need advice on purchase

[magRT496]

check it out, seems like a good deal, only thing is hes really trying hard to ditch the car, my name is stockstang496 so you can see what i wrote, he is upside down in the car because he owes 11.5 and its only worth about 10 according to kelley blue book, also its got alot of miles, and im skiddish about the 99, 01 cobras seems theyve had alot of problems and recalls. he changed the engine and the tranny, note the mileage. lat problem is im only 19 and no way is my credit good enough for 0% ford apr financing. maybe i could go through a different bank? also it will be my daily driver too so gas is a problem. thnx for the time guys. http://www.corral.net/forums/showthread.php?t=683828

 

[cobraracer46]

The car has some tastful modifications and is a good deal only if you pay cash for it. Since you are 19, this nice on Cobra would not be the ideal car for you because if the car payments don't effectively rape your income, the insurance most certinally will. By the way, if you want some good advice: stay away from credit! starting off in life being in debt is foolish. Get into the habit right now of investing and saving your money and only buy things you can afford with cash, No payments. It may seem difficault to follow this plan at first, but later on in life you will thank your self. don't fall into the bull shit lie that you need credit. F U C K credit and payments!!! :burn:

 

[CobraG]

I understand about wanting a Cobra, but being 19 have you considered maybe a V6 Mustang? Cheaper payments, cheaper insurance and better on the gas.
My first Mustang was a used 99 V6, I loved it, I was 25, I have worked my up to my 01 Cobra since, going through a 97 GT, and a 00 GT.
When I had my 97 GT at the age of 26, the insurance company told me, what saved me with having a Mustang GT was I had been driving for 10 years, and by saved I mean a lot of money.
But if you can afford the car and the insurance sure, why not, go for it. But also keep in mind that you need a steady job, it's a commitment. Kind of like that puppy when you were a kid, but this involves money and people (ie banks) tend to not be very happy when you don't pay.
Good luck

 

[BreBar21]

He posts in this forum under the same name, quick01snake. It is a badass car and I would not hesitate to purchase it if your funds allow it.

 

[quick01snake]

check it out, seems like a good deal, only thing is hes really trying hard to ditch the car, my name is stockstang496 so you can see what i wrote, he is upside down in the car because he owes 11.5 and its only worth about 10 according to kelley blue book, also its got alot of miles, and im skiddish about the 99, 01 cobras seems theyve had alot of problems and recalls. he changed the engine and the tranny, note the mileage. lat problem is im only 19 and no way is my credit good enough for 0% ford apr financing. maybe i could go through a different bank? also it will be my daily driver too so gas is a problem. thnx for the time guys. http://www.corral.net/forums/showthread.php?t=683828

actually i'm only trying hard to ditch the car because i need to payoff other debts quickly (as cobraracer46 said, don't get into credit trouble, car loans are OK as long as you don't continue rolling negative equity in, stay away from credit cards until you're a little more financially independent and can handle them), and the almost 700/month i'll save will do that much more quickly, so i can get an 03/04 next summer...as i explained the engine was replaced at 43K miles due to a factory defect, and everyone here probably agrees as to why i swapped for a t45 tranny....the only recalls i've had done on it was rear knuckle (which doesn't matter anyway since its got a solid axle now), and i think the parking brake or something...and i wouldn't be too concerned about the mileage, it runs perfect...and gets 18 mpg city, and around 26 hwy...good luck finding a 5.0 that does that and produces 327 rwhp....BTW, KBB private party on it in "good" condition, which it is, is 11,235, which is about 14 dollars more than i need to get for payoff, so i'm not really upside down, just about dead even...not even considering that it has some mods that a lot of people would probably have added anyway, about $2000+ worth, not counting the solid axle....

He posts in this forum under the same name, quick01snake. It is a badass car and I would not hesitate to purchase it if your funds allow it.

thanks for the props BreBar....

 

[magRT496]

well insurance isnt a problem for me, parents said theyd pay for whatever as long as my grades stay up and i pay for the car. but i do appreciate all the advice on credit and ill definetly keep it in mind. and quicksnake01 i didnt mean to go behind your back or anything on this site, i knew you posted here, i know a pretty amount about mustangs, ( i have a 00 v6 that runs min 14's) i just dont have as much knowledge as some of the people on this site, you do have a very nice and tempting car but at 19 i am no where near fords standards for 0% apr lol. and the way i figured the payment you owing 11.5 with 20 payments thats close to 600 a month which would rape seeing how i only pull in 700 - 950 a month. the only way i could do it was if i went through another bank for longer financing but as you guys say that would be a bad idea. so i hate to put this idea out of my head but i think im in over my head here. oh and please accept my apologies if i insulted you in anyway about that value or anything else.

 

[quick01snake]

well insurance isnt a problem for me, parents said theyd pay for whatever as long as my grades stay up and i pay for the car. but i do appreciate all the advice on credit and ill definetly keep it in mind. and quicksnake01 i didnt mean to go behind your back or anything on this site, i knew you posted here, i know a pretty amount about mustangs, ( i have a 00 v6 that runs min 14's) i just dont have as much knowledge as some of the people on this site, you do have a very nice and tempting car but at 19 i am no where near fords standards for 0% apr lol. and the way i figured the payment you owing 11.5 with 20 payments thats close to 600 a month which would rape seeing how i only pull in 700 - 950 a month. the only way i could do it was if i went through another bank for longer financing but as you guys say that would be a bad idea. so i hate to put this idea out of my head but i think im in over my head here. oh and please accept my apologies if i insulted you in anyway about that value or anything else.

no worries...i was just clarifying...and i only put 11.5K as a round number, maybe get a couple hundred over my payoff...but i'll take 11221 for it, to pay off the loan...hell i'd even take 11K even...payment is actually 561.06, 20 payments remaining...

and for example, if you finance at, say, 8%, for 4 years (you probably can't get 5 years w/ it having over 100K miles), the payment is only 275/mo...if your credit is not firmly established, and say you can only get like 15% (ouch), the payment for 4 years only goes up to 311/mo...if you could get 54 months even, the payment would drop to 250/mo and 285/mo for 8% and 15% respectively....just wanted you to know what payments would be like....

 

[CobraG]

I agree that paying for things with cash is the best route. Although I do feel having good credit is very important. When it comes time to make the major purschases having good credit is vital. Unless you have a job making a higher income and can afford to pay everything with cash.
I went through a time when my credit wasn't very good and I couldn't buy things with cash so I got a lot of pats on the back and "have a good day". That does not feel good. Over the past couple of years my credit has been repaired. It's a nice feeling getting approved for things and getting low interest rates, I have 4.74 % on an 01 Cobra and 0 % on a 2005 Dodge Grand Caravan.
So credit is a good thing, build it up while your young.

 

[VirtualSVT]

Its a nice car. If he was selling it in Nov. I woulda gone up to see it.

And the credit thing. If you can afford it and won't default a car payment is one of the best ways to build credit. Its a diminishing value loan. Its not like a credit card where you can add to your debt constantly and it could possibly never go away.

The loan will go away. Hence why it is GOOD for your credit.

I'm 23 and got a 5.12% and 48 loan on my 99. I paid 12750 for it. So I bet you could get something close to that. Especially if your parents cosign.

Good luck.

Matt

 

[quick01snake]

5.12% and 48 loan on my 99. I paid 12750 for it.

yeah, that's 295/mo...not too bad....my first stang was a 95 gt, and because i didn't have much credit, i had like a 18% loan, so financing 10-something cost me like 261 a month for 5 years....

 

[VirtualSVT]

I bought my 88 Turbo coupe with a loan of 1500 just to build credit 3 years ago. I actually had to fight to get it to a one year loan. They wanted me to do a 2 year. I think at that time I had a 12% interest. I paid it off in 10 months becuase I got tired of waiting.

Best thing I did for my credit.


Matt

 

[cobraracer46]

Its a nice car. If he was selling it in Nov. I woulda gone up to see it.

And the credit thing. If you can afford it and won't default a car payment is one of the best ways to build credit. Its a diminishing value loan. Its not like a credit card where you can add to your debt constantly and it could possibly never go away.

The loan will go away. Hence why it is GOOD for your credit.

I'm 23 and got a 5.12% and 48 loan on my 99. I paid 12750 for it. So I bet you could get something close to that. Especially if your parents cosign.

Good luck.

Matt

I totally disagree with your line of thinking. Why is every body so concerned about building credit? Just so you can have payments for the rest of your life and waste your hard earned money on intrest charges. F U C K that, not me. Taking on a car payment is one of the worst things an individual can do. Think about it, when you finance a vehicle, especially a new one, You are making payments and paying interst on somthing that is rapidly gowing down the toilet in value, so with this in mind,It deos not take a rocket scientist to figure out that a car loan is a very bad place to put your money. Another unwise thing to do is cosign. Think about it, banks demand a cosign because the bank knows the primary borrower will more than likley defualt on the loan and when that happens, the person who was stupid enough to cosign will be leagally responsible for the loan. I know of a case where a guy cosignd for his girl friend on a new car. Guess what happend, the dumb bitch stopped making payments and dumpd the boy friend. Even worse, since the boy friend was a cosigner, He had to make payments on a car that he was not even driving! Never ever cosign! I'll say it again, F U C K credit :kaboom:

 

[CobraG]

Credit is a good thing, I don't know how long it would have taken us, we both work to save for our 05 mini van, $35,000 and for my 01 Cobra, financed $19,600.
I do agree with you, if you can, buy things with cash. Some people do not make the income to do so though. Which is where credit kicks in.
Believe me, if we made the money I would own all my stuff, but we don't and we're both E5's in the AF.
So credit can be good too

 

[quick01snake]

hey cobraracer...let me know when you have the cash to pay for a house in California in one lump payment....

 

[VirtualSVT]

hey cobraracer...let me know when you have the cash to pay for a house in California in one lump payment....

Or anywhere besides a trailer park for that F U C King matter.

Just keep riding your bike and we'll worry about the real world. MMmmkay?


Thanks scooter.

Right now we are in the day when a potential employer can/will check your credit to see what kind of a person you are. Good credit (a house/car, something where the value of the loan is a diminishing one) can make or break you.

I'm glad I listen to all the advice you give.

Matt

 

[casey99COBRA]

Definately not the best choice of car to pick up at the age of 19. I'm 21 but make a little more than most. But i only bought the car for a couple reasons, one would be i got a hell of a deal on it, and the second would be the insurance wasn't much different then lets say a piece of shit economy civic. My payments are roughly $260 a month with putting a down payment, and 150 a month for full coverage on insurance. I also want to add that i have a bad driving record lol. I get a pretty damn good deal on insurance.

 

[magRT496]

Definately not the best choice of car to pick up at the age of 19. I'm 21 but make a little more than most. But i only bought the car for a couple reasons, one would be i got a hell of a deal on it, and the second would be the insurance wasn't much different then lets say a piece of shit economy civic. My payments are roughly $260 a month with putting a down payment, and 150 a month for full coverage on insurance. I also want to add that i have a bad driving record lol. I get a pretty damn good deal on insurance.

why such a bad idea? if i can get someone to cosign and have payments at about 260 a month? seems like a hell of a deal because it already runs 12.50's and thats good enough for me so all i would have to do is maintain it, ie oil change, tires, breaks every so often. thats about all i can think of....in reality the engine only has about 80k on it, and wont need to be rebuilt until at least 150 or probably more. i really dont have that many expenses....cell phone, 50 bucks, 2 credit cards the car payment and gas. parents would probably pay the insurance if its not outrageos. unless im wrong in which case i welcome corrections.

 

[Crackerballer]

Im 20, had my 99 a year, payments are 162 a month, payed 8k down, financed 7k for 4 years, insurance is bout 100 a month for my Cobra and my ZX2 through my moms policy

 

[duane v]

I say get it...Youre much better off being in debt when youre younger, youll have the energy to get two jobs if needed to pay it off quickly....I wish I had the oppurtunity to get a nice car at 19 :rockon: ...Just do your best to be responsible with it...DA snake boy!!!

 

[cobraracer46]

hey cobraracer...let me know when you have the cash to pay for a house in California in one lump payment....

If you happen to live in an area of the USA like Iowa or some place like that, then yes, with a lot of hard work and sacrifce, buying a home in one lump sum is possible, but here in San Francisco, where the avarage selling price of a home is aproaching 700K it is impossible so I rent. Oh well, at least I don't have to worry about car payments. Hey mag RT 496, If your parents are brave enough to cosign on your behalf and you do end up getting that Cobra, You should focus on paying off the car in less than a year. Work 2 or more jobs, do what ever it takes to have it paid in full fast.
Good luck. :burnout: