Enfynet

I think I got lucky when I ordered mine, because the dealer had no idea what kind of hype was behind the car. Then again, that was 6+ years ago and a 20k loan got you a lot more car...

hein

Please don't do it. Between the payment and insurance you are digging yourself a huge financial hole at a young age. Be smart with your money.

PolishAmericanMustang

If you're worried about it, you can't afford it. And you most certainly cannot afford it based on the information you provided.

I would have loved to have a car like the 2012 GT when I was 20. I'm 26 now, and looking back, it wouldn't have been a good idea. But now, I have the maturity and financial means to handle it comfortably. Give yourself some time. You have a decent car already, just keep using it until you land a good full-time job and save up enough money for a new one.

VALCAD

What a bunch of wussies. Dude is young, but has a good head on his shoulders. He is NOT asking for advice, he is asking for pricing. He sounds pretty smart to me. He has common sense, and a family that will back him. GO FOR IT.

Buy new - use x-plan like you stated (x-plan won't work on a used car, duh) - have your dad co-sign and enjoy. The more down, the lower the payment - order your car and save while you wait for it. Insurance is what it is.

BUY A CAR BEFORE YOU GET MARRIED!!!!!!!!!!!!!!!! After the expenses of married life and living on your own kick in, you will NOT be able to get a car you like. Life is short and hard, let your parents help you as far as they are willing. Don't push your luck and keep your family close to you. You are lucky to have them. PLAN on getting an education or a trade and PLAN on becoming self sufficient. It will earn you self confidence and self respect. That is all the unwanted advice I have for you.

monkeycat

Thank you, I do appreciate that!

11SHELBYGT500

You're young and you should be appreciating the people that are trying to save your credit and your fathers credit for that matter. A lot of young people jump into something they really can't afford and it screws up their credit. You shouldn't be taking on a 700.00+ a month bill with the amount of income you posted. If your income is 1300.00 I assume that's net. 400.00 car payment, 100.00+ on insurance and 200.00+ on fuel 700.00+ a month. That's more than 50% of your income and that's foolish.

eliyarbrough

I'm with VALCAD also! It's just $. Be happy!!! I promise you, you sure can't take your $ with you! Don't TAKE advantage of your folks, but kinda. Like their credit & help, I mean. Do this while young & still can.

RandyW

Here's one other thing to consider. For someone my age (44) the price of insurance isn't that much different whether I got a GT or V6. But at 20 years old, any insurance company is really going to stick you for having a 412-hp car. It's no reflection on you personally, but the actuarial tables show that 20 year-olds tend to crash very fast cars. I'd seriously think about finding a good deal on a V6 and being happy with that. After all, the 2011 V6 makes as much horsepower as the GT did only a few years ago. Certainly enough to have fun with. When you're older, making more money, and your insurance is cheaper, you can get a GT.

VALCAD

The heart wants what the heart wants. All the people telling you to NOT do it, probably did it and enjoyed the heck out of their car in their 20s.

Well intentioned advice is a sweet gesture, but MonkeyCat knows his own circumstances better than any stranger on this board. His parents know his situation as well. If they are on board, who are we to tell him to be sensible and conservative and wait, wait, wait until he is too old to enjoy it. I love seeing a nice new Porsche going down the road with a 70 year old behind the wheel. I'll bet he was sensible and drove a minivan and had 6 months reserve income in the bank at all times during his life - now he is driving 30 in a 45 zone because the stiff ride of his Porsche hurts his back.

Be young and have fun.

c0achmke

Second that.

monkeycat

Like VALCAD said I don't want to be that guy who is 70 driving the nice Porsche, I am 20 and having my dream car at that age is something not a lot of people can do with the U.S economic times.

My dad put my current 08 Mustang v6, in his name and the dealer brought up numerous times that his credit was perfect, and outstanding. Having him co-sign will be a great help(After all I am made the payments on the car).

I will married eventually but for now I want to take the opportunity I have now.

Finding a USED Grabber Blue GT/CS with 300 miles of me will be like finding a needle in a haystack, so I will see about ordering one with the Xplain at the dealer.

floridafordguy

Just a comment for whatever it's worth. I am a certified credit counselor, and I've worked with THOUSANDs of people to help them with their credit problems. One of the most common issues is someone cosigned a loan and then got stuck with a payment they couldn't afford.

Please remember that all the numbers you're kicking around assume that YOU have an income. You need to look at: what happens if I lose my job. Can my folks afford to carry my note? What would they have to give up to do that? And what would happen to THEIR credit if they can't.

I know how important a car is to a 20 year old. Hell, it's important to me, and I'm 60, and a lifelong car nut. I will be buying a GT500, but I'm saving so I can pay cash. I will not take on any debt at my age just to have a cool toy.

Just please remember that your parents worked a lifetime to get to where they are now financially and credit-wise. Make sure YOU don't do anything to risk that, even if THEY'RE willing to. It's not worth it for a car, family is MUCH more important than "stuff".

Again, just my 2 cents for whatever it's worth.

Good luck. Have fun.

Enfynet

Those are some good points. I've always just gone with the basic idea that when you buy a vehicle, you need to be able to "afford" at least twice as much. I based my payment at the time (target $350/mo) on the fact that I had at least double that ($700+/mo) that I didn't have assigned to anything. Part of that is insurance, fuel and regular maintenance, but the rest was put aside for the "unforeseen circumstances."

Just wanted to highlight this one. Unless you have NO financial responsibility what-so-ever, then putting half or more of your income towards a car can potentially get you in a lot of trouble.

VALCAD

Technically, I believe your car expense should only amount to 25% of your NET income - that includes payment, insurance, gas and maintanance. That is the rule of thumb I was taught (kind of like your gentleman sausage is the same length as your thumb times 2).

Another way to look at it, strange as it may seem, is if you make $60k a year, you can afford a car that stickers for $60k, or 2 cars that sticker for $30k each. That is kind of an old number, I am sure it is more like make $60k, afford $40k now, with the economy and gas prices and insurance prices being what they are.

So technically, if you are bringing in $15,500 a year, the new Mustang is a bad choice. That being said, it sounds like your parents support you, they have great credit, which means they are smart and responsible and careful, they trust you and getting another job that makes the same or more than you are making now would not be too difficult. ALL things have to be considered, and your circumstances cannot be ignored. It still may not be the "wise" thing to do, but it sounds do-able.

Of course you understand the limitations the car payment will put on your life. Your choices of when and where you can move to will be limited. Expensive vacations will be limited, etc. But hey, you can sleep in a car, you can't drive an apartment or house. I am not trying to be a downer, just trying to keep things realistic. If I had your circumstances at your age, I would have gone for it. Just always think down the road, have a 2 year plan and a 5 year plan of where you want your life to be. Too preachy? Sorry.

The best career decision I ever made was learning AutoCAD and becoming a draftsman. Immediately doubled my income and have more than doubled THAT over the last 10 years. That is my last piece of advice today.

So, how many of you measured your thumbs?

Enfynet

Yeah, I had a plan. Never got there though...

VALCAD

LOL - Yeah - I had a plan too, and it included a Mustang. The world took a poop on my plans. But at least, in the meantime, I tried not to do anything to derail the plan - just put it on hold - circling the runway. The whole idea of the 2 year and 5 year plan is to set the goal and then do nothing that would prevent you from reaching it. Like, "I gotta pay off this Visa" and then say "screw it!! I deserve to go to Hawaii!!" and charge it up.

monkeycat

My boss called me today and told me I maybe getting promotion very soon. So will see what that does with my pay.

VALCAD

Get back! Monkeycat! That is the great thing about being young. Raises and promotions come more easily and life generally gets better financially through-out your 20s. Good luck with the promotion - hope it helps make your Mustang decisions easier.

monkeycat

Okay, I have decided to purchase used to save money. Im going to be looking for a price between 32 - 35k after tax and licensing(seem right?). Ill still finance about 20k but hopefully a little less.

So whos selling their 2011 Mustang in the bay area/sac area?

VALCAD

Sound like a plan, the only caution I would have is to watch out for guys trying to unload GTs with clutch problems. Could you find a 2011 on a lot somewhere that you could get for the price you wanna pay? OR...I know you want a CS, but a 2010 GB with low miles and throw a supercharger on it. Might be a safer bet with all the troubles the 2011/2012s have been having.