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100down0monthly
Posts: 164
Registered: ‎04-16-2013
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Re: To save or not to save?


webhopper wrote:

Sorry, I did not mean to offend.  Certainly I didn't mean that the car was to be thrown away... rather, drive it til its wheels fall off.  I think Toyota's in particular are amazing cars to get you from point A to point B.

 

If you consider the cost of each mile driven in a Toyota Prius vs. the Mustang GT, there is no comparison, because you aren't comparing apples to apples.

 

A mustang GT can never be cheaper than a Prius, and for muscle car fans...  a Prius can never be a Mustang GT.

 

A car in particular can be an extension of your identity, and folks will feel more at ease with a car that coordinates and fulfills their personality and their ideals of what a car should be.

 

There are two ways to look at a car, 1) by the dollars and cents 2) as a part of the family and an extension of who you are

 

folks who  have multiple sides to their personality usually have 2 cars,  for example 1 is for their fun side, and 1 is for their practical side.

 

I have 2 cars.... one for the side of me that gets up every morning, dons the steel toe work boots and heads in to do a day's labor

one for the professional and business owner side of me that makes 6 figures and values quality over price.  

2 totally different cars for different purposes. I drive the truck to and from work.  I drive the volvo when I'm going places with my husband and daughter or her friends.

 

Also, keep in mind that some folks may not save money by driving a hybrid... It really depends on if your miles are driven mostly on highways, or mostly in town.   Those with more in town mileage would certainly benefit from a hybrid...

 

Those who do more highway driving, should opt for a non-hybrid car, as the car uses combustion of fuel at higher speeds

 

 

 



I don't disagree that it's fun to have different cars.  Before going overseas, I almost always had a second "toy" car.  I've had some really fun ones too.  The '79 930 lasted one summer before my girlfriend at the time made me sell it.  It scared the hell out of her LOL.

 

I guess once I hit 40 a couple years ago (and am now married), some internal "practicality" side of me kicked in.  Having only a daily driver now, I went with a very practical car.  I'd very much like to go out and buy a 2013 Camry Hybrid, but I'm really happy not having a car payment. 


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: To save or not to save?


100down0monthly wrote:

webhopper wrote:

Sorry, I did not mean to offend.  Certainly I didn't mean that the car was to be thrown away... rather, drive it til its wheels fall off.  I think Toyota's in particular are amazing cars to get you from point A to point B.

 

If you consider the cost of each mile driven in a Toyota Prius vs. the Mustang GT, there is no comparison, because you aren't comparing apples to apples.

 

A mustang GT can never be cheaper than a Prius, and for muscle car fans...  a Prius can never be a Mustang GT.

 

A car in particular can be an extension of your identity, and folks will feel more at ease with a car that coordinates and fulfills their personality and their ideals of what a car should be.

 

There are two ways to look at a car, 1) by the dollars and cents 2) as a part of the family and an extension of who you are

 

folks who  have multiple sides to their personality usually have 2 cars,  for example 1 is for their fun side, and 1 is for their practical side.

 

I have 2 cars.... one for the side of me that gets up every morning, dons the steel toe work boots and heads in to do a day's labor

one for the professional and business owner side of me that makes 6 figures and values quality over price.  

2 totally different cars for different purposes. I drive the truck to and from work.  I drive the volvo when I'm going places with my husband and daughter or her friends.

 

Also, keep in mind that some folks may not save money by driving a hybrid... It really depends on if your miles are driven mostly on highways, or mostly in town.   Those with more in town mileage would certainly benefit from a hybrid...

 

Those who do more highway driving, should opt for a non-hybrid car, as the car uses combustion of fuel at higher speeds

 

 

 



I don't disagree that it's fun to have different cars.  Before going overseas, I almost always had a second "toy" car.  I've had some really fun ones too.  The '79 930 lasted one summer before my girlfriend at the time made me sell it.  It scared the hell out of her LOL.

 

I guess once I hit 40 a couple years ago (and am now married), some internal "practicality" side of me kicked in.  Having only a daily driver now, I went with a very practical car.  I'd very much like to go out and buy a 2013 Camry Hybrid, but I'm really happy not having a car payment. 


Agree there... Our family had 3 cars with only one that had a payment... it was nice while it lasted until my husband hit a defective railroad track which totalled out our prior volvo.  I cried. We waited a bit, and we like being a three car family, so we ordered a new Volvo and did financing through NFCU. Eventually we will have no car payments :smileyvery-happy:  The truck will be paid off in a year, and the new volvo will prob be paid for in 3 years.


Starting Score: 08/29/2011 TU 671 EQ 674
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mtrsprt
Posts: 307
Registered: ‎07-27-2011
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Re: To save or not to save?

I love my 2013 Boss 302 Mustang, but I do hate the payment..... I can afford it, but I do work on saving money everywhere else I can.  My commuter car is a 1996 Saturn with 166,000 miles on it.   It gets a solid 34-35MPG every tank full.......  It cost me $200.00/year for liability insurance, and gas.   

 

Make sure if you decide to get rid of the Mustang, you try to look at the downsides 100% when getting into yet another car, not just the payment drop.....   new account, new inquires, etc etc.  

 

Look at your total yearly mileage, and find out exactly what the replacement car will have to offer when it comes to replacement parts, fuel economy, etc.   

 

Try not to trade your current car in, unless they offer to come really close to paying off your current note....Might take the effort to try to sell it outright.  They are offering blow out prices on 2013 Mustangs on the lots now, for as little as $28,000.00 for base GT's......  Im assuming you have a 2011/12 GT Premium.  (Maybe a vert)


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
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SpideySense
Posts: 13
Registered: ‎12-01-2011
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Re: To save or not to save?

"My monthly payment is $520. I'm not really fond of this anymore, and feel I would rather have less car and more money."

 

"It sure would be nice to not only escape from car debt in 5 years, but also escape from credit debt as well. I'd be virtually debt free from 2 sources at the same time! "

 

If I thought what you're saying in those two statements, I'd let the mustang go.  a half/grand payment is substantial... but add to that the payment on your 10k/debt and it looks like a no brainer.

 

Per your question:  "The question is, am I really saving that much?" -- the answer is yes ... the interest on the 13k delta + the insurance delta + the mileage delta + (assuming you pay down your credit debt quicker) the interest on the 10k

 

I get that the car is sweet... and I get the Wife Appreciation Factor (WAF) -- but out of debt is out of debt.

 

 

 

  

 

 

 


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