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Old 03-05-2006, 02:01 PM   #1
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Buy or Save

I have an '03 mustang v6convert. automatic and recently ive been thinking about purchasing a 04 gt convert 5spd. However after i trade my car in, its going to be $8000+ increase in insurance. Ive talked to my father and he wants me to take a loan from the bank; my question is, is it worth it? Has anyone with a v6 thought about the gt and changed their mind? if soo please share your thoughts
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Old 03-05-2006, 02:17 PM   #2
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Re: Buy or Save

I don't think it's wise to take out loans for cars unless it's an absolute necessity where you need a car to get you to work. If you're just wanting to upgrade then I would wait.
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Old 03-05-2006, 02:30 PM   #3
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Re: Buy or Save

if you can easily manage the car load I would consider it due to it will help your credit rating, which you will be VERY thankful for later on.

If you are gonna do it do it right, get what you want, test cobra, gts, etc and pick what you feel you will be most happy with that is in your budget.

My insurance didnt go up much at all from an 01 v6 to an 03 cobra vert, 100 every 6 months.

Car loans suck but... they will help get your credit built up for future needs. Credit cards dont do jack....
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Old 03-05-2006, 02:32 PM   #4
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Re: Buy or Save

its best to sit down and really think about the situation and not jump into anything your not ready for just because you want a GT convertible. Make sure you can afford it with out trouble in all senarios you may run into.
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Old 03-05-2006, 03:15 PM   #5
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Re: Buy or Save

dam 8k increase in insurance alone would scare me away.
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Old 03-05-2006, 08:12 PM   #6
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Re: Buy or Save

yeah im really debating this hard, i'll get back to you guys on the outcome.
But honestly, i test drove the gt, and its amazing. It has an aftermarket light bar.... and a kill switch that is hidden.
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Old 03-05-2006, 08:16 PM   #7
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Re: Buy or Save

8k in insurance... wtf I pay like 1200 a year... full coverage and im not married or 25... you sure about that?
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Old 03-05-2006, 08:54 PM   #8
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Re: Buy or Save

Quote:
Originally Posted by SpectorV
8k in insurance... wtf I pay like 1200 a year... full coverage and im not married or 25... you sure about that?
I think he meant that after he trades in his V6 he will owe 8k on top of the trade in value to cover GT expense.
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Old 03-05-2006, 09:44 PM   #9
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Re: Buy or Save

yeah the insurance isnt going to be 8k...but after i give them my car i will owe them 8k.... then on top of that insurance will be high since im under 25/male/ 2door convert.
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Old 03-05-2006, 09:54 PM   #10
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Re: Buy or Save

hmm.. the question is do you think its a wise choice? if you think that maybe years down the road from now you will be more financially stable to afford one i say wait/save.. if this is an opportunity you think that you dont want to pass up i say go for it, you only live once.

the way i see it is that thats a lot of money. its going to be a commitment. would you rather have 8k in your pockets or a GT? i mean, the horsepower, torque and v8 engine is nice and all but thats a lot of money plus you also have to think about gas prices, insurance, etc.

i had the same dilemma many times and my decision was, just stick with the v6 til it dies or i get rich lol. then by then ill probably be graduated, have a steady job with a good source of income and lots of money to play with (i hope).
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Old 03-05-2006, 10:01 PM   #11
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Re: Buy or Save

I dont think its worth it... I dont think its good to buy a new car when youre young. Car payments arent fun.
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Old 03-05-2006, 10:12 PM   #12
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Re: Buy or Save

With $8,000 left you'll have about a $160-$170 a month payment depending on who you finance through, then add your insurance to that (including the increase for an extra 2 cylinders and a GT badge). You need to figure out what you want out of it, in all honesty, I don't think $8,000 is worth it. Just make your v6 faster and handle just a bit better and that's about the only improvement having a stock GT will make. You could do this for less than $8,000 and you can do it as you have the money, whereas if you have a set car payment, this has to be made every month regardless of what you happened to make that month. You have to be patient tho, I've had my car for about 2 1/2 years and I'm just now getting it to where I want it. When all is said and done, I could have bought a new GT for the money I spent on this car, but it'll be faster and look better than a stock GT....Just a few things to think about.
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Old 03-05-2006, 10:32 PM   #13
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Re: Buy or Save

Quote:
Originally Posted by SpectorV
8k in insurance... wtf I pay like 1200 a year... full coverage and im not married or 25... you sure about that?
wtf? Gimmie your job damn it.
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Old 03-06-2006, 08:47 AM   #14
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Re: Buy or Save

a loan for only 8k is not that bad, for that range you can step up and buy something better than a GT. You can get a mach 1 or a 98~ cobra, or even a 99-01 or 03=04 cobra and still have a modestly low payment.
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Old 03-06-2006, 09:14 AM   #15
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Re: Buy or Save

Quote:
Originally Posted by SpectorV
a loan for only 8k is not that bad, for that range you can step up and buy something better than a GT. You can get a mach 1 or a 98~ cobra, or even a 99-01 or 03=04 cobra and still have a modestly low payment.
Mach 1 :leghump2: 4 valve power.
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Old 03-06-2006, 04:19 PM   #16
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Re: Buy or Save

^gotta agree with that
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Old 03-06-2006, 04:38 PM   #17
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Re: Buy or Save

are you in college?

if it were me, i'd definately wait until i had a steady income + college was paid for.
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Old 03-06-2006, 07:47 PM   #18
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Re: Buy or Save

Yea if your a poor college kid like most of us on here I highly doubt you need some more bills heaped onto the pile every month.

DarkShadow said it best. That is my thoughts exactly.
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Old 03-06-2006, 07:57 PM   #19
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Re: Buy or Save

agh this is so damn hard... i think if i make around 250-300 a week in the summer than i can get lots of payments months ahead out of the way.. plus my dad said he will help out during the school year, and i will only have to pay what the difference from the v6 to v8 insurance .. not the entire v8 insurance( if that makes sense)

therefore, im gonna take my car in tomorrow and see what the offer me on my car and then go from there... i think i could do 2 years of 300 dollars/month. However, my passenger door doesnt seal really well after i had it fixed from a slight accident, the tires are pretty worn and there is a scrape on the front clip so maybe i will keep the v6, fix all of its problems then later in summer find a mach relatively cheap..
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Old 03-06-2006, 08:33 PM   #20
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Re: Buy or Save

if you sell it, sell it private party. Dealers rip you off. KC has a huge market, mine sold so fast.
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Old 03-06-2006, 09:37 PM   #21
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Re: Buy or Save

on my car I had about a year maybe 1/2 year left on my mustang. I have a choice to double pay and get it paid off and not worrie about my car payment OR i can take out a personal loan, pay off the stang from Ford (and have a smaller payment from the bank* and I am using the extra part of the loan to fix up my mustang (my rear-end is leakin some, new struts and shocks, tires) and I only put about 6-8 months more then i would have if I didnt get the loan. on top of that my insurance went down $50 a month for good driving and what not. I have the problem that my mustang has 130,000 miles, do i want to buy a junk car to drive day to day or just save the money and pay back my loan faster, or hope for the best and if I get hired I might get a take home car gas paid (My 98 mustang will not be sold, First pony that will be a project car with in 1-2-3 years. sooooo out of all this, make a list of all ur bills, like spector said, just think of all the good and bad that might come up and be able to pay for all this. I am not in school, but my GF is and I know how much money she does not have. so just think smart and keep in mind, Ford made 100's of these cars, u can find one when the time is right.
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Old 03-06-2006, 10:36 PM   #22
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Re: Buy or Save

Just do a top end swap on the v6.
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Old 03-07-2006, 01:01 AM   #23
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Re: Buy or Save

42.2 stroker woth big valves nuff said
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Old 03-07-2006, 08:45 AM   #24
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Re: Buy or Save

they will rip you off so bad its not even funny. Sell the car yourself and make a TON. They would have offered me like 5500-6k for my 01... but I sold it for nearly double that. You can go to kbb.com and look up trade in and private property values and see the difference.

some banks will give you a loan for 3 months so you can sell your current car, you basically just pay the interest and no payments for 90 days then you refinance the loan and have your car sold
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Old 03-07-2006, 04:25 PM   #25
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Re: Buy or Save

Quote:
Originally Posted by ZimStang
I dont think its worth it... I dont think its good to buy a new car when youre young. Car payments arent fun.
I agree. I learned my mistake and now I am literally paying for it. Stick with the 6er sounds like it is paid off. That is the best feeling. If you want to upgrade to a gt get one a little older that doesn't cost so much. Then finance as little as possible. If you work i'd save up a down payment and then go for it. A down payment can help your interest rate as well as the trade in of your car.
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