20k Loan

AMILLIONDOLLARS

Rest assured people, he is not going to be buying the car. The APR is too high, so what car will you be buying instead? I suspect that the OP has run this by his parents and they too have said NO.

Quite frankly if I were your parent, I'd be saying, if he has this sort of money to pay out for a car, he certainly has some money to pay me some rent! The cost of gas, electricity, phone, council tax and food, sky etc have all shot up, so if you're not saving to put a roof over your own head, at least contribute to keeping the roof you've already got!! (Especially as they will have to be supporting you for another 5+ years).

A word to the not so wise make sure the seats are comfy, you may end up sleeping in it!!

AMD

crampo_2

AMILLIONDOLLARS wrote: »

Rest assured people, he is not going to be buying the car. The APR is too high, so what car will you be buying instead? I suspect that the OP has run this by his parents and they too have said NO.

You would think that, 1 Said Yes , the other said No. You can Guess which one said No.

AMILLIONDOLLARS

crampo wrote: »

You would think that, 1 Said Yes , the other said No. You can Guess which one said No.

As my mother would say "If you can't hear, you must feel" I feel sorry for the one who said No, they may well be the ones having to bale you out!!

Look forward to hearing from you in DFW in a years' time!

AMD

iolanthe07

There is a lot of sensible advice on this thread, but we all know this isn't about being sensible. The whole idea is actually barmy, and I suspect the OP knows this in his heart. You're only 20 once, though. OP has the rest of his life to worry about kids and mortgages. If you can't do something barmy when you're 20 then it is a sad world. You're a long time dead, after all, and who knows how long it will be before cars over one litre will be banned, or we all have our speed controlled by satellite? I had a ridiculously fast and stupid car when I was 20 (in 1966!!) and enjoyed every minute of it. I can see exactly where he is coming from.

Eric_Pisch

crampo wrote: »

Well during my "research" they ranged from 25-35 mpg , the last couple of places i have talked to , said that normal driving in the ones they had you can get 35 mpg. and YES I KNOW the way i probably drive it i probably will get 25mpg

If your spanking the corsa so much you can only get 35 out of it a car with a dinosaur technology engine of the size of a mustang will be lucky to give you 15mpg

make sure you get GAP insurance

packeted

I know where you're coming from because from a young age I've always liked my cars but I must say 20k at 20 on your current wage doesn't sound affordable, especially when it's 100% on a loan.

The Mustang is a great car, I hired a convertable one and drove around California for a couple of weeks. That said it does have its short comings and I wouldn't expect it to hold it's value too well, I'd imagine it would lose half of it's value in 2-3 years of ownership, that's 10k! Why not consider other second hand cars at a lower price, eg. 10k - there are a lot of possibilities at that price that may turn even more heads! If you're prepared to do a bit of research and look at a few cars you co uld get yourself a bargain and stave off depreciation. Check www.pistonheads.com.

Fuel and maintainence will cost a lot for sure. As far as I know the Mustang is only available as an LHD import so parts are bound to be expensive as will specialist servicing. Like others have mentioned factor for 20mpg average, that's about what I got when I was cruising around Cali on the freeways - only difference being gas was $2/gallon!

Not sure how you expect your income to perform over the coming years. If you're expecting a steep rise then maybe this loan *could* be more affordable but if not it will almost certainly cripple you financially for years to come.

I don't know all that much about lease plans but perhaps if you're looking for a flash motor for a few years you should consider one of these, it may be less financially crippling than taking a loan out for the full amount.

Anyway have a serious think about it. Personally if I were in your shoes I would get something cheaper, but the decision is yours!

Happytogetdebtfree

we all know that before people have the LBM they will spend and they will do as they please i havent a clue really what the big mustang is or like so i wouldnt knowit :O im more an aston martin sort of person lol

ballasunni

OP has actually made me want to buy a new car lol, I have enough savings to buy the car outright but I'm a crap driver and will be unemployed in a month so I'll wait a year or two.

In all seriousness, I think you should hold off the car for atleast 1 year... Think about whether its worth buying when your 21. That way, if you still want to buy it, atleast you will have a few grand saved up?

gavin_gil

I usually lurk on these forums but I had to post something here.

If the OP isnt a troll and they are being serious then I can't believe it but what really put the tin hat on it for me was when he worked out that a mustang will do 100 miles more on a tank than a corsa.

I gave up at that point :think:

Mischa

Sainsbury's are doing a loan (between £7,500 and £15,000) at fixed rate of7.9% APR which is pretty good, you can choose the term you wish to take the loan for as well. You need to have a nectar card but they are easy to obtain. Santander are doing £7,500 - £15,000 for 8.9% fixed APR and you can choose the term you need to pay it back. I hope this is helpful.