Jeepers its a $6,000 car not $50,000 He could put $1,500 into it and be way ok.
Financial Advice. Should I buy this car?
- Thread starter Kurtatron
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I wasn't planning on driving it uninsured. I was going to leave it in the garage ready to replace the Solara when it dies. You guys are really convincing me to not get it. I suppose I could wait later in life to get one. I thought those mustangs were pretty reliable. Same engine as the crown Vic no? And those last 200k+ miles. And I don't want a newer Camry cause they don't come manual transmission. I suppose I could pass on this. I just don't want to be stuck with a broken Solara and not have any decent used mustangs available when I actually need one.
Lotsa cars out there... I would try and find a balance between quality and what you want to drive.
Financially, PAY YOURSELF FIRST!
That starts with maxing out your 401K, especially with corporate matching.
You will be happy later.
Get with a Schwab (or whoever you like) and make a plan.
Pay extra on your mortgage.
Stop with the expensive vacations.
There is an accounting term, the "opportunity cost of money".
It only spends once.
Financially, PAY YOURSELF FIRST!
That starts with maxing out your 401K, especially with corporate matching.
You will be happy later.
Get with a Schwab (or whoever you like) and make a plan.
Pay extra on your mortgage.
Stop with the expensive vacations.
There is an accounting term, the "opportunity cost of money".
It only spends once.
I would just buy the Mustang and sell the toyota either to whoever wants a $750 car or a junk yard. Try to talk them down to around 5k. Depending on cost of living where you are at, it sounds like you should be able to afford the gas and insurance without much issue.
Hello Kurtatron,
Keep saving what you can. Money in the bank can give you the option of leaving a bad spot job or hold over a recession.
Since Financial advice, don't forget about ROTH IRA. In 35 years, at 65, you may have too much money and pay too much taxes....
Allocate weekly some amount for vacation(s). Me and wife and kids take 2-3 vacations per year, but eat at home, live in a condo, dress from clearance, and have paid off cars. And search for coupon/discounts like crazy.
But also enjoy life (responsibly). Time just passes. And NEVER comes back!
I would end the old car headache and sell the Solara, and buy a Ford Fusion. They made plenty of them and they could handle abuse. Parts are cheap since they made plenty. And they also have good performance.
Now for the toy, alternate approach:
-start going to the local track
-see what you like
-get in and chat with them:
- -performance
- -price (for parts, addons, maintenance)
- -skills
- -local cops policy/toughness
(Like that, you have others have the headaches for you)
When you know what you want, contact a fixed fee Southern auction dealer and a good mechanic, buy the car of your dreams, have it checked (flood, hail, etc), buy it and have it shipped to you.
Keep saving what you can. Money in the bank can give you the option of leaving a bad spot job or hold over a recession.
Since Financial advice, don't forget about ROTH IRA. In 35 years, at 65, you may have too much money and pay too much taxes....
Allocate weekly some amount for vacation(s). Me and wife and kids take 2-3 vacations per year, but eat at home, live in a condo, dress from clearance, and have paid off cars. And search for coupon/discounts like crazy.
But also enjoy life (responsibly). Time just passes. And NEVER comes back!
I would end the old car headache and sell the Solara, and buy a Ford Fusion. They made plenty of them and they could handle abuse. Parts are cheap since they made plenty. And they also have good performance.
Now for the toy, alternate approach:
-start going to the local track
-see what you like
-get in and chat with them:
- -performance
- -price (for parts, addons, maintenance)
- -skills
- -local cops policy/toughness
(Like that, you have others have the headaches for you)
When you know what you want, contact a fixed fee Southern auction dealer and a good mechanic, buy the car of your dreams, have it checked (flood, hail, etc), buy it and have it shipped to you.
As everyone else has said, work on your finances first. Anyone with Financial common sense knows cars are a bad investment.
Vacations are nice, but when you take all these Vacations year after year and blow through all your cash and dont' save, the real stress will start and you won't be able to recover.
Learn how to fix your own cars and save huge money on repairs as well. There are thousands of Mustangs that will be available in your lifetime to buy when you are in a better position.
Vacations are nice, but when you take all these Vacations year after year and blow through all your cash and dont' save, the real stress will start and you won't be able to recover.
Learn how to fix your own cars and save huge money on repairs as well. There are thousands of Mustangs that will be available in your lifetime to buy when you are in a better position.
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Triple_Se7en
$50 Site Donor 2024
Originally Posted by Kurtatron
Hello everyone. I am considering buying a 2003 Mustang. But I am not sure if I should or not. The main question being finances. Currently I've got a 1999 Toyota Solara with 210k miles. It is my DD. It is not in great shape. I bought it 3 years ago for $1700 but had to sink 3k into it for various repairs. I don't like the car. The transmission is worn, grinding if I shift hard. It vibrates when I hit freeway speeds and is cosmetically ugly. I want to get a car for 2 reasons. I want a car I actually like, and I am nervous about the Solara breaking down.
Enter Mustang.
It seems like a great deal to me $5800 with only 61k miles. Supposedly driven by a woman (not boy racer) and garaged most it's life. It's the GT with the V8.
Here's my financial situation. I've got a little less than 10k total cash. I make about 75 grand a year (before taxes). I have no debt except mortgage debt. I am not a great saver lol. I like to go on expensive vacations. I'm 30, so not too close to retirement. My plan is actually to buy the mustang, but not insure it. I want to use it as my DD once the Solara goes Kaput. That way I don't have to scramble around for a replacement once the Solara breaks down, which is what I'm worried about. What are your thoughts guys? Should I pull the trigger or continue saving?
https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=512727700&zip=48334&referrer=%2Fcars-for-sale%2Fsearchresults.xhtml%3Fzip%3D48334%26startYear%3D2000%26incremental%3Dall%26endYear%3D2004%26modelCodeList%3DMUST%26makeCodeList%3DFORD%26transmissionCodes%3DMAN%26sortBy%3DdistanceASC%26maxPrice%3D6000%26engineCodes%3D8CLDR%26firstRecord%3D0%26marketExtension%3Don%26searchRadius%3D0&startYear=2000&numRecords=25&maxPrice=6000&firstRecord=0&endYear=2004&modelCodeList=MUST&makeCodeList=FORD&searchRadius=0&makeCode1=FORD&modelCode1=MUST&clickType=listing
Stop all the vacations and stay home. I used to do the same and suddenly quit. Now I have extra money for expenses at home.
Hello everyone. I am considering buying a 2003 Mustang. But I am not sure if I should or not. The main question being finances. Currently I've got a 1999 Toyota Solara with 210k miles. It is my DD. It is not in great shape. I bought it 3 years ago for $1700 but had to sink 3k into it for various repairs. I don't like the car. The transmission is worn, grinding if I shift hard. It vibrates when I hit freeway speeds and is cosmetically ugly. I want to get a car for 2 reasons. I want a car I actually like, and I am nervous about the Solara breaking down.
Enter Mustang.
It seems like a great deal to me $5800 with only 61k miles. Supposedly driven by a woman (not boy racer) and garaged most it's life. It's the GT with the V8.
Here's my financial situation. I've got a little less than 10k total cash. I make about 75 grand a year (before taxes). I have no debt except mortgage debt. I am not a great saver lol. I like to go on expensive vacations. I'm 30, so not too close to retirement. My plan is actually to buy the mustang, but not insure it. I want to use it as my DD once the Solara goes Kaput. That way I don't have to scramble around for a replacement once the Solara breaks down, which is what I'm worried about. What are your thoughts guys? Should I pull the trigger or continue saving?
https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=512727700&zip=48334&referrer=%2Fcars-for-sale%2Fsearchresults.xhtml%3Fzip%3D48334%26startYear%3D2000%26incremental%3Dall%26endYear%3D2004%26modelCodeList%3DMUST%26makeCodeList%3DFORD%26transmissionCodes%3DMAN%26sortBy%3DdistanceASC%26maxPrice%3D6000%26engineCodes%3D8CLDR%26firstRecord%3D0%26marketExtension%3Don%26searchRadius%3D0&startYear=2000&numRecords=25&maxPrice=6000&firstRecord=0&endYear=2004&modelCodeList=MUST&makeCodeList=FORD&searchRadius=0&makeCode1=FORD&modelCode1=MUST&clickType=listing
Stop all the vacations and stay home. I used to do the same and suddenly quit. Now I have extra money for expenses at home.
You live in Detroit. Do you have a garage? Do you need a snow car and a summer car? Are you in a committed relationship? What does that person say?
You like expensive vacations. Fly to LA and hit some sights while shopping CL. You'll find rust free rides all over. Get it checked at an indy shop and drive it home
You like expensive vacations. Fly to LA and hit some sights while shopping CL. You'll find rust free rides all over. Get it checked at an indy shop and drive it home
Don't go without liability insurance. You could easily lose all your cash and equity in your home and have a huge debt. You should get a car - think an old man car like a Crown Vic or a Buick - that is inexpensive to maintain and insure. Your insurance agent can give you some suggestions. Forget about the Mustang, Detroit is the most expensive insurance market in the country. Otherwise move somewhere else where insurance is cheaper, even in a commutable distance like South Lyon or Ann Arbor.
A 2003 Mustang with 61K miles at $5800 is a very good deal imo. And if it's really clean, even better. Just ensure it was driven often enough and long enough so you aren't getting someone else's short tripper problem car. The low miles don't prove 'cleanliness' and maintenance. But it could be a gem giving you problem free driving for another 60K miles except for the usual brakes and fluid changes. It will be a fun car to drive for 8 months out of the year. Yeah, it will be a bit dicey in the snow. Fwiw I had a similar car (1998 Camaro Z28 automatic) from 2001 to 2009. Got 8 yrs out of it from 22K miles to 117K miles. Other than brakes, nothing failed but a leak in the AC system, not even shocks or suspension parts were replaced. I replaced the tires twice in those 95K miles I owned it. The engine and trans were running perfectly even at 117K miles. Very reliable car despite the V8 hp. It saw considerable winter driving on all season tires. Did pretty well too. Check the car out. If it's really clean and well maintained (with invoices) then maybe $5K will take it. Have it checked out to ensure you aren't going to get a car needing new brakes/tires and other issues right away. If you don't like it after a year or two you can always sell it. Clean, and simple 300+ hp muscle cars from 1998-2004 are still in demand during spring to late summer.
As far as these being more expensive to maintain or insure than regular sedans? That's not true. My 2001 Lincoln Continental with 30K miles was just as costly to insure as my current 1999 Camaro with 19K miles. And as far as maintenance, the Lincoln has higher costs.
Your personal finances are a completely different issue. This only addresses the "car" itself.
As far as these being more expensive to maintain or insure than regular sedans? That's not true. My 2001 Lincoln Continental with 30K miles was just as costly to insure as my current 1999 Camaro with 19K miles. And as far as maintenance, the Lincoln has higher costs.
Your personal finances are a completely different issue. This only addresses the "car" itself.
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Originally Posted by NO2
Don't go without liability insurance. You could easily lose all your cash and equity in your home and have a huge debt. You should get a car - think an old man car like a Crown Vic or a Buick - that is inexpensive to maintain and insure. Your insurance agent can give you some suggestions. Forget about the Mustang, Detroit is the most expensive insurance market in the country. Otherwise move somewhere else where insurance is cheaper, even in a commutable distance like South Lyon or Ann Arbor.
^^^ in case guys dind't see it...
(Just do they understand: 2005, 1 car, liability only, Ypsilanti, MI pay $250/month, Chicago, IL, same coverage $7/month)
Don't go without liability insurance. You could easily lose all your cash and equity in your home and have a huge debt. You should get a car - think an old man car like a Crown Vic or a Buick - that is inexpensive to maintain and insure. Your insurance agent can give you some suggestions. Forget about the Mustang, Detroit is the most expensive insurance market in the country. Otherwise move somewhere else where insurance is cheaper, even in a commutable distance like South Lyon or Ann Arbor.
^^^ in case guys dind't see it...
(Just do they understand: 2005, 1 car, liability only, Ypsilanti, MI pay $250/month, Chicago, IL, same coverage $7/month)
Transverse V6 engines are scary
But the Mustang isn't a good car, either.
The best choice would be an Accord coupe. Available with V6 or I4, automatic or manual. For something smaller, the RSX may be what you're looking for.
But the Mustang isn't a good car, either.
The best choice would be an Accord coupe. Available with V6 or I4, automatic or manual. For something smaller, the RSX may be what you're looking for.
75k a year and you are considering a 16 year old Mustang? Cut back on the vacations and finance a more reliable car or buy something more modern. Just my 2 cents.
Originally Posted by BMWTurboDzl
I would look at what new car you can finance over a 3 yr term ($500/mo). Perhaps a new Toyota Corolla or a Kia/Hundai? I would not sink any money into a 15 yr old vehicle let alone one with a V8.
He's asking for financial advice is debt free and you are suggesting he dive into consumer debt on a depreciating asset. Hmmmm
If you only have $10k in savings to your name I would not burn up more then half of that on a vehicle. Keep stashing money for the next vehicle and you'll be able to afford something you want.
I would look at what new car you can finance over a 3 yr term ($500/mo). Perhaps a new Toyota Corolla or a Kia/Hundai? I would not sink any money into a 15 yr old vehicle let alone one with a V8.
He's asking for financial advice is debt free and you are suggesting he dive into consumer debt on a depreciating asset. Hmmmm
If you only have $10k in savings to your name I would not burn up more then half of that on a vehicle. Keep stashing money for the next vehicle and you'll be able to afford something you want.
For a reliable daily driver? I'd look for something other than a Mustang.
Originally Posted by Kurtatron
Here's my financial situation. I've got a little less than 10k total cash. I make about 75 grand a year (before taxes). I have no debt except mortgage debt. I am not a great saver lol. I like to go on expensive vacations. I'm 30, so not too close to retirement.
You're single with no kids as well?
Dude.. Live it UP!
I guess I'm not really sure what your concern is here, but you're talking an old ~$6000 car here. If it's what you want, get it. I've got friends/family who blow 3x that on recreational vehicles and surely don't have $10K in savings.
Here's my financial situation. I've got a little less than 10k total cash. I make about 75 grand a year (before taxes). I have no debt except mortgage debt. I am not a great saver lol. I like to go on expensive vacations. I'm 30, so not too close to retirement.
You're single with no kids as well?
Dude.. Live it UP!
I guess I'm not really sure what your concern is here, but you're talking an old ~$6000 car here. If it's what you want, get it. I've got friends/family who blow 3x that on recreational vehicles and surely don't have $10K in savings.
Originally Posted by Triple_Se7en
Stop all the vacations and stay home. I used to do the same and suddenly quit. Now I have extra money for expenses at home.
[off-topic, kinf-off]
Just a small tangent on this side of life, This style of life, to make sense is defined by:
-community and purpose.
Example:15 years after he died, people where still remembering a step-uncle with respect. People where touched by his craftmanship, sense of honor, reliability, profesionalism, experience and resourcefulness.
Stop all the vacations and stay home. I used to do the same and suddenly quit. Now I have extra money for expenses at home.
[off-topic, kinf-off]
Just a small tangent on this side of life, This style of life, to make sense is defined by:
-community and purpose.
Example:15 years after he died, people where still remembering a step-uncle with respect. People where touched by his craftmanship, sense of honor, reliability, profesionalism, experience and resourcefulness.
Take a look at rental car sales near you. I've gotten good deals on late model cars twice at Hertz. Come with warranty and have (probably) been serviced. First one was an 85 Toyota Celica I drove for 12 years. Now have a Kia Optima. Got an extended bumper to bumper Warranty also for a good price. (Yea, I know now that the motor issue might still be present). But they have other brands.
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