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Old 07-12-2012, 11:53 PM   #1
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I know this may be hard to answer but for you military guys. I leave in 17 days for basic and will have e-3 pay after basic and will be on base considering I am active duty so the question is do y'all think I will be able to afford a new 13. I will be selling the one I have and using that as a down payment and I also have a 2,000 sign bonus that could be used
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Old 07-12-2012, 11:58 PM   #2
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Not a military guy but all depends on debt to income ratio. So how much debt to income do you have? I don't need the numbers that's just what you need to figure out.
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Old 07-13-2012, 12:00 AM   #3
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I don't have any debt.. And will have roughly 2k a month and dont have to pay for anything like housing or any of that I even get 4 meals a day free. So really don't have anything to pay for I don't guess besides wants.
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Old 07-13-2012, 12:05 AM   #4
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Well then kudo's to you on the debt free , want some advice? Stay that way. And on that note either keep what you have or sell it and buy a beater to tootle around in till you can pay for one in cash or at least 1/2 or 3/4 of it just to maybe build some credit . If it was me I'd save every penny I could and pay cash and not have a note.
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Old 07-13-2012, 12:10 AM   #5
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It's hard trying to save money being 19 I think it would be better to invest it in a car than blow just my opinion. And plus I'm itching for one lol
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Old 07-13-2012, 12:16 AM   #6
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Rule #1 cars are not investments you will never get your money back out of them. And I totally feel you on the hard to save money at 19 I've been there done that. But your in the perfect situation to do this you will have plenty of income and no debt so I would save it who knows when you get out of basic you could have enough cash to put a NICE down Payment on a 13 GT500 and be pretty close to payments on a regular GT or GT premium
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Old 07-13-2012, 12:23 AM   #7
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Well then kudo's to you on the debt free , want some advice? Stay that way. And on that note either keep what you have or sell it and buy a beater to tootle around in till you can pay for one in cash or at least 1/2 or 3/4 of it just to maybe build some credit . If it was me I'd save every penny I could and pay cash and not have a note.
Listen to this guy! He is 100 percent right, once you are debt free, keep it that way, fight the urge, save every penny you have, the quickest way to success is to be debt free. Then a few years down the road walk into the dealership smack down 100 dollar bills on the table and walk out with a paid for car.
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Old 07-13-2012, 12:24 AM   #8
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I wanted a 13 soooo bad!!!!! But in the end I came down to monthly payments and I had to figure something out quick cause the wife was driving me nuts trying to get out of her xterra and wanted my truck so when I came across this 10 in a color I've been eyeing since I first saw it I pulled the trigger quick. So I know the feeling you are having.
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Old 07-13-2012, 02:01 AM   #9
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What branch you goin to man?
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Old 07-13-2012, 02:04 AM   #10
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Originally Posted by 2000_gt
I don't have any debt.. And will have roughly 2k a month and dont have to pay for anything like housing or any of that I even get 4 meals a day free. So really don't have anything to pay for I don't guess besides wants.
Your making 2k a month and have zero bills....if I was you I would save that money until I had 40-50k to INVEST into a house! Unless you plan on touring around and you don want to stay in one place. A house is an investment, no car is an investment! You loose 5k the minute you drive it off the lot. When I was your age I bought a used mustang under 20k miles and payed cash. But of
Your dead set on buying a brand new mustang then save your 2k a month until you have at least 20k and then buy it. And finance the rest to help with your credit...make sure to pay it on time though.
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Old 07-13-2012, 04:44 AM   #11
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These guys are 100% right about one thing. Staying debt free will make for an easier life down the road....... Here is my perspective on that though - You're only 19 once. Double and triple check to be sure you can comfortably make the payments PLUS insurance and then buy the damn car. I'm 25 and I've been in debt (still in debt), but I've been able to enjoy my time between deployments in my Stang. Two things: First, don't just jump on the first deal you get because the test drive makes you antsy. Talk to the dealer, let them know you're serious, but don't take anything they throw at you. Make them work to get you a great deal. Second, it kind of ties in with the first, but make sure you can actually get the money you don't have loaned to you. Some banks won't consider you for the loan if you're an inexperienced borrower (no debt). if you do get a bank to finance, make sure you're APR is low. I managed to get 4.25 on mine, and there is no way I would have settled for anything more than 6. You may have to get a co-signer.

Oh, and get all the discounts you can. Don't feel awkward asking them to take more off. They'll make their money, you can be sure of that. And remember that they probably want the sale as much as, or more than you do!
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Old 07-13-2012, 04:46 AM   #12
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These guys are right, but honestly it comes down to you and what you can afford. No one can tell you of you can afford it or not but I will say that when I was a sergeant (E-5) in 2010 before I got out of the marines, I would've had a hard time affording it then. Just so many other things out there you will wanna spend your money on
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Old 07-13-2012, 06:55 AM   #13
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Re: Question

I agree with about everything posted (just got out following an 8 year stint in the USAF).

An E3 doesn't make a whole lot, but if you're single and living in the dorms...well, it isn't impossible, but you can kiss away spending any kind of cash on anything else. And it isn't just the car payment, it is the freaking insurance bill that will make you poor.

My advice (funny, I told a few of my own troops this once...) is to save your cash while you have little to no debt and bills. You shouldnt have much to spend it on living on base anyway, especially if you are eating chowhall for your 3 squares.

If you REALLY want to invest in a new car, do it the day after you find out that you made E5. Since you are starting out as an E3, figure about a year to 18 months before you make E4, and probably another two years before having a crack at E5. That can be quite a good stash you've saved by then.

Getting deployed changes things somewhat, lots of guys use the cash from combat/family separation/hazardous duty pay while deployed as a down payment on a car. In other words, go to war. It's really not that bad for cash, if you need the dollars.

Get yourself something small, old, and cheap to drive until then...like a little D or B16 series civic, or maybe a used 240sx, or even an older WRX, or a 1st or 2nd gen VW Golf/GTI. They're fun, decent on gas, and cheap.

Good luck, keep your head on a swivel.
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Old 07-13-2012, 07:33 AM   #14
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These guys are very smart but knowing something is a lot easier than doing something. I bought a 20 thousand dollar truck as an e2 payed extrta every month where it got me to sell it for 11 thousand more than what I owed. This was and is not a way to invest but I needed a truck and sounded a good idea at the time. I used that 11 thousand to put down in my stang. I say buy the car you want and can afford now pay it off before you get out of the dorms and start saving what you payed for the car so your debt will be gone and you want notice the money not being there because it never was. A brand new stang will be around a thousand a month with insurance btw
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Old 07-13-2012, 09:40 AM   #15
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Prolly more like 800 a month actually
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Old 07-13-2012, 09:56 AM   #16
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I would not make a major purchase like a 13 mustang as of yet until you have job security. Get through AIT and to your unit. Save the money while in training. If you are a first time buyer you are going to get screwed around military bases with financing rates, unless you use certain programs. Unless you can get your payments around 400/mo i wouldnt invest as of yet. PVT's get kicked out of the service left and right. So, be careful, unless you know your the cream of the crop, and you know you can cut it.
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Old 07-13-2012, 10:19 AM   #17
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I agree with everyone here, very smart and mature advice. But, someone has to speak of the flipside. You only live once, and especially in your profession, tomorrow is not a garauntee. I say do it. You wont regret it. The feeling of waking up each morning to see that car and knowing its there whenever you want to drive it is indescribable. I have always been one to want to have something to work for. And with that car and the responsibilities you will have with it. You will never want to lose it. There is to many things that can happen between now and when some people say you should wait till. Good luck with whatever you decide to do and thank you for your future service.
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Old 07-13-2012, 10:42 AM   #18
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I agree with everyone here, very smart and mature advice. But, someone has to speak of the flipside. You only live once, and especially in your profession, tomorrow is not a garauntee. I say do it. You wont regret it. The feeling of waking up each morning to see that car and knowing its there whenever you want to drive it is indescribable. I have always been one to want to have something to work for. And with that car and the responsibilities you will have with it. You will never want to lose it. There is to many things that can happen between now and when some people say you should wait till. Good luck with whatever you decide to do and thank you for your future service.
I can see that side if it too, really it can go both ways! I just think you should make sure you can afford it! Thats all im saying! Im the kinda guy who likes to have money in the bank at all times, and save up and pay cash instead of loaning, but getting a loan isnt bad as long as you can handle it. Thats just the way i am tho, once i graduate college im going to rent a small place with my buddy for 3 or 4 years, and save save save, and after that i can buy a 200,000 dollar house with cash if i wanted. Thats just me tho!!
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Old 07-13-2012, 10:53 AM   #19
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What branch you goin to man?
Air force

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Quote:
Originally Posted by 2011gt85

Your making 2k a month and have zero bills....if I was you I would save that money until I had 40-50k to INVEST into a house! Unless you plan on touring around and you don want to stay in one place. A house is an investment, no car is an investment! You loose 5k the minute you drive it off the lot. When I was your age I bought a used mustang under 20k miles and payed cash. But of
Your dead set on buying a brand new mustang then save your 2k a month until you have at least 20k and then buy it. And finance the rest to help with your credit...make sure to pay it on time though.
Why would I buy a house when I will be on base for the next 20 years I understand closer to that time but not right now and plus I will have signing bonuses down the road for a housr
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Old 07-13-2012, 11:17 AM   #20
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Originally Posted by 2000_gt
I know this may be hard to answer but for you military guys. I leave in 17 days for basic and will have e-3 pay after basic and will be on base considering I am active duty so the question is do y'all think I will be able to afford a new 13. I will be selling the one I have and using that as a down payment and I also have a 2,000 sign bonus that could be used
As an E-3 I wouldn't buy such an expensive car. I am an E-6 and I just bought one. You are going to be putting all your money towards that car along with everyday expenses you won't have any money going into savings. In my honest opinion if I were you I would wait.
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Old 07-13-2012, 11:22 AM   #21
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Take it slow. Been in for 10 years and have written more letters of reprimand for financial infractions than I can count.
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Old 07-13-2012, 11:32 AM   #22
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You're gonna do what you want. I was 19 once, just like all these other guys.

You're gonna buy the car. Nothing anybody tells you is gonna mean squat. So go buy a premium '13 GT with all the goodies.

On the bright side,
you're young,
making more money then most the guys your age,
you're gonna have a hot car,
you're in the military,
you're gonna be nailing tons of hot chic's,
you'll be building your credit making payments,
you'll have this smoking hot car paid off before you're 25 which will set you up for your next big purchase.

Now go do what I know you're gonna do and post pic's when you do it!

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Quote:
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Take it slow. Been in for 10 years and have written more letters of reprimand for financial infractions than I can count.
My little brother got booted from the Air Force for racking up a ton of debt after basic. He works at Walmart now, rides a bicycle to work, walks when he can't afford to put air in the tires. Smdh.
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Old 07-13-2012, 11:34 AM   #23
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^exactly what I was thinking but I want to make sure the payment are affordable too I think the will considering I will be putting a down payment 10k-15k down and getting it financed thro USAA
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Old 07-13-2012, 11:36 AM   #24
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That sounds like a good plan. With that kind of down payment you'd have a very easy monthly.

Unlike me.
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Old 07-13-2012, 11:38 AM   #25
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I'm thinking anywhere from 400-800 with insurance included with 10-15k down and that will leave me about 600-800 to live off of
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Old 07-13-2012, 11:43 AM   #26
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I'm thinking anywhere from 400-800 with insurance included with 10-15k down and that will leave me about 600-800 to live off of
With that much down depending on your rate,...you should be well under $500. I remember my A1C pay back in 2002,... $600 take home a month. Expenses add up sir, so $600-$800 isn't much room. Just do your research and do what you want.
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Old 07-13-2012, 11:44 AM   #27
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I'd say $800 is pretty close with insurance included. If you finance for 60 months.
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Old 07-13-2012, 11:47 AM   #28
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I'd say $800 is pretty close with insurance included. If you finance for 60 months.

If the finance rate is through the roof!
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Old 07-13-2012, 11:55 AM   #29
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I could go 72 months and have it a Lil lower😉

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Lower*

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Yeah I don't think my rate will be high considering I have a cosigner
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Old 07-13-2012, 11:59 AM   #30
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If the finance rate is through the roof!
I figured it would be, at least 10%. Dudes 19 this is probably his first real purchase.

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I could go 72 months and have it a Lil lowerdde09

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Lower*

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Yeah I don't think my rate will be high considering I have a cosigner
Ah HA! Cosigner! That's the ticket! I hadn't thought of that being that my parents couldn't finance me a pretzel if I needed them to back then. Lol
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Old 07-13-2012, 12:18 PM   #31
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Yeah I want purchase with over 4%
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Old 07-13-2012, 12:26 PM   #32
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Re: Question

If you could save up 10-15k on a car that cost roughly 35K, you should be in the $400 range no problem. Especially if you have a co-signer..only thing man these new mustangs are nothing to play with. When I was 19 I don't think I was nowhere nowhere near responsible enough to handle something with this much power. Matter of fact I wrapped a 325i around a pole trying to kick the back out around a corner. Stupid I know, and not saying that you are a stupid as I was but be smart behind the wheel.

Anyway, only one way to find out if you can truly afford one...go let somebody do the #'s. Also, take somebody with you so you don't get raped by the salesman. One thing I always try to do is leave with an offer on the table and let them call you back. Good luck and post pics if you get one!
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Old 07-13-2012, 12:36 PM   #33
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Main reason I want one is because my 2000 don't have the power I want and I don't see a reason putting money in the car that car isn't worth another words I put 10-20k in a car that is only worth 7-10k not happening. And my friend got a 12 boss last year for his first car and I would really like to get a new one and make it blow his doors off. He doesn't know anything about modding or anything he's only 17. He don't try to mod like I don't think he knows it exist
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Old 07-13-2012, 02:54 PM   #34
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Re: Question

Quote:
Originally Posted by TooSlow4U View Post
Take it slow. Been in for 10 years and have written more letters of reprimand for financial infractions than I can count.
+1.

Err on the side of caution, your day will come eventually. Took me 10 years of driving so-so vehicles to finally afford the one I wanted...makes you appreciate it much more, and maybe you'll be a better driver (and person) for it.
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Old 07-13-2012, 07:30 PM   #35
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Wait until youre out of basic/ait and at your unit. It would suck to buy a 13 mustang then find out you're leaving for afghanistan in a few months. I'm a Sergeant in the Army now. If you do deploy they have what's called the exchange new car sales that sells cars to soldiers that are deployed. I bought my 13 gt from them and got free upgrade to premium, free brembo package, and like 4000 off msrp.
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