What would you do?

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Originally Posted by altiain

Dude... seriously. You need to listen to what I'm about to say. Trading in the Mustang on any car is just going to put you deeper in the hole. Anything you buy is going to depreciate. If you buy something brand new, it's going to depreciate even faster than your 3-year old Mustang. Really.

Don't you get it? You're never going to catch up by buying something else. All you're doing is putting off the inevitable. Suck it up, drive the Mustang until you're right-side up, learn to live within your means (which means buying cars you can afford), and you'll be much happier in the long run.

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Yes, I get it. I'm not an idiot, just a car nut (which may be the same thing :) ). I'm well aware I'd be going deeper in the hole (that's what she said). Buying a car is a terrible way to use money period, but I look at as my hobby. But the point is that I'm paying money for a car I don't want. As someone who is obsessed with cars it is very frustrating to have a car that I do not enjoy.

I was just looking for people's opinions on what they would do. I think now I'll kick around the idea of saving up cash for a used NA as a second car for a dedicated track/good weather toy. If I can really find one that drives for $2-4k it may be the way to go. At least then I'd have one fun car. Meanwhile I'll keep making larger payments than I need to and pay off the Mustang.

Thanks again for your thoughts guys.

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Originally Posted by Titus

Double up your payments on the Mustang until it is paid off. Hell, I'd go so far as to eat nothing but Top Ramen for a year so I could triple up on my payments.

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I do not think that paying down on the car is a good idea. What you need to do is save the extra $$$ that you would be putting toward the principal. That way it is LIQUID, and you can get at that extra money if you need to. After you have saved up a large chuck of change you can then pay it off all at once. What if you lost your job? You'd you have any money to fall back on.

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Originally Posted by Ataim

I do not think that paying down on the car is a good idea. What you need to do is save the extra $$$ that you would be putting toward the principal. That way it is LIQUID, and you can get at that extra money if you need to. After you have saved up a large chuck of change you can then pay it off all at once. What if you lost your job? You'd you have any money to fall back on.

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The nest egg is nice, but it will cost him more that way, as he will be paying more in interest.

If you do pay it off early, make sure you follow the procedures your lender requires to have the extra paid towards the principal.

For BoA (Sorry Titus) it's a major pain in the ass that requires you to mail a check in. Every time we paid extra via electronic banking it was put towards the next payment.

RJ

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Originally Posted by MoonieGT

If I can really find one that drives for $2-4k it may be the way to go.

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As stated above, I have one for sale for $4K. It was my wifes daily driver until last month when we finaly bough her the new car she has been wanting for a long time. It has had all the maintenace done as well as repairs and upgrades. You just have to keep an eye on the oil and coolant levels. I am really interested in seeing this go to someone who is a gear head and can really appreciate the car.

So, yes they can be found out there.

But I do agree with the others. Pay off the car and try not to get into the same situation in the future.

Do you have GAP insurance? :D