Can I afford this car? - Mustang Evolution

Go Back   Mustang Evolution > Off Topic Forums > General Car Discussion



Reply
 
Thread Tools Search this Thread
Please support our sponsors and let them know you heard about them here!
Old 07-19-2011, 02:15 PM   #1
Registered Member
Regular
 
Join Date: Aug 2009
Posts: 46
Can I afford this car?

I'm currently under the age of 18 so I would be using my moms credit for the purchase of my car, yes I know it would be in her name but we can always have the title signed over later on. I receive $4500 a month through some fund my dad setup before he died. I will recieve the money every month for the next 10 years. I wantto buy the 2012 Ford Mustang GT and ive saved a 15,000 Down payment, the car is 33,000 after taxes and fees. Can I afford the monthly payments for this car? I dont pay rent or any other bills...I will also being paying for the insurance.
booth is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 07-19-2011, 02:58 PM   #2
Registered Member
Regular
 
Join Date: Aug 2009
Posts: 42
Can I afford this car?

Your first car? You have no job? You're entirely relying on a trust fund which will eventually run out. You currently have no rental payments or any other bills for now? I'd lower my targets towards a more affordable car and think about getting something nicer after you're on your own two feet. As a matter of fact, you'd be much better off using that trust fund to get a good education that would hopefully lead to a good job and learn for yourself whether you can truly afford this car rather than asking a bunch of strangers. Good luck.
harailt is offline   Reply With Quote
Old 07-19-2011, 03:20 PM   #3
Registered Member
Regular
 
Join Date: Aug 2009
Posts: 43
Can I afford this car?

You can easily afford it. go on any bank web site and find the loan calculators and you can determine exactly what the payment will be.

It is an awful lot of car for an 18 year old, your insurance will probably cost half as much as the car payment. You might want to consider getting something a bit less potent. A cylinder Mustang has very good performance, costs a lot less, and will be a lot less to insure. You might want to consider it.
dichali is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 07-19-2011, 03:37 PM   #4
Registered User
Newbie
 
Join Date: Jul 2011
Posts: 8
Can I afford this car?

Gas, insurance, maintenance, and the loan will be a chunk (maybe around $1000 a month with the loan). And in about 8-10 years you will probably need to look at another car, or some pricey car repairs. And then your trust fund runs out, and what will you have to show for this gift? Are you considering college or tech training? What are your career plans? Imagine this, spend just half the money and save the rest, giving you a quarter of a million dollars in ten years, plus interest earned. My niece bought a used wrecked/rebuilt Mustang, and in two years sold the thing. The car expenses took too much money, and she was working just above minimum wage. Kinda looks tacky to drive a car 'above your means'.
Ardley is offline   Reply With Quote
Old 07-19-2011, 04:26 PM   #5
Registered Member
Regular
 
Join Date: Mar 2010
Posts: 27
Can I afford this car?

A guesstimate of your monthly car payment: $300 a month
This is if you finance it for 6 years at 5% interest.

NOTE: Do you have any idea how much insurance is going to run for an 18 year old male with a Mustang GT. You can easily pay more than $300 a month (at least)
Matchitehew is offline   Reply With Quote
Old 07-19-2011, 04:55 PM   #6
Registered Member
Regular
 
Join Date: Aug 2009
Posts: 32
Can I afford this car?

If you are under 1 and can't pay cash, then you can afford it. I'm certain your dad did not intend for this money to be wasted on overpriced cars. Don't forget, you will also have insurance, gas, maintenance, etc.

Buy a great one or two year old car for $10,000 and pa cash.

That money is only coming for ten years. Don't set up a lifestyl that you will not be able to maintain. Pat at least half of it in savings each month and don't touch it. Use the rest to get through college, then to cove your expenses while you establish a career.


Note that that other poster is VERY foolish to suggest a six year car term! Never finance a car for mor than four years. Personally, I would not go more than 24 months if I had an income stream like yours. Again, I would not finance anything in your situation.

A $30 thousand dollar car is a luxury you shoul not be looking at at your age.
gruffudd91 is offline   Reply With Quote
Old 07-19-2011, 04:58 PM   #7
Registered Member
Regular
 
Join Date: Aug 2009
Posts: 42
Can I afford this car?

You lucky son of a *****. Sorry about your loss though with your dad. But 4,500 a month is a lot for anyone under 18. And yes you can defiantly afford that car. Just wait exactly 4 more months and you can get that car.
milward is offline   Reply With Quote
Reply

Lower Navigation
Go Back   Mustang Evolution > Off Topic Forums > General Car Discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


» Like Us On Facebook



07:43 PM


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Content Relevant URLs by vBSEO 3.6.0

MustangEvolution.com is in no way associated with or endorsed by Ford Motor Company.