What do you guys think?

[drak24]

So I currently drive a 2015 Mustang V6, coming from a 2011 Jaguar XF. Mainly switched because I wanted something better looking on the eyes, more aggressive or at least stand out. Love that about the Mustang, it's always turning heads and to this day I still get compliments, bought it brand new in August last year. Now the reason why I'm looking to switch, being my first coupe it's cool but I do run into times were I need more space and also being the base version, there's a lot of tech that's missing. Albeit, it drives phenomenal to me, the speed is great, and it's definitely a looker.

My thoughts were on the new Maxima, the Q50 (was also a thought before I got the Mustang), or the Genesis. I test drove all 3, liked the agility and feel of the Maxima a lot, the Q50 was ok, idk why but I felt like I enjoyed being in the Maxima more, despite it being a lower class car. But they both became after thoughts after driving the Genesis, has more bang for the buck and great speed in the sense that it didn't feel sluggish at all, it sure does move.

Now the hard part of this all. The Mustang, although looks spotless after the repair, was in 2 accidents. 1 where a driver tried to merge into my lane but didn't look where they were turning and turned right into the driver's side of my car despite me blowing my horn; fender, door, and quarter panel was damaged but repaired. 2nd was when a car in front of me was cut off just after the light turned green and I ended up rear ending him, damage was minimal, repaired. I'm sure both will bring down the trade in value of the car. But I'm hopeful I can still maintain the KBB value of around 18-19k for it, or if possible sell it for more. It has 6,800 miles on it, everything still very clean.

I see new/barely used 15' Genesis' going for around $32-34k. I was approved for a $32k loan but they said they could probably increase it another 3k or so if needed by having the dealer call and give them details about the car. That being said, I owe $31k on the Mustang. I planned on putting $4k down with the purchase. So my hope is that I can get the Genesis for $29k or lower, trade in the mustang, and have the loan cover the new purchase and the carryover. How likely do you think this would be in terms of making the deal a reality?

 

[Mark_888]

You "hope" to get $18K-$19K for the 2015 Mustang, but you owe $31K on it?

I would recommend you do some long term financial planning and figure out how to get your automobile expenses in line with reality.

 

[drak24]

You "hope" to get $18K-$19K for the 2015 Mustang, but you owe $31K on it?

I would recommend you do some long term financial planning and figure out how to get your automobile expenses in line with reality.

I'm sure the way that everyone does things doesn't suit everyone's thought process, but the way that I work is if I want something I try to make it happen. Now as far as the loan terms are concerned, I'd have a lower monthly payment. And I don't mind monthly payments as long as they're in a range that I'm comfortable paying, which it would be. Some people would be up in arms about overpaying for a vehicle, I not so much as long as I have what I want. I plan on keeping the car for a very long time, like I did my Chrysler 300, which spent 10 years with me.

But I do welcome your criticism, that's fine. Many might consider what I do dumb, but I do what makes me happy in life despite the views of others and the Genesis is the car that I want to have and will have.

 

[GenesisAWD]

I'm just confused how you owe $31K on a base V6 Mustang. Those are like $25K brand new.

 

[Huddleston]

It's called negative equity. He probably rolled previous inequity into it or financed at a higher interest rate with a longer term and little or no money down. Very common these days. Certainly not advisable, but all too common.

 

[drak24]

It's called negative equity. He probably rolled previous inequity into it or financed at a higher interest rate with a longer term and little or no money down. Very common these days. Certainly not advisable, but all too common.

Correct, it's the rollover pretty much from the Jaguar XF that I had. My main basis for this thread was I guess to gauge how low I could get a used Genesis for with the trade in. I see them for around $28-32k. I have about $6k to put down, add that to the maybe 16k for my trade in, puts me at 22k. I'd be short about $5-8k depending on how low I could talk them down on price so it looks like I'll be saving for a bit longer.

Funny thing is I could get a 2014 Q50 Premium with what I have, but after reading so many negative reviews from owners of the 2014 model I'm less inclined to. Plus like I said, after test driving the Genesis, the Q50 was the last thing on my mind. I'm not a fan of the BMW, Audi, MB trio. All too common, and outside of the BMW I'm not a fan of the interiors. The Genesis just seems like the answer even though I may be a bit short in terms of funds for purchase.

 

[homeofstone]

To the OP. Drive the mustang for at least 4 more years and also pay the car off in the next two. Save money for the next two years after the loan is paid off then pay 30% down payment on a two year old car. This is only my opinion but I never would want to be upside down on any kind of secured loan. Its best o pay 50% down and pay off cars in 4 years or less or pay cash. Good luck with "your" plan.

 

[drak24]

To the OP. Drive the mustang for at least 4 more years and also pay the car off in the next two. Save money for the next two years after the loan is paid off then pay 30% down payment on a two year old car. This is only my opinion but I never would want to be upside down on any kind of secured loan. Its best o pay 50% down and pay off cars in 4 years or less or pay cash. Good luck with "your" plan.

Let me explain why I kinda wanna move on from the car. My first car was a 2005 Chrysler 300, great car, no problems, had it for 10 years and only traded it in because the interior was very outdated compared to what was available at the time. Always liked the Jaguar XF, so I got that, great speed and drive, but the exterior lost it's cool factor to me and became very boring. Didn't help that people somehow mistook me for a cab on numerous occasions and my friend after getting in the car thought it was a nissan. Great car but I guess I felt it was for the older crowd. I'm in my 20s, I wanted something that stood out, aggressive, and that's how I got the Mustang. My issue with the Mustang is that as I've acquired more equipment (Outside of being a teacher, I'm a videographer), the Mustang's available space is becoming too small, especially when I have to travel to shoots with a lot of equipment. I love the compliments I get on the car and I still love how it looks, but business wise, it's becoming less practical. I need a larger vehicle.

But that aside, if this were the case of me still having the Jaguar XF, I definitely would take your advice and sit with it and save.

 

[SuperKing]

I'd just keep driving the Mustang or sell it and buy something of the same value with a bigger trunk.

After being in big debt in my 20's, I would never ever buy anything I couldn't purchase outright. Even then, I took the long term finance option with the lowest monthly payment. The money I would've used is diversely invested and the monthly dividend is enough for the monthly car payment. I still have my money and I now also have a 5.0L.