. I can keep my car and continue as is. I've been saving money to pay for it since I originally planned to go to Physician Assistant school. Or I can trade it in and get a car with a cheaper payment, and better gas mileage. I've had my car for almost two years, so I still kinda owe a good bit. Not sure how much I could get from a dealer vs selling private.

Anyway, just wanted to hear some opinions. I guess I'm hesitant because I really want a 5.0 and unsure if I should buy/lease a cheaper car and then when I get to working as a CNS, get rid of it and get my 5.0. Or if I should ride it out with my current stang. Just would be a lot of miles. I have a list of mods to do but afraid to put too much money in it since I really want a 5.0. But at the same time I love my mustang.

Mach1Maniac

Definitely do what suites you best, if you have the money to keep it, especially with your career field do it! Maybe hold off on the modding till you get your 5.0 but of course do some here and there.

Not having a pony would be to hard for me lol
life is to short, never slows down so you better be driving in something you enjoy.

tu3218

Yeah that is true. I've been driving mustangs since I got my license(my dad has an 06 gt). I'm only 22, so not that long but long enough to know I'm mustang for life. So I hear you on that lol I drive any other car and I just think, I could never not have a mustang. Just too boring in those little 4 cylinders. I'm just trying to decide if I should bite the bullet for a few years without one.

My one mod I really want is gears. I need more "throw you back in the seat" power. Lol But I feel I should strive for as best gas mileage as possible if I'll be commuting a lot. I actually get 29 hwy so really its not bad. That's with tune, cai, and 3.55 gears.

05gtowner

If you have negative equity in the Mustang trading it in is only going to compound your problem and only make it harder and more expensive in the long run to purchase a more fuel efficient/cheaper payment vehicle. In fact all that negative equity would be rolled over into your new car thus raising the payment per month to at or more then what you are currently paying UNLESS you come in with a down payment that will offset the amount you still owe on the mustang and what it is worth. IMHO keep it, leave it stock and enjoy it. You have two years in payments done. By the time you graduate the car will be free and clear and yours. trading it in and you will still be paying for the new car, student loans etc after you graduate. If you keep the mustang you scratch one monthly payment off the list for when you are done with your education.

Mach1Maniac

Very nice! Yeah I'm about to hit the big 21 in October, bought and paid off my mach 1 after selling my truck and ever since owning the stang I've never thought of going back, only forward.

Recent highway trip her best was 26.7 mpg! And that is all stock!

I definitely have a itch for the new 5.0 but I can't justify spending that much when year after year the value just depletes.

I'm kind of in the situation like yours: I want either a 2012-14 gt (not until the 15 releases and prices drop immensely lol) or the 15 after a couple of years of release.( I'm worries how it will look though. Fingers crossed!)

I also don't ever want to sell the mach 1... Less than 30,000 miles right now and I only see it being worth more down the road, and I mean I really don't need all that power and more cost of insurance right now.

I absolutely love my mach, never really romp on it, but every now and then and she always puts the biggest grin on my face.

I just look forward to the future when I will have 2 ponys... Or 3. I do want a foxbody!

muscledom

Depends on what else you do for fun. If your car is your #1 toy you'll want to kill yourself after driving a Hyundai accent for 6 months. If you have other hobbies then a beater could be an option. But unless you get a Hyundai accent you won't get much better mpg. And it won't be worth losing the fun factor. Even with an SVT focus as a happy medium you'll be losing.

Tony Alonso

I concur. As someone who has had a performance car in the stable every year since 1987 (except for about 1 year), the times I have driven a "normal car" was quite depressing. However, I have no children and am not in the upswing of education for my future employment, so take what I say with a big grain of salt.

A financial analysis of what you will save vs. what it will cost you is probably a very good idea to be "smart". On a purely emotional level, it might likely be very distressing. I am having a hard time driving a rental while my car gets repaired, and it's only been 2 weeks!

It's a big decision either way you go - good luck!

tu3218

Yeah, my car is my baby lol I have other hobbies but modding and taking care of my car has become my new thing when I bought my car roughly two years ago. That's what I worry. I actually commuted to college and I since I wasn't paying to live on campus, I told myself I'm going to at least have fun driving there at least lol. It sure did make commuting fun going through the back roads.


I agree, it is depressing. I drive my sister's Mazda 3 some times. While it can be somewhat fun to drive(it's a manual), when I punch it, I'm overwhelmed with disappointment. I just love the torque and power I get from my mustang.

What 05gtowner said, some good information. I'm still young and don't know all the in's and outs of how that stuff works. This is my first true car of my own. I still owe a good bit so I'm thinking if I were to get rid of it, it'd be best to sell privately. But thank you. I'm definitely not in any hurry so I'll be giving it some thought and see what my parents say.

JCStang

Hey now, my dd is a 2010 Accent!!! Only paid $11,399 for it brand new and get 32+ mpg even with the automatic and have not had one issue with it in over 31,000 miles. Eventually will give it to my daughter and then plan on getting a Focus or Fusion or something like either of those....

05gtowner

Yeah I can tell you from experience NOT to get caught up in the upside down car game. Never trade in a car until you either:
1. Own it outright
2. Owe less than it is worth (positive equity) ex owe $5000 but car is worth $9000.
3. Make a profit or walk away with owing ZERO.
Anything other then those and what you owe will be rolled over into the price of the next car you get. Selling it outright is fine as long as you can get what you owe on it or more and make a small profit. If you owe $11K and get $9500 for it in a private party sale then YOU are still on the hook for the remaining balance. My advice, keep it, pay your regular monthly note and a small extra on the principal to get it paid down faster and once the KBB or NADA says it is worth more then you owe get rid of it if you still want to.

tu3218

thanks 05gtowner, you've been a huge help. Some good information you've passed along. I know this is asked a lot, but what could I expect to receive from a dealer for a 08 GT Premium w/ 46k miles. I won't bother stating mods cause I know they don't matter lol My dad was trying to tell me $7-$8k. Not sure if he was serious or not but that seems extremely low. I'm thinking of going to CarMax to get an estimate. I gotta start somewhere with research and determine the direction I go. thanks everyone.

05gtowner

Depending on options and whether or not it needs any reconditioning somewhere between $14K to as much as $16K private part sales. Trade in value is somewhere between $12.5K to $15,250

muscledom

Dude I love Hyundais, I sell a ton of them. I was getting 37mpg in an 05 auto that I was driving. Hyundais are really awesome cars. Most just aren't very exciting.

lexi2013

Lol keep the car. I had to commute more than 40 minutes a day last semester and I made it work in terms of gas mileage. You'd be surprised how many things you spend your money on that you don't even need. Cutting back on those will free up money for gas and payments. Really though 45 min commute isn't bad especially if it's highway. My commute wasn't highway and I manage to get 19-20 mpg around town and mind you I like to step on it a good amount.

Paris MkVI

You've mentioned the emotional aspect of selling/trading. There's also an emotional aspect to keeping the Mustang, including the costs of keeping it. So emotions enter both sides of the equation, so to speak.

Let them cancel each other out and make a sound economic decision and do the math both ways.

It's a Mustang. Ford has built a gazillion of them and they'll make more. If you keep, do it for sound reasons. If you sell, do it for sound reasons. Fortunately, it isn't a "never again" decision.

Getportfolio

As long as you can afford the car and it does not interfere with your schooling, I'd say hold on to it.

However, When I was starting my masters, I bought a Toyota Carolla and left my S281 in my brother in laws shed. It costs too much to insure, was not practical in size, and drank gas. In addition, it was a flashy target to get stolen or become academic distraction. The 281 was paid for but the Toyota payment was like 200. Very cheap.

I'd also check into getting a kick around car if you are not in the negative. Concentrate on school, stress free, saving gas and money. Whoever thinks 45 minutes is a commute that won't add up is silly. I had to say it. Remember, your mustang is also at the age where something might need repairing. Four years of school is a long time.

There's no shame in driving a stress free kick around car as you concentrate on school and save for the next generation mustangs.

tu3218

All good points. Thanks for the input. I can afford it but I'm going to be digging into my savings more then I'd like too. So in a sense, maybe that's saying I cant afford it.

Johns Hopkins is located in the city. I worry enough about my car in the rural area I live lol, so yeah, that is something to think about.

But I do tend to agree with you. Driving 45 minutes each way is going to add up to a lot of gas. That worries me. Plus being located in Maryland, we can have odd winters consisting of snow, sleet, etc. Typically for medical professions, you need to show up regardless of weather. A fwd car would serve better. But I have been looking around for a general DD. I've seen some 2011 Chevy cruze for around $13k. Even some of the new ford focus are around there. They get around 40 hwy so that's a good bit better than my mustang. I was thinking an older car but they won't offer much more of an improvement in gas mileage. $200 car payment with better gas mileage would definitely help out financially. I just love my mustang. I can't imagine selling it but I have to think smart about this.

Getportfolio

Getting a masters degree is very time consuming. 60 hours in 2 years! I was driving around like crazy to different universities, work, seminars, meetings, and back and fourth to the main university frequently. I ran around like crazy in that little Toyota. Btw, gas had climbed to 5 bucks a gallon in 2006 when I started the program. The little red Toyota kick can suffered laughs, dings, dents, snow, curb bite, drunken vomit.. I cringe at those things happening to my mustang. Long story short. Driving it allowed me piece of mind to concentrate on school and saved me the cash I needed to live in those tight times.

It averaged nearly 40mpg and this offset the 200 dollar payment. Heck you could always take out a small federal Perkins loan just to pay your car payment for a bit. The interest is low on a FPL. That's worst case scenario though.

Hope I don't sound like a dork but school is priority. I actually teach at university now. Anyway, I bought a 2011 V6 in late 2010.

Yes a V6! Some of the cheapness of driving an economical car stayed with me. I'm all about saving gas.

NC14GT

I haven't read all the posts here and I apologize if I am repeating something. Your last line in your original post stated that you love your Mustang.
If possible financially, KEEP IT! Life doesn't stop because you are in school or busy with other things There are still many 'fun' days ahead of you in the near future and you don't want to miss out on those. Life is too short to sacrifice everything. You don't now what the future will hold 4 years from now, no one does, so there may be no chance to ever get that Mustang back again. Bad economy, unforeseen children, health issues, you name it. Your school and training are obviously going to be number one for a long time but it doesn't mean you can't enjoy your car as well. Best of luck in your endeavors!

tu3218

Yeah I have enough loans from my first degree lol I could look into it though. But yeah, if I get anything, it would need to get 40 mpg hwy for example to make it worth it in the end. Your story sounds like how mine could go. It's going to be a lot of work but hopefully in the end it'll all be worth it. I'm gonna be stressed in this program especially since its accelerated, so I don't need any other worries in my life. At the same time, I have so much fun in my mustang.

No doubt! You are right, because I'm sure I will be ready for a family by the time I'm done. But as much as I love mustangs, I know I would get another one in the future. May not be exactly what I want (boss or gt500), but I hope to make it work. I'm working out calculations and everything to see how I would fare from making this move. As you and getportfolio emphasized, my schooling is going to be number one. I need to do as well as I can so I can get my dream mustang in the future. But we'll see. I really appreciate the input from everyone. Turns out I owe less than I thought on my car so I should be in positive equity. I got my 08 for a realllly good deal when I bought it so that's why. Decisions decisions lol