Which means you don't do it. Why would you even want to be a "tad" uncomfortable?

 

Because uncomfortable is relative. I'm used to maxing out my 401k, roth IRA, AND saving almost $1,000 dollars a month for general savings.

From what I understand, that isn't very typical. What I consider a tad uncomfortable I'm sure most people deal with every day.

 

Don't worry, Jokerstars. If SVTJay was a financial genius, he wouldn't be on the Mustang forums either. It's such an imprudent and frivalous use of one's money, afterall.

There is a subset of folks who feel entitled to pontificate about money issues on the internet and that will always be the case.

Live your life and enjoy it. Yes, there are more financially wise ways for us to spend our hard earned money. We all know this. Assuming that you're able to build equity in your home (sounds like you're working to to that) and put enough cash away to not eat cat food when you retire...you're doing okay.

Saving cash, makign good investments, etc...all important but you're obvioulsy not stupid and there is no shame in enjoying the present moment.

 

+1

 

Thanks, guys.

I am going to test drive some used cars and see how they compare. If my Mustang is that much more comfortable/fun I think I will keep it. I am worried about the convertible visiblity with the top up, as well as having to keep the top up six months a year.

I've boiled down my test list to a 2.5 Z4 manual, 3.0 Z4 manual, G35 coupe manual, and an SLK manual (chick car, I know). Model years would all be 2005-2006 with less than 60,000 miles. If they all suck and I hate driving with the tops up, I'll stick with the stang I think...

 

Let us know how you make out... I'm sure that plenty of folks go through this quandry.

 

I presume you are considering the maintenance and insurance costs in your analysis, correct?

 

I have no idea about maintenance, but the research shows the model years I'm looking at don't have any significant problems.

Insurance would drop from 90 a month for my stand to about 60-70 with these cars.

 

Have you considered just trading down into a 2011/2012 V6 Mustang or possibly a 2008 used GT500?

 

jokerstars, I kinda feel for you.

I'm in my mid-20s, decent job, have my stuff together. You seem to have your stuff together too. I have a 2012 GT on order and plan to pay it off with a trade and cash savings upon delivery. I'll still have a fair bit of scratch in the bank, but it does make me a little nervous. There's always the unknown.

Real estate isn't the "guaranteed" investment it once was, but it's a better investment than buying a car, or holding onto one that is going to bleed you financially.

You'll be living in a major US metro area with plenty of public transportation. As much as I love cars and am excited about my Mustang, I probably wouldn't have it on my plate if I were in your situation.

If you can stomach the loss, ditch it and trade it for something you can have paid off, whether that's a used BMW (barf, just a personal opinion) or a new Civic or Focus.

If you need a "nicer" car for a road trip or special occasion on the town, I'm sure you can always rent something.

Good luck with whatever path you choose.

 

This, maintenance on my last car was ridiculous, BMW is a tad high to maintain

 

Loser talk. Negative Nancy. If you don't make a plan into the future - set goals and focus on dreams - you never get anywhere. Sure, anything can happen, just be prepared to adapt at that time. But to not plan for 5, 10, 20+ years into the future is stupid. Plan big, dream big, assume positives = success.

My opinion, is keep the 5.0 - unless you get in a pickle. You can always sell at that time. But you have a record low interest rate; have invested in real estate that may or may not appreciate - but should at least pace inflation (although location, location, location says that area will continue with housing demand); and are paying attention to reserves with savings, 401k, Roth. That's a good foundation. And even if you have to scale back retirement or montly savings just a tad to afford the condo, its not like you aren't still investing the same amount each month - you've just diversified a bit of that into real estate.

I have found that reaching to the max and slightly over-reaching sometimes, is how I accumulate assets - though it sometimes pinches my lifestyle a bit. I look at it this way - if I have too much excess I tend to pizz it away on frivilous stuff. Whereas if I'm pinched a bit so I have to be careful about frivilous stuff because my cash flow is paying for bigger important things, it serves as a financial discipline for me (and yes that includes savings & retirement commitments).

Yet life does happen. I never thought I would become disabled and lose my career at 43. So one does need to live a little bit today along the way.

Sounds like you've got a well rounded plan. "Plan your work - work your plan". Ride the wave! Enjoy the 5.0 and the privacy and comfort of your condo!

 

Thanks fellas. I think I will test drive some cars this weekend and if they don't tingle my soul the way my stang does I'll keep it.

 

If your set on trading. Don't overlook the mazdaspeed3. It's way faster than youd think and it's practical. I'd pick that over the z4. I'm not a convertible guy though. Too floppy feeling. I had a z4 for a demo for a couple months. Meh.

 

A man needs a place to live before a nice machine to drive. The condo sounds like a good investment, so definitely keep your priorities like you have them. Bottom line is that you owe $24k - $25k on a car over the next three and one half years. If you sell it now, what are you really looking at? I don't think that you could recoup $30k - $31k in today's market. Hopefully you can make enough to pay off the loan and have at most $2k - $3k profit. If you have another $8k to spend, that really leaves you with about $10k for your used car purchase. I'd look towards something frugal and fun, maybe an early MINI Cooper, Mazda Miata, older BMW 3 series or V-6 'stang. The home before the garage, yea. But if you are going from renting to owning and it entails $750 more per month in expenses, you need to "go cheap" on your other expenditures.

 

As far as having a Mustang in the city:

I grew up on the North Side of Chicago, which is even more densely populated and harder to find parking in than Washington, D.C. (and I'm very familiar with D.C. as well). Washington, like the North Side of Chicago, is not a place where one can really enjoy a car like the 5.0. I now live in the north suburbs of Chicago and I have a Prius that I use when I have to go downtown. There's just too much congestion down there and too many traffic lights to enjoy driving a manual GT there, and there are too many idiots that will bump into my car if I leave it parked somewhere. If my 6-year-old Prius gets a dent, it's no biggie. But I'm trying to keep my GT looking its best.

I'm not saying that you made the wrong decision to buy a Mustang and then live downtown; but I just don't think it's worth having at this stage in your life. If I lived in D.C., I'd either have no car and just rent one when I need to get out of the city (the public transportation there is generally excellent), or I'd buy a Prius or something even cheaper and more economical that I didn't care too much about. There's plenty of time for fun cars like a Mustang when you live somewhere else.

Unless of course you plan to live in D.C. forever. In that case, get a Mustang. But it will be hard to enjoy it unless you do some weekend driving in Virginia.

 

one question, is your car loan a simple interest loan? it should be, if so, put more on your car, and the note will go down..

 

I came out of an '08 Fusion SE 6/auto, and while it was absolutely trouble free and gave good fuel economy, it was completely boring in every way. I couldn't wait to get rid of it. I had a '10 Fusion rental for a month when the Taurus was in the shop and I felt the same way about that one. Boring. One man's opinion...

 

KBB says my trade in value for my stang is 32k. Dealer on the phone tried to get me to take 27k.

ROFL. Maybe I won't sell it if that's the offers I am going to get.

 

What is the black book value?