JimmyM

Hi,

I was wondering what kind of loss I would take if I decided to trade in my 2011 V6 PP for a base 5.0 GT.

I foolishly agreed to purchase the dealer's cilajet paint treatment ($600) and their own security system ($500). I know, I know. Don't rub it in. After about three payments and $5000 down payment, I still owe about $22,600. The OTD price was about $30k. California tax ftl.

I have about $3000 sunk into the car, mostly aesthetics, aside from the tuner and exhaust.

So, yeah, just kinda pitching this idea to myself, but not really understanding the financial aspects. But what I really, really want is to get a 50th anniversary GT when it comes out.

Should I just hold onto this V6 until then? What kind of a hit should I expect to take if I trade it in now for a 5.0? Would it be better to trade in the V6 in 2014 for the 50th anniversary, or trade it in now for a 5.0, and then trading the 5.0 in for a 2014?

I'm turning 23. When 2014 rolls around, I would be 27. I feel, at 27, you're heading towards midlife and not so young anymore. I'm afraid that by then, what car I drive would no longer matter, and that I'd likely choose to save money for a house than buy a Mustang GT.

born2run74

At 23 you're gonna be hit hard by insurance premiums on the GT, I'd bet. That'd be one thing to check out.... One of the nice things about getting older is that the premiums drop-I'm paying much less at 36 than 23.

David Young

I would wait for the next body change, 2014 or 2015?

2010MustangGT

Depending on the options you pick on the GT you'll take a nice $10-12,000 bath on your current ride.

Personally I'd wait- the 2014 MY model will most likely hit in 2013 due to the way ford releases the stang. You drive a nice car currently, invested in it and made it your own. What are you in for a 5.0? To go faster?

27 definitely isn't midlife- granted late 20's- early 30's always have a lot of decisions around them, but what age frame doesn't? Also if you're turning 23 in 2011. You'll turn 25 in 2013? 26 in 2014? either way...

If it were me I'd stay the course with the v6 PP and examine your motives for the switch and see if it's truly worth it.

It's not sure what kind of hit you or anyone will have in the years to come- but figure you'll get 1/4-1/3 of MSRP for trade? Not sure what going rates will be.

Good luck

Dreamtheory

Stick with the V6 IMO

OAC_Sparky

Here's my $.02

You kinda painted yourself in a corner, you're upside down on the car and you're going to take a huge hit to trade in.

So this is my advice. After the first couple years the depreciation will catch up with its value. At least when you trade it in or sell it you'll break even or end up with some cash on pocket. Also by that time (with luck) your insurance will be cheaper and you'll also have a little perspective on what you're doing with your life.

The last thing you want to do at this point in your life is lose $10G for absolutely no reason, the V6 is just fine and there are so many other things you could do with an extra $10G that will get you so much further ahead in life.

cdynaco

Geez Dude... you're making it sound like your life is about over!

At 23 I had a sports car, a 4x4, and bought my first piece of land. By 25 bought my first house and started investing for (early) retirement - and still had everything else.

You're LATE!!



And at 54, my best years are still in front of me.


(No I don't have a fancy degree. Just applied a hard work ethic and some old school wisdom to the free enterprise system... )

JimmyM

Was just curious. I get these crazy ideas sometimes.

monkeystash

I'm pretty sure you know it's a terrible financial decision. Be happy with your PP; it's a sweet ride! We always want what we don't have anyway.

Ministang

You'll take a significant hit and be way upside down. IMO you should keep your V6, mod it, enjoy it, and it will be paid off much sooner than if you trade it in on a new GT.

Knight

You could buy a nice used 5.0.. and not have to take much of a hit.

cdynaco

Brainstorming is good!

grabberorange1

I better mix up a drink...I feel perty old all of a sudden. At 27 you might be at a time in your life that the Mustang isn't going to work for you anymore....but its far from midlife. At that age I had just gotten married, had my daughter on the way, sold my GT convertible and bought a SHO Taurus (stupid for thinking I needed a safer car, the new parent thing) and bought my house.

Midlife, from what my buddies will tell you, is when a guy approaches 40 and goes out and buys a bright orange GT Mustang. But...now I don't need the back seat anymore nor care what anybody thinks.

I can tell you from more personal experience, having purchased over 30 cars in my life time...keep what you have. There's nothing worse than burying your **** into a 5.0. Because that is what will happen, they will probably sell you one, but put the 10K your upside down into the new one. In addition to all the money you've already sank into the pony now. Be satisified with what you have and enjoy it. I'm almost done paying for my crisis and can't wait, sure seems like those 60 payments take alot longer than it seemed when I signed the line....

JimmyM

No offense to any of you "older" guys. My cousin just turned 32. Now he wants to get rid of his S2000 and get a sedan with automatic. He tells me of aches and pains that he never had. His steadily receding hairline. Stuff like that. I just hope I don't become like him when I'm past mid twenties.

dmhines

Superchargers are coming out for the V6 ... I would install a S/C before getting screwed on the GT trade-in ...

cdynaco

Yeah but that stuff doesn't matter. You still think like you always did, and aside from some changes in your mirror and taking ibuprofen, you're pretty much the same person - with some growth and experience and understanding thrown in the mix.

Plus your best career $$ years are in your 40's & 50's. Because with that greying hair or stache, bald spot, etc., comes personal wisdom from experience, and respect from others in business and in life. Opportunities often present themselves whereas not always to 20's & 30's - many times because they look inexperienced, not because they aren't intelligent or talented. I embraced my premature grey.

Besides, your generation is aging along with you. They've got some challenges with their mirror and body too, but now have some cool cars and homes, etc., and (most the time) no babies under foot.

If you think small, and that life is only fun for a few decades, then that's what will happen for you.

Because attitude is everything. You can learn to deal with that other stuff. But a poor, dreamless attitude is a one way sewer with **** for benefits.

Most people are going to live a long, pretty healthy life, and I'd suggest they better plan on how to have fun then too. Look at the number of older guys on the forums that have pretty nice Mustangs!! Many new, many with a lot of expensive mods, having a great time. They didn't roll over and die just because they hit 27, or their 30's, 40's, or whatever dumb number the calendar assigns to your life...

IMO

As to the OP, I think if he would be content with his current HOT ride, save the money from not buying a new 5.0 and invest it for a house down the road (although the near term is a generational opportunity to buy a house IMO), play the credit game to win by developing and maintaining a perfect credit record, then have goals for future hot rides as income allows; he'd be happiest - now and 10 years+ from now. In contrast to throwing away $10k chunks of loss from buying new cars and then trading them too soon.

RandyW

I have no explanation for guys like your cousin. There are tons of guys in their 60's who still love driving a fun car. Maybe some people buy a sports car on a whim or because they think it makes them cool, then realize they're really not that into driving.

As others have said, you're throwing a lot of money away if you trade in your nearly brand-new car. Enjoy what you've got and pay it off.

Ministang

No offense to you or your cousin, but that is hogwash. I turned 40 last year, I've had a steadily receding hairline for the last 5 years or so, I work a very physical job and have daily aches and pains, and if I had to drive a sedan with an automatic, I'd go crazy. All four of my cars are a lot of fun to drive in their own way, and I enjoy driving all of them. I autocross on a regular basis, I have plans to hit a few open track events this year, and I love taking road trips with my wife and family, two years ago we went to the Tail of the Dragon in my Mustang, last year we did a 6000+ mile trip to the west coast and drove US 101/PCH up the California coast. If anything, my love for and enjoyment of cars and driving has increased in the last 10 years, not diminished.

neevers1

^^^ I agree


Every time someone has told me that the best time in my life would be X, it's always gotten better, not that X time was bad, but things get better as time goes along, not the other way around. People who think that X time was the best time in their life are living a hard life, I mean think about it, who would want to sit around and think the best time of your life was behind you.

Anyways, I'm only 27, but I find that ridiculous. BTW my 58 year old mother drives a manual, always has and has told me she wouldn't think of driving a automatic because it's less engaging to drive, your cousin, well....

I have a 5.0, wouldn't be unhappy with a 3.7, though at 23 I would have gotten SCREWED on insurance for the 5.0, when you turn 25 it really goes down a whole ton, and by then the 2015MY will be out, and you can get the hi-po version of that, I plan to..... If it's all it's cracked up to be, if not I'll just keep my current car.

kn7671

LOL - everyone has their reasons I guess, but I can't say that I would want to live with a convertible, 2-seater, high-revving, no-torque having, 4-cylinder S2000. But in reality, maybe he just doesn't feel that pretty anymore.

I can say that at age 39, I don't feel so old that I need to get out of a Mustang. This is my 9th Mustang since I was 16. I've tried other cars, brands, but always come back to the Mustang, and am very fraking happy with my 2011 5.0.

As for your V6, unless you got money coming out the wazoo and don't mind losing your shirt, keep your V6 PP Mustang, pay off some debt over the next 3-years to improve your credit, save a little for down payment, and wait for the 50th.