old guy Posted May 26, 2006 Report Share Posted May 26, 2006 I have mentioned several times that I believe the price of the Shelby will drop in a year or 2 because of availability of cars. Several have offered opinions, but here are the numbers I am using to support my opinion. Let's say you are buying the car for 5K over. It looks like that's going to work out to be about 53K (48K MSRP optioned out + TT&L and 5K for the dealer- these are just estimates. I DON'T know.) Let's say your down payment or trade in is about 20K. That's a 33,000 loan over, say 7 years (seems to be the norm nowadays) at, say, 7%. That works out to $498.34 a month for the next 7 years with about $8872 interest over the life of the loan. This doesn't take into account any amount you might be upside down with your trade in. You can adjust the monthly payment amount by figuring about $15.10 per $1000 principal for 7 years at 7%. Monthly cost until when? First and foremost - 500 smackers EACH AND EVERY MONTH for 7 YEARS! (That's 'till around the end of 2013) Total cost, almost $62,000 for a Mustang. And if you plan on replacing or keeping your current everyday driver (in that case down payment will probably be less so principal will go up accordingly) there will be another loan on top of that. Plus a mortgage, utilities, family expenses, and figure gas is only going up. Folks making 60K a year will find over 10% of their income going to a car payment (figuring take-home of about $45k) for a car they aren't driving, not to mention insurance. That's why I kind of think we will see some people forced to put their cars up for sale after a couple of years simply because they haven't thought out the reality of the obligation. Thoughts???? Link to comment Share on other sites More sharing options...
old guy Posted May 26, 2006 Author Report Share Posted May 26, 2006 by the way -- i'm not talking about the enthusiast, but about the everyday guy who just has t have one right now. Link to comment Share on other sites More sharing options...
old guy Posted May 26, 2006 Author Report Share Posted May 26, 2006 The only reality I want to face right now is me hauling butt behind the wheel of a factory built 500+HP Supercar. Yes I said 500+ and Supercar, thats what it is to me and noone can tell me different. GIVE ME MY CAR ALREADY I'M GOING NUTS! I've been pretty patient up 'till now, but I gotta admit, I'm counting down to the end of June! There's supposed to be a Mustang Roundup in Steamboat Springs on Father's day and I'm supposed to have it by then. The dealer even asked me to take it up there. Link to comment Share on other sites More sharing options...
old guy Posted May 26, 2006 Author Report Share Posted May 26, 2006 Wow that sounds really cool a show right off the bat, best of luck hope you get it in time. Keep us posted. I have a funny feeling that I won't be the only one! Edited for spelling Link to comment Share on other sites More sharing options...
sharon Posted May 27, 2006 Report Share Posted May 27, 2006 I have mentioned several times that I believe the price of the Shelby will drop in a year or 2 because of availability of cars. Several have offered opinions, but here are the numbers I am using to support my opinion. Let's say you are buying the car for 5K over. It looks like that's going to work out to be about 53K (48K MSRP optioned out + TT&L and 5K for the dealer- these are just estimates. I DON'T know.) Let's say your down payment or trade in is about 20K. That's a 33,000 loan over, say 7 years (seems to be the norm nowadays) at, say, 7%. That works out to $498.34 a month for the next 7 years with about $8872 interest over the life of the loan. This doesn't take into account any amount you might be upside down with your trade in. You can adjust the monthly payment amount by figuring about $15.10 per $1000 principal for 7 years at 7%. Monthly cost until when? First and foremost - 500 smackers EACH AND EVERY MONTH for 7 YEARS! (That's 'till around the end of 2013) Total cost, almost $62,000 for a Mustang. And if you plan on replacing or keeping your current everyday driver (in that case down payment will probably be less so principal will go up accordingly) there will be another loan on top of that. Plus a mortgage, utilities, family expenses, and figure gas is only going up. Folks making 60K a year will find over 10% of their income going to a car payment (figuring take-home of about $45k) for a car they aren't driving, not to mention insurance. That's why I kind of think we will see some people forced to put their cars up for sale after a couple of years simply because they haven't thought out the reality of the obligation. Thoughts???? My though, is that those guys who are just buying this car for the turn around. They ones that want to buy the car just to make money off it. If the price drops next year they might be in trouble if they have paid 5-20K over and then want to sell it. Link to comment Share on other sites More sharing options...
RUFDRAFT Posted May 27, 2006 Report Share Posted May 27, 2006 Tsk - tsk. You all sound pitiful. How in the world can you all be so excited about an auto-mo-bile? Link to comment Share on other sites More sharing options...
old guy Posted May 27, 2006 Author Report Share Posted May 27, 2006 Tsk - tsk. You all sound pitiful. How in the world can you all be so excited about an auto-mo-bile? Yeah, I'm getting really bad! Why, just in the past 3 weeks alone I've posted 370 times, figured out the music I'm gonna play on the way home, started therapy threads, bought models of this auto-mo-bile, answered almost every post within a few... ...um, oh yeah... ...never mind. Thought that was me. Link to comment Share on other sites More sharing options...
RUFDRAFT Posted May 27, 2006 Report Share Posted May 27, 2006 I - am - laughing - out loud!! I am so - busted. :happy feet: :happy feet: Link to comment Share on other sites More sharing options...
angelmav Posted May 28, 2006 Report Share Posted May 28, 2006 oldguy I have to agree with your initial point, I have a feeling several low mileage used Shelbys will wind up on the market for exactly the reasons you expressed. Link to comment Share on other sites More sharing options...
kb67 Posted May 28, 2006 Report Share Posted May 28, 2006 I think some folks are not thinking at all about anything other that the car and getting it. I understand that myself :D, but as Oldguy is saying all the other stuff is going to be there too it doesn't go away. I've been calculating on payments and all the other stuff, its a bigtime investment for me. I saw a fellow looking at a stage 3 Roush Friday really really bummed out he couldn't drop 50K on it. He was desperate to get it, his emotions threw logic out the window. I think some folks will have their bubble burst on what they get. Its not a low production car, in a year or two something else will be the thing to have so I can't see alot of GT500s going for the prices that warrant going over sticker to levels that some dealers are taking them. I may be wrong but comparing this car to something from years past doesn't really get you resale value. The folks buying it to sale in a year or two or as a investment might come up short there. I'd buy the car to enjoy modifiy they the way I want and to drive the crap out of it :D Link to comment Share on other sites More sharing options...
old guy Posted May 28, 2006 Author Report Share Posted May 28, 2006 I really wasn't thinking about people who think this will be a good investment (they'd do much better putting their money in an interest bearing account, in my opinion) but more of the ones who don't realize they are taking on an obligation that they will be unable to fulfill. These are the folks who really love the car and want to be the first on the block, but don't really have the resources. Banks, dealers and finance companies convince us that we can have it now and pay later, but they don't really dwell on the "paying it later" part. I've seen it happen many times and, honestly, I feel sorry for these people. Link to comment Share on other sites More sharing options...
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