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Discussion Starter #1
With making around $$2080 before taxes, would i be able to afford a mustang around 24-26,000$$? with putting around 7-11,000$$ down?
Insurance will be under my moms name. But i'll be paying it.
I'm still saving to add more to the down payment.
It would be a V6.
no more looking for a car though, my mom gave me hers :)
 

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I assume this is your first car that you'll be financing? With a large down payment like that, I don't see you having a problem getting a loan. It depends on your credit of course. No credit history can be just as bad as bad credit. But with a good job and steady work history, and a large down payment you should get financing. But don't mess it up. This is your first chance to establish credit so make it count. I've seen 20% of gross income on a car payment as a number banks look for. In your case it would be $400. My first new car was 19k at $400/month with a high interest rate. You should easily hit that number or below with a large down payment. Good luck!
 

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Thats your decision to make, taking into account your bills and other financial obligations. Look at it worst case.....a $26K car with a $7K down payment, per your post. Add another $3K (high-side) for taxes. Now your looking at financing $22K, which I would estimate somewhere around $500/month then insurance.

To be honest, if you are coming here asking this sort of question, then you probably already know the answer.

$2K earnings per month before taxes isn't much, and the car payment and insurance would take a healthy dent out of what you make. Don't focus on the immediate too, realize that your going to be footing the bill every month for years. That means, if your situation changes your still locked into that payment. For instance, if you live with your parents but decide to move out, how do you afford rent? If you don't have medical and you get in an accident or have some other tragedy and have to pay medical expenses, how do you make it work?

Do the smart thing, if you don't know if you can afford it...save more and wait. Credit is TOUGH to rebuild and is a process that will take 10 years to correct. If your young, buy a beater and drive it until it drops, rinse, and repeat.

Not saying you're young or that I know your situation, thats your business. You came here for advice and this is what I would say.
 

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Discussion Starter #4
well i'm still living with my mom right now, she needs me to help her take care of some foster kids. so i don't got bills to pay. it'd be just car payment gas insurance and some food.
 

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aGT- im in the same situation. I am 21 and have saved about $10k and am looking to purchase a GT for about $26-$28k OTD. (xplan base) My mom will attempt to get a 4 year loan for $350/month for 4 years @ %7 since my credit is not good enough. Will see if it goes through in about 2 weeks. :yup:

also why not look into getting a GT for the money? a v6 should be about $20-$22, or are you getting the PP?

I think you should be able to afford it making 20k a year. I make about 13k and this should be fine but im not paying insurance.
 

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aGT- im in the same situation. I am 21 and have saved about $10k and am looking to purchase a GT for about $26-$28k OTD. (xplan base) My mom will attempt to get a 4 year loan for $350/month for 4 years @ %7 since my credit is not good enough. Will see if it goes through in about 2 weeks. :yup:.
$10,000+ ($350(a month)x12(months in a year)x4(years))=$26800

$350 a month wouldn't cover the payment considering a base GT on XPlan no other options would be about $26500 and that doesn't include taxes, interest, FDAF, or admin fees. And don't count on much if any rebates on the base model, usually they're exempt from incentives.
 

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Financing 18k for 4 years at 7% would be 431/month. 5 years would be 356/month
 

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Discussion Starter #8
aGT- im in the same situation. I am 21 and have saved about $10k and am looking to purchase a GT for about $26-$28k OTD. (xplan base) My mom will attempt to get a 4 year loan for $350/month for 4 years @ %7 since my credit is not good enough. Will see if it goes through in about 2 weeks. :yup:

also why not look into getting a GT for the money? a v6 should be about $20-$22, or are you getting the PP?

I think you should be able to afford it making 20k a year. I make about 13k and this should be fine but im not paying insurance.
well im not looking for that kind of power, 305 horses 30mpg is good for my boat.
and i might try to get a premium with few options that will float my boat. Im trying to stay under 27k.
 

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I got my GT used from a private party (no sales tax) with 11K miles and saved right at 25% compared to what it cost the original purchaser at the dealer. And it still smelled new! :yelpleased:
 

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Oops! Double post! :confused:
 

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Please consider this constructive criticism. You make about $500 a week gross. Frankly, this puts you just above the poverty level. As evidence, you are not even independently living on your own. And you are thinking about taking on 4-5 years of car payments? That's absurd. Congrats on saving what you have so far. Keep going until you can pay cash for it. And in the interim, work on improving your income. You can do way better than that!
 

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I also recommend you be straight with yourself about potential insurance fraud. Why would you put your Mom in that position? Here's a scenario that you won't like: you get in accident, insurance company figures it out, voids your policy, and you are screwed with a totalled car and 3 years of remaining payments. Ouch! I also noticed you live in California. Don't forget your annual registration and license fees, which will eat up the better part of an entire month's salary...
 

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Most insurance companies cover adult children still living in the household. Going to college also may or may not affect coverage. It varies from company to company.
 

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drboyd whats the best way to search for a private seller?? ive been trying on cars.com to no success although I did see a 401a 2011GT Auto for $25k. Im in Miami, FL

sparky... the base models do not get the $1000, $500, $500 off? Also I am a student and have the $750 coupon. I should be under $28k with all discounts and taxes... If im wrong let me know.
 

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Not to be sarcastic here, but if you are an "adult living at home", you need to sort some fundamental sh*t out before you buy a car you obviously can't afford. And, Scoops McGhee, if you can't find a private seller, it makes one wonder if you can even drive. Let me take a wild guess, you both believe in government health care too...
 

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who cares about gov. health care... I just needed to know what sites are better than others for private purchase. I think there just isnt much in Miami.
 

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Well, in your current financial situation,you're going to be pretty strapped down, lets not forget gas twice weekly,service costs (oil changes ect) based on the income bracket you're at, you may just have to stay living at your mom's for a few more years before you can move out and get your own digs ( this costs plenty!)
I would concentrate at getting a better paying job, as someone else suggested, if you need wheels, get a used cheap ride and drive it into the ground,save $$$ toward your goals and you'll get there, but right now I think you're not allowing yourself any breathing room,and trust me on this... those car payments into 4 years can take it's toll on you if things change in your living situation.
All the best to you,just think this through before you jump into new car payments!
 

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Discussion Starter #18
alright you guys helped me out.
what i'm going to do is, use the car my mom gave me (02 beetle) till it can go no more, buy a $1500 civic and save money so in 2013 i can get a 50th aniversary car. or i might even get a 99-04 v6 mustang instead.
 
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