Quote:
Originally Posted by BigRocsFirebird
yes i know lol oh well this will be the last car for a long time
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Then why bother asking us for advice? You're gonna do what you want anyway.
Seriously, I'm in the same boat as Jeff - been driving for 20 years, and have owned probably 15 cars, and only one of them was brand new off the lot (and it's loooooooooong gone already). Cars are a money pit!!! If you buy a slightly used 2011 with the 5.0 it'll be much cheaper on you, and in this economy, that's a good thing. Buying a brand-new car for 53K is a waste of money, plain and simple. The car will be worth 40K next year, and in the 30's the year after that. You're gonna lose a TON of $$ when ever you decide to sell. Losing $$ is bad - your Foxbody is evidence of that. You're into it for 20K already and it's still not done? And when it's time to sell that one, you'll never recoup the $$ invested on that one either. I lost a few grand on my Monte when I sold it, but I was only into it for less than $15K over the course of 15 years.
**Edit: If you keep the new Stang for 5 years, it'll be worth half of what you paid for it, especially since it'll be daily driven and not as pristine as a low-mileage garage ornament. Your Fox will be worth ~maybe~ 15K (to the right buyer) after it's done. If you've invested $80K into these cars and can only get 40K back at the end, it's a huge waste of $$ - 40K is a lot that you could have invested in a house.**
I'll give ya another example - I bought a used '06 Infiniti G35x back in February. I sold my daily-driver Jeep and the Monte - could have paid the car off in one shot, but it would have left me with little leftover in the bank. And, as a homeowner and father, I decided to keep $$ in the bank in case of an emergency. So, I financed part of it and will have small payments for the next few years, and if I have a major financial windfall (doubtful in this economy!) I'll pay it off sooner.
My point, after this long-winded rant, is that you should maybe listen to us older guys that have already pissed away thousands of $$ on cars to never have it return, and learn from our mistakes.
If I had all the $$ I dumped into cars and car payments over the years saved up I could have had another 5-10 years of my mortgage paid off.