So poll time pay off vs mod who does what - Page 5 - Ford Mustang Forum
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me personaly i choose to finance my car, not because i couldnt afford it but because i decided i would rather finance the car, make double and sometimes tripple payments and still be able to mod the car as i please. but being in the military i know exactly what i will make every month. it will never go up or down more the about $50 per month unless i get promoted. and i know i will have the car paid off before i leave germany. and at the rate im saveing money im pretty sure i will be able to reach my goal of 1,000HP before i leave here also.

and to the people saying if you cant afford to pay cash for something you cant afford it. i belive that is true for credit cards not investments like cars and houses.

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post #62 of 104 (permalink) Old 11-28-2012 Thread Starter
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1000 hp is it a dd? Lol I've literally been reading on sc stuff on here last 5 hours lol now leaning towards a vortech due to price point and ability to expand at later time


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Paid mine cash, then paid cash also for mods. No monthly payments, no interests.
But if you can't pay cash then payments are your only choice, and I would pay off the Mustang before I do anything else.


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Quote:
Originally Posted by 1993 mustang View Post
me personaly i choose to finance my car, not because i couldnt afford it but because i decided i would rather finance the car, make double and sometimes tripple payments and still be able to mod the car as i please. but being in the military i know exactly what i will make every month. it will never go up or down more the about $50 per month unless i get promoted. and i know i will have the car paid off before i leave germany. and at the rate im saveing money im pretty sure i will be able to reach my goal of 1,000HP before i leave here also.

and to the people saying if you cant afford to pay cash for something you cant afford it. i belive that is true for credit cards not investments like cars and houses.
while i agree with you...a car is not an invetment...it depreciates in value and thus is not an investment, if its paid off and holds value you could consider it an asset or if it had postive equtity then that portion could be an asset but not an investment.



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Well got a 2011 GT Brembo last month for 22 grand with 39k on it from a Honda dealership. Spent enough on mods for two car payments before the first payment was even due. This is going to be fun.

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post #66 of 104 (permalink) Old 11-28-2012 Thread Starter
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Were you worried about milage at all? And was that otd

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Quote:
Originally Posted by skulls View Post
while i agree with you...a car is not an invetment...it depreciates in value and thus is not an investment, if its paid off and holds value you could consider it an asset or if it had postive equtity then that portion could be an asset but not an investment.



I agree and actually by definition, you are 100% correct. A car is not an investment unless it is assumed that the value will appreciate. A Shelby Cobra or a Ford GT ended up being investments. A 2013 Mustang right now just plain and simply isn't. If anything, a car is a sunk cost.
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I guess if you can pay for a car in full and it does not hurt your economic situation then more power to ya and congrats on the good life. I would venture to say most people cannot do that and even if i could i would not. I put a decent amount down ,hell my first mustang i put zero down just signed and drove off. Credit runs the world and its best to keep yours up to par and the way to do that is have stuff like cars and homes financed. I went through ford motor credit and as long as my payments are on time ill always be able to get financed through them

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Quote:
Originally Posted by moto111 View Post
This thread is pretty damn heated.
What did you expect?

For some reason, on the internet car forums I've been on most people have enough sense to realize that it's not worth it to talk about politics or religion. But when it comes to money, people lose all common sense and civility. All of a sudden half a given board is considered irresponsible and the other half are the "millionaires next door" and their way is the ONLY way.

There's a lot of black and white in threads about money, but I think that if you know even a little about the topic, you realize that everyone's situation is different. I have no problem if you want to you buy your car outright--good for you. But I'm also ok if you want to finance it. In either situation, it needs to be a smart decision. If your OTD price on a car is $20k, but you only have $25k in the bank, I don't think dumping that money into a car is the right way to go. This day and age, you need to balance having cash on hand with reducing debt (or not getting into any additional debt).

Personally, I have no problem with debt, as long as it's manageable and at a good rate. I like to split my money up between savings, investing for the future, and the various wants/needs of life. Some people are obsessed with having no debt with the exclusion of everything else in their life. A third of my car was paid off as soon as I left the dealership with the keys and I paid nothing out of pocket. I rolled in the value of my previous car into the mustang---and that included paying off the $3k I owed on the previous car when I got rid of it. I'm also almost a year ahead on my payments. So, I'm certainly no where near underwater on the car. And I just bought a house--which I likely would have had to put off if I just dropped my cash to pay off the car.

My debt is pretty reasonable with how much I owe vs how much I make. I wouldn't let anyone on a board like this tell you what the right or wrong way to spend your money is. Trust me, you'll know when you're about to make a mistake. The problem is if you keep going forward.

Oh and to answer your question, I mod lightly, if at all, when I'm making payments. I bought the mustang because aside from the suspension, it's pretty perfect for me as is. There are a couple of small items to change in addtion, but I'll do one or two of those per year. For 2013, I plan on getting rid of the terrible plastic steering wheel that came with the car.
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Beautifully stated, FirstFord94.

There is not one word in there that I would take issue with.

Bravo, sir. Bravo.

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post #71 of 104 (permalink) Old 11-28-2012 Thread Starter
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Good write up and I agree just pay what you can afford and be happy. I'm fully set on my plans now thanks to this thread. I'd also like to take a bow my first 5 page thread with a meaning lol

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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
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Quote:
Originally Posted by NoVA_Mike View Post
Please.

Congrats. You paid for your car in cash. Quit talking down to everyone else. The only debt I carry are my car and home... No other debt. My degree is paid for too. I make great cash and I save a huge chunk of it for retirement, and so does my wife. What we CHOSE to have is disposable income for nice things in our house, travel, and a paid for private education for our daughter. Paid for in cash.

Every time a discussion like this comes up you try to roll through like the Pope, bro. Quit turning it into a pissing match and making everyone else out to be broke. Because you're wrong. There's more than one way to skin a cat. There is an acceptable amount of debt to carry, and it varies from one person to another.
+1 some will always look down on others no matter what. Must've been bullied as a kid and now uses his Stang to build his confidence

Im doing what you're doing as well. Payment is $180 but i throw $600 at it every month.


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Quote:
Originally Posted by StangFan25 View Post
+1 some will always look down on others no matter what. Must've been bullied as a kid and now uses his Stang to build his confidence.
Actually, that's what my big hair is for. The stang is for me

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Here's what Ford is offering right now for incentives for the Mustang-

0% APR for 66 Months plus 500 Cash Bonus

Even if you have the cash it would better to finance the car. You can always pay it off when the first bill comes.

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How you finance your car is an individual decision based on current factors. I have bought cars in every normal manner, and it does not matter as long as you make reasonable expectations of your ability to pay. Two things to remember, do not do anything which will hurt your credit rating, and do not buy everything with cash. I had a professor in college that spent twenty years in the AF. A bachelor and colonel, he paid cash for everything. When he got out, he tried to buy a house. With no credit history, he could not get a loan. He spent a year taking out minor loans to establish his credit rating.

I bought my Taurus on a five year note, paid it off in two years. Then a year later, I had to buy a house for my sister to live in. I had the cash for all but $15,000, and refinanced the Taurus because it was cheaper than a home loan. While it seems a strange scenario, good financial management is looking at various possiblities and making common sense decisons.

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