Xodus989
Well-Known Member
Hello everyone!
I figured that by creating this thread, I can help other young guys that really want to get a Mustang, but don't how they can.
Alright, first off, I really needed to decide what kind I want. At first I looked at 2000 GT's, then from there, I was introduced to machs! Looking at the machs, I became obsessed with them. Then I figured out, half the price, I could get a cobra, with just as much power! So then I started looking at cobras, and have decided that a 98 cobra is the latest year I can "afford". So now I know what one I want. There's a little more to this, you have to figure out why type of transmission you want. I settled on a manual because it's alot more fun
Then, figure out expenses. Find out how much a loan would cost, find out how much more you would pay in interest. And compare that to how much you would save if you bought outright with cash, and if it is a significant amount. Wait, and then buy more mods. After you figure out how much it will cost to buy, take a look at insurance. If your mom is middle aged, and has a pretty much clean record, do research for her as a primary driver if you will be adding to their own insurance. If you're going to get your own policy, obviously use your info! Take a note of how much it will be. Then figure out about how much gas you will use. Then use Fuel Economy.gov to find out what mpg the stang you want gets, and figure out how much you will be spending for fuel. Add your monthly payment (if you have one, if you pay all at once, you don't have a monthly payment!), your monthly insurance fee, and gas. And that gives a basic ball park of about how much you will be spending on the stang. Remember, don't spend 380 a month for required stuff on the stang if you only make 500/month. You will want to mod it some... Right?
Next step. Getting the money. If you don't have a job. Stop right now, and get one. Keep it for 8 months to a year before looking again. By keeping the job this long, it will prevent them from dropping you on a dime. If you really need the security, look for a union job.
With me - I'm going to be going against what I am saying, but that is because I will be taking care of my grandma as a "job", and that is a secured job until she passes, and then, I will have a large inheritance to be able to make payments until I find another job.
After you have a job, and keep it for a while, you can either decide to just save up and pay outright in cash, or get a loan. If you already have credit, go for a loan if you can get a low interest rate. But if you're like me, you're 18 and have no credit. You can try to get a loan, but it will be very challenging, and when you finally do get one, you'll have super high interest rate. Best option, is attempting to get your parents to co-sign. To do this, you have to PROVE to them that you are mature, will always keep the payments on time, and you're basically not going to screw them over.
With me - My parents originally co-signed for a car with my sister. She payed all good for a while, but then eventually skipped payments, and stopped paying. After warning her, they repo'd the car from her, making her find a way to get home from work. It wasn't that she couldn't make the payments, she wouldn't. And they were left with a 350 dollar car payment every month, and an extra car... They decided not to sell it because I was getting my license in 2 years. Not only, did my sister screw them over, she screwed me over, now it will be extremely difficult to even get my parents to think about co-signing with me.
I have been able to convince my mom. I did this by explaining to her, that my income will be coming directly from within the family, and I don't have to worry about her not paying me because I have direct access to her (my grandmas) bank account, and will be probably paying myself. And I live with them, so it's not like my sister, who live with her (real) mom (who's a drug addict). And I was not brought up like she was, I was brought up to be an honest man. That got her to say, "Well, even if I did agree, I don't think your dad would agree." So that means that if I got my dad to say okay, she would go along with it.
So tonight, I brought up the subject to my dad about getting the cobra. He didn't seem too enthusiastic about it, but he didn't say no way. All he said was, "Maybe when you get a real job (I'm not working, just going to school right now, but will be working as a care taker starting friday), you can start looking again." So what I plan on doing, is cleaning up the entire house, front yard, back yard, pool, etc. And then talking to him again after we find out exactly how much my grandma will be paying me. The reason I'm going to do all the cleaning is he says we never do anything around the house. By doing everything, I will show him that I am responsible, and will get stuff done without being asked.
Well, sorry if that was hard to read. This is obviously the first draft, and I will be updating this as time goes on... Thanks for reading!
-Xodus
For people to drunk to read:
Decide what care you want, - I want 98 cobra
Find out how much it will cost
Get job
Get Loan - Got my mom to agree to co-sign, need to work on my dad. I'm going to clean everything tomorrow to make him happy
I figured that by creating this thread, I can help other young guys that really want to get a Mustang, but don't how they can.
Alright, first off, I really needed to decide what kind I want. At first I looked at 2000 GT's, then from there, I was introduced to machs! Looking at the machs, I became obsessed with them. Then I figured out, half the price, I could get a cobra, with just as much power! So then I started looking at cobras, and have decided that a 98 cobra is the latest year I can "afford". So now I know what one I want. There's a little more to this, you have to figure out why type of transmission you want. I settled on a manual because it's alot more fun
Then, figure out expenses. Find out how much a loan would cost, find out how much more you would pay in interest. And compare that to how much you would save if you bought outright with cash, and if it is a significant amount. Wait, and then buy more mods. After you figure out how much it will cost to buy, take a look at insurance. If your mom is middle aged, and has a pretty much clean record, do research for her as a primary driver if you will be adding to their own insurance. If you're going to get your own policy, obviously use your info! Take a note of how much it will be. Then figure out about how much gas you will use. Then use Fuel Economy.gov to find out what mpg the stang you want gets, and figure out how much you will be spending for fuel. Add your monthly payment (if you have one, if you pay all at once, you don't have a monthly payment!), your monthly insurance fee, and gas. And that gives a basic ball park of about how much you will be spending on the stang. Remember, don't spend 380 a month for required stuff on the stang if you only make 500/month. You will want to mod it some... Right?
Next step. Getting the money. If you don't have a job. Stop right now, and get one. Keep it for 8 months to a year before looking again. By keeping the job this long, it will prevent them from dropping you on a dime. If you really need the security, look for a union job.
With me - I'm going to be going against what I am saying, but that is because I will be taking care of my grandma as a "job", and that is a secured job until she passes, and then, I will have a large inheritance to be able to make payments until I find another job.
After you have a job, and keep it for a while, you can either decide to just save up and pay outright in cash, or get a loan. If you already have credit, go for a loan if you can get a low interest rate. But if you're like me, you're 18 and have no credit. You can try to get a loan, but it will be very challenging, and when you finally do get one, you'll have super high interest rate. Best option, is attempting to get your parents to co-sign. To do this, you have to PROVE to them that you are mature, will always keep the payments on time, and you're basically not going to screw them over.
With me - My parents originally co-signed for a car with my sister. She payed all good for a while, but then eventually skipped payments, and stopped paying. After warning her, they repo'd the car from her, making her find a way to get home from work. It wasn't that she couldn't make the payments, she wouldn't. And they were left with a 350 dollar car payment every month, and an extra car... They decided not to sell it because I was getting my license in 2 years. Not only, did my sister screw them over, she screwed me over, now it will be extremely difficult to even get my parents to think about co-signing with me.
I have been able to convince my mom. I did this by explaining to her, that my income will be coming directly from within the family, and I don't have to worry about her not paying me because I have direct access to her (my grandmas) bank account, and will be probably paying myself. And I live with them, so it's not like my sister, who live with her (real) mom (who's a drug addict). And I was not brought up like she was, I was brought up to be an honest man. That got her to say, "Well, even if I did agree, I don't think your dad would agree." So that means that if I got my dad to say okay, she would go along with it.
So tonight, I brought up the subject to my dad about getting the cobra. He didn't seem too enthusiastic about it, but he didn't say no way. All he said was, "Maybe when you get a real job (I'm not working, just going to school right now, but will be working as a care taker starting friday), you can start looking again." So what I plan on doing, is cleaning up the entire house, front yard, back yard, pool, etc. And then talking to him again after we find out exactly how much my grandma will be paying me. The reason I'm going to do all the cleaning is he says we never do anything around the house. By doing everything, I will show him that I am responsible, and will get stuff done without being asked.
Well, sorry if that was hard to read. This is obviously the first draft, and I will be updating this as time goes on... Thanks for reading!
-Xodus
For people to drunk to read:
Decide what care you want, - I want 98 cobra
Find out how much it will cost
Get job
Get Loan - Got my mom to agree to co-sign, need to work on my dad. I'm going to clean everything tomorrow to make him happy
This is what happens when you don't work, but know you will be working pretty soon...
