I just tweeted about this video when you shared it to me...I was FURIOUS. Both at Dealers and a bit at consumers. It's harder for Car enthusiasts to get a good deal when they have to compete against 6 idiots who will sign the papers for $19K More...."Bargaining" no longer works. I've seen my friends get told "No can do, buy for price listed, or I'll sell it to someone else next week"... just 5 years ago, Dealers hated losing customers. Now, they've got plenty of people frothing at the mouth to buy something they can't afford throwing money they don't have....
I literally live in ATL and straight up a Mustang GT is regular ass traffic, dude should've bought a Civic or something. No hate on him as a person, but if you're delivering...you don't need a GT or even an Ecoboost. Get big trunk and good MPG.
How do you manage to spend $25,000 more than what you intended to spend? That's like going in with a $25,000 budget and walking out with a $50,000 car. Two separate categories
Prius* or basically any hybrid car. Dashing is practically dead right now so I can guarantee he is making below minimum wage if you take out vehicle expenses.
I mean you can always leave uber eats on while you're driving home from work in hopes you get an order along the way and make like $10 or $20 here and there. But unless you're in a 4 banger or EV its not worth going out of your way to do food delivery.
I thought the 1k included everything. The payment, insurance, gas and a bit of money put away for new tires, brakes and so on. But turns out, its just the loan itself. Thats indeed quite a bit of money lol
Unfortunately 1K for loans...is getting normal. 1/6 ppl do it. so stupid, ppl wildin out here. I've got like 5 morons I can name off the top of my head here in ATL loaning cars at $850 Payments. I can only suggest so much, it really is their life at the end of the day, so they can ruin it and miss payments all they want. Got a friend who works at a Dodge Dealer...they sold the same Hellcat FIVE TIMES in one year, it kept getting REPO'ed and brought back...LIKE DANG BRO, OK.
To make $1,000 a month financially feasible (INCLUDING insurance, gas, and and money for repairs) someone would have to bring in $7,000 a month after taxes. No matter how you swing it, most people are nowhere close to being able to afford $1k a month on their cars
A mustang is an absolute terrible car for food delivery. Sometimes you gotta bite the bullet and downgrade to something more economical until you have stable finances. Ik if I wrecked my mustang, I will not go buy another one because of my current situation and the current car buying climate.
Car enthusiast who bought a used Prius here. Best $8k I ever spent. I’ve had bmws and they were so fun, but I sold them and got a Prius to save money. I’ll get a project car when I’m done with school and have bought a house.
My first question is, did he not have gap or full coverage insurance? Both of those would have lessened the impact a lot. I was surprised to see this guy was an E6 making this decision. This is normally something you'd see with sailors E4 dnd below because they're young and don't know better. He was probably wishing he had a GT in the first place, and used this situation to convince himself it was a sound purchase.
I make low six figures household and I I’m struggling to justify a $600 note, and I live frugally. I got friends driving scat packs and M4s on less than $20 an hour wages. Frankly I think 10-12% of monthly net is the maximum anyone should pay for a car ($4000 take home = $450 payment at most) and that’s coming from a “car person” perspective who loves to splurge a bit on my vehicles.
At first, I was like I don’t make that much and could do that, but then I saw you saying that you should spend 10% for car and that’s where the difference lies. I feel like a majority of people these days would gladly fork over a third or half to car. I wouldn’t spend that so I’ve been sticking with the same car for a bigger down payment in the future. I think you’re just more responsible than they are with your finances.
@@unfairsanic5089They have no bills. I can literally finance a 2016-2018 porsche 911 with low miles and be fine if I had no bills or student loans and still afford DIY maintenance and a warranty
Dude totalled is 4 banger mustang and now he drives a GT. That's the least sensible car for a guy like him. He is putting himself in trouble. Why should we feel bad for him ? He is doing this to himself? And he is surely paying a lot for premium gas and insurance.
unfortunately, a lot of people don't properly look into what options they have, add to that the impulse purchase mindset that a LOT of people have these days, and also how most people don't know about how to handle their finances i might not know barely anything about financial stuff, but 1k a month is still a lot and yeah, the car market is just going up up and away
I didnt realize exactly how bad it was until that moment. Oh my god. Thats robbery. Dude could have opened up a REALLY BAD line of credit with a bank for half that.
These young people are doing it to themselves by buying Hellcats and GT's while living with mommy and making $30,000 a yr! And these rotten dealerships are more than willing to finance these geniuses.
Are the dealerships really "rotten" if the people are commiting the stupid financial decisions themselves to keep up with the Joneses? "Ignorance of the law (financial education in this case) is not an excuse"
If you do food delivery as your ownly job, you most definitely do not need a mustang better yet a GT, bro would have been fine with a Camry V6 or Accord, or just even get a hybrid. Just like you said, if he wanted a mustang, just buy out of state.
dealership tried to jack up the price of a car I was looking for by 2.5k from the start of the week where I made an appointment from the end of the week where I looked at the car. I walked away from Suburban Ford of Ferndale in MI. Shits told me that they couldn't budge the price cause "we have to make money" yet they had no problem selling the car for a few grand cheaper at the start of the week
Some people have bad credit. Lets say a brand new GT is $47K and $52K with tax/fees/registration. At 60 months with zero down and 7% interest, thats $1,029/month.
I cant imagine having monthly payments as a young adult (18 - 25) It makes no sense why people dont get used cars they rather go and get a monthly subscription to the car along with their other bills
Nothing wrong with wanting a Mustang, Eco boost or gt, but if he really needed something asap, he could have gotten literally anything else. If I wrecked my Focus ST tomorrow and needed another car asap, I would be looking for anything, not another ST. Stick with that vehicle till I recover a bit and then maybe trade up in the later.
As someone who lives roughly 20 minutes from Atlanta, CAN CONFIRM people getting cars here purely to stunt. Lol 😂 I'm a car guy and have been wanting a GT for the longest time however. Never had a V6 or V8, so I will absolutely be looking to get the new S650 later this year or early next year. Mainly because I want to save a lot of money first to buy a semi truck to owner operate in, THEN go put down on a new GT S650. 💪🏾 Gotta play the long and smart game. 💯💯 I'm going back OTR for this reason to save faster. Wish me well guys! 🙏🏾 Edit: Also @7:22 I noticed this guy has the premium version based off the screen. ALSO also, he's listening to something Pokémon related there. Wonder what.
I had a GT-350 for a weekend back in the summer of 2022. I couldn’t fit a pizza box in the back seat without moving the front seat. I had to put the pizza in the trunk. Monday evening after work I took it back and got my Focus RS back. Still have my RS.
A new car isn't necessary. It's more about ego than anything. If I was young and making enough to pay those car payments I would pay that to myself in an index fund. You can find a nice clean used car for $2000 still. Let your money work for you. Don't buy a new or newer car with payments.
if he does it right.. he can write-off a majority of his vehicle costs since he uses it for work.. if he has a decent CPA, can turn that mustang purchase into a fat tax return lol
I’m still confused why people choose debt over their peace of mind. I drove a 05 Corolla for AGES. I finally got a good job, pay raise, and had the income to cover a car note. Went and purchased a 23 Civic and no it’s not a luxury car but it did meet my budget of paying under $500. Now I pay my $400 car note easily and still have the money to pay my bills, rent, groceries and still have money to set side. With a new car and a bit of disposable income I didn’t just go and spend it all, I invested that money into my 05 Corolla with 200k miles on it. Now it runs essentially like when I bought it! I’m so happy I did fix my “old” / “beater” car, recently I had new car issues and put me out of my car for a week. If I was dumb and didn’t fix my Corolla I would’ve been SOL. Fortunately my old car was there sitting and ready to go. Now I could’ve afforded a luxury car. I had been eyeing a Lexus. But in reality I did not have the time to spend money on a car I was going to drive to work 90% of the time and out and about for 10%.
After financing a giulia I learned that cars are not everything. Car is fine and will be covered by extended factory warranty but this really ain't worth it honestly. I'm aiming to pay it off in a year or two and keep it for a very long time. You can care what people think but inner peace is quite literally invaluable
doesnt anybody buy a semi clapped 85 camaro or 97 mustang GT, sink $500 into it in basic mechanical parts and go any more??? not only does it work,,, BUT they are paid off...
I have bought 3 new cars. I have bought all of them outside my county (I am not from the USA) because my county tends to be more expensive, less discounts on the cars and, sometimes, extra costs tacked on. I bough one from 500 km away and 2 of the from 120 km away, no issue whatsoever, just better pricing. The highest I have saved was about 1200 euro on a 19000 euro car, the lowest was 525 euro.
Its not even just the car price that's the issue, its also principle and interest. I pay $520 a month for my car but only $340 goes to the principle and other $180 goes to the bank as interest. Sticker price is $26k market price $34K and the interest is an extra $11k over 7 years.
I’ve owned mustangs for over a decade. When I financed, I’ve never had a monthly payment more than $340. My current GT payments are done and I would like to upgrade, however I am not paying 600+ a month on a GT unless it’s stupid special which 99.99% of them aren’t.
I have a 2013 Nissan Sentra. I paid $250 per month for 5 years, until 2018. Since then, I’ve had no payments. I keep it in showroom condition. It looks and drives like new.
So he went and bought a brand new Mustang GT to deliver food. I guess he needed a 465hp V8 for that. Sounds practical. He overpaid by around $25,000 and missed the first 2 monthly payments out the gate. So by month 3 he’s already $2000 in the hole. Is there an update because I’m guessing that car got repoed.
If he really wanted a V8 Mustang, many options available, just dont go new. He could have easily got a Fox Body Mustang / Cobra Mustang from the 2000s, etc.
That fool needs a good paying full-time job to make a $1000 a month car payment. No food delivery gigs don't pay much to make that kind of payment a month unless you're working 7 days a week 12 hours a day. It's not worth it
Get 50% down, bully the dealership into giving you 10% off. Get a car with 30-70k miles to avoid the new car depreciation. I only pay $220 a month on my 2020 Fusion Titanium which had a sticker price of $22.5, got it for $20k out the door + interest
Five years ago I bought a 2003 V6 Mustang from a private seller for $4200 cash, with 67,000 miles on it. Beautiful Zinc Yellow paint. It was a 9 out of 10 both cosmetically and mechanically. The 3.8L OHV V6 is several times more reliable than the cheap, crappy Ecoboost, and can last well past 200,000 miles if properly maintained. I have had no problems with it at all. It costs me right around $150 to insure it for 6 months. And being bright yellow, it is a very flashy car. Non Mustang guys don't know the difference between a V6 and a GT. What I paid for it wouldn't even pay the sales tax on most new cars. It stands out like a neon sign in a sea of black, white, and gray taxi trucks, crossovers, and boring little front wheel drive 4 door sedans.
In the Philippines, when a newbie "car bro" wants his regular car he got for a low downpayment to "get fast" he asks his other car bro how to "palakasin ang hatak" (pull fast, go fast mods etc.)....and the car bro just says....don't pay the bank 2-3 months for sure the pull gets fast.
This is Probobly already covered, but $1000 a month is PREFERRED by some people when your tying to pay your car off. Why pay minimum payments and build interest rates when you can pay it off and have no occuring dept.
Working a sales job is the best thing I've ever done. I can sense all the bs and buttering salesmen do and I'm aware of all the tricks used to get you to spend more
Nothing wrong with $1k car payment, if you can afford it. I recently purchased a new car for 35k with a 1k payment. By reducing the loan to three years, I received an interest rate of 4.5% Far less than my investments earn. Like with everything, the devil is in the details
The cope. You’re still paying interest on a depreciating asset. You failed investment 101. Toilet paper would be a better investment than any new car worth only 35k. What’d you get a Prius? Let me know how much you’re under water in 6 months when car prices plummet.
Exactly good job. The frugal mcscrooge don’t understand how to leavege debt or if they do they are penny pinchers, who opinions don’t matter about having nice things. Paying off 35k in 3 years and still investing is a boss move. What kind of car if you don’t mind me asking?
@@mostwantedmotor you think a new car worth only 35k 2024 is a nice thing! lol no wonder the bank has you guys by the balls. Leveraging something like a student loan debt makes sense, doing it on a depreciating asset that is currently hyper inflated is the definition of being a sucker. Buying a new car is never a sound investment, that’s investment 101.
@@blackeastertheguy Many new cars in 35k range can be nice especially considering the amounts of down payment. I don’t consider cars an investment at all but just because it’s not an investment doesn’t mean it doesn’t have value, a brand new car removes headaches of old cars being unreliable or needing emergency repair, added safety features, better economy and performance, increased total resell value compared to older, lower interest rates, and lower maintenance cost. Due to inflation used cars being financed often cost similar, many barely depreciated yet have reduced warranty more mileage and more likely to face the worst circumstances paying a loan while having a broken car. Even if the car isn’t an investment it still wouldn’t matter in the long term if you don’t ever plan to sell it. A camry 20 years ago had a msrp of 22k A brand new 2024 camry has msrp 27k it’s more expensive but way better of car and over 20 year time period which the car is known to last for it’s a drop in the bucket. People spend the equivalent of that on haircuts.
Decent timing. I'm looking at buying a vehicle for work and need to put alot of miles on it. I still want something fun so I was thinking Miata GT Manual. There are some 8 year old Miatas for low 20ks but more common are 2019 GTs for 28k (New is 37k after registration, tax, and licensing) If I put $10k down, is this a smart buy? Is it still better to buy used? (planning on 30k+ miles a year)
Completely depends on what your work pays you. Your take home should be quadruple the car payment (if you have to take a loan), minimum. Hopefully 1/6th. I shoot for 1/10th
If he's doing it for doordash, aka his job, he should be able to write- a substanial amount and probably even beat the sky-high standard deduction too.. He's almost like an independent semi-truck driver.. Those guys, on paper make like $150k or so, but they only claim around $35-40k lol.. the rest is truck payment and fuel/toll costs lol
Sounds like he rolled his old loan into a GT mustang he never could afford in the first place. I own a 2024 Mustang GT, I pay no where near 1K per month. My insurance rate is also cheap. Premium gas is about 50 a fillup, no issue for my budget.
It is also entirely possible that he didn’t have GAP or something on his previous one, and didn’t get enough money to pay it off, then rolled that negative equity into the new loan. $1000/mo for a GT is absurd regardless of the circumstances tho. No doubt.
When I got my car new yes I messed up but the thing is my apr is 5.45% for 25k I walked away and thought about did the math over lunch with my friend as month payment being 485.00 a month I I'm e4 in the navy I have plenty of money left over I didn't want to spend over 25k I drove 8 hours away to get it too thank goodness for 96 hour liberty
I’d would guess most of the people with the very high payment are also high income. Generally someone buying a brand new car is already higher income. You would need an income breakdown by payment to get a real analysis. You can get a brand new civic for under 30k
I've owned 11 new cars over the last 40+ years (for either 60 or 72 month terms) & never had a monthly loan payment that exceeded $330/month. I've always preferred sensible but fun/sporty compact or subcompact vehicles though (loved my 2015 Toyota Yaris SE hatch 5-MT, for example). Currently own a 2022 Mazda CX-30 CE 6-AT (my first automatic & largest vehicle I have ever owned, despite it being the smallest Crossover available currently from Mazda in the USA).
I’m sick of idiots that don’t understand how to work a deal on a car. It’s not hard to know if you can or cannot afford a car/car payment, literally simple math. Grow up!
As a car enthusiast myself, I don’t understand how even non-car enthusiasts are so picky about their cars. I’d be happy with a second-hand Corolla. If you want “fun,” buy a manual version of a cheaper car.
I will say. It takes so little disposable income to thrive. Do the things you want. Enjoy trips and your days off. Do not waste all of your disposable income for years on a car. Where you gonna drive it? Can’t pay for multiple nights in a hotel every couple months if all tour money is in a car.
Heeeyyy this video is calling me out :)🤙, 2021 Mustang Ecoboost high performance package, I pay 950$ for the car and 300$ for insurance, and gas is 200-280$ a month
yeah even for a mustang that's a terrible deal, it would honestly make more sense to buy a cheap secondhand banger car for way under a 1000 bucks and work so you can pay for repairs off your old mustang which if you weren't doing the work yourself would be around $3000's in repairs
Bro got a mustang to doordash in smh. These same people will then complain about the economy like don't get me wrong it's not the best of times in that regards but people like this would be in trouble in any financial climate. They buy things because they feel they deserve them like they are some sort of rockstar or other famous person. Very rarely do they need these things they just want them and F up their whole lives in order to obtain said things. Then it's everyone else's problem / fault because they did something incredibly dumb. I'll never understand it.
These adults and young adults buying these cats.. THeyre buying an experience they never had.. They grew up poor.. Their parents never had a nice car and they've never experienced buying. new car from a dealer. Now they have jobs and want to experience that. They want to know what it feels like to not be poor.. to feel rich... So they go buy a new car that keeps them poor. I really like these cars.. but man.. I already had that experience many times.. I'm not missing out on anything. Been there. done that. Haven't had a car payment since 2005. Just upkeep and repairs.
I’m about to go try to buy a Supra this Saturday idk if it’s the right call I mean I make enough to afford it some what I make about 4.5 - 6k a month depending on how much I work the car payment at most will be 1200 I want to get it to 900 but idk if I’m making the right choice I’ve seen a few of ur videos over the last few days and I don’t wanna make a bad decision also I’m 19 and I don’t really have any other bills just my bike for 150 a month and insurance for bike 80 and a few subscriptions like max 50 bucks but other then that I just have extra money and I just don’t know if I should buy it or not I really want it being as it is my dream car and I can afford it in my life rn I wanna get it but idk
I know for that kind of money 💰 he should of got a Shelby , and probably wouldn’t depreciate as fast 💨 but he had no business sense in using a v8 that likes to be reved-up and dripping gears ⚙️
I just tweeted about this video when you shared it to me...I was FURIOUS. Both at Dealers and a bit at consumers. It's harder for Car enthusiasts to get a good deal when they have to compete against 6 idiots who will sign the papers for $19K More...."Bargaining" no longer works. I've seen my friends get told "No can do, buy for price listed, or I'll sell it to someone else next week"... just 5 years ago, Dealers hated losing customers. Now, they've got plenty of people frothing at the mouth to buy something they can't afford throwing money they don't have....
That's what diminishing supply gets you in a "quality"-focused sector.
Could this be the next big economic crash "no one sees coming"?
Now the dealers are desperate for sales again haha
@@alexjavier664"desperate "
Recently had a dealer say he would send the vehicle I want to buy to the auction rather than meet my price.
In the famous words of Ike:
No sympathy from me…
Didn’t need that Mustang. Cared too much about what other people saw him in 🤷♂️
I literally live in ATL and straight up a Mustang GT is regular ass traffic, dude should've bought a Civic or something. No hate on him as a person, but if you're delivering...you don't need a GT or even an Ecoboost. Get big trunk and good MPG.
How do you manage to spend $25,000 more than what you intended to spend? That's like going in with a $25,000 budget and walking out with a $50,000 car. Two separate categories
Door dash in a mustang is the part I don't get... most that do that kind of work have like Ultra high fuel efficiency rides
Prius* or basically any hybrid car. Dashing is practically dead right now so I can guarantee he is making below minimum wage if you take out vehicle expenses.
@@TaijiArban facts and he could of gotten a good one 😭😭😭😭
The drivers must make mega money delivering food around here. They all drive new teslas, audis and mercedes.
How does he make any money using a car like that for door dash?
I mean you can always leave uber eats on while you're driving home from work in hopes you get an order along the way and make like $10 or $20 here and there. But unless you're in a 4 banger or EV its not worth going out of your way to do food delivery.
I thought the 1k included everything. The payment, insurance, gas and a bit of money put away for new tires, brakes and so on. But turns out, its just the loan itself. Thats indeed quite a bit of money lol
Unfortunately 1K for loans...is getting normal. 1/6 ppl do it. so stupid, ppl wildin out here. I've got like 5 morons I can name off the top of my head here in ATL loaning cars at $850 Payments. I can only suggest so much, it really is their life at the end of the day, so they can ruin it and miss payments all they want. Got a friend who works at a Dodge Dealer...they sold the same Hellcat FIVE TIMES in one year, it kept getting REPO'ed and brought back...LIKE DANG BRO, OK.
To make $1,000 a month financially feasible (INCLUDING insurance, gas, and and money for repairs) someone would have to bring in $7,000 a month after taxes.
No matter how you swing it, most people are nowhere close to being able to afford $1k a month on their cars
Yes that’s true cause I make 7500 after taxes and it’s fine 👍🏽
A mustang is an absolute terrible car for food delivery. Sometimes you gotta bite the bullet and downgrade to something more economical until you have stable finances. Ik if I wrecked my mustang, I will not go buy another one because of my current situation and the current car buying climate.
used prius not only would be way cheaper, but way more efficient. why the hell would you need a GT for food delivery??
Car enthusiast who bought a used Prius here. Best $8k I ever spent. I’ve had bmws and they were so fun, but I sold them and got a Prius to save money. I’ll get a project car when I’m done with school and have bought a house.
@@christianherrera4729 That’s the spirit!
It’s called having racks
@@christianherrera4729personally I would throw myself off a bridge before buying a Prius.
My first question is, did he not have gap or full coverage insurance? Both of those would have lessened the impact a lot. I was surprised to see this guy was an E6 making this decision. This is normally something you'd see with sailors E4 dnd below because they're young and don't know better. He was probably wishing he had a GT in the first place, and used this situation to convince himself it was a sound purchase.
💯
I make low six figures household and I I’m struggling to justify a $600 note, and I live frugally. I got friends driving scat packs and M4s on less than $20 an hour wages. Frankly I think 10-12% of monthly net is the maximum anyone should pay for a car ($4000 take home = $450 payment at most) and that’s coming from a “car person” perspective who loves to splurge a bit on my vehicles.
Probably most of your friends are still living under their parents and getting their money from them
At first, I was like I don’t make that much and could do that, but then I saw you saying that you should spend 10% for car and that’s where the difference lies. I feel like a majority of people these days would gladly fork over a third or half to car. I wouldn’t spend that so I’ve been sticking with the same car for a bigger down payment in the future. I think you’re just more responsible than they are with your finances.
I heard a rule that a car's price should not exceed 6 months salary. Running a 400-500hp V8 to deliver small packages is insane too.
@@unfairsanic5089They have no bills. I can literally finance a 2016-2018 porsche 911 with low miles and be fine if I had no bills or student loans and still afford DIY maintenance and a warranty
Dude totalled is 4 banger mustang and now he drives a GT. That's the least sensible car for a guy like him. He is putting himself in trouble. Why should we feel bad for him ? He is doing this to himself? And he is surely paying a lot for premium gas and insurance.
Even the 4 banger is very over priced
unfortunately, a lot of people don't properly look into what options they have, add to that the impulse purchase mindset that a LOT of people have these days, and also how most people don't know about how to handle their finances
i might not know barely anything about financial stuff, but 1k a month is still a lot
and yeah, the car market is just going up up and away
28% apr?? Thats his fault.
I didnt realize exactly how bad it was until that moment. Oh my god. Thats robbery.
Dude could have opened up a REALLY BAD line of credit with a bank for half that.
These young people are doing it to themselves by buying Hellcats and GT's while living with mommy and making $30,000 a yr! And these rotten dealerships are more than willing to finance these geniuses.
72mo loan 20% apr an making the minimum payments 😂
Are the dealerships really "rotten" if the people are commiting the stupid financial decisions themselves to keep up with the Joneses?
"Ignorance of the law (financial education in this case) is not an excuse"
If you do food delivery as your ownly job, you most definitely do not need a mustang better yet a GT, bro would have been fine with a Camry V6 or Accord, or just even get a hybrid. Just like you said, if he wanted a mustang, just buy out of state.
dealership tried to jack up the price of a car I was looking for by 2.5k from the start of the week where I made an appointment from the end of the week where I looked at the car. I walked away from Suburban Ford of Ferndale in MI. Shits told me that they couldn't budge the price cause "we have to make money" yet they had no problem selling the car for a few grand cheaper at the start of the week
Bro… my 2022 Mustang GT is only $620 per month. And I still feel like that’s rather expensive.
Pretty much what I just got my 22 gt for good deal
Unless you’re making 90k+ household or have low expenses it is rather expensive.
@@defyyourlogic487 yeah I have low expenses
Mine costs like 800 dollars a year 😂
Some people have bad credit. Lets say a brand new GT is $47K and $52K with tax/fees/registration. At 60 months with zero down and 7% interest, thats $1,029/month.
I cant imagine having monthly payments as a young adult (18 - 25) It makes no sense why people dont get used cars they rather go and get a monthly subscription to the car along with their other bills
To put it simply, if you are doing food delivery as your only job, you can not afford to buy that car.
1 in 6 people? I can barely afford $500 without insurance
My 2012 Hyundai Elantra GLS with 99,000 miles has been paid off for a while, and I have no interest in buying a car anytime soon.
The fact that they even gave him that loan is criminal, crazy thing is people think car salesman are doing em favors.
Nothing wrong with wanting a Mustang, Eco boost or gt, but if he really needed something asap, he could have gotten literally anything else. If I wrecked my Focus ST tomorrow and needed another car asap, I would be looking for anything, not another ST. Stick with that vehicle till I recover a bit and then maybe trade up in the later.
As someone who lives roughly 20 minutes from Atlanta, CAN CONFIRM people getting cars here purely to stunt. Lol 😂 I'm a car guy and have been wanting a GT for the longest time however. Never had a V6 or V8, so I will absolutely be looking to get the new S650 later this year or early next year. Mainly because I want to save a lot of money first to buy a semi truck to owner operate in, THEN go put down on a new GT S650. 💪🏾 Gotta play the long and smart game. 💯💯 I'm going back OTR for this reason to save faster. Wish me well guys! 🙏🏾
Edit: Also @7:22 I noticed this guy has the premium version based off the screen. ALSO also, he's listening to something Pokémon related there. Wonder what.
I had a GT-350 for a weekend back in the summer of 2022. I couldn’t fit a pizza box in the back seat without moving the front seat. I had to put the pizza in the trunk. Monday evening after work I took it back and got my Focus RS back. Still have my RS.
A new car isn't necessary. It's more about ego than anything. If I was young and making enough to pay those car payments I would pay that to myself in an index fund. You can find a nice clean used car for $2000 still. Let your money work for you. Don't buy a new or newer car with payments.
Bro... buy a honda or something
I just traded an r170 slk for a 97 SVT cobra, equal to 5 payments on that mustang lol
Why didn't he buy a used hybrid?
Or a new hybrid
if he does it right.. he can write-off a majority of his vehicle costs since he uses it for work.. if he has a decent CPA, can turn that mustang purchase into a fat tax return lol
I’m still confused why people choose debt over their peace of mind.
I drove a 05 Corolla for AGES.
I finally got a good job, pay raise, and had the income to cover a car note.
Went and purchased a 23 Civic and no it’s not a luxury car but it did meet my budget of paying under $500.
Now I pay my $400 car note easily and still have the money to pay my bills, rent, groceries and still have money to set side.
With a new car and a bit of disposable income I didn’t just go and spend it all, I invested that money into my 05 Corolla with 200k miles on it. Now it runs essentially like when I bought it!
I’m so happy I did fix my “old” / “beater” car, recently I had new car issues and put me out of my car for a week. If I was dumb and didn’t fix my Corolla I would’ve been SOL.
Fortunately my old car was there sitting and ready to go.
Now I could’ve afforded a luxury car. I had been eyeing a Lexus. But in reality I did not have the time to spend money on a car I was going to drive to work 90% of the time and out and about for 10%.
After financing a giulia I learned that cars are not everything. Car is fine and will be covered by extended factory warranty but this really ain't worth it honestly. I'm aiming to pay it off in a year or two and keep it for a very long time. You can care what people think but inner peace is quite literally invaluable
You could just buy a used V6 mustang...
Why do that when you could spend that money on 2 months of car payments?
@@craigstephenson7676 lol
I do food delivery in a paid in cash Tesla and I feel like I’m barely making money
doesnt anybody buy a semi clapped 85 camaro or 97 mustang GT, sink $500 into it in basic mechanical parts and go any more??? not only does it work,,, BUT they are paid off...
Sounds like bad money management to me. Companies are definitely greedy but we gotta have some consumer responsibility.
could probably buy a freakin c7 z06 for that, what about a car dealership makes people have a 50% drop in IQ
I have bought 3 new cars. I have bought all of them outside my county (I am not from the USA) because my county tends to be more expensive, less discounts on the cars and, sometimes, extra costs tacked on. I bough one from 500 km away and 2 of the from 120 km away, no issue whatsoever, just better pricing. The highest I have saved was about 1200 euro on a 19000 euro car, the lowest was 525 euro.
Its not even just the car price that's the issue, its also principle and interest. I pay $520 a month for my car but only $340 goes to the principle and other $180 goes to the bank as interest. Sticker price is $26k market price $34K and the interest is an extra $11k over 7 years.
I’ve owned mustangs for over a decade. When I financed, I’ve never had a monthly payment more than $340. My current GT payments are done and I would like to upgrade, however I am not paying 600+ a month on a GT unless it’s stupid special which 99.99% of them aren’t.
I have a 2013 Nissan Sentra. I paid $250 per month for 5 years, until 2018. Since then, I’ve had no payments. I keep it in showroom condition. It looks and drives like new.
So he went and bought a brand new Mustang GT to deliver food. I guess he needed a 465hp V8 for that. Sounds practical.
He overpaid by around $25,000 and missed the first 2 monthly payments out the gate. So by month 3 he’s already $2000 in the hole.
Is there an update because I’m guessing that car got repoed.
If he really wanted a V8 Mustang, many options available, just dont go new. He could have easily got a Fox Body Mustang / Cobra Mustang from the 2000s, etc.
Stuff like this makes me thankful for my $800 Honda, consumer debt is crazy
Hope you mean you bought the car 800 and not spending 800 monthly
That fool needs a good paying full-time job to make a $1000 a month car payment. No food delivery gigs don't pay much to make that kind of payment a month unless you're working 7 days a week 12 hours a day. It's not worth it
Get 50% down, bully the dealership into giving you 10% off. Get a car with 30-70k miles to avoid the new car depreciation. I only pay $220 a month on my 2020 Fusion Titanium which had a sticker price of $22.5, got it for $20k out the door + interest
I bought my Mustang Gt for $3,000 and just built it up. Cheaper and paid for. Car prices in general are too high, like the CEO's.
Five years ago I bought a 2003 V6 Mustang from a private seller for $4200 cash, with 67,000 miles on it. Beautiful Zinc Yellow paint. It was a 9 out of 10 both cosmetically and mechanically. The 3.8L OHV V6 is several times more reliable than the cheap, crappy Ecoboost, and can last well past 200,000 miles if properly maintained. I have had no problems with it at all. It costs me right around $150 to insure it for 6 months. And being bright yellow, it is a very flashy car. Non Mustang guys don't know the difference between a V6 and a GT. What I paid for it wouldn't even pay the sales tax on most new cars. It stands out like a neon sign in a sea of black, white, and gray taxi trucks, crossovers, and boring little front wheel drive 4 door sedans.
In the Philippines, when a newbie "car bro" wants his regular car he got for a low downpayment to "get fast" he asks his other car bro how to "palakasin ang hatak" (pull fast, go fast mods etc.)....and the car bro just says....don't pay the bank 2-3 months for sure the pull gets fast.
This is Probobly already covered, but $1000 a month is PREFERRED by some people when your tying to pay your car off. Why pay minimum payments and build interest rates when you can pay it off and have no occuring dept.
1k is the minimum with interest yike
Working a sales job is the best thing I've ever done. I can sense all the bs and buttering salesmen do and I'm aware of all the tricks used to get you to spend more
Nothing wrong with $1k car payment, if you can afford it.
I recently purchased a new car for 35k with a 1k payment.
By reducing the loan to three years, I received an interest rate of 4.5% Far less than my investments earn.
Like with everything, the devil is in the details
The cope. You’re still paying interest on a depreciating asset. You failed investment 101. Toilet paper would be a better investment than any new car worth only 35k. What’d you get a Prius? Let me know how much you’re under water in 6 months when car prices plummet.
Exactly good job. The frugal mcscrooge don’t understand how to leavege debt or if they do they are penny pinchers, who opinions don’t matter about having nice things. Paying off 35k in 3 years and still investing is a boss move. What kind of car if you don’t mind me asking?
@@mostwantedmotor you think a new car worth only 35k 2024 is a nice thing! lol no wonder the bank has you guys by the balls. Leveraging something like a student loan debt makes sense, doing it on a depreciating asset that is currently hyper inflated is the definition of being a sucker. Buying a new car is never a sound investment, that’s investment 101.
@@blackeastertheguy Many new cars in 35k range can be nice especially considering the amounts of down payment. I don’t consider cars an investment at all but just because it’s not an investment doesn’t mean it doesn’t have value, a brand new car removes headaches of old cars being unreliable or needing emergency repair, added safety features, better economy and performance, increased total resell value compared to older, lower interest rates, and lower maintenance cost.
Due to inflation used cars being financed often cost similar, many barely depreciated yet have reduced warranty more mileage and more likely to face the worst circumstances paying a loan while having a broken car.
Even if the car isn’t an investment it still wouldn’t matter in the long term if you don’t ever plan to sell it. A camry 20 years ago had a msrp of 22k A brand new 2024 camry has msrp 27k it’s more expensive but way better of car and over 20 year time period which the car is known to last for it’s a drop in the bucket. People spend the equivalent of that on haircuts.
@@mostwantedmotor Purchased a Mazda MX5 GT and loving it!
I have seen countless of these types of videos and in short; if you cant buy the car without a loan, you cant afford it
Loving this new commentary style video, wish you did more just like it
If he saw 28% and all those charges and still made the deal thats on him
Decent timing.
I'm looking at buying a vehicle for work and need to put alot of miles on it. I still want something fun so I was thinking Miata GT Manual.
There are some 8 year old Miatas for low 20ks but more common are 2019 GTs for 28k (New is 37k after registration, tax, and licensing)
If I put $10k down, is this a smart buy? Is it still better to buy used?
(planning on 30k+ miles a year)
Completely depends on what your work pays you. Your take home should be quadruple the car payment (if you have to take a loan), minimum. Hopefully 1/6th. I shoot for 1/10th
If he's doing it for doordash, aka his job, he should be able to write- a substanial amount and probably even beat the sky-high standard deduction too.. He's almost like an independent semi-truck driver.. Those guys, on paper make like $150k or so, but they only claim around $35-40k lol.. the rest is truck payment and fuel/toll costs lol
Sounds like he rolled his old loan into a GT mustang he never could afford in the first place.
I own a 2024 Mustang GT, I pay no where near 1K per month. My insurance rate is also cheap. Premium gas is about 50 a fillup, no issue for my budget.
this is canada bud.
If I was delivering food, I’d be driving 4 banger econo box. The guy has champagne taste and beer money.
A new Kia forte woukd have cost me $700 a month.
450 monthly payment + 250 for full coverage insurance.
It is also entirely possible that he didn’t have GAP or something on his previous one, and didn’t get enough money to pay it off, then rolled that negative equity into the new loan.
$1000/mo for a GT is absurd regardless of the circumstances tho. No doubt.
Brotha is cooked. 🦍
When I got my car new yes I messed up but the thing is my apr is 5.45% for 25k I walked away and thought about did the math over lunch with my friend as month payment being 485.00 a month I I'm e4 in the navy I have plenty of money left over I didn't want to spend over 25k I drove 8 hours away to get it too thank goodness for 96 hour liberty
I’d would guess most of the people with the very high payment are also high income.
Generally someone buying a brand new car is already higher income.
You would need an income breakdown by payment to get a real analysis.
You can get a brand new civic for under 30k
I've owned 11 new cars over the last 40+ years (for either 60 or 72 month terms) & never had a monthly loan payment that exceeded $330/month. I've always preferred sensible but fun/sporty compact or subcompact vehicles though (loved my 2015 Toyota Yaris SE hatch 5-MT, for example). Currently own a 2022 Mazda CX-30 CE 6-AT (my first automatic & largest vehicle I have ever owned, despite it being the smallest Crossover available currently from Mazda in the USA).
I’m sick of idiots that don’t understand how to work a deal on a car. It’s not hard to know if you can or cannot afford a car/car payment, literally simple math.
Grow up!
I’m doing DoorDash and I really think I need a Lamborghini. What do you guys think? Do I get more tips with a fancier car?
This is ridiculous
That man is tripping, I just bought a 2025 BMW i4 xdrive40 my payment is 800. And my HH income is 200k+ and I really was reconsidering 800 😅
I don’t think a mustang gt is the most fuel efficient vehicle ether
My boss does this. Pays $1200 for a 2023 Mustang GT with the 10k supercharger upgrade that ford sells.
Mind blown….
I sleep well knowing all my vehicles are paid off… I bought my commuter car for 950$
I was actually considering a bike but my family and friends are avidly against it because it’s not safe, which is fair.
privates with 20% APR, what i dont understand why is he doordashing when hes on active duty? is he in the reserves or something?
Would 1k usd finance be a lot if I pay it in two years?
Monthly payment only tells a partial story. Purchase price, term loan, and APR tell the complete story.
bro what ever happened to people buying used cars for 60 month terms? Like max 30k car if you can swing it. Like bro wtf is going on
As a car enthusiast myself, I don’t understand how even non-car enthusiasts are so picky about their cars. I’d be happy with a second-hand Corolla. If you want “fun,” buy a manual version of a cheaper car.
I will say. It takes so little disposable income to thrive. Do the things you want. Enjoy trips and your days off.
Do not waste all of your disposable income for years on a car. Where you gonna drive it? Can’t pay for multiple nights in a hotel every couple months if all tour money is in a car.
Heeeyyy this video is calling me out :)🤙, 2021 Mustang Ecoboost high performance package, I pay 950$ for the car and 300$ for insurance, and gas is 200-280$ a month
Yikes brother 😬 what was the thought process that led you to have a mortgage on an eco boost?
People just make really stupid choices.
I thought they discontinued eco boost mustangs
insane car market, just bought an Audi A3 1.6 TDI and paid 6.2k I am the lucky one that bought it at a real good price
I remember thinking $469 a month for my 2011 Mustang GT was alot...
Wow my new porsche has a fraction of that payment 😂, seriously folks buy what is cheap to you
Only if your credit is trash and you roll negative equity from the Hellcat you just wrecked.
Dude should have bought a hybrid Corolla for 23k new, double or triple his daily profits
Out of all the cars out there, I still see firebirds going for the same price.
Damn transporting cars is way cheaper than I thought
“Navy Veteran” those mustangs, mopars and Camaros 😂
He could’ve bought a whole ass used S550 for that mark up.
$1000/mo is how much I pay for rent. For a car? Eff that 😂
yeah even for a mustang that's a terrible deal, it would honestly make more sense to buy a cheap secondhand banger car for way under a 1000 bucks and work so you can pay for repairs off your old mustang which if you weren't doing the work yourself would be around $3000's in repairs
Bro got a mustang to doordash in smh. These same people will then complain about the economy like don't get me wrong it's not the best of times in that regards but people like this would be in trouble in any financial climate. They buy things because they feel they deserve them like they are some sort of rockstar or other famous person. Very rarely do they need these things they just want them and F up their whole lives in order to obtain said things. Then it's everyone else's problem / fault because they did something incredibly dumb. I'll never understand it.
I would have bought a focus st or rs if he wanted a ford lol
Nah nothing beats a V8
@@AD-ge1bzthe tow truck that comes and gets the bank’s car back is undefeated. Have fun making them banks loads and loads on interest.
These adults and young adults buying these cats.. THeyre buying an experience they never had.. They grew up poor.. Their parents never had a nice car and they've never experienced buying. new car from a dealer. Now they have jobs and want to experience that. They want to know what it feels like to not be poor.. to feel rich... So they go buy a new car that keeps them poor.
I really like these cars.. but man.. I already had that experience many times.. I'm not missing out on anything. Been there. done that. Haven't had a car payment since 2005. Just upkeep and repairs.
I’m about to go try to buy a Supra this Saturday idk if it’s the right call I mean I make enough to afford it some what I make about 4.5 - 6k a month depending on how much I work the car payment at most will be 1200 I want to get it to 900 but idk if I’m making the right choice I’ve seen a few of ur videos over the last few days and I don’t wanna make a bad decision also I’m 19 and I don’t really have any other bills just my bike for 150 a month and insurance for bike 80 and a few subscriptions like max 50 bucks but other then that I just have extra money and I just don’t know if I should buy it or not I really want it being as it is my dream car and I can afford it in my life rn I wanna get it but idk
if you have no other bills or expenses, and won’t have bills for the next coming years, then you should go for it. did you end up getting it?
More than Shelby gt500 lol
Bro I’m saying…how in the hell?
I know for that kind of money 💰 he should of got a Shelby , and probably wouldn’t depreciate as fast 💨 but he had no business sense in using a v8 that likes to be reved-up and dripping gears ⚙️
No. I refuse to imagine it
I would gladly pay that for a 2024 gt
Who needs food delivery for w mustang? A 5 year old corolla would be perfect
That thing is such a piece of junk, all the hard shiny plastic in there makes it feel like you’re sitting in a bath tub.
Bro I wouldn’t pay 500 a month for a mustang
If its for a GTD 1k a month is doing well in life
A guy delivering on a mustang? He just wants the mustang, this is a bad example.
What's wrong with a good old reliable yaris or some hybrid?