So poll time pay off vs mod who does what - Page 2 - Ford Mustang Forum
Reply
 
LinkBack Thread Tools
GT Member
 
solidhadriel's Avatar
 
Joined: Dec 2010
Location: Inland Empire
Posts: 1,502
 
Quote:
Originally Posted by Elite_Deforce;3278212[B
]If you don't have the money to dump on it at once, you can't afford it. It's that simple. [/B]Some of my closest friends are in your position and I tell them the same thing. Mind you, those aren't Mustang GTs.
Huh?

So your saying I shouldn't have financed my car at 20 because I couldn't afford to buy it outright?

Are you saying I shouldn't have purchased my house at the age of 21 because I couldn't afford it cash?

....Car will be paid off soon. House is an investment. And by the looks of it, I'm still eating well.

Edit: To answer the original question:

I do a bit of both. I pay more than my required minimum each month, and when I get some extra cash, I'll either mod the car or pay the sum down.


Past: 2011 3.7 6AT SG
Current: 2014 5.0 6MT Black
solidhadriel is offline  
Sponsored Links
Advertisement
 
post #17 of 104 (permalink) Old 11-27-2012 Thread Starter
PONY Member
V6 Member
5.0L Member
S197 Member
 
moto111's Avatar
 
Joined: Aug 2008
Location: Elgin
Posts: 823
 
I always do 72 months lol but I paid it down


Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
moto111 is offline  
Apprentice
 
csbassplayer200's Avatar
 
Joined: Aug 2010
Location: Shiloh
Posts: 205
 
I will ride the fine line. My opinion is that anything over 60 months is too long, but individual circumstances dictate. Not everyone has 20k + in cash lying around. I financed my car at 1.75%, when it is all said and done, I will have paid less than 1k in interest over the loan term. That is less than 20 a month in interest. People blow more than that on dumber things than nice cars. Sure that would be 1k more money in my pocket, but seriously? Worth the cost to me to drive it for that 5 years.

2013 V6 Base, Manual transmission, 101A (tape stripe delete), in the ultra seductive color known as Deep Impact Blue. Airaid CAI, Diabolosport InTune 93 octane canned tune, 3D Carbon Gt500 spoiler, Roush window louvers, Flowmaster Force II Axlebacks. Proud owner since 08/01/2012
csbassplayer200 is offline  
 
PONY Member
5.0L Member
S197 Member
 
NoVA_Mike's Avatar
 
Joined: Nov 2011
Location: Alexandria
Posts: 707
 
I got side tracked. I like to pay up to 20% extra (but usually 10% or so) on my payment every month. I get weird when I get down to the last few payments. I start to throw money at like a lunatic it so that it's free and clear even sooner. This is only my third new car ever. And, the first car that I've ever really seriously modded. My loan preference so far is 48 months or less. I keep a separate bank account that I put money in for future mods and maintenance.


NoVA just means Northern Virginia
VMP Tuned Roush 79mm Pulley ID1000 injectors & JLT Intake GT500 Axlebacks UMI Panhard Bar, LCAs, & UCAs
Steeda Ultralite Springs Koni STR.Ts 19x11 Gloss Gunmetal Forgestar CF10s 2012 GT Premium 401A Black&Brick
NoVA_Mike is offline  
Banned
 
nsadams87xx's Avatar
 
Joined: Mar 2011
Location: Milwaukee
Posts: 3,124
 
Quote:
Originally Posted by NoVA_Mike View Post
I got side tracked. I like to pay up to 20% extra (but usually 10% or so) on my payment every month. I get weird when I get down to the last few payments. I start to throw money at like a lunatic it so that it's free and clear even sooner.

I do something like this too. My payment comes around, I pay it through automatic transfer from my bank, then I throw in a bit more throughout the month, $5 here, $15 there, $10 another week. It starts to add up.


Do that with your savings and you will be amazed at what small, consistent steps can do for yourself.
nsadams87xx is offline  
PONY Member
 
Lethal302's Avatar
 
Joined: May 2012
Location: Long Island
Posts: 491
 
Quote:
Originally Posted by 5.0 Coyote View Post
Pay for the car in CASH,no interest to pay,leave the car stock,it is worth more that way and you keep the warranty that you paid for,that is a win win way to go for me.My car is not a D/D it is just my garage queen toy,I love my 2011 Kona blue Mustang GT,no trade or for sale for me.
You say its worth more, then you say no trade or sale for me. If you aren't selling it, why do you care if its worth more? I love modding. It makes the car worth more to me, which is all that should really count. If you're already thinking about selling a car when you buy it, then you shouldn't be buying it in the first place

2012 5.0 6MT - AED Tuned / Brembo Brakes / 3.73 FRPP Gears / Pypes LTH / Pypes O/R X / Boss Manifold / Steeda Intake / Bama Race Tune / GT500 Wheels / Nitto NT555's / GT500 ABs / Saleen Grille / Barton 2-Post Bracket / Interceptor Gauges / SOS Dual Pillar Pod / Koni Shocks & Struts / BMR Springs / BMR LCAs & Brackets / BMR Camber Bolts / J&M Adj Panhard Bar / GT500 Upper Strut Mounts / GT500 Steering Wheel / Roush Side Splitters / GT/CS Front Fascia / Boss Splitter / Raxiom Headlights
Lethal302 is offline  
PONY Member
 
MustangGT2013's Avatar
 
Joined: Oct 2012
Location: Van Alstyne, Texas
Posts: 269
 
When I was going up my Mom said never buy anything unless you have the cash for it. That made sense. However, the Ford dealer gave me 0% down and financed the whole amount for 60 months at 0%. Now if you have been watching the dollar. It's has been loosing value almost every day. So, I am paying with dollars that are worth less then when we agreed on the price of the car. So, if I paid cash for the car I would be paying with dollars that had greater value than the future dollars I will be using to buy the car.

Some things like cars and houses can't be purchased with cash out right.

MustangGT2013 is offline  
Apprentice
 
KonaBlu11GT's Avatar
 
Joined: Dec 2011
Location: Detroit
Posts: 114
 
The interest rate is so low on the car, I'd rather put that money in other things than pay it off. Like cc bills or mortgage. Paying for big things in cash is a waste IMO, it's better off invested somewhere, but different strokes for different folks .

2011 GT, Kona Blue Brembo 3.73

Mods: Airaid CAI, Eibach Pro Kit Springs, Koni STR.T shocks and dampers, BBK Longtubes and X-pipe, Lethal OAPs, GT500 Axle Back, Forgestar F14s 19x9/20x11, Fays2 Watts Link, Barton SS and Bracket
KonaBlu11GT is offline  
Banned
 
stevegt2012's Avatar
 
Joined: Feb 2012
Location: Silicon Valley
Posts: 2,226
 
Quote:
Originally Posted by moto111 View Post
I just know my personal life as a cop I only make 50k a yr and buying a car outright is never in my future which is acceptable . Hell putting down 12k is a huge deal to me that's half the car. And of I double payments which will only be 230 a month il come out all right and with a car I never want to Get rid of. Unless the 15 is a 500hp breathing fire gt then maybe lol
Advice from an older guy who's learned a lot from lessons in life. Being happy, challenged, interested and satisfied in your job (and life in general) is far more important than what kind of car you can afford. Thanks for your public service .
stevegt2012 is offline  
post #25 of 104 (permalink) Old 11-27-2012 Thread Starter
PONY Member
V6 Member
5.0L Member
S197 Member
 
moto111's Avatar
 
Joined: Aug 2008
Location: Elgin
Posts: 823
 
Ya I go from military 22k a yr to cop 50k a yr I'm happy but I know damn well il never be able to drop 30k on a car at once lol

Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
moto111 is offline  
PONY Member
 
RacingRedGT's Avatar
 
Joined: Feb 2012
Location: Blue Springs
Posts: 538
 
Wow I can't believe someone made the comment if you don't have the cash then you can't afford it. That's just stupid. There's debt then there is DEBT.

Buying a car with high interest is just stupid. But when you can get a car for 5% or less then do what you want. I financed mine with 1% interest. I guess I couldn't afford it?

2012 Race Red GT Premium | MT82 3.31 | HID/Security | Steeda CAI | BAMA 91P | JLT Seperator | Steeda Shift Bracket | Steeda ProAction Shocks/Struts | Steeda Heavy Duty Strut Mounts | Eibach Pro-Kit (Dub) | J&M Adj. Panhard | GT500 Axle-Backs w/Resonator Delete | Ford Racing STB | American Muscle GT500 Black Machined 18x9/10 Nitto 555
RacingRedGT is offline  
GT Member
 
burke985's Avatar
 
Joined: Jan 2012
Location: Slidell
Posts: 1,412
 
Pay payments and there ain't nobody but uncle sam getting that big a check from me at once. That's what credit is for and gap insurance. I put 6000 down and mod every chance i get. I pay extra every month and my car will get paid off in 3 years at the current pace. Who knows maybe ill trade it in in three years for a new one.

Blower and stuff

622 whp and 545 wtq @ 8.5psi
AED Tune = Best mod of all
burke985 is offline  
GT Member
5.0L Member
S197 Member
 
412horses's Avatar
 
Joined: Oct 2010
Location: Columbus
Posts: 2,458
 
If you can, pay the car off first.

Also, check with your bank about your loan, making extra payments and/or paying early can help a great deal.

I have a fixed interest loan and with my bank because I made quite a few early payments my monthly loan payment has dropped just over $40 a month.

Over a 12 month period, that adds up to an entire car payment. Not bad.

Scott | 2012 GT Premium Coupe Performance White 6R80 HID 64M Wheels Ford All-Weather Pony Mats & Trunk Liner GT500/GT Rear Mud Flap Set Ohio's Horses License Plate Raxiom Aero Tails

If you love your dog, get a microchip, they really work! My lost dog was back home in just under 24 hours thanks to the good citizens who called the county and the microchip that told animal control exactly where he lived.
412horses is offline  
post #29 of 104 (permalink) Old 11-27-2012 Thread Starter
PONY Member
V6 Member
5.0L Member
S197 Member
 
moto111's Avatar
 
Joined: Aug 2008
Location: Elgin
Posts: 823
 
Haha the only thing I'm debating is putting less down to get a roush sc installed and calling it a day and pay it off as much as I can every month. Tommorrow I'm going to call around

Current
12 5.0 white A6 stormtrooper 18x9 18x10 amrs borla s types tru fiber 3in cowl , gt500 spoiler, mmd louvers now to performance and suspension
11 5.0 black on black 6mt comfort package , bama tune, airraid cai, elenor scoops, side scoops, gt500 wing, speeddawgs shift knob gb. Vortech blow - sold
2005 V6 grabber blue , elenor hood wing scoops , foose rims 18x9 18x10 , Bama tuned, dual exhaust. Sold
moto111 is offline  
PONY Member
 
RacingRedGT's Avatar
 
Joined: Feb 2012
Location: Blue Springs
Posts: 538
 
Quote:
Originally Posted by moto111 View Post
Haha the only thing I'm debating is putting less down to get a roush sc installed and calling it a day and pay it off as much as I can every month. Tommorrow I'm going to call around

That sounds good to me As long as the payment are still in your comfort zone.

I like how Ford has mine set up. Anything over the base payment goes straight to principal versus lowering the following months payment.

Look carefully at your loan, if you pay extra and your monthly payment has dropped by any amount then more than likely that money is going towards the next months payment and not the principal. It still helps lower overall interest but not as much as you think.


2012 Race Red GT Premium | MT82 3.31 | HID/Security | Steeda CAI | BAMA 91P | JLT Seperator | Steeda Shift Bracket | Steeda ProAction Shocks/Struts | Steeda Heavy Duty Strut Mounts | Eibach Pro-Kit (Dub) | J&M Adj. Panhard | GT500 Axle-Backs w/Resonator Delete | Ford Racing STB | American Muscle GT500 Black Machined 18x9/10 Nitto 555
RacingRedGT is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Ford Mustang Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a VALID email address for yourself, otherwise you will not receive the necessary confirmation email needed to confirm, validate and activate your new AFM member account.

Failure to provide a VALID email address, will result in the cancellation of your new AFM member account registration.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome
 


Search Engine Friendly URLs by vBSEO 3.6.1