My financial situation

dave_id · Sep 13, 2007

I have this 2000 GT that I probably owe 6,500 on. I'm making these 200 a month payments and insurance is raping me at 1000 every 6 months. My ultimate goal is to get a terminator when I graduate by the end of summer 08 or sometime shortly after that before they get crappy. Should I sell my car now and buy some 94 5.0 or something to that effect and just start saving? I'm a little lost and don't know where to turn:SNSign:

the98stang · Sep 13, 2007

Well if you sell the 00 for 10 grand (which is probably its value) buy the time you pay it off, you'll pocket 4 grand. You could buy a really crappy honda for a few grand, pocket some cash and start saving. At this point I think you are better off keeping your stang, and saving your money.

BurningRubber · Sep 13, 2007

Id keep the GT and skip the Terminator. The difference in cash between selling your GT and buying an at least $22k Cobra is ALOT of money you could have on incredibly bad GT.

Kingcater · Sep 13, 2007

$1000 for 6 mons of insurance is rape? When I was 18 with no driving experience and I had a 01 GT I was paying almost twice that. $300 a month for your car and insurance is a pretty sweet deal.

I'd keep the GT and save up for the Termie, then When you can go balls out on the termie and still have a pretty quick car for a daily driver....

If you absolutely have to sell the gt, don't go blow the profit on another older mustang you may or may not get your money back on when done with it.

Buy some junker honda/toyota/nissan for $500-1000 pocket the rest and save and have a nice down payment + extra cash to mod the cobra quickly....that's what I would do......good luck

Kingcater · Sep 13, 2007

BTW if you do want a 94, I got one for sale =D

Kilgore Trout · Sep 13, 2007

dave_id said:
I have this 2000 GT that I probably owe 6,500 on. I'm making these 200 a month payments and insurance is raping me at 1000 every 6 months. My ultimate goal is to get a terminator when I graduate by the end of summer 08 or sometime shortly after that before they get crappy. Should I sell my car now and buy some 94 5.0 or something to that effect and just start saving? I'm a little lost and don't know where to turn:SNSign:

Why not make your life goals about something more substantial than what Mustang you are going to get? Do you want to get married, own a house? Do not load yourself up with auto debt as soon as you graduate... You will need money for other things.

Drive a Honda Civic until you are well established in life and then get whatever Mustang you want

dave_id · Sep 13, 2007

yeah that is a thing to consider, filling myself up with debt to my eyeballs.. something I dont plan on doing. i don't know where or what I will be doing as a career, but I dont want to get stuck like my friend and work the best buy even though he's got a degree, so owning a house comes later when I figure out where I want to live...and marriage, bleh who needs it

thanks for the responses though, helps me think about things

Mel96GT · Sep 13, 2007

dave_id said:
I have this 2000 GT that I probably owe 6,500 on. I'm making these 200 a month payments and insurance is raping me at 1000 every 6 months. My ultimate goal is to get a terminator when I graduate by the end of summer 08 or sometime shortly after that before they get crappy. Should I sell my car now and buy some 94 5.0 or something to that effect and just start saving? I'm a little lost and don't know where to turn:SNSign:

I was in a similar situation when I was in College way back. IF the payments and insurance are killing you, I advise you to wipe out all debts including the stang and get what you want later. It sucks balls to be car-poor in college. Sell the stang, get a clunker and graduate with minimal debts. Good luck.

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