Ford Mustang GT or Camaro SS

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I know the pros and cons of financing vs paying cash and new vs used. Personally I prefer to buy new, but I have only bought 1 new car in the last 9 years (bought 3 used). Monthly payments do not bother me as I typically set the payments over longer periods to reduce the payment as much as possible, then pay more. The car I have right now I'm required to pay $350/mo for 4 years but I end up paying closer to 500 and will have it paid off in under 2.5 years. For me, making payments means more money in my pocket and more flexibility with how I spend it. If I had paid cash for the balance up front I would not have that money available for emergencies. Also since I'm paying a low interest rate, I'm actually paying myself through money I have in my pocket and not in the bank's pocket.

Financing a car at 0% is no different than the "same as cash" store cards that are out there. If I have 90 days to pay something off, that's 90 more days I have the money in hand earning money for me.

Edit: If I didn't have the worry about insuring a 3rd car as well as possibly balancing a 3rd payment, I would definately take this deal. I'm just hoping I can get my current car sold quickly then focus on re-creating this deal later.

 
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NCcarguy said:
I like buying new too. I don't mind taking the hit, it's just worth it to me to know everything that car has been through. It may cost me more in the long run, but I still like it.
as far as the 0% financing. I KNOW that's a tough choice, and to be REAL honest. The 2010's I think are still better than the 07 I have, and I think are still VERY competitive with the Camaro and Challenger. Car and Driver did a comparo a few months back.

If you're not hell bent on the more expensive 2011 and the 5.0 engine with 412 HP and better gas mileage through the use of a 6 speed tranny, then I would think the 2010 is STILL a good buy.

I may wait for the 2012 model, I'm hearing a BOSS 302 scheme is coming. I had 2 dream cars as a kid. A 67 Chevelle SS and a 70 BOSS 302 Mustang....I have one, and the chance to get a newer version of the second one is very tempting.

a THIRD option would be to find a slightly USED 08 or 09 Shelby Cobra Mustang. I know where a 6000 mile 08 model is for about 40K. I keep hoping they will sell it so I don't have to keep looking at it on the internet! lol
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I always liked the 66' Chevelle better, what made you choose the 67'?

 
NCcarguy said:
I like buying new too. I don't mind taking the hit, it's just worth it to me to know everything that car has been through.
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Oh, I understand that. And if you're planning on keeping it a long time, it doesn't make a huge difference in the long run.

I bought my 89 Civic new and replaced it in late 98 with a 98 Ranger. Then I wrecked the Ranger after four years. been used ever since. Of course the Maxx has had the intermediate steering shaft, AC compressor, sunshades (replaced twice before I got it) and rear brakes replaced under warranty, so maybe I should worry now that the warranty is up.

 
Dexman PE said:
Question for everyone, how long do you think it would take to sell this car:
http://denver.craigslist.org/cto/1793480005.html

Kelly Blue Book values it at between $10,500 and $11,500.
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Dex: you already know the answer to that question. If the right guy sees it tomorrow it will be gone. Despite your extensive description and the fact that it appears to have been well maintained, you're asking the maximum KBB so it does not really come off as a bargain that someone who is only looking casually is going to want to leap on.

 
Kephart P.E. said:
NCcarguy said:
I like buying new too. I don't mind taking the hit, it's just worth it to me to know everything that car has been through. It may cost me more in the long run, but I still like it.
as far as the 0% financing. I KNOW that's a tough choice, and to be REAL honest. The 2010's I think are still better than the 07 I have, and I think are still VERY competitive with the Camaro and Challenger. Car and Driver did a comparo a few months back.

If you're not hell bent on the more expensive 2011 and the 5.0 engine with 412 HP and better gas mileage through the use of a 6 speed tranny, then I would think the 2010 is STILL a good buy.

I may wait for the 2012 model, I'm hearing a BOSS 302 scheme is coming. I had 2 dream cars as a kid. A 67 Chevelle SS and a 70 BOSS 302 Mustang....I have one, and the chance to get a newer version of the second one is very tempting.

a THIRD option would be to find a slightly USED 08 or 09 Shelby Cobra Mustang. I know where a 6000 mile 08 model is for about 40K. I keep hoping they will sell it so I don't have to keep looking at it on the internet! lol
Click to expand...

I always liked the 66' Chevelle better, what made you choose the 67'?
Click to expand...

I always liked the hood and tail lights better on the 67 but to be real honest....I kinda like something about every year model of the chevelle. They all had something a little unique about them.

 
Dexman PE said:
For me, making payments means more money in my pocket and more flexibility with how I spend it. If I had paid cash for the balance up front I would not have that money available for emergencies. Also since I'm paying a low interest rate, I'm actually paying myself through money I have in my pocket and not in the bank's pocket.
Financing a car at 0% is no different than the "same as cash" store cards that are out there. If I have 90 days to pay something off, that's 90 more days I have the money in hand earning money for me.

Edit: If I didn't have the worry about insuring a 3rd car as well as possibly balancing a 3rd payment, I would definately take this deal. I'm just hoping I can get my current car sold quickly then focus on re-creating this deal later.
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To each his own I suppose. In my mind if a person doesn't have the cash in hand to purchase an item and enough to insulate themselves from emergencies than they can't afford to make the purchase. "0% financing" & "90 day's same as cash" deals, to me, are just a way for people in our society to justify buying items they probably shouldn't be buying.

I know most people don't think that way, that's just my :2cents:

 
roadwreck said:
To each his own I suppose. In my mind if a person doesn't have the cash in hand to purchase an item and enough to insulate themselves from emergencies than they can't afford to make the purchase. "0% financing" & "90 day's same as cash" deals, to me, are just a way for people in our society to justify buying items they probably shouldn't be buying. I know most people don't think that way, that's just my :2cents:
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Wait a minute. So you're saying that you'd pay for a car outright rather than take a true 0% finance rate for 60 months?

It appears as though that "Condescending Weiner" class at GT replaced econ, huh? :D

 
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jmbeck said:
Wait a minute. So you're saying that you'd pay for a car outright rather than take a true 0% finance rate for 60 months?
It appears as though that "Condescending Weiner" class at GT replaced econ, huh? :D
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Yeah, that was what I was thinking. I financed my truck for four years at .9% back in 98. I'd do 0% for 60 months in a heartbeat, even though I absolutely hate paying for something that long.

 
Capt Worley PE said:
jmbeck said:
Wait a minute. So you're saying that you'd pay for a car outright rather than take a true 0% finance rate for 60 months?
It appears as though that "Condescending Weiner" class at GT replaced econ, huh? :D
Click to expand...
Yeah, that was what I was thinking. I financed my truck for four years at .9% back in 98. I'd do 0% for 60 months in a heartbeat, even though I absolutely hate paying for something that long.
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Back in '07 Chrysler was offering 0% financing for 60 months. The financing was for the full sticker priice of the vehicle. The cash price for the vehicle at the same time was ~$5k lower (which was about what the finance fee was for the 5% they were asking at the time).

 
jmbeck said:
roadwreck said:
To each his own I suppose. In my mind if a person doesn't have the cash in hand to purchase an item and enough to insulate themselves from emergencies than they can't afford to make the purchase. "0% financing" & "90 day's same as cash" deals, to me, are just a way for people in our society to justify buying items they probably shouldn't be buying. I know most people don't think that way, that's just my :2cents:
Click to expand...

Wait a minute. So you're saying that you'd pay for a car outright rather than take a true 0% finance rate for 60 months?

It appears as though that "Condescending Weiner" class at GT replaced econ, huh? :D
Click to expand...
What I was trying to say was that if you feel you have to make a purchase using financing in order to be comfortable enough with the amount of money you still have in your pocket for emergencies then you probably shouldn't be buying the item. If you could buy something outright and still be comfortable with the amount of money you'd have on hand to cover any and all emergencies then I find that's a good gauge as to whether or not you can truly afford it. If at that point you wanted to take advantage of the financing offer I have no issue with that.

To answer your question, no, I did have to take econ at Tech. As far as I can recall there was no "Condescending Weiner" course in the curriculum. It doesn't have to be taught as a separate class, it is worked into the syllabus of each and every course you take. It's not a perfect system, but at least we have a decent football team.

 
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So people should have $300k and then some in the bank before buying a house?

 
Supe said:
So people should have $300k and then some in the bank before buying a house?
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Financing a house is okay b/c, in general, that is an appreciating asset and you can reasonable expect someone to save up that kind of money to buy a house outright.

 
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My grandparents didn't build their homes until they could pay cash to have them built.

Different mindsets back in the late 30s, early forties.

 
Both cars suck. You need to buy this....

clown_car_shinny.jpg


 
Capt Worley PE said:
My grandparents didn't build their homes until they could pay cash to have them built.
Different mindsets back in the late 30s, early forties.
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I bought my first house for $46K (40's construction). neighbor next to me (old timer, original owner), bought his house & lot for $5K. said his monthly payments were $50. agreed on different mindsets... but also radically different costs

 
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