Trading my 11-second '07 GT for a 2011 V6 MCA with Perf Pkg
2/8/11, 05:05 PM
#21
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Hey Brian - Sorry that you and your wife need to tighten your belts. I can relate, as I was laid off in 2008 from my job of 25 years, and finally got work two years later. Fortunately my wife stayed employed, but we had to really tighten our belts too, especially with our son in college. Anyhow, you're doing what needs to be done, and you will no doubt survive while things slowly improve. Regarding the car choice, either 2011 MCA would be a great choice. Looks like the Sterling Gray has the rear view camera and the Grabber Blue doesn't. That would be something to consider if you had any plans to later add a pedestal spoiler, but I think you're a spoiler delete kind of guy, so it doesn't matter. Good luck with your final choice. 
I really like the Sterling Gray V6. It has the rear view camera and heated seats, while the Grabber Blue does not. I've had 4 blue Mustangs, but the grey is stealthy and would keep me out of trouble (invisible to the police) if I speed a little.
2/8/11, 05:07 PM
#22
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Thanks. Our used car manager is being very generous with my '07 GT. He could hook me up with a great used car, as you noted, if I want to go that route. However, I want a new car to have a full warranty so that I don't have any surprise repair bills in the next few years.
2/8/11, 05:11 PM
#23
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I'm with Ivan and Lewis. The purchase of a new vehicle during this time of hardship is not a good move. If selling a vehicle is in the cards for you to stay afloat, then by all means do that but don't get yourself roped into a car payment unless absolutely necessary. The situation we find ourselves in right now in America is like nothing I've seen. Both my wife and I are layed off and while we've each had situations during our careers where we've both encountered lay offs, we've never had it where we're both out together not to mention with VERY few prospects. Shes already been out a year. Its only been about a month for me.
If you must, sell your '07 and purchase something for $5k to use until the sun shines again. Once things get back to normal, you can re-evaluate your situation and go from there. New cars are always around.
If you must, sell your '07 and purchase something for $5k to use until the sun shines again. Once things get back to normal, you can re-evaluate your situation and go from there. New cars are always around.
As an alternative to the plan I outlined, I could choose to not keep any cash from trading in my car, and prepay a 3 year lease on the '11 V6 which means I would drive the V6 for 3 years with absolutely $0 payment for those 3 years. At the end of 3 years, I could turn in the car, or purchase it for the residual if I want to keep it. This is my first choice, but my wife would rather have a car payment and keep a big lump sum of cash from my equity to bank for a rainy day.
2/8/11, 06:24 PM
#25
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IMO your best bet financially (without going to a beater or non-Mustang) is to remove and sell the mods on your existing Mustang, and use the money from the sale of the mods to pay down your current loan, get it paid off and enjoy the freedom of having no car payments.
2/8/11, 07:15 PM
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Among the 3 options you listed, I would buy the SHO. Similar performance, way more comfort and utility. Also, you dressed up your 07 to be a sleeper and SHO accomplishes that task pretty well.
2/8/11, 07:44 PM
#27
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Don't take on more debt right now, refinance your 07 to lower the payment, pocket the monthly savings to payoff other bills.
Or if you decide to do your idea, get the SHO for sure IMO.
Best of luck either way.
Or if you decide to do your idea, get the SHO for sure IMO.
Best of luck either way.
2/8/11, 07:52 PM
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Brian, everyone has given very sound advice. Lets face it these cars are toys, we buy them, mod them and flaunt them, why because we can afford too. From experience: The actual trade in value the dealer puts on paper will be different than what they're coaxing you with to sell you new. If you're counting dollars with insurance, fuel, and payments this may be the wrong time.
2/8/11, 08:39 PM
#30
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Sorry to read the news.
Hunker down, keep what you have, get a part time job/s, use low fixed interest cards for emergency fund till you get through, hock the '07 if you need a cash out/lower int refi or simply to lower payments by stretching it again. Credit Unions are best for that down here.
I've used $10-20k chunks of credit card reserves for years to stay alive (cash flow wise) various times. Right now my highest rate is 3.9 fixed with the reserves sitting in a FDIC 3% savings. It's out there - still. Costing next to nothing and gives me some options while other things turn around.
Nothing wrong with using leverage and "other people's money" if you're a disciplined money manager. But you have to be ruthless at paying perfect - no excuses - and accounting for all usage of the reserves. NO nights on the town, NO mods from the reserve fund! lol Then when incomes rebound pay them down aggressively. Shop rates till you drop.
Run some numbers for a 2 or 3 or 5 year hunker down phase, and the pay down phase. Work your plan. We'll get out of this ("never fight the Fed"). And its really true... "watch the pennies and the dollars take care of themselves" (because of your mindset).
Best Regards
Hunker down, keep what you have, get a part time job/s, use low fixed interest cards for emergency fund till you get through, hock the '07 if you need a cash out/lower int refi or simply to lower payments by stretching it again. Credit Unions are best for that down here.
I've used $10-20k chunks of credit card reserves for years to stay alive (cash flow wise) various times. Right now my highest rate is 3.9 fixed with the reserves sitting in a FDIC 3% savings. It's out there - still. Costing next to nothing and gives me some options while other things turn around.
Nothing wrong with using leverage and "other people's money" if you're a disciplined money manager. But you have to be ruthless at paying perfect - no excuses - and accounting for all usage of the reserves. NO nights on the town, NO mods from the reserve fund! lol Then when incomes rebound pay them down aggressively. Shop rates till you drop.
Run some numbers for a 2 or 3 or 5 year hunker down phase, and the pay down phase. Work your plan. We'll get out of this ("never fight the Fed"). And its really true... "watch the pennies and the dollars take care of themselves" (because of your mindset).
Best Regards
Last edited by cdynaco; 2/8/11 at 10:15 PM.
2/8/11, 09:26 PM
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At least you're smart enough to realize the necessities. Many aren't. So it's a respectable and understandable position. Best of luck to finding a good fit. 
Payments being equal I'd get the SHO. You'll be able to switch it up a lil bit- SHO is the top of the line sedan they've put out possibly ever!?
Then come back to the mustang for the 2014.
Payments being equal I'd get the SHO. You'll be able to switch it up a lil bit- SHO is the top of the line sedan they've put out possibly ever!?
Then come back to the mustang for the 2014.
2/8/11, 10:03 PM
#32
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I am sorry to hear of this situation. There has been a lot of resolutions suggested to the dilemma. I favor the refinance option because of "priceless" sanity your car most likely brings.
That said, if you did decide to move to another car, the Sterling Grey color looks excellent. Every day I get into my '10 GT, I appreciate the appearance more and more, a lot because of the way it looks on the '10+ body style.
It's a tough scenario...I will keep you in my thoughts and meditations.
PS - I know the new V6 is touted for its advances and its close power output, but the little 4.6L in the 2010s still offer a respectable seat-of-the-pants feel in around town driving. I would think a 45 lb-ft difference in the peak torque numbers would be worth considering. Are you able to locate any 2010 GTs?
That said, if you did decide to move to another car, the Sterling Grey color looks excellent. Every day I get into my '10 GT, I appreciate the appearance more and more, a lot because of the way it looks on the '10+ body style.
It's a tough scenario...I will keep you in my thoughts and meditations.
PS - I know the new V6 is touted for its advances and its close power output, but the little 4.6L in the 2010s still offer a respectable seat-of-the-pants feel in around town driving. I would think a 45 lb-ft difference in the peak torque numbers would be worth considering. Are you able to locate any 2010 GTs?
Last edited by Tony Alonso; 2/8/11 at 10:05 PM.
2/8/11, 10:42 PM
#33
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Outstanding advice from all of you - thank you so much for your heartfelt suggestions. My wife thinks I'm in panic mode for absolutely no reason right now since our credit is still perfect, we have some money in savings, thousands of $'s in the stock market, and we're both still working (even if it's slightly less income). I'm just super conservative and don't want a car to affect my credit score or future ability to get credit.
My family knows how much I have invested (time, money, and especially emotion) in my '07 GT, so the general consensus seems to be that I should keep it for now. Use credit cards to cover any cash flow problems (only if necessary), but get this car and other debts paid off ASAP.
Ultimately, if we got in to real trouble financially, I could sell my '07 and use the equity to buy a cheap used car and bank the difference to keep our finances secure for awhile.
So, after reading many of your responses today, I went outside (off work today and it was sunny out) and washed my car inside & out, treated the leather, etc. and it looks brand spankin' new again. Then took it out for a drive to run some errands and found a few opportunities to push over 10 psi boost in short spurts to remind me why I love this car so much and to help push any thoughts of selling it out of my head for now.
My family knows how much I have invested (time, money, and especially emotion) in my '07 GT, so the general consensus seems to be that I should keep it for now. Use credit cards to cover any cash flow problems (only if necessary), but get this car and other debts paid off ASAP.
Ultimately, if we got in to real trouble financially, I could sell my '07 and use the equity to buy a cheap used car and bank the difference to keep our finances secure for awhile.
So, after reading many of your responses today, I went outside (off work today and it was sunny out) and washed my car inside & out, treated the leather, etc. and it looks brand spankin' new again. Then took it out for a drive to run some errands and found a few opportunities to push over 10 psi boost in short spurts to remind me why I love this car so much and to help push any thoughts of selling it out of my head for now.
2/8/11, 10:52 PM
#34
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Oh, I forgot to mention a new temptation. We have a new 2011 Mustang GT due to arrive in a couple days. Sterling Grey "base" 300A GT 5.0L Coupe with charcoal cloth interior. Only options are 3.73 gears and the Brembo Brake Package. My price (as an employee) after rebate is just $28K. I don't need leather or tech/stereo stuff, so this car would be absolutely perfect for me.
It would be utterly stupid to try and justify buying it, so I won't. But, like many of you, I really like Sterling Grey and the new 5.0L is intoxicating. I crunched the numbers, and if I traded in my '07 GT toward this '11 I could keep $10K in cash of the equity to bank right now, and use the rest of the equity to keep my payments exactly what they are on my '07 GT right now. The difference is that instead of having my '07 GT paid off 20 months from now, the '11 GT would be on a 72 month loan. Crazy thinking and my wife gave me "the look" when I ran it by her. God, I love her; she keeps me from making dumb decisions most of the time.
It would be utterly stupid to try and justify buying it, so I won't. But, like many of you, I really like Sterling Grey and the new 5.0L is intoxicating. I crunched the numbers, and if I traded in my '07 GT toward this '11 I could keep $10K in cash of the equity to bank right now, and use the rest of the equity to keep my payments exactly what they are on my '07 GT right now. The difference is that instead of having my '07 GT paid off 20 months from now, the '11 GT would be on a 72 month loan. Crazy thinking and my wife gave me "the look" when I ran it by her. God, I love her; she keeps me from making dumb decisions most of the time.
2/8/11, 10:57 PM
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It still is a GT and can be modded very well when things change. I love the v6, but there is something special about the 5.0 GT if you can swing it. Either way you go, like I said before, they are both a far step up from anything I ever had before.
2/8/11, 11:17 PM
#36
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Man, I'm really trying to justify buying an '11 GT when I really have no business even thinking about it!!!
2/8/11, 11:37 PM
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You are correct that there is something special about the 5.0 (hence my user name "Five Oh" Brian that I've used online since 1999). I've owned a few 5.0L's back in the day, so it seems ironic to me that Five Oh Brian doesn't own a Five Oh Mustang now. My last three Mustangs have been 4.6's (2V '00 GT, 4V '03 Mach 1, 3V '07 GT) and I considered changing my user name to Four Six Brian a few times, but perhaps keeping the Five Oh Brian user name means something.
Man, I'm really trying to justify buying an '11 GT when I really have no business even thinking about it!!!
Man, I'm really trying to justify buying an '11 GT when I really have no business even thinking about it!!!
2/9/11, 12:06 AM
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Oh, I forgot to mention a new temptation. We have a new 2011 Mustang GT due to arrive in a couple days. Sterling Grey "base" 300A GT 5.0L Coupe with charcoal cloth interior. Only options are 3.73 gears and the Brembo Brake Package. My price (as an employee) after rebate is just $28K. I don't need leather or tech/stereo stuff, so this car would be absolutely perfect for me.
It would be utterly stupid to try and justify buying it, so I won't. But, like many of you, I really like Sterling Grey and the new 5.0L is intoxicating. I crunched the numbers, and if I traded in my '07 GT toward this '11 I could keep $10K in cash of the equity to bank right now, and use the rest of the equity to keep my payments exactly what they are on my '07 GT right now. The difference is that instead of having my '07 GT paid off 20 months from now, the '11 GT would be on a 72 month loan. Crazy thinking and my wife gave me "the look" when I ran it by her. God, I love her; she keeps me from making dumb decisions most of the time.
It would be utterly stupid to try and justify buying it, so I won't. But, like many of you, I really like Sterling Grey and the new 5.0L is intoxicating. I crunched the numbers, and if I traded in my '07 GT toward this '11 I could keep $10K in cash of the equity to bank right now, and use the rest of the equity to keep my payments exactly what they are on my '07 GT right now. The difference is that instead of having my '07 GT paid off 20 months from now, the '11 GT would be on a 72 month loan. Crazy thinking and my wife gave me "the look" when I ran it by her. God, I love her; she keeps me from making dumb decisions most of the time.
2/9/11, 06:11 AM
#39
Cobra Member
Brian, maybe I am not understanding but it seems to me that if you trade on the car and get $22k (-) 8k you own nets you $14k.. Buying a new car that costs $25k puts you $11k owed.. How would this be a smart move?
Times have been tough for many people the last couple of years and it has finally hit my household. My wife's job was eliminated last month, but her employer was able to find another position at a lower wage. And last week, my job was eliminated so I've started a new job within the Ford dealership I work for, as well. Our income has taken a pretty significant hit for now, so we're trimming our budget everywhere we can to survive, keep our mortgage paid, and keep our kids in college.
We have a 2011 Mustang MCA Coupe with the V6 Performance Pkg (Sterling Gray) where I work that is calling to me (and the same car in Grabber Blue). I only owe $8K on my supercharged '07 Mustang GT and I can get $22K for it if I trade it in. My wife and I need cash now to float us through this economic transition, so I'm contemplating using $4K of my equity from the '07 GT as a down payment on the '11 V6, and pocketing the other $10K to put in savings.
As much as I love the '07 GT (makes about 480hp flywheel hp, runs high 11's in the 1/4 mile, and only has 28K miles on it), the '11 V6 would lower my payments, free up a ton of cash now, lower my insurance premiums and lower my fuel bill. I've driven the '11 V6 and while it is "only" 305hp, I think that given my financial circumstances right now I've got to do this.
Alternatively, I've been looking at an '11 Taurus SHO we have that would net nearly the same financial benefit.
Which to buy? The Mustang MCA or the Taurus SHO??? Any of the three I'm looking at are capable of high 13's in the 1/4 mile, so they're sporty enough for my liking. Keeping the '07 GT just isn't in the cards. Here's the three contenders....
We have a 2011 Mustang MCA Coupe with the V6 Performance Pkg (Sterling Gray) where I work that is calling to me (and the same car in Grabber Blue). I only owe $8K on my supercharged '07 Mustang GT and I can get $22K for it if I trade it in. My wife and I need cash now to float us through this economic transition, so I'm contemplating using $4K of my equity from the '07 GT as a down payment on the '11 V6, and pocketing the other $10K to put in savings.
As much as I love the '07 GT (makes about 480hp flywheel hp, runs high 11's in the 1/4 mile, and only has 28K miles on it), the '11 V6 would lower my payments, free up a ton of cash now, lower my insurance premiums and lower my fuel bill. I've driven the '11 V6 and while it is "only" 305hp, I think that given my financial circumstances right now I've got to do this.
Alternatively, I've been looking at an '11 Taurus SHO we have that would net nearly the same financial benefit.
Which to buy? The Mustang MCA or the Taurus SHO??? Any of the three I'm looking at are capable of high 13's in the 1/4 mile, so they're sporty enough for my liking. Keeping the '07 GT just isn't in the cards. Here's the three contenders....
2/9/11, 07:53 AM
#40
Legacy TMS Member
Will I love the seat-of-the-pants feel of acceleration in this higher-revving engine, based on how I primarily drive the car?
Will I love the styling?
Will I keep it stock for at least the duration of the bumper-to-bumper warranty?
Will I cause undue stress with my family members with this decision from a monthly and yearly budget point-of-view?
Will I accept a new debt commitment that could last me until 2017?
If I decide to trade or sell it for something in the future, will I come out ahead of the depreciation curve in 36 months?
What do I get in the new car that I won't have in the old? Will those things replace one-for-one the things I am going to lose in the old?
What larger maintenance costs do I have coming up in the next 12 months on the current car? When would I see those on the new car?
What happens to my insurance payment?
You have a tough choice!