Didn't accuse you of bashing....just clarifying a few points that you seemed to coast over when making your comparison.
you are on crack man. there is no dealer anywhere in the world selling them for a loss. V6, yes. GT no way.
I don't imagine he would have paid cash for his current Mach 1? I'd venture a guess to say that 95% of the members on this site that bought their vehicles new financed them. You make it sound like such a bad thing. I don't know about you, but I'd never be able to squirrel that much away without dipping into it, and/or finding better things to spend it on over that length of time. I really don't see the difference between putting a little aside every month, to save up and buy it cash, or making a car payment every month. Sure, you're going to pay a little bit of interest with the payment, but the payoff is that you get the car right away and get to enjoy it during the first years of its life, instead of the last years like many do when buying used.Finance it? If you can't pay cash, don't even think about it!
No, probably not much more, but it’s already about half its value. In the next five years, it'll lose slightly more still. And that assuming he can keep it in pristine condition and the mileage low. What sense is there in owning a car, if you're not driving it though? Keeping a car as an investment is the absolute worst idea. Unless you're driving it daily, there's no sense hanging onto it.Your Mach 1 isn't going to lose that much value in the next 5 yrs with the pristine condition, low miles.
Just as his Mach 1 did, just as any car would. It sucks, but its reality.The 5.0 will lose 25% in value driving it off the lot!
A couple of points to address....
I don't imagine if he paid cash for his current Mach 1? I'd venture a guess to say that 95% of the members on this site that bought their vehicles new financed them. You make it sound like such a bad thing. I don't know about you, but I'd never be able to squirrel that much away without dipping into it, and/or finding better things to spend it on over that length of time. I really don't see the difference between putting a little aside every month, to save up and buy it cash, or making a car payment every month. Sure, you're going to pay a little bit of interest with the payment, but the payoff is that you get the car right away and get to enjoy it during the first years of its life, instead of the last years like many do when buying used.
No, probably not much more, but it’s already about half its value. In the next five years, it'll lose slightly more still. And that assuming he can keep it in pristine condition and the mileage low. What sense is there in owning a car, if you're not driving it though? Keeping a car as an investment is the absolute worst idea. Unless you're driving it daily, there's no sense having onto it.
Just as his Mach 1 did, just as any car would. It sucks, but its reality.
Haha..took me a while to run across this but appreciate itI won't say who it is, but a fellow forum member just went 12.82@111mph tonight in his stock 5.0 GT with a 2.0 60ft, no seat time in a stick car at the track, and a bad DA. Quick cars! I'm sure he will post up later tonight.
Good post. You actually almost talked me into stopping by the Ford dealer on my way home in the morning.
Jesus, I don't come here for financial advice.
So he should instead have no debt now and own an 8-year-old...which will be 13-years-old by the time the '11 GT is out of warranty? I'm not seeing any great upside here?The difference is that you have a new car, no cash, and owe over 17k on it. In five years, you have finally paid off the debt but have a five year old car. And you have higher insurance payments for the five years. And you have paid 3.9% interest on 17k.
You think all he would be getting by trading in his Mach 1 would be a "slightly more fun car"? What about 5-years worth of warranty (the peace of mind alone is worth it for some), the 8-years worth of technical advancements made since his car was built and the pride in starting once again with zero miles and that new car smell? Not to mention you can't put a price on the envy from his buddies when he's rolling down the street in a brand new Mustang.You already have a fun car to drive. Is a slightly more fun car worth that much money? Why not trade the Mach1 in on a Ferrari? Now THAT is a fun car! How is your financial health? Job secure? Emergency fund? Retirement? If all of those things are ok, go ahead, get the car. If you have to finance the car, you probably are behind on all of those things too..
Don't live beyond your means!
Ha.....we avoided nothing my friend. We caught all of the fallout from everything that happened to you guys in the US and we pay about 15-20% more for our vehicles (since Pierre Trudeau tanked our dollar back in the 70's) as a general rule on top of that.If you need transportation to work, finance a car. Somebody posted from Canada which avoided most of the banking crisis, but in the US, we have a bad habit of going into debt. Don't finance a car for fun.
Whew, I'm sorry you almost learned something!
IMHO there is nothing wrong with buying a new car. I think there is something very wrong with going into debt so you can go from a 300hp fun car to a 400hp fun car.
Whew, I'm sorry you almost learned something!
Im not gonna read all the lengthy replies in this thread, & I am a Mach 1 owner myself, but I would trade my Mach in a heartbeat for a new 5.0... I love my Mach 1, but the chassis is outdated, & since I own a Fox body as well, I could just hop in my fox if I wanted to feel the ride quality & technology of a 32 year old chassis....
. Besides IMHO, 100 extra horses is not that much. .
Why do you insist on always circling back to horsepower. The 2011 GT is sooooo much more than "just another 100hp" over the previous models. The car does EVERYTHING better, not just go fast in a straight line.I wouldn't go into debt simply because I want an extra 100 Horse power, which can be made cheaper btw.
That's probably the #1 reason that 90% of people buying a new car go into debt. As a society, we always like to "trade up"....it's in our blood.If you can keep your car and still get the 5.0, buy all means I think you should, but, don't go into debt simply b/c you want change.
.....you must be kinda new to the Mustang game. People were saying that in '86 when EFI made its way to Mustangs, again in '96 when they got modular engines and again in '05 when they got 3V's. Guess what....people still made out just fine. Exhaust, intake, gears, shifter, wheels/tires, interior/exterior enhancements....regular old bolt on modifications we've been performing for the past 25-years on these cars are still as common as ever and don't hurt your warranty any.You're gonna get bored before you warranty runs out b/c you won't be able to mod your vehicle your self.
In your opinion.So your change is becomes unwarranted.
If you think shelling out $17K to drive a brand new Mustang is a lot of money, then you'd better jump back into your time capsule and head back to 1990. Cars are more expensive now and will continue to inflate in price. But with that inflated price, you get much more for your money.Besides IMHO, 100 extra horses is not that much. Fun factor yay, but not on the Un'Freakinbelievable side of things, and certainly not on the I just gotta owe someone 17 grand side of things either.
If you think shelling out $17K to drive a brand new Mustang is a lot of money, then you'd better jump back into your time capsule and head back to 1990. Cars are more expensive now and will continue to inflate in price. But with that inflated price, you get much more for your money.