Just writing out thoughts -car related-

tara g

TCS Member
Thread starter
Top Cat
Joined
Jul 16, 2007
Messages
5,678
Purraise
96
Location
On the farm
We are totally loving the new car. So much so, that hubby wants to go to the dealer and order a SECOND 2011 Mustang V6, which would be "Job 2", and available with a performance package. He wants to get black on black. I would love having a second one around as well, since it means I would be able to keep driving the current one everyday (been driving it daily to work the last 2 weeks, even though we said once it reached it's 1k mile break in [last Thurs] that we would only weekend drive it for the most part).

The predicament is that we would have to sell some other vehicles and parts to do it. Hubby has a 1986 Monte Carlo SS. In April 2005, the engine in it gave up on his way to work. It's been sitting ever since, with various plans for fixing it. The current plan is to put a drive train we bought for my 84 Camaro into it. Two weeks ago he was so into that idea he took the drive train out of my Camaro, and has spent close to $1k in swap parts fort the Monte so it will work. He says if we buy the 2nd Mustang though, he will have to sell the Monte. I think he will regret it, because it was his first car, and because not many people out there have nice Monte Carlo SS's anymore. He thinks he can get $2000 just for the shell of the car with some interior. It needs some sanding and paint work (and we found out a local prison offers paint/body classes to inmates, they will do body work & paint your car for the price of supplies). I'm attached to the Monte, has some sentimental value with me, so I don't want to see it go. I get attached to cars though


We would also have to sell our '92 Integra, which has been an awesome car to us for the last 3.5 years (and would also be hard to give up!). We've driven it 100k miles since January 2007. We've abused it so much and it's kept right on going. Originally hubby was going to wait until 300k miles on it (at 267k now) and give it to his brother to drive until it gives up. He thinks he can get $1k out of that car (high miles and he kicked the crap out of it one night so its got dents). Plus $3k for the drive train he took out of my Camaro.

Basically if he got all that, we'd have another $10k cash to put down on the 2nd Mustang, like we did with the first. But that would also be ~$460 in car payments every month. Hate to know what insurance would be, since it doubled with the addition of the 1 new car. I think I may try and convince him to sell the boat in place of the Monte (he wants $2500 for our boat), and not to forget the Trans Am we have for sale as well. I know my dad would take time to work on the SS, he's retired, and likes to tinker with cars for fun.

I felt bad because he said he's jealous seeing me drive the new Mustang everyday. I had no idea, HE'S the one who kept getting in the Integra or truck to go to work, and has been waving me towards the Mustang in the morning
I told him he's free to drive it during the week too if he wants! He thinks for now he may want to wait until the Integra reaches 300k before looking into another new Mustang, which'll be another year or so, because we'll also have made adjustments to the cable bill (removing phone, we havent used in a year+), have more money saved up, and more time to think about it. We figure the current Mustang will be paid off in ~2 years instead of the 5 the loan is for. Wish I didn't get so attached to cars
 

catmom2wires

TCS Member
Top Cat
Joined
Nov 10, 2008
Messages
1,429
Purraise
212
Location
Texas
Wow, I'm glad my biggest money decision lately has been "Haagen Dazs or Ben and Jerry's."
IMO (which isn't worth much,) I'd say only do this if you all can pay cash for the second one. Also, if the total value of your vehicles that you have payments on is more than 50% of your annual income, you are already potentially in way over your heads as the value of cars does nothing but go down, down, DOWN!

I am not a "car person" and so I don't understand your passions, but I do understand the value of not getting in over your heads with money. It's a slippery slope and not easy to recover from if it happens.

Good luck!
 
  • Thread Starter Thread Starter
  • #3

tara g

TCS Member
Thread starter
Top Cat
Joined
Jul 16, 2007
Messages
5,678
Purraise
96
Location
On the farm
We've been very stable money-wise for awhile. Hubby is all about doing it and I'm the paranoid one about staying financially stable. He keeps saying we wouldn't have to worry, but I said we need to wait out how the first new car is going to affect our budget. We put nearly 50% down in cash on that one. The finance dept at the dealer was like "so are you going to pay by check or wire transfer?" ... Hubby plunked down $10k in 100's and their eyes got HUGE
He wants to be able to do that again. He does make a good bit, usually ~$5-7k/mo to bring home, + my income. I probably need to make a new list of all the bills with the new current car involved in the mix and see what's left over. I do think he needs to wait a little bit - I know its been uber exciting with the new car, and it would be great to have two, but I'm also ridiculously attached to his Monte
and definitely dont think he needs to sell his first car, that he loved then and still loves - just frustrated with it, to do it.

We're at about $90k/yr income combined. The two cars are ~$22k each, with $10k down on both would be $24k total in financing.

Maybe after we go on our road trip in 2 weeks we'll take a look at what needs to be done and set some goals to reach. Maybe if he waits until the end of the year, I'll give him my Xmas bonus (rumor at work is that it'll be decent) for part of the down payment if the finances are still looking good


I definitely dont want to ever end up on the slippery slope of being in over our heads. My parents are in that situation because of my mom's credit card debt (she's addicted to shopping! Jewelry, purses, and shoes are her huge vices). She's also the only one with a job and doesn't get much there and is only paid once a month; my dad gets social security because he's retired (but buys enough cigarettes and beer per month to use all that money too), but there are times when they only have $60 in the bank/to their names some months after all the bills.

[BTW: All our other vehicles are paid in full, the '11 Mustang is the first new car we ever bought, and only car we ever financed. All the others were paid for in cash, they were all under $8k]
 
Top