Financing your pony

[roadpilot]

Problem there is if and a big if you store it off season, full coverage is required all the time.

Nope.

When my sports cars are stored for the winter, I remove liability and collision, leaving only comprehensive coverage for theft, fire, and other non-collision damages. My credit unions (I belong to two) are perfectly OK with this.

The premium for comprehensive only on my 2024 DH in storage is $13.75 per month.

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[mustang mick]

A mate of mine went to use his own money on a new Toyota years ago but the interest rate was, I think it was zero, but had a few hidden caveats. Anyway he financed it thru Toyota and then invested the money on a few shares which went pretty well. Told me the opportunity cost was too great to spend his own money on the 4wd Toyota. All a punt I guess. Paid off for him.

 

[Stevefreestyle]

Outright, unless the Auto Finance Interest rate is less than the interest rate available in a reasonable Savings Account (5%+), (and I was I Finance Broker!)

 

[Stevefreestyle]

Nope.

When my sports cars are stored for the winter, I remove liability and collision, leaving only comprehensive coverage for theft, fire, and other non-collision damages. My credit unions (I belong to two) are perfectly OK with this.

The premium for comprehensive only on my 2024 DH in storage is $13.75 per month.

We don't have that weather problem in Australia - all year round Mustang GT driving pleasure

 

[MidLifeCoyote]

I financed but had enough of a down payment that the loan started at under half the purchase price and I'll have the loan finished within 2 years easy.

 

[MAT1955]

@mustang mick ..... outright.

 

[AussieBob]

I financed mine at a rate well below my mortgage and have the money sitting in an offset account against the mortgage.

 

[IFFV68]

I paid outright and agree with all of the advice here to this point, especially if low rates are available (they were near 7% when I looked - no thanks).

However you do choose to pay, make sure you join MCA or negotiate a deal below sticker you are comfortable with and exclude add-ons at the finance desk. Grainger had the best deals by far on extended warranties and I bought a 10-yr plan from them. I'm hopeful ADMs are dead as disco, but please, please don't pay any additional dealer markups - that's just nonsense in a market now flooded with these Mustangs at all trim levels.

When you join MCA, Mustang Club of America after 90 days you qualify for the X-Plan #. which can save you a bundle, also Dealer Handling was $150.00 for my purchase. and You will also receive a MCA Mustang Magazine every month.
There many ways available to get the X-Plan #.
Some Dealers may offer a better discount??
Many Won’t.

 

[S650sunshine]

Hi...just wondering how many pay for their Mustang outright or use financing to suit their cashflow needs. Cheers.

Outright. Ended up paying $71,580.00 OTD. GT Premium with upgrades.

 

[Ryunker]

I am impressed about the number of buying outright, really refreshing in my eyes.

 

[GrabThatBlue]

I might be one of the few with this opinion, but the only thing I ever financed in life is my house. I am against financing in any form and I see it as a way where the rich get richer, making and keeping the people dependent.

I'm not rich, not at all, but I just don't buy stuff I can't afford to pay with my own money.

 

[Mastermind46]

I am impressed about the number of buying outright, really refreshing in my eyes.

I am shocked by this. Maybe due to the type of car and older buyers but statistics would say the vast majority are financed.

Debt isn't always bad but can be a nightmare if you are not able to manage it correctly.

 

[HotboyyP]

I'm probably in the minority of this group but i financed. I base my spending off the 50/30/20 rule (50% bills, 30% savings, 20% fun). Everyone has reasons for different ratios. My note fits well within my 20% fun parameter (blessed with a great salary).

 

[glenng6]

Hi...just wondering how many pay for their Mustang outright or use financing to suit their cashflow needs. Cheers.

Paid Cash

 

[roadpilot]

I am impressed about the number of buying outright, really refreshing in my eyes.

Ask those who paid cash for a $65K+ vehicle how old they are. I bet the vast majority are old farts like me. Most "younger" folks don't have that kind of savings (or discretionary income and/or enough time spent saving to save that much).

According to statista.com, over 80% of all new 2024 vehicles sold in the US were financed. In 2022, it was 82.4%.

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