Author Topic: Talk me out of a new Mustang  (Read 3301 times)

Offline Ballistic_Tip

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Talk me out of a new Mustang
« on: September 23, 2010, 06:01:48 PM »
or into one.... I've been teetering on the edge of purchasing one of the new 5.0 Mustangs. Background:

Wife's 2004 Cavalier - paid off. ( I HATE this car because of lack of room for roadtrips, which we normally take them in because I have) -
2005 Ram Hemi 4x4 quad cab with 35" tires (11mpg prevents normal roadtrips.) - will be paid off about another year.

All other debt (0% interest card balances) will be paid off before end of 2010.
Have mortgage.

I've been tossing around the idea of purchasing at least 10 acres now to live in 2-3 years and selling my current home.
Your thoughts?

Offline chrisdfw

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Re: Talk me out of a new Mustang
« Reply #1 on: September 23, 2010, 06:22:02 PM »
Most areas you can buy 10 acres for the price of new v8 mustang.

in 10 years you will be much better off for owning the land.

Offline cliffyp

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Re: Talk me out of a new Mustang
« Reply #2 on: September 23, 2010, 08:03:23 PM »
Drive the paid off vehicle for a while and stockpile cash.

Offline Dan

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Re: Talk me out of a new Mustang
« Reply #3 on: September 23, 2010, 08:14:56 PM »
If you are interested in a mustang buy one that is a year or two old and save yourself a huge amount of depreciation. I like a new car as much as anyone but the resale on these drop so fast I cant see taking the hit.

That said, I have to agree that you would be better off in the long run putting your money into land.

Offline KYdoomer

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Re: Talk me out of a new Mustang
« Reply #4 on: September 23, 2010, 08:42:49 PM »
Ummmmm....buy the 6 with twin turbos if you do.  415 horses.

My line does a lot of machining on it so its top quality!

Jes sayin.

J

Offline Ballistic_Tip

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Re: Talk me out of a new Mustang
« Reply #5 on: September 23, 2010, 08:56:12 PM »
And they have 0% for 60 months right now.     :-\




endurance

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Re: Talk me out of a new Mustang
« Reply #6 on: September 23, 2010, 09:46:17 PM »
And they have 0% for 60 months right now.     :-\
$30k is a rediculous amount of money to spend on something you know will depreciate in value to less than $13k (based on five year old kelly blue book values on Mustangs).  You'll do what you will, but don't try to rationalize it that it somehow makes sense from a preppers perspective.  Buying a new car is one of the worst investments you can make.  You're far better off buying something that gets better mileage and is already several years old.

Where do you predict the price of oil in five years?

Offline Ballistic_Tip

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Re: Talk me out of a new Mustang
« Reply #7 on: September 24, 2010, 04:02:13 PM »
Thank you all for helping me stay the course.....
$500/month is a lot of coin for a car....

Offline chrisdfw

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Re: Talk me out of a new Mustang
« Reply #8 on: September 24, 2010, 04:12:03 PM »
Thank you all for helping me stay the course.....
$500/month is a lot of coin for a car....

And quite a bit of land... or even a small house in the country in some areas.

or a glock a month program...

endurance

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Re: Talk me out of a new Mustang
« Reply #9 on: September 24, 2010, 07:25:59 PM »
or a glock a month program...
:D truly laughed out loud

Offline Ditch

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Re: Talk me out of a new Mustang
« Reply #10 on: September 28, 2010, 05:40:01 PM »
Not sure your reason for wanting a pretty shiny new car, but, as the wife of a man who bought a Corvette Z06 and a year later a Chrysler 300SRT8, neither satisfied what he really wanted.  Think long and hard about the finances that will come with your decision, and the trade off you will will have to look at for the next few years.  He, my husband, finally took to a Dodge 4-Door Mega Cab Off-Road for his permanent set of wheels.  He did so just before this past winter when we were hit with four major snow storms.  Without the truck he would never have made it to work and would have subsequently lost his job.  I am most happy with the truck as well.

endurance

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Re: Talk me out of a new Mustang
« Reply #11 on: September 29, 2010, 01:18:52 PM »
Admittedly, I've probably become a little too analytical on the subject and took a lot of the fun out of car shopping.  I currently have an eight year old car with 125k miles on it that's been paid for since 2007, has a trade in value of about $5k and gets around 26-30mpg (without hypermiling it, 34+ hypermiling).  I was trying to figure out whether it would be worth it to trade in on a better mileage vehicle since my daily commute just increased substantially with the new 'stead.  I was calculating out the mpg of my replacement options, the cost to operate per mile, miles per year and the pay off would take four years, so I decided I'd be better off keeping my car another 2-3 years, then replacing it with something that gets 45+/-mpg.  I figure by then I'll have more options, both new and used, where today I'm limited to about four cars with a very small used car market.  In three years I'll probably have a half dozen choices for new and a plethora of used cars to choose from.  ...man, do I miss my 1985 Civic CRX.  50mpg average with up to 65mpg while hypermiling...

We all have our own brand of calculus, sometimes rational, sometimes ego driven.  That's what makes the world go 'round.