How do you guys do it? (Owning a mustang)

[Danderson]

How do you guys do it? How do you afford a mustang? I have owned a few mustang never brand new or really expensive and I always was strapped for money. I know this is the internet but all I see is people buying new and 2011+ mustangs like its easy and cheap. I am 26 married a 1 year old and another on the way. I think we make ok money and 80-90 a year together. In the next couple months I will buying a home.(under 200k). We together pay about 1k in student loans a month we have a 350 family car payment and a mortgage payment of around 1500. With that being said that leaves no room for a mustang payment or the insurance or even potential mods. At least 2 time a day I read new post on svt performance and it is down right depressing knowing that I won't be able to get anything any time soon. I feel like the life choice was given to me have a family or own a sports car. This wasn't meant to be a sob story I just want to know how you can afford your mustang.

 

[MR.SVT]

I have been purchasing Mustangs since 1985. My first new car was the 1985 Mustang GT t-tops, 5-speed..I loved that car. I believe it was only $11,800 out the door. I owned a few more after that all of them used. None of them exceeding the 8-9k amount. My 2013 GT I purchased new by putting a nice size down payment from a good real estate investment. Car was great! I modded it all Steeda stuff. But in the end it was my daily driver and with the amount of miles I travel it was just piling on the miles. Not to mention if I ever needed to swap cars with the wife it was impossible since she does not know how to drive stick. So I sold it. Do I miss it yes. But I also don't like having a garage queen just sitting there just so I can admire it. Not to mention if I kept the Mustang and got a beater then there are 2 insurance costs. Family always comes first. I figure a few more years when I retire I will God willing, purchase whatever is out there that catches my eye..Until then I will just be trolling the boards for now.

 

[Stanger00]

How do you guys do it? How do you afford a mustang? I have owned a few mustang never brand new or really expensive and I always was strapped for money. I know this is the internet but all I see is people buying new and 2011+ mustangs like its easy and cheap. I am 26 married a 1 year old and another on the way. I think we make ok money and 80-90 a year together. In the next couple months I will buying a home.(under 200k). We together pay about 1k in student loans a month we have a 350 family car payment and a mortgage payment of around 1500. With that being said that leaves no room for a mustang payment or the insurance or even potential mods. At least 2 time a day I read new post on svt performance and it is down right depressing knowing that I won't be able to get anything any time soon. I feel like the life choice was given to me have a family or own a sports car. This wasn't meant to be a sob story I just want to know how you can afford your mustang.

I just figure most of those new owners eat ramen and wear tattered clothes as well as live in a 4 bedroom home that they share with 5 people, haha. This is the bad thing about forums and the fantasy that one makes of it because others have what you can't yet afford comfortably.

You'll get there man. Those student loans are killing your cash flow for sure and in the next 4-5 years you should be earning 20% more in wages if you work for the same company and if you move to another company your wages could jump even more.

 

[R.D.P.]

Your going to get a ton of different answers, but this is SVTP - land of the ballerz (or at least internet ballerz) is the simple answer. Sounds like your putting family first which is most important. Be smart and I'm sure your finances will improve over time.'

Edit: to answer your actual question, I was able to buy mine with cash from selling some stock options. I'm not an executive or anything, just got some options over the years for being a high performer.

 

[1 Alibi 2]

I didn't @ your age, doing everything you're doing now to get by......Your time will come, be patient !

 

[Sapperstang]

When I was young and in the military I was usually driving a brand new car. The reason I could do so was because I had more money than brains. I think some people (especially young people) overextend themselves to own a new car. I often wonder the same thing when I see these young people on here going through new cars like underwear. I'm sure some people here do have the means to afford such cars but I'm willing to bet most are just drowning in debt and in denial.

 

[oneslo5.0]

I make about what you make(guessing), I am 24 and live at home BUT I am also looking at buying a first home(also under $200K) and I will be fine. No children...yet.

 

[Stanger00]

I make about what you make(guessing), I am 24 and live at home BUT I am also looking at buying a first home(also under $200K) and I will be fine. No children...yet.

Clearly an apples to apples comparison. Haha.

 

[Booky]

10 years ago I married a great gal who has a good career as a insurance underwriter.

Between her career and mine as a metal building Draftsman, we make decent money.

Her children are grown up and I have never had children of my own.

I have a 2005 dodge Ram as my DD that is payed off, so I only have the Shelby payment that is around $450 a month.

The only other bills we have are my wife's car payment of $400 (1 yr left on loan) and a modest house payment of $1200 (7 yrs. left on loan), and the normal utilities and groceries.

We both quit drinking and smoking several years ago, so our weekly entertainment expenses consist of going out to eat once or twice a week.

I started off with a 1986 Mustang GT with over 100K miles. After a couple years of modding I sold it and purchased a 2003 Cobra. After a couple years of modding that I sold it and purchased my 2012 Shelby GT500.

This is how I afford modding the Mustang, and as long as we continue to live well within our means, this can continue.:-D

 

[CobraBob]

Everyone's financial status is different. Plus, some are conservative with their income/debt ratio while others push the limits while hoping for future pay increases, etc. to offset any excessive debt. You're doing it right, and your time will certainly come.

 

[oneslo5.0]

Clearly an apples to apples comparison. Haha.

Similar age, splitting the income down the middle, same price house and I have worked out the bills on a home and cost of ownership. But my car cost me less then $400 a month, if I had a child in daycare I would have to sell the car.

 

[ScreamingFast]

Those "younger" guys are probably not saving a dime for the future. Your family is more important ( you know that) and the play money will come. We stopping car modding to travel more and can't be happier, I miss the fast cars but over time you will realize it's a money pit. Enjoy your family and over time you will get there man.

 

[DSG2003Mach1]

Everyone's financial status is different. Plus, some are conservative with their income/debt ratio while others push the limits while hoping for future pay increases, etc. to offset any excessive debt. You're doing it right, and your time will certainly come.

You just never know what the story is on the other side. Theres a guy one forum I still check out that always seems to have 2-3 bad ass cars and always rotating through them even though he seems to dump a decent amount of cash into em when gets em. Then he admits he has CC debt to the ceiling, second mortgage, nothing in his kids college fund etc...

Im getting a slightly late start on the whole family thing and my mustang has been paid off for a long time, trying to "finish" it up before kids come into the picture because I know Ill no longer be able to afford to go hog wild on it.

 

[SuperBlownGT]

22 make good money overtime is plentiful so that's my mod money all monthly expenses paid in 1 check (paid weekly) and good credit.

Also no kids no wife

 

[PC03GT]

Most of us including myself have had a mustang since the age of 16. I'm 29 now a gradually progressed up the mustang ladder. I own a 2013 vortech gthig, and hoping for a shelby next. Things will get better it just takes time and patience.

 

[Stanger00]

Similar age, splitting the income down the middle, same price house and I have worked out the bills on a home and cost of ownership. But my car cost me less then $400 a month, if I had a child in daycare I would have to sell the car.

Yeah, none of that was in your first post though. You live with your folks. Your only major bill is your car payment. You can play the calculator game all you want, you are not living the same life as the OP. Sure it's easy to say that you can afford to pay 1500 a month toward a mortgage but until you do you won't really know how much it impacts your lifestyle. Which brings me back to top ramen and tattered clothing to afford new car and put the big mods on it. To each their own. I'd rather travel go out to dinner 3-4 times a month and not worry about bills over having a 400 dollar payment and 100 dollar insurance bill.

OP is on track to getting what he wants just has to wait a little while like I do.

 

[Svtkidd23]

I made a good
Vehicle investment to a guy on Craigslist at 16 working at pizza shop needed money bad bought it for 2200 sold
It for 5500 ( Honda Accord)

Bought. A 91 gt and all hell
Broke loose 5 mustangs later and now a 04 cobra..
I make good money married nice house 1k a month
Wife makes 30k a year.
No kids
07 powerstroke
04 cobra
13 edge sel
02 Buick Regal ( 321k miles)

My vehicle payments are more then my house payments. But I love having a nice car so I sacrifice some
Days off for overtime to have a cobra.

I actually think I might sell the cobra. It's nice but I dunno I don't get the use out of it. Kinda want a 4 banger 4 door.
Sell diesel and buy a beat up work truck and scrap buick.


Do more investing and more photography work

 

[Zemedici]

Those student loans are killing you. Just think, normal car financing with average credit is $20 per 1000 you finance.

So a $1000 payment would even out to a $50000 car with no down payment. Get those hefty student loans paid off and you can afford a NICE car payment easily. Be careful having a bunch of chilluns though - they'll eat into the car money!

I'm 22 and just about paid cash for my cobra, good job and no kids/wife helps my money stay mine

 

[derklug]

I'm old, house is paid for and kids are gone. Gives me a bit more disposable income than I had when the kids were young and I was paying a mortgage.

 

[WheelStander]

Well....I have no kids am single and have the same numbers as you.

I have a 2000 4 runner with 310k on the vodometer and 100k on my Terminator.

I am coming to grips with probably getting a new lease and having a car payment since the 4runner is about done.
You are young and numbers willl improve for you.

Your fam beats any car you could ever own, so you are good.

There will be the mustang of your dreams in your future, just not today.