What would you guys do?

So I'm considering ditching the '13 GT Mustang as my DD and getting something a bit more reasonable as far as payment and maintenance ($150 oil changes if you do it yourself).

It seems a dumb that my car payment ($600) is almost as much as my house ($775 although the wife and I split the house payment). I can still easily afford the car and even still put ~30% into savings/retirement each month.

We have decided against buying a larger house, and are just going to refinance and pay this one off more quickly. I figure we can pay it off in 8-9 years from now (I'm 31).

I've got the Miata track rat for a fun toy, so I'm feeling a bit guilty about being able to have both.

If I were to ditch the Mustang, I'd be looking at something still fun, but used and more $15k vs the $30k for the Mustang. This would allow me another $300 month to save, invest, take 3 vacations a year instead of 2, more track days/mods for the track car, etc.

I may be going a bit overboard on saving, but I also don't want to be working at 70, 65, or even 60.

Suggestions?

a.) I don't think you can go overboard on saving, unless you end up one of those weirdos who dies with no family and they find a million dollars cash stuffed into your mattress.

b.) Why do you feel guilty? It it strictly self-imposed? If so, lighten up a bit and make sure the decision is rational, not emotional. If the guilt is being pushed upon you, well I'll let you figure that one out...

c.) In the grand scheme of things, $300/mo. car payment isn't horrible(we were paying that much for SWMBO's Fit) - especially if you plan to keep it for a while...which brings up the next question: how much of a loss will you take by selling/trading it now?

I probably wouldn't have bought the mustang in the first place, but that there is water under the bridge. Find a comfortable place for yourself financially and life is easier. You don't pay the bank interest, instead investments pay you. When the AC on your house goes out you swear and pay the bill, but you don't worry about it. When you wife wants to fly to a friends wedding you just shrug your shoulders and make her happy. If the mustang is keeping you from living how you want to then pitch it down the road. However, if selling it changes nothing except making you sad that you don't have a mustang, then keep it and smile.

^This.

a. Good point. It's mainly so I can still save the amount I do now, but have a bit more in the fun budget.

b. It's self-imposed. It just feels a bit excessive and honestly, I want to beat the sh!t out of the car every time I drive it and I feel I will eventually end up with a ticket.

c. Yeah, IF I ditched it it would be to find something to keep long term. Not sure how much I'd lose. It seems a bit difficult to get pricing on the car on the NADA/KBB because it is so new.

how does a DIY oil change cost $150?

and why do you feel "guilty" for responsibly spending your money on something that makes you happy and doesn't put you in the poorhouse?

here's what i'd do... i'd get rid of the car, buy a couple of $1000 beaters for daily drivers (you want 2 because you will need something to drive when one of them breaks. this way, you always have a functional driver) and use the extra money that you aren't spending on the Mustang to get the mortgage paid down and off your back...

novaderrik wrote: how does a DIY oil change cost $150?

Because it takes 9 quarts of Ford Motorcraft 5w-50.

z31maniac wrote:

novaderrik wrote: how does a DIY oil change cost $150?

Because it takes 9 quarts of Ford Motorcraft 5w-50.

Damn... and I thought $60-ish to change the oil in the TDI was bad...

As far as your original question... I'm not sure... fear of what you're going through right now has kept me driving my tired 300K+ VW... although I've been doing more toy car buying than saving..

5w50? That's some weird oil. Or "oil".

There's a few Genesis Coupe's in my general area for about $18k. Infiniti G35's with about 50-60k miles for $15k. Just as data points.

I would keep the car for another year, you are going to take a big hit otherwise on the resale. Whats the interest rate on that note?

J

If you are looking for something fun, cheaper and a bit more pratical, especially if you have a Miata already, consider an older import pickup. Tacoma's hold their value better than they should, but are still decent trucks. I have towed a Miata and dirtbike with one withe the bed full of race gear and three peaple in the extended cab, got decent mileage and was comfortable. There is also Frontiers, Rangers, heck, we're both in Oklahoma, an old rust free Dodge/Mistubishi D-50 is sub 1500, stupidly simply trucks that will take a beating. Get one with a 5 speed and it has an entire Lotus feel in the sense that 50 MPH feels like 80. You have fun without breaking the law.

But given what we pay for gas, a full size truck ain;t that bad eiter and craigslist abounds with sub $2K ones to the piont they are freaking disposable.

As a homeowner, having a trcuk really opens up your possibilites for home improvement. On 2 seperate homes, I have gotten free fill dirt for landscaping, just becuase I had a truck and could haul it away. Peaple give away trees, shrubs all kinds of things and the first guy with a truck gets it.In Colorado I actually got half of a deck becuase I had a truck to haul it away.

Dont get me started on motorcycles, estate auctions and of course, all kinds of bad car ideas...

Turning the car over is likely going to cost you. If you enjoy the car, keep it. Buying used may save money up front, but if the car lacks a warranty, it could easily cost as much going forward as the new Mustang.

How's your credit? Can you re-finance at a lower rate or shorter term and save some money there?

What would life be without guilty pleasures? Keep the 'Stang!

How in the hell are your oil changes $150?!

EDIT: Just read the above. Someone's jacking you for the price of your oil my friend. Where do you live?

Wait, do you have a GT or GT500? The GT500 is the only one that calls for 8.5 qts of 5w50. The GT calls for 8 qts of 5w20.

The Track Pack cars use the BOSS 302 oil cooler/radiator and call for the 5w-50.

So, sorry it's only $120 if use the regular Ford filer and not the Ford Motorsports filter.

http://www.latemodelrestoration.com/item/LRS-6731J/2012-Mustang-Oil-Change-Kit-Boss-302

The track pack cars also have the 3.73/Torsen diff, + the Brembo package.

In reply to z31maniac:

I KNOW that the ONLY rational choice is to get rid of your Mustang. As a matter of fact you should trade it straight up for a 2005 Saab 92x to a guy down in Fort Worth

Yup, that is exactly what you should do. I'll just be here waiting patiently for you to come to your senses, get rid of that Mustang, and realize how much you need a badge engineered Subaru wagon in your life...

Here's a thought. $15K will get you a really clean 05-09 GT Mustang. Or a 03-04 Mach 1. Maybe even an 03-04 Cobra. Certainly an 04-06 GTO. You can have your cake and eat it, too.

Have you driven a Coyote car? There is no way I could go back to a 3V Mustang.

I lived through the era when a quart of Penzoil 10W40 was $0.98.

I honestly couldn't recommend an SN95 to anyone that doesn't want a project; after owning one, even if it was low miles and didn't need any work to get the check engine light to stay off, the rear suspension is garbage and the front is a bump steering joke from the factory. They can be improved, I think they can be great cars (probably), but coming out of a brand new GT? Pfft.

Does 15K include the amount you will loose getting rid of the Mustang. I would figure you will take a ~4-6K bath so realize that your 15K vehicle is really closer to a 20K vehicle including the loss on trade. That said I definately understand your situation. It's one I've put myself in before and probably will in the future. Going from not having the Wizbang vehicle to having it it seems like such a good idea and you say to yourself Oh well it's only $X00 per month that's worth it. Then 6-8 months in you start going.. Is it really worth it..

i doubt OP will go to a frontier or the like as I'm pretty sure that's what he had before this.

nocones wrote: Does 15K include the amount you will loose getting rid of the Mustang. I would figure you will take a ~4-6K bath so realize that your 15K vehicle is really closer to a 20K vehicle including the loss on trade. That said I definately understand your situation. It's one I've put myself in before and probably will in the future. Going from not having the Wizbang vehicle to having it it seems like such a good idea and you say to yourself Oh well it's only $X00 per month that's worth it. Then 6-8 months in you start going.. Is it really worth it.. i doubt OP will go to a frontier or the like as I'm pretty sure that's what he had before this.

Yeah, if the trade difference is that much, I wouldn't do it. But you basically nailed the exact situation. Paying for it not an issue, but now I'm having some buyer's remorse over it.

I'll probably go around this weekend, test drive a few NC's and see what I could get in trade. I'd be OK with a small loss (the payment/gas difference would make that up in a couple of months), but not a big one.

If it turns out it won't work now, I'll likely just start throwing even more extra at the payments and see where I am in another 6-8 months.

Yes, I had a Frontier before this. We ditched it because we didn't really ever use it. And I was too big a Bob Costas to follow my buddies into the woods with it.