monkeycat

http://stockton.craigslist.org/cto/2321661642.html

I did some searching found this in my area, I emailed him, he told me it had a clean record, no problems with the tranny and it has about 14k miles. Its everything I want in a Stang but its white just like my current Stang which is kinda a turn off for me.

96COBRAvert

I think you should stop relying on your parents for your ****. You want a car, fine. Buy one you can afford on your own. 20 years old and your parents still have to pay for your ****. step up and be a man and live in your own means........you give all of us that bust our *** for our mustangs a bad name.

monkeycat

Maybe you should read the thread before you post and make a fool of yourself. I work my *** off for MY money just like each and every person on this forum does and buying this car is a goal I have set for MYSELF. The only reason why I need my parents in this entire situation is simply for a co-signer so I can get a loan. Before you run your mouth thinking im a spoiled *** and giving forum members a bad rep, read the thread or don't post at all.

eliyarbrough

I'll say again, life's short! If YOU'VE found a car YOU want & can buy, get it!! I tell you, this might not happen again.

96COBRAvert

I read the entire post, maybe I was being a bit harsh. I never said you did not work. IF "your" credit isnt good enuf then dont get it. I dont think you are a spoiled brat. But putting your parents credit in jeapordy isnt cool. My thought is just that, my thought. Forums are full of thoughts. Just hope you dont burn your parents. And Im not saying that you are a dead beat, but thats a big payment and in these times thats a scary thought. Enjoy your ride

Enfynet

I needed a co-signer on mine as well. Its much harder to build credit these days than it used to be. My girlfriend kept getting denied applications for "pre-approved" cards because she had no credit history, and her parents couldn't/wouldn't co-sign because they've had trouble in the past. That doesn't make her irresponsible.

As long as you're on-time with payments, and don't allow interest to build up on a credit/loan account, you'll be fine. The problems happen when people only pay the minimum balance and have 6 credit cards maxed out and keep re-financing their homes that they should have never bought in the first place.

monkeycat

Just got approved for a 20k loan through a credit union.
5 Year 4.5% Payment of about $370 a month.
My credit was fine, but I had little amounts of credit so I needed my dad to co-sign.

VALCAD

Woo Hooo - Good news. Pics of what you get, please.

Jza1736

I just got 2.94 from bank of america. 5 years 450/month. I hear pnc offers the same rate. You should check them out

Genot

Different generations have different hardships. I paid for school myself, never had a credit card (I'm paying for school, no way can I afford to rack up credit card bills and why use credit when I can just use cash? I'm literally being thrown 8 credit card offers a week) and had bought my college car in cash. Graduate and bang the market crashes. I land a terrific job and want to buy a house. Need credit for the mortgage, but can't build any (no student loans or CC's ever so I have zero credit, I was being what I was told was responsible by staying out of debt and working my rear off to do so) because those once daily credit card offers are now non existent.

I know its kind of world turned upside down stuff, but for us coming into the real world in the middle of the credit crisis, the ones that did the right thing, saved, worked hard and paid cash and paid everything off fast (which is basically the OP) are taking it in the shorts as well. Heck, I even had to put down 30% to get a mortgage, period, and even then one that was double the interest of the market average. I "only" had to hold that mortgage for a year before I'd even be considered for a secured credit card.

OP, awesome job of saving that amount for a down payment at your age AND paying off your 08 so dang fast. You know what you're doing. You can swing it. If you want it, do it man!

monkeycat

Thanks guys i appreciate your feedback!

Heres an update, a dealer about an hour out offered me 13k for my stang after seeing my Craiglist add, i responded asking for $13,500.

A dealer an hour away in the opposite direction has a 2011 NEW Kona Blue 400a 19 inch aluminum, back up camera for 35,075 they also have the exact same car but 401a for 35,470 about.

I am hoping I can sell my stang tuesday for about $13,250, go to the dealer and buy one of those two listed for 33-34k out the door.

Its 35,075 which means with xplan Id imagine 33? Plus 2k ford incentives which will be 31k, maybe get delivary fee waved, that would be 30,200. Shooting for $33 to 34k out the door. Think it can happen?

VALCAD

Sounds very do-able to me. My ol' rule of thumb has been, if the sticker is $35k - offer $35 out the door. I had a Lexus salesman come back to me within 10 minutes with a yes on that offer and my mother-in-law called me in the middle of buying a Mercedes C class for full MSRP and I told her to offer sticker out the door, and they said yes. That was without any incentives on those cars.

So, if the sticker on a 2011 is $35k and they have $2000 customer cash, I would think $33 out the door would be a yes. Dude, if you end up financing $20k on a brand new Mustang GT, you would be sitting very pretty. Good luck and let us know what happens.

monkeycat

Sold! for $13,250!

I'll always remember my first Mustang by this picture!

2012GT

Bro, you are 20 years old. I had a ragged S-10 truck when I was 20. You could save a ton of cash getting a 2010 Stang right now. Plenty fast and a sweet ride even with the 4.6. You could still find one under warranty easy man. That would be the smart move instead of eating Ramen noodles until you are 26.

Jza1736

Mayb he likes Ramon noodles.
When I was 22 I bought a 1 year old Lincoln mark 8, financed 35,000 paying ridiculous interest & insurance. Sold it after 1 year and lost money, but was glad to be rid of the payments.

VALCAD

Isn't a Mark 8 an old man's car? You must have been gangsta pimpin in that ride.

Reminds me of an episode of some terrible sit com where Steve Urkle (the actor who played Urkle) wanted a Merc SL sooooo bad that he bought it against all advice - then he lost his apartment because he couldn't make both payments, then the top broke on the car and he couldn't afford to fix it - he ends up sleeping in the 2 seater with no roof in the dead of winter. Valuable lesson. But I digress...

Seems like monkeycat is going to end up financing around $20k. Insurance is high no matter what he drives at his age. If he can have a new Mustang GT and owe $20k on it, he is doing better than 85% of the guys on this forum, no matter what their age. And, I'll bet his final bill for payment, insurance and gas is less than $700 a month. Hmmm...should he spend $400 a month to drive a beater, plus repairs, or $700 for a monster cool car with full warranty?

Jza1736

It was the next sport model after the LSC with a 5.0 HO motor. I loved that car. I hated the cost! We all learn from our young mistakes. Sometimes these things just have to happen

VALCAD

Yeah, those cars were very nice - luxury inside and fast. I was 20 when they came out and my boss had one - he was an old man. So I guess to me it seems like an old man car. It was way out of my league when I was 20.

Jza1736

Mine too

Blackbird.

Hey monkeycat. If you can afford it no problem then go for it man. I'm 20 as well and purchased my mustang this past February. I love it and like you I work my *** off and I feel this is my reward. Go for it!