BoostRabbitGT
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... I'll fix this later.
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I'm assuming he doesn't have much of a commute or maybe he has an additional car for beater/daily purposes.For your first solo trip go east way up north and dip into Canada. Then swing south thru the Adirondack straight to ourisman in Manassas and buy your GT.
Your credit doesn't care unless you're carrying multiple loans outstanding like I am. (Mach1, scat pack) And even then Ford credit will write you a deal if you can fog a mirror
Your trade value doesn't matter if it's paid off or not.
I'm still trying to wrap my head around you live in God's country and you only do 2k a year? I do that in a month. And I'm spread across 3 cars.
Don't take this the wrong way, I am crazy about cars too.I may not drive much, but I do enjoy driving. Admittedly my desire for trading in the EcoBoost for a GT isn't the most reasonable or practical, I get that. But at the same time, what if I don't get the opportunity to own a GT in my 40s, 50s 60s?
I'm over 50 and never owned a home. Yeah I have pissed away 30 odd years of equity by paying someone else's mortgage for them. Don't care.What if you don't get the opportunity to buy a home till your 40's or 50's?
Keeping your "credit utilization" low is one of the biggest components of credit. You say you pay in full every month - that's great! Many people can't do that, and while you will have your purchases approved up to 100% of your limit, it's not without consequence.If I get the GT I wouldn't be considering buying my own place until at least after I pay the GT off.
Why would two hard inquiries take less of a hit on my credit than using 30%+ of my credit? (I thought as long as I pay off my credit in full on time that I could use any % up to the credit limit. Granted I've never done so but I'm curious why this is the case.)
Selling privately...what is the general process of doing that like?
@Rocket Man , thanks for your advice. I get where you're coming from, and rest assured that if I do go through with getting a GT next year or the year after that it's not being done as a "midlife crisis" or impulse buy sort of thing. I don't take what I'm considering lightly. As it is though currently, I get along with my parents just fine, I'm single and not currently looking to be in a serious relationship any time soon (although I'm open to dating if those opportunities come my way and I choose to take them), and I am saving up for the future through the conventional methods offered by my work. I'm a very conservative spender and rarely make expensive purchases (if I do, I typically save them for the end of the year), and to that end I save more than I spend. I'll leave it at that for now so I don't attract more if any unsavory types my way.
Financing rates, credit scores and loan characteristics are highly-personalized. But I can think of a few topics you should be aware of:If I pay off my EcoBoost in full, then proceed to order and finance a GT, would my credit drop considerably more than if I choose to order/finance a GT and sell/trade in my EcoBoost while I'm still paying off on said EcoBoost?
Another question I have in relation to this is, how is credit affected if you finance a new GT, but then a few years later you see a new GT that you really want to get and decide to trade in your current one and finance the new one?
Would you be financing two cars then instead of one if the dealership takes back the older one?
It's great you need to live within your means. The ability to consistently do so is significant. But the quote above counters with the idea of buying a GT, and admittedly getting that initial rush, then potentially buying yet another one, the one you want.I'm a very conservative spender and rarely make expensive purchases