Years financing a S650

[93-Oct Mayne]

OP... I'm expecting a lightly optioned GT to come in at the high 30s... say 38.5k



Like said, we'll know when the banks open.

unfortunately I think you're underestimating. The 2022 Mustang GT current starts at $38K

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[young at heart]

OP... I'm expecting a lightly optioned GT to come in at the high 30s... say 38.5k



Like said, we'll know when the banks open.

Huh? You know what they say about holding out both hands then expecting in one and…

I recently bought a base 2022 301a GT with only two options: BAP and AE. It sailed right past 44K.

 

[Q6543]

Wow... I turned down brand new 22s @36kish to hold out and order a 2024.

Well compare notes when I put my order in I guess.

 

[lcbrownz]

Start by punching in some numbers.
auto-loan-calculator
So with a monthly payment of $687.00 your monthly take home pay should be no less than $5500 a month (approx 15%). So if you are taking home $66,000 a year then you can possible afford to buy a $45,000 car. Just realize there are many variables to this but at least it's an idea.


Absolutely. I would recommend an extended Ford warranty (ESP) if you are not a risk taker.

Most 1st-time Ford Mustang buyers don't make $60K a year.

 

[Bikeman315]

OP... I'm expecting a lightly optioned GT to come in at the high 30s... say 38.5k



Like said, we'll know when the banks open.

Just FYI. a 2023 bone stock M6 base GT is $39,740 with destination.

Here’s the lowest priced one on Cars.com right now.
https://www.cars.com/vehicledetail/c86840b3-a1f1-4e6c-a829-26ae84d03945/
https://www.fordofwesleychapel.com/...cguid=SH-56d38abe-d56c-74e8-cc2e-e59927cee820

 

[Bikeman315]

Most 1st-time Ford Mustang buyers don't make $60K a year.

Well then I guess they can’t afford one.

 

[BoostRabbitGT]

(sigh) If only we could all afford or finance the car of our dreams without worrying about debt or the like...myself especially included.

 

[Q6543]

 

[Q6543]

There are 2 brand new auto cars... manuals would have been like 1600 less.
They've been sitting for a month now still.

 

[Bikeman315]

There are 2 brand new auto cars... manuals would have been like 1600 less.
They've been sitting for a month now.

And they are already a one year old car. Depreciation is a bummer. But I understand your point. There are always deals to be had if you’re willing to put in the legwork. That said do not expect deals on the S650 when they first arrive.

 

[lcbrownz]

Well then I guess they can’t afford one.

That was my whole point. Most young 1st-time Mustang buyers will have to spread their financing over 84 months just to drive the car off the lot.

 

[OppoLock]

That was my whole point. Most young 1st-time Mustang buyers will have to spread their cheeks over 84 months just to drive the car off the lot.

ftfy

 

[Bikeman315]

That was my whole point. Most young 1st-time Mustang buyers will have to spread their financing over 84 months just to drive the car off the lot.

I get it. But I do not think they’re a lot of young first time buyers really looking at Mustang’s especially the GT. And if they are and need an 84 month loan they are financially stupid.

 

[lcbrownz]

I get it. But I do not think they’re a lot of young first time buyers really looking at Mustang’s especially the GT. And if they are and need an 84 month loan they are financially stupid.

Everyday I see young military folks driving New Mustangs around my town. All with a heavy foot. The local car dealership can't keep them in stock.

 

[NegativeMultiplier]

Since a new S650 GT is going to sell north of $45K, how many years will it take for a new (new before) Mustang buyer to afford to finance this car and will the car hold up that long?

Personally, my plan is to go through a bank of my choice (Multiple personal reasons why) unless Ford offers 0 APR on the DH, which realistically isn't going to happen.

From what I've heard from dealers I've inquired through, order books won't open until mid-2023, so reasonably that gives me a delivery timeframe of around Q4 2023/Q1 2024. I'm planning to save at least a quarter if not 1/3 the price of the car to put down, and then finance it for an absolute maximum of 60 months.

Assuming a DH tops out at 75k with all options, after taxes, and profit rate to my bank, that's $927/month for 5 years, or $1160 for 4. For me, this is right at the budget I'm expecting. If it cost any more I'll reconsider some options or just jump down to a GT PP Premium.

TLDR: It comes down to what you make, how large of a down payment you're willing to make, and how long you're willing to pay for the car. Don't forget to take into account your bank's APR (obviously go for the lowest possible rate) and local tax rate when calculating the cost.

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