ill be looking into getting a 05 gt in a few months. what are some of u paying for the car a month? did u finance? hwo much did u put down? which model did u get? i wanna know an avg of what ill be paying and if i could afford it.. and also what about leasing??
Payment calculator. http://www.machaikford.com/Default.aspx?page=finance-calculator Your statemt is very generic about what individuals payment schedules/type of car At the current time, anything above MSRP is too high. In a few months, maybe first of the year you may be able to negotiate the price. For $30 for a 1 year membership, you can get $500 off. I don't know when this offer expires. http://www.aqha.com/partners/index.html#fordoffer What options and engine/tranny combo are you looking for in an '05?
Very simple, most plans are for 5 years.....so unless you get 0% interest rates, you can figure right around $20 per $1000 borrowed, and in most cases that'll be almost right on, and thats after taxes, etc....
also consider the fact your going to have to pay full coverage on that mustang. Don't dig yourself in to a deeper whole. Best to wait.
As a tip if you do end up at a dealership ready to purchase, DO NOT negotiate according to the monthly payment. Always negotiate on the total price of the car and figure your monthly payment out from there. Run the numbers through a payment calculator such as the one mentioned above. (I like to use the one on edmunds) The cost of the car can skyrocket very quickly if you don't have a strong grasp on what you are doing. For instance if you are negotiating on monthly payment price consider this. You and your dealer are close to meeting on a price. He is pushing you for a little extra. "What is an extra $15/mo." he may ask. Say hypothetically you are financing your car at 0% interest over 60 months. That extra $15 just added $900 to the price of the car. Don't like that, lets go the other way with it. "Good news, I just found out we can get you into this car for $30 less per month." (What he isn't telling you is that he has upped the term of the loan from 60 months to 72 months) Now, even though you are paying less per month, on a $25,000 car you are now paying an extra $2840.
Great points here. Also remember that if talk monthly payments with you then they will tell you they can get it way down, and they can, but, you'll face a rather large balloon payment at the end of the loan...this is a big NO NO and can really hurt. What I would suggest doing is look at your budget and determine what kind of monthly payment you can afford. Lets say hypothetically 300 a month....thats puts your loan at about 16K for a 60month at 4.5%. So lets say your walk out price on the Stang was around 27000 (by walk out i'm including TTL).....this would leave you to come up with about 10K in tradein and down payment to get your 300 a month payment. If you do a full finance then obviously the monthly is gonna go up, probably around 500 i would imagine. The best thing to do is figure out what monthly you can afford, then goto one of the auto loan calculators on the net that allow you to enter your monthly and pay term & percent and it will tell you what the finance would be...kinda reverse engineering your monthly. Lastly, you probably need to identify what the difference is going to be on your insurance as well and figure that into your budget. Sounds like a lot to do but in the end it will give you the best idea. Also, if you use excel there are excel templates on the microsoft templates site that you can use to see your monthly payments and it will also create the amortization sheet for you. Good luck.
Are you carrying a lot of debt? Look, it's not rocket science. It's a $25k car with higher than normal insurance. You can either afford it or you can't.
I am paying $488 a month with $4000 down and payed sticker plus tax and licencing. Its a GT 5 speed and really fun
Good points by all who posted. The payment calculators are a great tool. Make sure to try various scenarios w/different interest rates. Don't enter 1.9% if you know you're not to qualify for it. If you go to Ford's website and check the incentives and financing section, it will tell you what the going rate is for every care and for different payment terms (48, 60, 72 month, etc...). For instance, if you look at the 05 Mustang for 60 months, it shows 5.9%. At the bottom of the page, there is a table that gives the amount per thousand of $$ financed you would need to pay a month. The table shows 5.9 at 60 months as being $19.29 per $1000. So if your walk out price is 26500 (incl TTL) and you put $8,500 down, you are financing 18,000. 19.29 x 18 = $347.22/month. Play with this a little bit, along with the calculators, and you should have a pretty solid idea of what you'll be paying. Another thing to keep in mind, check local banks (especially credit unions) BEFORE discussing financing w/Ford. You can use this as a negotiating tool (YES, interest rates ARE negotiable). Good luck.
Not really, mortage is basically it...maybe a credit card. Soon to add to that will be the partial financing of a beautiful '05!
If I would have followed this kind of advice when I was younger I'd be able to pay for a new 2005 GT in cash today... But I wasted exactly 58,870$ in car payments, insurance, and finance charges over the past 6 years of buying new cars almost every 6 months lol. Now I'm driving around in a 89 Station wagon and working hard to fix up my 89 LX which was originaly a $300 4 banger. If I would have figured out what I can afford in the first place; I wouldn't have bought that Ranger Splash, or that new ZX2 (when they just came out), or that F150 XLT 4x4, or.... I would have bought a used car (like what I got today) and use that for a couple of years to save up to buy a new car and pay at least 1/2 of it in cash, if not all in cash. But now I'm bankrupt and screwed for a couple of years... Spring fever sucks... lol Just think long and hard about this. I don't mind writing about my errors just as long someone reads this and thinks twice about getting into debt.
