Finance it? If you can't pay cash, don't even think about it! Your Mach 1 isn't going to lose that much value in the next 5 yrs with the pristine condition, low miles. The 5.0 will lose 25% in value driving it off the lot! Put the 3k down payment in a 2yr CD, and start saving the 5.0 payment in a high interest savings account like ing or ally bank. In two years, buy a new 5.0, or one slightly used from someone who can't make the payments
Good post. You actually almost talked me into stopping by the Ford dealer on my way home in the morning.
Haha..took me a while to run across this but appreciate it
Only had been driving a standard for approx 3-4 weeks so I can't complain too bad even though it'll only get better.
I improved my 1/8th by about .2 and 1.5 mph 2 nights after, but sadly it was on the short track so I don't know how it would have carried over on the back half
The difference is that you have a new car, no cash, and owe over 17k on it. In five years, you have finally paid off the debt but have a five year old car. And you have higher insurance payments for the five years. And you have paid 3.9% interest on 17k.
You already have a fun car to drive. Is a slightly more fun car worth that much money? Why not trade the Mach1 in on a Ferrari? Now THAT is a fun car! How is your financial health? Job secure? Emergency fund? Retirement? If all of those things are ok, go ahead, get the car. If you have to finance the car, you probably are behind on all of those things too.
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If you need transportation to work, finance a car. Somebody posted from Canada which avoided most of the banking crisis, but in the US, we have a bad habit of going into debt. Don't finance a car for fun.
Jesus, I don't come here for financial advice. You people that demonize buying a car new amaze me. There are benefits to buying a car new, and having it serviced at the dealer. My buddy is going through it with his van. he bought it used, never taken it to the dealer for service. It has a documented design flaw in the tranny and he's had the transmission rebuilt 2x. There's thousands of people on the internet with the same problem. Honda won't give him a dime because he is not the original owner and he hasn't had it dealer serviced.
Whew, I'm sorry you almost learned something!
IMHO there is nothing wrong with buying a new car. I think there is something very wrong with going into debt so you can go from a 300hp fun car to a 400hp fun car.
Im not gonna read all the lengthy replies in this thread, & I am a Mach 1 owner myself, but I would trade my Mach in a heartbeat for a new 5.0... I love my Mach 1, but the chassis is outdated, & since I own a Fox body as well, I could just hop in my fox if I wanted to feel the ride quality & technology of a 32 year old chassis....
I wouldn't say outdated, anything can be upgraded to even be better then the new models.
Every year our cars, 2 valve and 4 valve are becoming less and less common. I don't know how many threads, how many uncles, how many old school guys say I wish I still had that car, I sold it for better model, so on and so forth. I wouldn't go into debt simply because I want an extra 100 Horse power, which can be made cheaper btw. If you can keep your car and still get the 5.0, buy all means I think you should, but, don't go into debt simply b/c you want change. You're gonna get bored before you warranty runs out b/c you won't be able to mod your vehicle your self. So your change is becomes unwarranted. Besides IMHO, 100 extra horses is not that much. Fun factor yay, but not on the Un'Freakinbelievable side of things, and certainly not on the I just gotta owe someone 17 grand side of things either.
+1, the average new car price in America is 29K+. The GT is priced right at or slightly above an average car, with 1g handling, mid 12 second potential stock, and all the bells and whistles that come in new cars.
Not even sure the Mach will be worth that much. Sure, if you have a stock car with 20k or less, years down the road, maybe. But if you plan to drive the car, see the track from time to time, the GT is a no brainer for me.