Trade my car for 2014 5.0, trackpack, 6 speed stick

the5.ohh

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Buddy of mine owns a 2014 trackpack 5.0, 6 speed stick. I drove it a few times, amazing car, hauls ass. Anyways. He mentioned once to me after driving mine post 5 speed swap, that he would trade cars with me, legit. Fast forward 4 months later, he told my brother and my sisters bf tonite at the car meet he wants my car. If I'm selling let him know asap yadda yadda. Texted him and basically he asked if I wanted to sell, told him not really. I had asked him if he was getting rid of the coyote, he said no but would like to do a straight trade, I'd take over his payments. I thought that was a very nice offer. I love my car, nothing like it, but the coyotes are powerful, refined, stupid easy clutch and shifter etc. But his payment is around 450 a month with wheel and tire protection. Not out of my realm, but than add on insurance and thats 600+ a month. So thats a lot more than I'd like to spend. Told him I'd think about it. I don't want to get rid of mine, but what would you guys do?
 

Orange 94

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Who wants to trade a coyote for a sn95?

Well if you can't afford it, you can't afford it.
If you don't want to trade, you don't want to trade.

Car payments will suck, insurance will suck. Insurance will especially suck if you get a ticket or accident...
How long are the payments? Finance? Interest?



My opinion - no. Sounds like you'd be stretching your change purse for something you don't need. I don't think a kid really needs a brand new car, especially a toy. You can put the money to something better, like a DD even. Drive the sn95, no payments, no debt, no worries.
 

torch318

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What about refinancing the loan? Depending on the interest and your credit score and if you could kick a little cash in to you might be able to lower the payment down to something more reasonable for your budget. $600 a month for insurance!!!! Yikes!
 
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the5.ohh

the5.ohh

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What about refinancing the loan? Depending on the interest and your credit score and if you could kick a little cash in to you might be able to lower the payment down to something more reasonable for your budget. $600 a month for insurance!!!! Yikes!

Noo around 600 for the car note and insurance included
 

MustangChris

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if you dont got the money in the bank, pass. There will be a million other 5.0s on the road to buy. Wait until you're in the stable position to do it properly, otherwise it will bite you in the ass in the long run.
 
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the5.ohh

the5.ohh

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Who wants to trade a coyote for a sn95?

Well if you can't afford it, you can't afford it.
If you don't want to trade, you don't want to trade.

Car payments will suck, insurance will suck. Insurance will especially suck if you get a ticket or accident...
How long are the payments? Finance? Interest?



My opinion - no. Sounds like you'd be stretching your change purse for something you don't need. I don't think a kid really needs a brand new car, especially a toy. You can put the money to something better, like a DD even. Drive the sn95, no payments, no debt, no worries.

That was my exact reaction lol. I can afford it, but I'm in college and I just can't justify footing those bills every month especially only being 18. Not sure how long, he's had it 2 years already. I completely agree with your post. I'm 18, I don't need a 30k brand new car, would it be nice? Ofcourse. But I can wait a few years for something like that. I have plans on getting a DD sometime next year, mainly with the intentions of a winter car and not driving the deathtrap I mean mustang in snow. I was never a fan of payments, leases, financing etc. My motto is, if I can buy it outright, won't buy it at all.
 
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the5.ohh

the5.ohh

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What about refinancing the loan? Depending on the interest and your credit score and if you could kick a little cash in to you might be able to lower the payment down to something more reasonable for your budget. $600 a month for insurance!!!! Yikes!

No credit score, I'm only 18 dude lol.
 

Orange 94

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New car + college. Yeah, don't put yourself through more finacial stress. Things come up, you don't want to be the idiot that goes more in debt because of a dumb decision on a car. Cars are the worst investment.
 

DropTopPony

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Whats the payoff?

18 year olds have credit scores you'd be surprised.
 

Ferocious

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Dude, you're 18. Go and enjoy life. The last thing you want is to worry about $600 in payments on a stock ass car. Your car is paid off no? Enjoy it.
 

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Agreed. Don't do it. Finish school and when you are more financially ready to, get something like it. No rush dude. I went for the sweet ride when I was younger more than once, and now at 34 I finally own a car outright (Cobra) and am WAY positive equity wise on my Silverado. But it took awhile for me to figure out I was making mistakes and then get out of the mistakes I made. Don't get into a vicious cycle just yet!! You have plenty of time for that!
 
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the5.ohh

the5.ohh

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Dude, you're 18. Go and enjoy life. The last thing you want is to worry about $600 in payments on a stock ass car. Your car is paid off no? Enjoy it.

Exactly what I was thinking. Yeah it was paid in full when I got it.
 
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the5.ohh

the5.ohh

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I appreciate the input guys! I'm keeping my car, I have no problem waiting awhile to get something newer!
 

KillNThrill24

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if you dont got the money in the bank, pass. There will be a million other 5.0s on the road to buy. Wait until you're in the stable position to do it properly, otherwise it will bite you in the ass in the long run.
Solid advice.


Joe 6 bills a month will kill you at that age. I'm putting money aside and going through finances to determine what I can spend in the next few months on a '11 Shelby. My cutoff is 5 bills a month. That leaves me with enough for insurance, insurance on my jeep, storage on my silver turd, gas money, cell phone, gym, and everything else. Plus money to spend when I feel the need. I'm 22 working 40+ a week tho. You really need to put all of that into perspective when you're thinking about buying a new car, or anything else for that matter. Best advice I can offer you is to put 6 aside this month and don't touch it. Then when November rolls around, look back at October and decide if you can do that every month or not. If you feel comfortable then do another month to be sure. I tested myself by impulsively buying a glock a few months ago. $598 out the door. After reviewing my finances I found that I could easily spend that kind of money and still do whatever I want. It's what helped me determine a cap for what I can spend on a monthly payment.

It's ultimately up to you but I can tell you at 18 i was working full time and paying $400/month on my old camaro. It wasn't hard because I turned part Jewish lol, but I couldn't do the things I wanted to do. So think about that too man. Sounds like you've got your mind made up already, but I just wanted to add my own experience to the mix.

When you do decide you want to buy, save up a nice down payment. Most banks like to see 10%. It'll definitely help you get a lower monthly, and better interest rate. Which the interest is what kills you, that's why your buddy is paying so much a month. Sounds to me like he's tired of the payment lol
 

Sinned83

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Someone said recently " everyone and their brother has a coyote"
your car is tight, low mileage. Keep it don't be car poor.
 

slow90coupe

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No freakin way Id pay $1000+ a month just to drive a new mustang that's going to blend in with the 5000 other coyotes within a mile from you.
 

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