Buy or Save

[charkelly9]

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

[I_luv_HP&trq]

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.

[SpectorV]

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....

[SpectorV]

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.

[Thomas91169]

dam 8k increase in insurance alone would scare me away.

[charkelly9]

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.

[SpectorV]

8k in insurance... wtf I pay like 1200 a year... full coverage and im not married or 25... you sure about that?

[I_luv_HP&trq]

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.

[charkelly9]

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.

[wiarumas]

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).

[Zim]

I dont think its worth it... I dont think its good to buy a new car when youre young. Car payments arent fun.

[DarkShadow]

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.

[Seph]

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.

[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.

[DarkShadow]

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 4 valve power.

[dark]

^gotta agree with that

[KyleUSAF]

are you in college?

if it were me, i'd definately wait until i had a steady income + college was paid for.

[Kiljosh]

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.

[charkelly9]

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..