What do you think?

[whyask]

15k Mustang = Fun till it blows
15k Education = FRAT PARTY AND ORGIES WITH CLIFF NOTES.....hmmmmm

Look dude im 26 did the college and military thing saved an ass load of cash, now I mod my car every month, own a house and two bikes...relax, dont let it burn a hole in your wallet...college or invest...let your friends call you dumb but in 3-4 years when your making 60+ grand and there at BIG 5 or autozone making S*** you can role in a 2004 cobra with all the fixings and splurge your a** off....think 'bout it.........plus young women, college and beer ....come on man.. education is more fun than most think.

 

[BurningRubber]

Im 18 also, I saved a decent amount of cash and bought my Mustang.

Going back again I wouldnt have spent the money on this car. I got a "good" deal on it, but I would have been better off buying something a little older and cheaper, putting some $ into mods and saving the rest.

Im saving again now, but I cant stop spending at least some money into making this "my car", but so far with all the parts in my sig I havnt broken the 1k mark in mods yet, so I think im doing OK.

I still wish I had the money in my bank account that I did before I bought my car.

As said above, if you really want to do something with the car just slap on a blower and keep the boost low. You can get a nice Mongoose kit from MPH for around $4300 installed and tuned IIRC. Put the rest of the $ away.

 

[1965coupe]

p.s. dont waste your time/money "investing" in CDs like posted above. your real rate of return is only going to be ~2%

Explain

Between the two banks where I buy CD's, one of them instantly deducts the tax from the interest payment (30%)..

THE FOLLOWING IS APPROXIMATE...
So, say I have a $10,000 12 month CD @ 5% APY, and to make it easier, make the interest an annual payment.

$10,000 @ 5% = $500 of interest- 30% ($150)= $350 of net interest..

$350 looks like 3.5% to me..


I am not an expert on the subject, although I know that a CD of over 5% doesnt net LESS than 2%..
Also, I was not telling the guy to only buy CD's... Just giving him financial advice that would be better than dumping the money into a car..

And I know what is beyond CD's.. I have money in two different Mutual Funds- a long-term, high risk, and a short-term..

 

[whyask]

damn can you do my taxes..??

 

[streetstang03]

Explain

Between the two banks where I buy CD's, one of them instantly deducts the tax from the interest payment (30%)..

THE FOLLOWING IS APPROXIMATE...
So, say I have a $10,000 12 month CD @ 5% APY, and to make it easier, make the interest an annual payment.

$10,000 @ 5% = $500 of interest- 30% ($150)= $350 of net interest..

$350 looks like 3.5% to me..


I am not an expert on the subject, although I know that a CD of over 5% doesnt net LESS than 2%..
Also, I was not telling the guy to only buy CD's... Just giving him financial advice that would be better than dumping the money into a car..

And I know what is beyond CD's.. I have money in two different Mutual Funds- a long-term, high risk, and a short-term..

you have to keep in mind that inflation is ~3% right now. Ignoring taxes for now,with a 5% investment, you're really only earning 2% since 3% of that return in just keeping up with inflation.

 

[Dusstbuster]

Why put the money in a CD when that screws you from touching the money for the term of the CD? Put it into a money market savings account like ING or Paypal and have access to it whenever you want it. Then you're not only earning 4.5-5% interest, but you can add more and take out whenever you'd like.

 

[1965coupe]

Why put the money in a CD when that screws you from touching the money for the term of the CD? Put it into a money market savings account like ING or Paypal and have access to it whenever you want it. Then you're not only earning 4.5-5% interest, but you can add more and take out whenever you'd like.

Good point! Which is why I have an account with ING.. it's at 4.5% right now.. The good thing about ING is that they don't have any fees and they don't require minimums. However, it is an "online" bank= tranfer money to and from bank accounts...

Also, I like GMAC for their Money Market- currentyly 5%, although they have a $500 minimum to avoid fees.. GMAC gives you a checkbook and a checkcard which is an advantage over ING...

Just my $.02...

Anything is better than putting $15K into ANY new car, Mustang or not!

 

[Dusstbuster]

Yeah I have an ING account too, it rocks!