To trade '05 V6 for '06 GT at 0.00% APR ??? - Ford Mustang Forum
 
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post #1 of 8 (permalink) Old 08-27-2006 Thread Starter
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To trade '05 V6 for '06 GT at 0.00% APR ???

Today I was close to trading in my 2005 V6 for a 2006 GT with 0.00%. Because I financed the V6, I am actually having to take the equity loss on the trade in and add it to the GT 0% loan. My payments would go up $65/month and I would be adding another 20 months.

My V6 has:
+ Mineral Grey
+ CDC spoiler
+ tinted windows
+ 17" GT tires
- 32,500 miles
- cloth interior
- no IUP
- pmts of $433/month, 51 payments to go (7.99% APR)

The GT I'm looking at is:
+ Screaming Yellow
+ 15 miles
+ leather interior
+ full IUP (my color, computer, chrome upgrade)
+ Shaker 500
+ stock spoiler
- pmts of $495, 72 payments (0.00% APR)

The GT is absolutely amazing, the power is truly a muscle car, and the sound of the engine roars! Plus the wife loves Yellow!

I've considered to mod my V6 adding a body kit, dual exhaust, but that's another $3,000. If I take the GT, I'm getting a whole lot more car, brand new, no 32,000 miles, but payments go up $65/mo and now I'm back to financing for another 72 months, and then there's the increase in gas and insurance rates to think about.

Dealer was pulling out his hair with me as I turned away and told him I have to consider. I don't know what the heck I want to do. The GT is so much more of a car, and I'll be paying extra for it. What to do?? Any advice???

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post #2 of 8 (permalink) Old 08-27-2006
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of course you are paying more for a more expensive car. Its up to you if you can afford it in the long run. I have always been a GT fan but the V6 rang up much cheaper for me and I actually liked it. Its nice to see a GT against a V6 sometimes. Most wont even notice. I plan to get a GT model after I finish paying off my V6 thats if I dont go on buying the new camaro

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post #3 of 8 (permalink) Old 08-27-2006 Thread Starter
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Well, after getting my eyes back in my head, I realized as much as the GT would be superb to own, I'm keeping the V6. I owe $18K on the V6, far more than the current blue book value of $12K-$13.7K. Yes, I could add that to the GT 0.00% loan, but I would be financing about $36K, doubling my debt, and extending payments for 20 more months.

So, on the plus side, I was able to convince my wife that I just saved $18,000 not buying the GT, and that I could spend, oh maybe a $1,000 on the V6 and possibly get dual exhaust, or just go with JBA single EVOL V6 exhaust, add a hood scoop, and maybe stripes.
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post #4 of 8 (permalink) Old 08-28-2006
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Quote:
Originally Posted by RedDominion
Well, after getting my eyes back in my head, I realized as much as the GT would be superb to own, I'm keeping the V6. I owe $18K on the V6, far more than the current blue book value of $12K-$13.7K. Yes, I could add that to the GT 0.00% loan, but I would be financing about $36K, doubling my debt, and extending payments for 20 more months.

So, on the plus side, I was able to convince my wife that I just saved $18,000 not buying the GT, and that I could spend, oh maybe a $1,000 on the V6 and possibly get dual exhaust, or just go with JBA single EVOL V6 exhaust, add a hood scoop, and maybe stripes.
I'd say you made the right decision. That's an awful lot for a GT coupe.

1965 Mustang Coupe
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post #5 of 8 (permalink) Old 08-29-2006
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Quote:
Originally Posted by RedDominion
Well, after getting my eyes back in my head, I realized as much as the GT would be superb to own, I'm keeping the V6. I owe $18K on the V6, far more than the current blue book value of $12K-$13.7K. Yes, I could add that to the GT 0.00% loan, but I would be financing about $36K, doubling my debt, and extending payments for 20 more months.

So, on the plus side, I was able to convince my wife that I just saved $18,000 not buying the GT, and that I could spend, oh maybe a $1,000 on the V6 and possibly get dual exhaust, or just go with JBA single EVOL V6 exhaust, add a hood scoop, and maybe stripes.
I did trade my 05 V6 for a 06 GT and guess I did better on trade in than I thought - $15,000. but it did have only 9,800 miles. I also got $1,000 off the sticker because where I work is a Ford Participating Partner and the dealer knocked another $1,200 off.
My payments went down $85 a month because of the 0% and longer term. Also, because of the additional safety features - antilock brakes, side airbags and active antitheft my insurance is the same. I tried to come up with a reason not to trade and the only one was the longer term. But I didn't consider it much a reason because of the 0%.
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post #6 of 8 (permalink) Old 09-02-2006 Thread Starter
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Quote:
Originally Posted by dtwwest
I did trade my 05 V6 for a 06 GT and guess I did better on trade in than I thought - $15,000. but it did have only 9,800 miles. I also got $1,000 off the sticker because where I work is a Ford Participating Partner and the dealer knocked another $1,200 off.
My payments went down $85 a month because of the 0% and longer term. Also, because of the additional safety features - antilock brakes, side airbags and active antitheft my insurance is the same. I tried to come up with a reason not to trade and the only one was the longer term. But I didn't consider it much a reason because of the 0%.
I did talk to another dealer, and they offered $500 over dealer invoice, $28,000, and trade-in at $14,500, but with tax of $2,170, and the lost in equity of $4,200, (I would have to re-finance $4,200 from the loss on my car, $18,700 owe - $14,500 trade-in = $4,200) that brings finance to around $34,500, or $479 for 72 months.

Now this a great deal, however, I'm looking to buy my first house in the next year, and if I bought the GT, I would be about $15,000 extra in debt. That may not be much, but when coming to finance, the bank calculates debt-to-income ratio, and that could be .25%, or a quarter point extra on the home loan. That extra amount in mortgage payment could be spent on a higher monthly payment on a GT, if I decide to wait one year when I purchase a house. If Ford offers 0.00% on 2007's next year, I'll be in a financially better advantage; I could sell my car on the open market waiting for a better price than trade-in and I'll have a brand new GT in 2007.
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post #7 of 8 (permalink) Old 09-02-2006
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Quote:
Originally Posted by RedDominion
now I'm back to financing for another 72 months, and then there's the increase in gas and insurance rates to think about.
I get 32 MPG at 55 MPH with my GT. I don't know why it is so high. I get 27-28 at 75 MPH.

Totally not kidding.

What will you wish you had done, when ten years have passed?

2006 Black, GT, spoiler delete, five speed, leather, custom welded straight pipes with resonators, sequential turn signals, Hurst Pro Performance shifter. FRPP 4.10s with Motive bearing kit, Spydershaft one piece aluminum driveshaft, w/ Spicer 1330 U-joints, Steeda UCA and LCAs, chrome moly panhard rod. bye bye wheel hop, hello traction! SCT XCalII, BBK CAI, ZEX 100 shot.
I've written a book or two. Google David Buschhorn to laugh at my scribblings.
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post #8 of 8 (permalink) Old 09-05-2006
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For me going to the GT on insurance was 43.00 more every 6 months.
Gas mileage is strange. I get the same or slightly better driving to / from work. 23 to 24 mpg. Highway milage dropped to 25 at 70 and 26 at 55 mpg ( a 3 mpg loss to the V-6) V-6 was an auto.

Dealer offered the Gt for invoice and I took the 1500.00 rebate on top of that. I brought the v-6 for 18.5 k and got 16k for trade in. 3000 miles on it.
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