Is your car paid for?

mustangford289 · Mar 4, 2009

I notice that a ton of members have spent and continue to spend thousands of dollars on their Mustangs.

With unemployment rising, credit frozen, stocks falling....I wonder how so many of you guys seem to be just marching on business as usual.

I figure that is why I would like to know how many of us have our auto loans paid off. ( 2005 to 2009's only....)

NastyStang113 · Mar 4, 2009

Nope. I make my payments every single month. I make more money with it sitting in the bank than losing it on a car that is losing value every single day. I understand what you're saying though. There are some people who mod out their cars and than can't afford to make the payments on it. Those people need to set their priorities straight. Personally, I don't see any problem with making all of your payments on time and spending money on mods vs paying the car off. After all it's helping keep the loan companies in business, right?

walter · Mar 4, 2009

I got about a year left on mine then it's really on.

mustangford289 · Mar 4, 2009

Nice

walter said:
I got about a year left on mine then it's really on.

LMAO...I like that.

walter · Mar 4, 2009

mustangford289 said:
LMAO...I like that.

At about 600 a month, that's a lot of mod money.... a lot of mod money.

xxrequiemxx · Mar 4, 2009

I got a bout 5k left on mine... But at 7.x percent interest, I am going to just pay it off with my massive tax return (Its larger than usual this year because of a first time home buys return). I don't really plan on modding mine anymore though - but to instead save up for a down payment for a daily driver.

mustangford289 · Mar 4, 2009

How?

NastyStang113 said:
Nope. I make my payments every single month. I make more money with it sitting in the bank than losing it on a car that is losing value every single day. I understand what you're saying though. There are some people who mod out their cars and than can't afford to make the payments on it. Those people need to set their priorities straight. Personally, I don't see any problem with making all of your payments on time and spending money on mods vs paying the car off. After all it's helping keeping the loan companies in business, right?

Hey nasty how can you make more in a bank account? If the auto loan is 5% or even 3 % few bank accounts pay that....none, I know of, pay more than 2 %
I considered that option but couldn't make it work even with the current incentives....
21,400 over 3 years at 5% plus 500 cash back from Ford is still well over the amount I could have made in interest....

NastyStang113 · Mar 4, 2009

I've got a loan most people wouldn't believe so I won't even mention it. Let's just say that my Father has been best friends with the owner of a chain of dealers for a very long time, so of course I've bought every single vehicle through the guy. I didn't mean bank necessarily. I'm talking about investments, banks, etc.

xxrequiemxx · Mar 4, 2009

Must be nice, LOL

mustangford289 · Mar 4, 2009

LOL

Trust fund! LOL

NastyStang113 · Mar 4, 2009

Ha, I wish. I would be driving something a little different and it'd be paid off too !!

Sogwap55 · Mar 5, 2009

Nope! Just bought an 06, paid 15k but at least I only had to borrow 5k to get it

mustangford289 · Mar 5, 2009

cheap

Good deal.Sog, how many miles?

xtweakerx · Mar 5, 2009

i got my 07 new, sticker was 29k but got well below sticker.

I owe about 7,500 $ now. I only pay like 190 a month and it will be paid off in like another 2 years or so.

I just hit 18,000 miles on my baby

Wind-Farmer · Mar 5, 2009

Mines paid for, the 500 is paid for, still paying for the Loredo

NotQuik · Mar 5, 2009

I still owe about 15k on mine and i'm fixing to roll 43k this weekend

cave diver · Mar 5, 2009

mustangford289 said:
I notice that a ton of members have spent and continue to spend thousands of dollars on their Mustangs.

With unemployment rising, credit frozen, stocks falling....I wonder how so many of you guys seem to be just marching on business as usual.

I figure that is why I would like to know how many of us have our auto loans paid off. ( 2005 to 2009's only....)

I paid cash for mine when I bought it brand new in 2007. No payments.....period!

NotQuik · Mar 5, 2009

cave diver said:
I paid cash for mine when I bought it brand new in 2007. No payments.....period!

no need to brag now

tr7driver · Mar 5, 2009

cave diver said:
I paid cash for mine when I bought it brand new in 2007. No payments.....period!

+1 This is the way to go. Buy used (with cash) and save your money for the next car. You can work your way up to a nice ride thats paid for and save a bundle faster than you think.

mustangford289 · Mar 5, 2009

Same

cave diver said:
I paid cash for mine when I bought it brand new in 2007. No payments.....period!

Hey Cave, I did the same thing in 08 only because the price was so good and financing was so expensive...the car was 21,400, + Tax,+ Tag,+ Title,+ whatever else I forgot.....25,800 Total

Hey Cave and Not where in Fla r u guys? Are you guys in any Mustang clubs? I'm in the Daytona area.

Is your car paid for?

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