Should I Buy a Shelby GT

burkcs · Feb 24, 2008

I have been negotiating with a local dealer on a new 2007 Mustang Shelby GT.

I would like some opinions on whether you think I am getting a good deal and whether or not I should make the deal.

I am dealing for a 2007 Mustang Shelby GT (new) Black in color. There willing to sell it for $32,000 plus ttt. I have a 2005 Honda Civic Ex (coupe, 5sp) with 53k miles on it. They are willing to show $11,000 for it.

No other money down, 84 month loan, $325 a month.

Now, the Shelby name holds no value with me other then it may have a better resale value down the road then a standard GT and comes with most of the goodies I would otherwise want to buy with money out of pocket. This will be a daily driver.

Whould you make the deal or wait for Ford to possibly offer a 0% for 72 months on the standard GT.

P.S. I have been waiting for Ford to offer the 0% for 72 months since Labor day weekend of 2006. It hasn't happend yet.

JOEGTS · Feb 24, 2008

burkcs said:
I have been negotiating with a local dealer on a new 2007 Mustang Shelby GT.

I would like some opinions on whether you think I am getting a good deal and whether or not I should make the deal.

I am dealing for a 2007 Mustang Shelby GT (new) Black in color. There willing to sell it for $32,000 plus ttt. I have a 2005 Honda Civic Ex (coupe, 5sp) with 53k miles on it. They are willing to show $11,000 for it.

No other money down, 84 month loan, $325 a month.

Now, the Shelby name holds no value with me other then it may have a better resale value down the road then a standard GT and comes with most of the goodies I would otherwise want to buy with money out of pocket. This will be a daily driver.

Whould you make the deal or wait for Ford to possibly offer a 0% for 72 months on the standard GT.

P.S. I have been waiting for Ford to offer the 0% for 72 months since Labor day weekend of 2006. It hasn't happend yet.

That's a good price for the car. I would never take a car loan for more than 60mos. Aren't they offering 0% for 60mos on 2007's.

burkcs · Feb 24, 2008

The interest rate on the 84 month term is under 6%.

Ford has a special rate on the 2007 mustang of .09% for 60 and 2.9% for 72 months.

I want to take advantage of a $2500 rebate opposed to the Ford interest rate.

o0Dan0o · Feb 24, 2008

Yeah, 32k for that car is a pretty good deal. My dealer wants 37 for theirs, jackasses...

stanmckinney · Feb 24, 2008

My dealer wanted $45,000. Sounds like a pretty good trade in allowance too. I would buy.

jcsuli74 · Feb 24, 2008

price on the car is good, but you needs to find a loan calculator and see how much you are going to spend in the long run with the 84 mos versus 60 months.
personally i would buy a gt and do want you want to it and save a little money versus buying the shelby. the shelby gt is nothing more than a gt with the frpp handling pack, the frpp power back, the hurst shifter and a few other "shelby" touches.

stangdude2000 · Feb 24, 2008

84 months is an insanely long loan. The payment also sounds very high considering my loan is for 60 months, my principle would be almost as much as yours, and my payments are only $50 more than that. You waste so much more money over the life of the loan on interest. 22k loan @ 6% - you pay $3519.30 in interest for 60 months or $4996.61 over 84 months. While it may be a way to bring the vehicle within your means, the extra $1500 is not worth it. Personally, if I were you, I'd get a less expensive 08 GT and do 60 month financing.

burkcs · Feb 24, 2008

A new GT comparably equiped is 27k plus ttt. The items I like most about the Shebly is the front and rear bumper cover, the stripes and the suspension. All of these items are very expensive plus I have to pay someone the labor cost to paint and/or install. I estimate $3000 for just the bumper covers and stripes painted and installed. I will spend $2000 on all of the other mods easily.

On another note I had worked out a monthly payment over the phone with an Internet sales person and a new car manager. It was agreed that my monthly payment would be $325 a month for 84 month. I get there and they present me with $397 per month. 4 hours later I am being offered $367 a month. I walked away.

I have another dealer I am working with one state over. They offered me there Shelby plus my trade for $325 per month (84 month term) and a couple hundred to driver to there state. I have a question about this deal. He is charging me there tax rate of 2.5% instead of my county tax rate of 7%. Can I get away with this or will I be hit with my county sale tax when I go to register the car? How does this work?

jasongt06 · Feb 24, 2008

Why would you want a 7 year car payment? I would never even do 72 unless it was 0%. You better love that car for a long time unless you are willing to lose a ton of money on a trade in.

ARTTII · Feb 24, 2008

RE: your sales tax ??, Same thing happened to me, I bought mine out of state, I paid their sales tax, and it was lower than mine, so I owed the DIFFERENCE when I got home and went to register the car. Make sure you document what you did pay though, it was a bit of a PITA but I got the car I wanted.

stanmckinney · Feb 24, 2008

Arrange your own financing. 84 months at that payment IS crazy. A bank will beat that hands down.
The price is good but the payments suck, big time. You can do much better.

KaPPaBaLL · Feb 25, 2008

LEASE IT.

jcsuli74 · Feb 25, 2008

well if you like the bumpers get the GT California Special thats what shelby uses for their GT. the CS is an $1900 option from ford. MSRP on a CS is $29900. invoice is 27,918.

The Fang · Feb 25, 2008

Yip 84 months is hard to chew but the lower paymant helps. I went 72 months at 325 cause it was easier than 425 at 60 mo. So I drive 20k a year it will have 120k when its paid for.

226embarcadero · Feb 27, 2008

That's a great price for a Shelby. I would take it if you really WANT a Shelby.

However, if you're just looking for something to re-sell at a higher premium in the future, don't do it. Main reason... because you're financing the thing for a helluva long time and it will take you a LONG time to get your equity out of it.

A lot of people can't tolerate car payments so they stretch them out for as long as possible to get the lowest payments. But the smart thing to do is pay HIGHER payments for a shorter period of time... and be done with it. I bought a brand new '08 V6 in December and took advantage of Ford's special 3.9% interest rate on 24 months.

My monthly payment is $1,100 but I will own the thing before the warranty is up on it in 2 years.

I kind of got off the topic with this... but wow, 84 months!

Bite the bullet and pay high payments for a couple of years and own your car instead of being upside down in your loan owing more than your car is worth.

ranger04 · Feb 28, 2008

It wouldn't bother me to have a car loan for 84 months. I've been making car payments for 20 years anyway, I never get one paid off, this stang will be my first, it's a one time toy. 32 is an excellent price for a shelby GT, if I could of gotten that deal, I would own one. My dealer stuck at 37 grand just like the sticker says. My 07 GT/CS was stickered at 32, with X plan I got it for 26. They won't do X plan on a shelby, you would think those cars are made of gold or something.

blacksheep06 · Feb 28, 2008

I have mine for 72 months and I have no problem with it. Money is money whether you pay it now or later. Sure your going to pay a little more interest the longer you go, but your still putting money in the bank every month to be used elsewhere instead of tied up in your car. It's all about YOUR individual means.

The main thing is bottom dollar. Too many people worry about their payment and end up getting screwed royaly on the car price and/or trade in price. As long as you get a good deal there and a decent APR your going to be in pretty good shape 60 months or 84.

steedman07 · Feb 28, 2008

blacksheep06 said:
I have mine for 72 months and I have no problem with it. Money is money whether you pay it now or later. Sure your going to pay a little more interest the longer you go, but your still putting money in the bank every month to be used elsewhere instead of tied up in your car. It's all about YOUR individual means.

The main thing is bottom dollar. Too many people worry about their payment and end up getting screwed royaly on the car price and/or trade in price. As long as you get a good deal there and a decent APR your going to be in pretty good shape 60 months or 84.

84 months is costing you alot of money over the long haul...But, it useful for someone that wants more vehicle for less per month..And ALWAYS negotiate price first, before a trade in or monthly payment..

stangdude2000 · Feb 28, 2008

ranger04 said:
They won't do X plan on a shelby, you would think those cars are made of gold or something.

I got my dealer to offer X-plan on the Shelby back in August. Almost made me pull the trigger on it, but it was still 5 or 6k more than mine, so I couldn't justify it at the time. Now I sorta regret not getting it, but I still absolutely love my car and am very happy with it. I'd probably be thinking the opposite if I did get the Shelby.

226embarcadero · Feb 29, 2008

ranger04 said:
It wouldn't bother me to have a car loan for 84 months. I've been making car payments for 20 years anyway.

Why don't you lease then? If you are resigned to making car payments, why not get lower payments and just turn it in after 3 years for a new one?

That makes more sense to me than paying higher payments and after 3 years... all you've got is a car that's 3 years older, higher mileage and you're still not even HALFWAY to ownership.

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