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Want to buy a 2011-2012 Mustang V6

A

Alienwho

Diamond Member
I'm making pretty decent money these days. Just got a new job where I got a boat load of shares that's current value is worth double my salary. I don't get paid though until the company sells which is anywhere from 1-20 years away.

I really want one of the new V6 mustangs at about $23k. But then I sit back and I think really? Am I really going to spend that much money on a car? I've never had a car that I REALLY REALLY wanted before though. I haven't calculated insurance costs or anything which will probably make shy away even more. Plus my wife and I are trying to have kids (she has a 4 door right now). I've been driving a 2001 Jetta 1.8T for the past 6 years and it has been good to me. Pretty much everybody I know makes less money than me but drives nicer cars.

What do you guys think? I'm also digging the Genesis Coupe and the Camaro V6, but neither as much as the mustang. What I really want is one of these cars for under $20k.
 
You can pick up a used 2011 for Under 20k. Do you want a $400 car payment? I for one have a 2011 V6 and it is spectacular.
 
Cstefan said:
You can pick up a used 2011 for Under 20k. Do you want a $400 car payment? I for one have a 2011 V6 and it is spectacular.
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For the life of me I cannot find any used 2011's around - and if I do they have 25k miles and are charging the same price as a new one, wtf?

I'm not to concerned with the payment, just the out the door price. I should be able to get about $4k for my Jetta and I'll probably do a down payment of $3-$6k. So ideally I'd have about a $10k loan and I'd probably make the minimums for a year and then pay it off in full.
 
Alienwho said:
Just got a new job where I got a boat load of shares that's current value is worth double my salary. I don't get paid though until the company sells which is anywhere from 1-20 years away.
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Or never. If the company was confident in the future value of those shares, they would be holding on to them. I have a little experience in this area and believe me, it is a crap shoot. Especially in this economy.

Alienwho said:
So ideally I'd have about a $10k loan and I'd probably make the minimums for a year and then pay it off in full.
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Is there anything wrong with your current car that makes replacing it a priority? If not, what if you save for a year and wait to make the purchase until you can pay cash?

In the next year we will see the new rear wheel drive Toyota/Subaru vehicles come out, as well as a refresh to the Genesis Coupe I would imagine. Plus by then, there should be a lot more used 2011 Mustangs to choose from.

-KeithP
 
KeithP said:
Or never. If the company was confident in the future value of those shares, they would be holding on to them. I have a little experience in this area and believe me, it is a crap shoot. Especially in this economy.
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What happened to you? I see your point but my situation is pretty solid. The company is worth $XXmillion today today. I own a certain percentage of that. The president/owner of the company is planning to sell when the company hits a certain return on what he's put into the company. He's owned the company for 4 years and every year he's owned it the value has gone up $Xmillion.

Of course anything can happen but this guy has a 25 year track record of making those he surrounds himself millions. The shares I am offered for employment is in exchange for taking a slightly smaller salary than what the position is probably actually worth. I'm not making any life decisions based off this theoretical money situation anyway. It should just be a bonus in the next 4 years when he decides to retire (I was exaggerating when I said 20 yrs above).

Thanks for the other information about cars though. I wasn't aware there was some fresh competition on the way.
 
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Financially, I’d ask yourself the following questions:
What kind of debt do you have? Do you have a mortgage or rent? If you take your after tax income and subtract all your expenses, how much is left over? Every month, are you saving a double digit percentage of your income?

If you think you are doing the right things – and after saving a lot each month are still able to afford the car, then you get my stamp of approval. Recognizing that it is not a wise way to spend money, but it is your choice to spend it.

Regarding the stock – it sounds great. But I would not depend on it in any way. Live your life assuming you’ll never see the money. If you ever do – then great. If you don’t – no worries. But don’t, for example not save for retirement or not save for a down payment on a house assuming you’ll get that stock money.

Regarding having kids - that is a definite reason to get the car sooner rather than later. You can fit a baby or two or little kids back there without a problem. Once they are getting bigger, and not comfortable back there, then you’ll have a problem.
 
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Just a heads up. We had a 98 mustang when my daughter was born (2000). Two weeks later we traded it in for a Camry. Could not even get the stroller in the trunk.
 
In general you can afford the car if it's 10-12% of your gross and your total debt is under 35-40% (credit, loans, rent/mortgage). Classic ratios are 10% car and 36% total debt.

Another ratio is 50% of your gross annual income.

Obviously this doesn't scale too good at low and high ends of the salary spectrum...but for the mid ranges works well.
 
Alienwho said:
I really want one of the new V6 mustangs at about $23k. But then I sit back and I think really? Am I really going to spend that much money on a car?
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Wait a few months and see how you feel then. I've almost bought <insert dream car> every year for about 5 years. Couldn't stand the thought of dropping that much dough on a . . . car. And I haven't regretted not buying one. For me at least, I think the novelty would go away after a few months, and then I'll be sad because I know I cannot shop for yet another new car for a long time. 😀 As it stands, I'm perpetually looking, which is half the fun!
 
Mermaidman said:
Wait a few months and see how you feel then. I've almost bought <insert dream car> every year for about 5 years. Couldn't stand the thought of dropping that much dough on a . . . car. And I haven't regretted not buying one. For me at least, I think the novelty would go away after a few months, and then I'll be sad because I know I cannot shop for yet another new car for a long time. 😀 As it stands, I'm perpetually looking, which is half the fun!
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Haha I know how you feel, I'm in the same boat! I didn't mean for this to turn to a financial discussion. I can afford the car. I have lots of savings, no debt, nice income stream. It's just the practical side of me is too strong when there are plenty of decent vehicles for <$15k.
 
Subbaculcha said:
Just a heads up. We had a 98 mustang when my daughter was born (2000). Two weeks later we traded it in for a Camry. Could not even get the stroller in the trunk.
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Trunk is pretty good on mine actually. OP you really sound like you WANT the car, get it! Get the M6 though, I got the auto and wish I hadn't.
 
Cstefan said:
Trunk is pretty good on mine actually. OP you really sound like you WANT the car, get it! Get the M6 though, I got the auto and wish I hadn't.
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I want the manual but if I find an auto it won't be a deal breaker. Aren't the auto's supposed to get even better gas mileage and be marginally faster than the manual?
 
Sounds like you keep your cars a long time -

With that in mind I would suggest you buy the exact car you want and the Mustang with 300+HP V6 is an excellent choice.

So I'd shop around at the dealers looking for the exact car you want. Color, wheels, interior, stereo, track/performance package, glass roof - if you decide you want it than buy it.

I would go for a V6, manual trans, Performance package which give you the Mustang GT suspension (struts, springs, sway bars, strut brace) brakes, and 19" wheels.

$1995 is the option price for the performance package.

$24,850 MSRP 2012 model.

I'd expect a $2 -4K discount as Mustangs are not selling well and incentives are going way up in the next few months as sales are not good and inventories are rising.
 
Alienwho said:
I want the manual but if I find an auto it won't be a deal breaker. Aren't the auto's supposed to get even better gas mileage and be marginally faster than the manual?
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I would get it with a manual only. A co-worker purchased one and got the auto because his wife "had" to be able to drive it. Well, about 3 months later he regrets that decision every day. The auto shifts like a Buick even with traction control disabled.
 
alkemyst said:
In general you can afford the car if it's 10-12% of your gross and your total debt is under 35-40% (credit, loans, rent/mortgage). Classic ratios are 10% car and 36% total debt.

Another ratio is 50% of your gross annual income.

Obviously this doesn't scale too good at low and high ends of the salary spectrum...but for the mid ranges works well.
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Wait, so all those people driving $20k Hyundais are making $200k?
 
madoka said:
So under this model, I should buy a $50,000 car.



And under this, it's $240,000. That's quite a range.
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I think he means car payment in the first, total price in the second.

So:

Car payment is 10&#37; of your gross AND total cost of the vehicle is <40% gross.

That's actually moderately reasonable.

Viper GTS
 
Viper GTS said:
I think he means car payment in the first, total price in the second.

So:

Car payment is 10% of your gross AND total cost of the vehicle is <40% gross.

That's actually moderately reasonable.

Viper GTS
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Yeah sounds reasonable I guess. By this method I should get a way more expensive car though. A $23k mustang @ 0% interest for 36 months with my trade in and down payment would land me at about $320 payment which lands me at about 6% of my TAKE HOME pay (I don't consider gross into anything). This doesn't even include my wife's pay which is another $3k/month take home. Despite all of this I still think spending >$20k on a vehicle is really expensive, especially when I can get a practically brand new mazda3 with super low miles for like $12-14k. I don't know why most people do it.

The practical side in me says no, but the boy racer in me wants to splurge on at least one car before I die. Maybe I'll just spend $5k on a bike and call it a day.
 
^ 320/.06/.7*12=$91K gross (assuming 30&#37; in taxes) and you're only considering a V6 Mustang?!
Or is my math screwy?
 
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