montly payments on an 03 cobra

Ron Jeremy said:

I am hoping that the people in here who read this post can give me detailed information regarding the breakdown of the different auto loan payments that one can afford for a 4 to 5 year auto loan with each gross income bracket which I have listed above here. I hope that you can help me out so I can decide what is the best and shrewdest route to take. Thanks.

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There's no secret. Either you can afford it or you cant. Save up 20% and pay around 450 a month for 60 months. If you can save more for a DP then your payments will be less. Take off $20 a month for every $1000 financed.

You can do it on 40,000 a year if thats what you want but if that's what you make before taxes it might be a stretch.

I make over 60K gross a year and can afford a new cobra comfortably if that answers one of your questions. Good luck man. Im sure you can find a way to get one, the key is a big down payment.

I think that anyone who is making a $60,000 Gross Annual Salary has a better chance of being able to afford and pay $400 and $450 per month for a 5 year auto loan. I agree with you that one has to put 20% down (AT LEAST 20%) to be able to bring the payments down to $400 per month. BUT what I DON'T LIKE here is the amount of years of the loan. I would rather have a 4 year loan than a 5 year loan. When I bought my 2001 GT, I signed up for a 4 year loan. I beleived that me paying $288 for 5 whole years was too much for such a long period of time. I think that 5 years is too long. Especially, if you now have to continuously pay $450 per month for that amount of time.

I want to be realistic about this. I figure that if I can wait until 2007 for the new body style Cobra, that I can sell my current 2002 V6 Mustang and use the proceeds as a downpayment for the new Cobra. In 2007, I don't know what I will be able to get for my 2002 V6 Mustang. I am hoping that I can get at least $9,000 and then put down another $4,000 to $5,000 in cash to buy the Cobra. If the 2007 Cobra will cost $34,000-$35,000 then I would be financing about $21,000 to $22,000.

BUT if my current 2002 V6 Mustang can be sold for more than $9,000 in 2007, then I will have more for the downpayment. I'm hoping that I can get top dollar for my current V6 Mustang in 2007. I look at the current prices that people are getting right now for an AVERAGE MILEAGE 1999 V6 Mustang and it's around $10,000 to $12,000. If I too can also get between $10,000 to $12,000 for my 2002 V6 Mustang when it becomes 5 years old, then I will have AT LEAST $10,000 to put down for the brand new Cobra. And if this happens, and I can also put down another $4,000 to $5,000 more then my loan will go DOWN to $19,000 to $20,000.

What really worries me here is my income. I hope that an income of between $40,000 and $50,000 by the year 2007 will be comfortable enough for me to be able to afford the payments for a brand new 2007 Cobra. I would like my monthly payments to be less than $400 if possible and the loan period to be 4 years. Do you think that this will be possible if I can sell my current 2002 V6 Mustang for around $10,000 in 2007 and if I also put down another $5,000 towards a brand new 2007 Cobra? WHAT DO YOU THINK?

Ron Jeremy said:

Do you think that this will be possible if I can sell my current 2002 V6 Mustang for around $10,000 in 2007 and if I also put down another $5,000 towards a brand new 2007 Cobra? WHAT DO YOU THINK?

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I think you are going to make yourself nuts wondering if you can afford a car in 5 years. Why don't you sell your cars now, drive a beater and save money. Better yet, but a used Cobra or Mach.

You know the only person that can truely answer your question is YOU. If you want is bad enough you can go get it now. If you got an 02 thats paid for thats 10k of the price there. And I dont think you got a snowballs chance in hell of getting 10-12k in 07 for an 02(is it a coupe?). I just bought a 02 six shooter vert for the wife about 5 months ago and only gave 14 for it with all the options. A brand new one at that time would have been 20500 with rebates applied. So if you aint drivin it get rid of it now every day you wait you lose money on it. If you aint ready to buy then go get a CD or something and save it. You seem to be a pretty level headed person so look deep inside yourself and ask "self how bad do you want it?"

I don't want to buy a 2004 Cobra right now. I thought about it a lot lately and I feel that I can wait until 2007. I just bought my 2002 V6 Mustang 2 years ago and I don't owe anything on it right now. So I figure, why not drive it for a few years while trying to save up for the 2007 Cobra? I prefer to get the new body style Cobra, but I am willing to wait 1 year to 1 1/2 years after it comes out before buying it. I want to get a good deal on a Cobra with the Ford rebates if they will have any for this car by then. Plus, the time frame between now and then is only 3 - 3 1/2 years from now. I am hoping that I will be able to sell my current 2002 V6 Mustang 3 years from now for around $7,000-$10,000 and use whatever money I get for it with whatever else that I can save to put down in cash to buy the Cobra. Beleive me, I'm not the type of person who wants to pay full price for a car. I bought my 2002 V6 Mustang for $18,100 brand new and fully loaded in December of 2001. And the car retailed for $20,700. So, I am not prepared to pay full retail for a new Cobra even when I am ready to buy one.

The timing and the price has to be right.