New car? Good Mustang Deal?
Discussion
I’ve never owned a new car so, I’m open to opinions and different points view to help me decide.
All but few new cars nowadays are too boring and efficient. There is one though that caught my attention and that is the new Mustang, specifically the one I’ve got my eye on: Mustang Bullitt. It’s a new 2020 model and will be on a new 70 plate and the deal is £5,000 down, 0% APR (which is the main attraction), haggled down to £490 per month over 38 months and balloon payment of £24,689 if I keep it. So just over £48k in total. I do think the dealer would go down to £450 per month. All in all, a good car as well. I just can’t help feeling uneasy about taking on so much debt though. I usually buy my cars .... but lately have not enjoyed seeing them depreciate and tend to end up selling to cut my losses. So was thinking this may eliminate that? But then would be taking on substantial debt. I often go between ‘life is too short, enjoy it’ and ‘save what I can for a rainy day’.
I could comfortably ‘afford’ the payment and have more than enough left over each month and already have an emergency fund stashed away and no other debt (minus mortgage) but monthly outgoings are very good indeed.
Other option was to buy something already bottomed out like an S2000, older GT86 or Type R and just keep that till it blows up.
I also considered taking a bank loan and part cash to buy something newer ... but then would worry about depreciation and owning something losing me so much money.
I love the idea of owning a new car from day one, and can always get out the deal a couple years in if need be.
Thoughts?
All but few new cars nowadays are too boring and efficient. There is one though that caught my attention and that is the new Mustang, specifically the one I’ve got my eye on: Mustang Bullitt. It’s a new 2020 model and will be on a new 70 plate and the deal is £5,000 down, 0% APR (which is the main attraction), haggled down to £490 per month over 38 months and balloon payment of £24,689 if I keep it. So just over £48k in total. I do think the dealer would go down to £450 per month. All in all, a good car as well. I just can’t help feeling uneasy about taking on so much debt though. I usually buy my cars .... but lately have not enjoyed seeing them depreciate and tend to end up selling to cut my losses. So was thinking this may eliminate that? But then would be taking on substantial debt. I often go between ‘life is too short, enjoy it’ and ‘save what I can for a rainy day’.
I could comfortably ‘afford’ the payment and have more than enough left over each month and already have an emergency fund stashed away and no other debt (minus mortgage) but monthly outgoings are very good indeed.
Other option was to buy something already bottomed out like an S2000, older GT86 or Type R and just keep that till it blows up.
I also considered taking a bank loan and part cash to buy something newer ... but then would worry about depreciation and owning something losing me so much money.
I love the idea of owning a new car from day one, and can always get out the deal a couple years in if need be.
Thoughts?
If you run it for 3 years and then hand it back, it will have cost you £7.5k a year - that's a lot of "depreciation".
I'm sure you could buy something decent secondhand for the £22.5k, run it for 3 years, and get some money back at the end.
I guess it might make sense if you really want a brand new Mustang though, and can pay the balloon payment at the end.
I'm sure you could buy something decent secondhand for the £22.5k, run it for 3 years, and get some money back at the end.
I guess it might make sense if you really want a brand new Mustang though, and can pay the balloon payment at the end.
Mustang Bullitt with £5,000 down and 0%
Working out at £48,000 total.
I think I'd go for that if I was after one.
18 month old ones are selling for £40,000 ish? But wouldn't be 0% I guess?
It's nice buying a new car knowing you're the first owner, and I'm happy to pay a bit of a premium for that.
I'm also in the camp of "you only live once"
Treat yourself, and show us lots of pics when you've got it.
Working out at £48,000 total.
I think I'd go for that if I was after one.
18 month old ones are selling for £40,000 ish? But wouldn't be 0% I guess?
It's nice buying a new car knowing you're the first owner, and I'm happy to pay a bit of a premium for that.
I'm also in the camp of "you only live once"
Treat yourself, and show us lots of pics when you've got it.
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
N111BJG said:
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
Never thought about it like this, I like it :-) However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
Trevor555 said:
Mustang Bullitt with £5,000 down and 0%
Working out at £48,000 total.
I think I'd go for that if I was after one.
18 month old ones are selling for £40,000 ish? But wouldn't be 0% I guess?
It's nice buying a new car knowing you're the first owner, and I'm happy to pay a bit of a premium for that.
I'm also in the camp of "you only live once"
Treat yourself, and show us lots of pics when you've got it.
Yeh it’s a decent deal and he may be able to knock a couple more thousand off. I am very tempted as it’s such a different car to the usual ones I’ve owned. Working out at £48,000 total.
I think I'd go for that if I was after one.
18 month old ones are selling for £40,000 ish? But wouldn't be 0% I guess?
It's nice buying a new car knowing you're the first owner, and I'm happy to pay a bit of a premium for that.
I'm also in the camp of "you only live once"
Treat yourself, and show us lots of pics when you've got it.
Trevor555 said:
I'd also hazzard a guess that'll it'll be worth a fair bit more than £24,669 in 38 months.
I don't think you'll be able to buy a mustang like car then, most will be part electric? Or even simply discontinued?
Was thinking this too, seems fairly conservative as 3 year old GT models are still around £28k at least I don't think you'll be able to buy a mustang like car then, most will be part electric? Or even simply discontinued?
As a comparator I've been offered an Alpine Legende (cap ex 54k) for £16,600 over 24 mths or £21,700 over 36mths. This looks like a similar outlay to the Mustang but a very different car. APR 4.9% so not as good as the Ford but residuals a little better (I think).
I originally intended to order a factory car and pay cash but might go PCP on the stock car. I'm guessing used values might be very different in a couple of years than now so may be handing it back with mega negative equity - this way the finance company has to take the hit rather than me. If it's a lot less than the RV and they remarket it I could even buy it back outside of the PCP at a lower price..
I originally intended to order a factory car and pay cash but might go PCP on the stock car. I'm guessing used values might be very different in a couple of years than now so may be handing it back with mega negative equity - this way the finance company has to take the hit rather than me. If it's a lot less than the RV and they remarket it I could even buy it back outside of the PCP at a lower price..
N111BJG said:
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
That is a great way of putting things and one I completely agree withHowever, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
N111BJG said:
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
Very sound advice. However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
The older I've got the more I am inclined to just get what I want if I can afford it - we're only here once!
Mr Tidy said:
N111BJG said:
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
Very sound advice. However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
The older I've got the more I am inclined to just get what I want if I can afford it - we're only here once!
JB33 said:
N111BJG said:
Years from now, in the hypothetical nursing home the bloke next to you starts talking about the great times he had in the new mustang he had in 2020, he can remember where he drove it, who he was with.
However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
Never thought about it like this, I like it :-) However, despite having all his marbles he has forgotten precisely how much it cost, because it turns out that wasn’t very important.
Do you want to be him with those tales to tell or have a few more quid in the bank.
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