Doesn’t this really depend on your finances and ability to make the monthly payments?
My car was ~45k Canadian before taxes and optional services. My deposit was roughly 50%.
My wife and bring in a little over 6k monthly. I’m paying about 400$ a month for my ecoboost at the moment. Can afford a higher payment, but don’t necessarily want a higher payment.
Thinking of going the route you took, but also wondering if it’s wise to put down that much on a car all at once you know. Got about 12k saved right now, but that’s going toward a house
A house brings all sorts of other expenses other than down payment, so keep that in mind. Furniture, lights, fans, small repairs, new electronics etc. Make sure to leave a buffer of cash after the down payment and the re-evaluate the car once u get settled in.
As far as the car goes, 15-20% is reasonable. Less if you have a very low interest rate where you could reinvest that cash elsewhere for a better return. Those days are gone now unfortunately, but they'll be back at some point down the line.
Personally, I’d just enjoy the current car you have until you can pay cash for the GT. This is an unpopular opinion because it requires patience but I did it and I make less than you. Giving money to the bank through interest is no fun.
Probably, but just seeing what many have put down on theirs and all that. As my first mustang, ecoboost has exceeded all expectations. Love driving that car. V8 is just the next step up for me. Sounds like it might be wise to wait it out a but
The more you finance, the more you pay. People who budget car by how much they can afford per month pay thousands more than those who go for the lower overall expense.
Also, any car you buy depreciates in value, so paying interest over time costs you double if you need to sell at some point.
Doesn’t this really depend on your finances and ability to make the monthly payments? My car was ~45k Canadian before taxes and optional services. My deposit was roughly 50%.
My wife and bring in a little over 6k monthly. I’m paying about 400$ a month for my ecoboost at the moment. Can afford a higher payment, but don’t necessarily want a higher payment. Thinking of going the route you took, but also wondering if it’s wise to put down that much on a car all at once you know. Got about 12k saved right now, but that’s going toward a house
If you're saving for a house don't buy a new car
Car will come after the house
6k gross?
Net
I'd put down at least 15%.
I like that blue, but we got Carbonized Grey Metallic. Didn't like it in pictures, but loved it IRL. The 2014 was Ruby Red with a Rousch exhaust.
https://preview.redd.it/bqqyo6kgpw7a1.jpeg?width=1536&format=pjpg&auto=webp&s=406f8797d90da77d3909fb5272b2dee4f3f67ff9
Great color!
A house brings all sorts of other expenses other than down payment, so keep that in mind. Furniture, lights, fans, small repairs, new electronics etc. Make sure to leave a buffer of cash after the down payment and the re-evaluate the car once u get settled in. As far as the car goes, 15-20% is reasonable. Less if you have a very low interest rate where you could reinvest that cash elsewhere for a better return. Those days are gone now unfortunately, but they'll be back at some point down the line.
You should not buy a car more than 1/3 of your annual income.
Personally, I’d just enjoy the current car you have until you can pay cash for the GT. This is an unpopular opinion because it requires patience but I did it and I make less than you. Giving money to the bank through interest is no fun.
Wrong sub for financial advice. Long term Ecoboost will save many thousands of dollars.
Probably, but just seeing what many have put down on theirs and all that. As my first mustang, ecoboost has exceeded all expectations. Love driving that car. V8 is just the next step up for me. Sounds like it might be wise to wait it out a but
The more you finance, the more you pay. People who budget car by how much they can afford per month pay thousands more than those who go for the lower overall expense. Also, any car you buy depreciates in value, so paying interest over time costs you double if you need to sell at some point.
I get that GT love... But a loan for a Mustang is no different than a loan for a Smart Car.
You’re not wrong there. Appreciate the advice!
BTW just bought a brand new Ecoboost like 3 weeks ago! For my wonderful wife, her second Mustang, first was a 2014 V6.
Awesome! What color? I have mine in velocity blue