Years financing a S650

[lcbrownz]

Twenty Percent Of New Car Loans Are Now For 84 Months. Nearly one in five car buyers by the end of Oct. 2022 had a seven-year loan to purchase a new car, and almost one in 10 used car buyers opted for a seven-year loan, according to Automotive News. How many of those 84-month loans are going to S650 buyers?

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[Bikeman315]

Twenty Percent Of New Car Loans Are Now For 84 Months. Nearly one in five car buyers by the end of Oct. 2022 had a seven-year loan to purchase a new car, and almost one in 10 used car buyers opted for a seven-year loan, according to Automotive News. How many of those 84-month loans are going to S650 buyers?

Well none since the S650 is not available yet. But with the S550 probably not many. The Mustang is a low volume car to start with. Then add the fact that inventories were at an all time low. I also think the majority of Mustangs sold are not for primary use. These buyers most likely do not need to pay the high interest rate that comes with a 84 month loan.

 

[lcbrownz]

Well none since the S650 is not available yet. But with the S550 probably not many. The Mustang is a low volume car to start with. Then add the fact that inventories were at an all time low. I also think the majority of Mustangs sold are not for primary use. These buyers most likely do not need to pay the high interest rate that comes with a 84 month loan.

especially not the V8 with the High-Performance package.

 

[Bikeman315]

especially not the V8 with the High-Performance package.

That’s actually a good point as far as the GT is concerned. Ecoboost’s can be leased.

 

[Mspider]

Putting aside all the numbers and logic. In my opinion it all comes down to what you are willing to sacrifice in life to drive cooler more fun cars. For me cars are passion and a real motivation. As long as you can afford the payment and still put money away it should be fine. But I assume most younger or people in general are not able to do it. Even though the average price of a new car is sale 40-50k.

I will also add this. Most of my close friends are either in their late 20s and or early 30s. Half of them are married and only one of them has a kid (born this year). Young people are not getting married, having kids, or buying home like they use to. A payment on a Mustang is a lot cheaper than raising 2 kids, just sayin.

 

[lcbrownz]

Putting aside all the numbers and logic. In my opinion it all comes down to what you are willing to sacrifice in life to drive cooler more fun cars. For me cars are passion and a real motivation. As long as you can afford the payment and still put money away it should be fine. But I assume most younger or people in general are not able to do it. Even though the average price of a new car is sale 40-50k.

I will also add this. Most of my close friends are either in their late 20s and or early 30s. Half of them are married and only one of them has a kid (born this year). Young people are not getting married, having kids, or buying home like they use to. A payment on a Mustang is a lot cheaper than raising 2 kids, just sayin.

But, every day, folks are buying $45k-$70k pickup trucks without batting an eye. So Mustangs must be for those niche folks. with deep pockets.

 

[Mspider]

But, every day, folks are buying $45k-$70k pickup trucks without batting an eye. So Mustangs must be for those niche folks. with deep pockets.

A mustang is a toy a pickup truck is a tool. You don`t need deep pockets to get a mustang but you need the correct living situation. Probably living something warmer and without kids. Its a harder car to buy for a lot of people.

 

[Murfstang]

A mustang is a toy a pickup truck is a tool. You don`t need deep pockets to get a mustang but you need the correct living situation. Probably living something warmer and without kids. Its a harder car to buy for a lot of people.

Tell that to the thousands of people in the cities and suburbs that have pickup trucks and don't use it as a tool. I used the hatch with the rear seats folded down in my Toyota Matrix to haul more than a majority of the non work vehicle pickup trucks that drive around Northern Virginia. Pickups have become a luxury vehicle and just as much a toy as a tool...

 

[shogun32]

every day, folks are buying $45k-$70k pickup trucks without batting an eye.

not when the cost to borrow is 6+ percent unless they're rolling out to 7yrs. Sure, there are people who will still buy at those terms but it's hella fewer than would buy at 2% for 5 or 6 years.

The Mustang is very impractical to own just from a seating or cargo perspective let alone the insurance rider. DINK no problem. Otherwise you have a screw loose to try to use one as family transport except in a very narrow use-case.

 

[SuperZaynn]

Me and the wife own a house and have 1 child who’s 2 years old and I can comfortably afford 1k a month on a car. As to years financed, I’d finanace for 84 months, I trade cars in every year or 2 so I NEVER pay the interest that 84 month loans come with. All I can say is stay in school kids, it pays off lol

 

[Mspider]

Tell that to the thousands of people in the cities and suburbs that have pickup trucks and don't use it as a tool. I used the hatch with the rear seats folded down in my Toyota Matrix to haul more than a majority of the non work vehicle pickup trucks that drive around Northern Virginia. Pickups have become a luxury vehicle and just as much a toy as a tool...

If you are using your car to get from A to B without any enjoyment its a tool. I am speaking more than just pickup trucks here. From a value point of view a mustang is a terrible pick for people who don`t care about performance.

 

[Murfstang]

If you are using your car to get from A to B without any enjoyment its a tool. I am speaking more than just pickup trucks here. From a value point of view a mustang is a terrible pick for people who don`t care about performance.

I'm just saying you're comment almost making an excuse for people spending 45k-70k doesn't really make sense. If you're using a pickup truck to get from point A to B it is a terrible pick for people from a value point, just as much as a Mustang would be...

 

[lcbrownz]

Me and the wife own a house and have 1 child who’s 2 years old and I can comfortably afford 1k a month on a car. As to years financed, I’d finanace for 84 months, I trade cars in every year or 2 so I NEVER pay the interest that 84 month loans come with. All I can say is stay in school kids, it pays off lol

So you are piggybacking the difference between the leftover balance of your old loan (after trade-in and down payment) to your new loan?

 

[SuperZaynn]

So you are piggybacking the difference between the leftover balance of your old loan (after trade-in and down payment) to your new loan?

Over the last 3 years since the pandemic, I have had 0 negative equity. Since 2020 I have had 4 cars, camaro, Lexus, mustang and then now I have. 2022 Lexus. I have the paperwork to prove that I’ve had 0 negative equity. Now that the market has gone down, my Lexus that I have now I’m under like 5k, but I’ve been making a principal payment of 1k extra each month along with my monthly payment, so when the s650 drops, I can come out even or have positive equity

 

[shogun32]

So you are piggybacking the difference between the leftover balance of your old loan (after trade-in and down payment) to your new loan?

anyone rolling negative equity has rocks WRT financial acumen. As they say, "if you find yourself in a hole, first stop digging"

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