I know we are.

At 62, and my wife 50, we just want to have some fun. We don't go out and eat but a few times a years, no real vacations, so this is it. This is our fun.

But boy do we pay a lot, because my credit was not great, and I had a small down payment.

Everytime I make out the payment, I wonder if there are any others like me out there....

Thx
Tom

 

I pay monthly payments for my 2007 GT/CS that I just bought about 4-5 months ago. However because it is an older GT, my payments are low.

If I was not planning on retiring soon and working a lot longer at my current job, I would of bought a newer Mustang GT or another GT500.

That said, I am having a blast with the 07 and being it has under 6000 miles, it is like driving an older "new" car!

So, I can comfortably make the payments and will have it paid off soon.

I like fun cars, but I hate to get a payment so high as to not have any extra funds if I need or want to buy something extra.

BTW, I will be 60 in a few months so I am just behind you.

If you and your wife are happy and can keep bread & butter on the table with the GT in the stable, then that is all that matters!

Phil

 

First off, you've made your decision, probably agonized over whether you could afford the GT, and decided that you could fit it into your budget. Enjoy the snot out of your Mustang.


To answer your question though, I guess you'd have to define "absurdly high" (no need to disclose your business....it's a rhetorical statement). It's all relative to a person's situation, but good credit is the key.

I had just retired in April, 3 weeks before I pulled the trigger on my '14 GT convertible, but I was crunching numbers weeks before I left the work force. Until I met with my accountant and financial rep, I figured I couldn't afford more than a V6 Premium 'vert. Both agreed that I was in good enough shape to kick it up a notch.

Still, I was very reluctanct to commit to what I eventually signed on for in terms of monthly payments.....you know, the fixed income thing. But at age 62, I understood that this probably would be a one-shot deal. It's unlikely that I'd ever be able to do this again, and if I didn't do it now, I never would. This was the real motivator for me.

Am I paying too much? No, not based on the deal I worked, Ford's $3K cash back, and a very attractive financing arrangement with a private bank. I'm certainly paying much less than if I hadn't qualified for a very low 72 month interest rate.

Do I feel like I'm paying too much? Yes...the car cost a lot more than any other I've owned before it, and I'm paying much more each month than I've paid on previous loans.

Time will tell if I made the right financial committment. But stepping up to the GT was emotionally the right decision.

This is the most fun I've ever had with my clothes on.


Tom

 

Not sure what absurdly high is ... But I did get 0% interest so it makes things less painful when making that payment every month. THis is also the most expensive car I have ever owned ...

 

I say the same as Tom. Life's short, just enjoy that GT. You certainly don't want to sitting on the front porch at 80, and say "I wish I would have (add wish here)"...........

 

Mine is a daily driver so I opted not to get a bunch of options on it. My payment is certainly very reasonable for a GT.

 

It all depends on your definition of high payments...

 

Over 500

(He says, ducking in embarrassment).

The dealer said 'Don't feel bad, we have people leaving here everyday with payments on GTs in the 800 ranges."

Of course, mine is not a luxury model.

I ordered the base GT, with the only option being the 3.73 rear end....

Had it since last November, and every time we drive it and hear the engine we are still smiling ear to ear.

 

My payments for the Mistress were $521 a month. I have money taken out of every paycheck that goes into what I call the car account. The car payment is taken out of that account, and since it is direct deposit, the interest rate at my credit union is less. No payment book, no hassle.

The payments on Fiona and Emily come out of the account.

 

At zero percent, a $30,000 car is $500 over 60 months with no down payment.

I don't think a $30,000 car is crazy nowadays for new cars. Price out a Camry or Accord with any options at all (say leather). Where do you land? Don't forget to add sales tax.

The reason you feel guilty about paying so much for the GT is because, let's face it, no one needs 400 hp for practical reasons. Your payments are not relevant.

Edit: I should mention I own a GT too, otherwise this might sound a little judgemental. Also, my payments are in the same range.

 

Never regret buying something you always wanted. Even if you made a mistake, just chalk it up to an 'oh well' experience. It all is meaningless when life is over. You lived it the way you wanted.

 

This!

 

Oscar Wilde defining a cynic: "A man who knows the price of everything and the value of nothing." Don't be a cynic. You'll recall the fun and experience long after the payments stop.

(Says the guy who, with enough trade in/down payment, paid his car off in 13 months.)

 

That's crazy. How bad would your credit have to be for the payments to be $800 a month for a Mustang GT? I have mediocre credit and I'm only paying $360 a month on my '08 Bullitt.

 

Loaded GT is probably close to $40k. 5 year loan with little down is gonna hurt every month. I personally won't pay over $500 a month for any vehicle. I buy used and usually buy pretty smart. If I really like a vehicle that's brand new, I can be patient enough to wait a few years and pick one up used and still in great shape. By that time I may change my mind on if I really want it. These car companies thrive on impulse buyers and people who just have to buy brand new. I've never bought a brand new car and probably never will. I can get so much more for a lot less even if someone else drove her for a while before me. Virgins are more trouble than they are worth anyways.

 

A $42K loan for 60 months at 6 percent is $811. High payments are due to no down payment not bad credit.

 

Another thing Dan is if the buyer trades in a car that they owe more on than the car is actually worth. Then that amount gets added to the loan too. There would be no way I would pay $800 a month on a car. To me that is a house payment amount! However if someone can afford and wants to pay that amount every month, that is there choice.


When I bought my Shelby new, I traded in a 2011 GT and a motorcycle on it. After the deal was done, I drove out of the dealership with it being paid off. Just the way I try to buy my cars if at all possible....


Phil

 

Yup .. going upside on a loan and then trading it in will kill your wallet for sure.

I put just enough money down on my car to make my monthly payment a nice round $600 for 60 months. At 0% interest it doesn't make too much sense putting that much money down if Ford is lending you money for free.

 

Paid cash. MSRP was 42k, nicely equipped. OTD was 37k with the 6 year 100k warranty and the road hazard warranty (because yeah, I bent a rim on my last car - owned my last car for 5 years and it had 30k miles on it. Work is 2 miles away...)

My wife wanted the Camaro.... But I'm a Ford guy, my father is a Ford guy, my grandfather was a Ford guy, etc. You get the point. As for it being a "mid-life crisis". I don't consider it such. It simply took this long to have the means to do it.

And I have had bad luck with GM cars in the past... For that matter I've had bad luck with Toyota's as well, friends with Honda's who always had issues... For some reason I have a soft spot for Fords. My Focus was an awesome little car. The Mustang GT is an animal.

But honestly, I'd rather have Mom back and still be driving the Focus for another 5 years until the wheels fell off

 

I like my own reasoning, I pay a dollar a HP a month on my 2014 GT premium. I do not care, I enjoy it and smiling is the gift to a long life, longer than the 60 months ( I Hope)...LOL