need some serious, unbias advice

I would say put the extra $100/month you would be spending on the Mustang toward paying off your Tacoma early. Then once it's paid off, sell the Corolla and buy a new or used Mustang. Best of both worlds.

 

Brett, how do you haul around your brute force without a truck?

 

Mod the taco.

 

AT 22 years old it's time to have fun and do whatever you want. If you can swing the payments I say go for it. Just remember in the future you will have to settle down and do the responsible (drudge) thing.

I only wish I had cut loose a lot more when I was younger. My life has been a drudge from the start and now I regret it.

 

the smart thing to do would be forget about the car and keep the truck. Pay off the truck and invest all your time and extra money into getting a home of your own(Buying) Car's are a bad investment. Plus once you have a home of your own you will NEED the truck, trust me! Trucks are the most versitile vehicle you can own. Dollar for dollar owning a truck is your best bet and the Tacoma is one of the best trucks on the market today. Being able to buy your own home is the best feeling in the world. I would strongly encourage you to put the money you have saved into your first house!

 

besides this past year when we got 8"+ of snow, our winters are usually very mild with very little accumulation of snow. its not so much losing the 4x4 of the tacoma, its the versatility of ever possibly needing to use the bed. though i never use it now, i know the minute its gone, im gonna need the bed. so is getting rid of it worth losing the need for it 3 times a year if that?[/quote]

Guess that depends, you have a buddy with a truck?

 

Wow... Uhh... I'm sorry, but I cannot agree with everyone saying "go for it."

Dude, you're not in a good financial position, no matter what you think. You've got 2600*12=$31,200 worth of income and I'm HOPING that's after tax, because you have 17 thousand in debt.

I hate to say this, man, but trading would be insane. Owing 17k you would get nothing on a trade at best and at worst you're upside-down on the loan. And you want to rack up another 30k in debt, when you haven't gotten the original loan down very far in 2 years?

I understand the desire to do this, but man, I just turned 24, and having paid off my vehicle in 6 months is one of the best decisions I've made...

 

only thing i could think of, is if you are planning on buying a house, your gonna need a truck...i have used my in two fold since I bought a house.

 

I don't think he's upside down on the loan. He should be able to get $20,000 trade in on his truck.

 

If you don't have a home that should be priority # 1 housing market is still very low, buyers market for sure. Get a nice starter home @ a great price when the market finally rebounds refinance or when your truck is paid off get your 30K car then. Most likely you will be over 25 and insurance will be alot cheaper.

If you bring home $2600/month before the uncertain overtime $ you can in no way afford a new stang IMO.

I am not that much older than you and would have done the same thing a 10 years ago. Not tryin to be preachy just wish someone would have counseled me back then, good luck either way.

 

Ok I won't say tacoma, tacoma, tacoma, but I will say current car you've already started paying off with nothing wrong with it, current car you've already started paying off with nothing wrong with it, current car you've already started paying off with nothing wrong with it.

He's too busy wasting his money on tires, exhaust and filters

 

keep the truck for another year and see where you are at. Dont get me wrong that new 5.0 is SICK. But maybe wait a year or two and make sure ford gets all of the kinks out the the car. That engine hasent been around for awhile.

The one day you have to haul something or even put a bicycle in your new car you will miss your truck. I did what you are thinking and got an acura car and missed my truck for the simple thing that it is "A Pick Up Truck". I now own another Tacoma!

Save up get the 5.0 and keep the Toyota of life

 

got rid of the ole brute. had it for 6 months, put 1 hour on it. did not ever ride it!

this is what im worried about the most, if i pass up on this, who knows if ill be in the situatin to afford one a few years from now. i dont want to be 50 and look back on life regretting that i didnt enjoy being young with a muscle car.

sure do, got lots of em who have said theyd help out whenever.

i also agree with you. though i would get more out of my truck than i owe. im not going to exactly like being that much more in debt, but like many have said...i only live once, enjoy it while i can.

another reason why im being hesitant. house is kinda on my list too but not in a huge hurry. if ive been able to afford a tacoma and put $1500/month back in the bank, i think i can swing an extra $90-$100 every month for a stang.

ive bought one set of tires for the truck in 2 years. same goes for the exhaust, $200 installed. and the filter, $50 for a lifetime filter sounds like a money saving purchase to me.

 

I'm just gonna throw this out there as far as the home ownership goes.......Weigh the ownership against leasing, you'll always be making payments either way but....Do you want the responsibility of owning and fixing the house or just let the landlord fix stuff and you pay rent. Free time is eaten up with care of a home. If you rent/lease then less of your time/money goes into the repair/replacement of things wearing out or breaking. If it's a condo or townhome then you don't do yardwork, this too takes away from having time on weekends to do things you want. On the other side, it's yours to do what you want within guidelines of HOAs if not out in the country. You actually build up credit and equity which can be used for good things. You can use improvements to lessen tax burdens. The pride that comes with ownership. All kind of things to consider. When I was younger I wanted to go have fun and let someone else worry about all the ownership crap but eventually I gave in and bought our own and there went a lot of free time but we are better off monetarily. Time....money.....need both but must juggle each to have the other. What a fuckin situation, lol. Again, balance is what it's all about, be responsible and look out for your best interest because no one else will but dammit, have a lot of fun along the way........good luck

 

Heres my take. Keep the taco you will eventually need it for a truck, believe me I know. Keep paying on the truck, even pay extra to get that balance down. Keep saving as much as possible and get the Mustang a little later. You might even find someone who has one that gets in a bind with $$ and needs to sell fone ast and cheap. This is what happen to me with the 2010 Camaro I just picked up. I still have my taco and now I have my favorite sports car as well.
But in the end its all about what you need.

 

To the OP: You come on here asking for advice, but everytime somone gives you a good reason not to buy the Stang (I have heard many) you come back with why you can do it. Why bother asking for advice if you have already made your mind up? I could care less what you do with your personal finances I just hope you don't overextend yourself and lose your job like many have in the past few years.

 

What's with the attitude? The guy is undecided and he's asking our opinion.
If he wants to live a little now that's his decision.

 

I'm 24 - same boat as you, not really any responsibilites and a good paying job. I've thought long and hard about this (except I want an S2000).

I still owe about $7,000 on my truck (which is worth $16,000) I plan on paying it off by the end of the year (2 years early), and once I do that, pick up a second car for about $13,000. So my payments will be about the same once I add a second car to the insurance.

Granted that there's no way I want to pay a $30,000 loan off. But I say go for it! You only live once, if you want to have kids in the future, get a practical car then, but for now have fun.

One of my best friends is a Ford mechanic, and he's going to be getting a Mustang 5.0 in the spring (just to avoid snow/salt and having to get a 2nd set of tires right away). I absolutely trust his judgement when it comes to cars, and his only concerns about it are the transmission and rear end (for holding more power) But I think too that Ford did a good job designing this engine and I wouldn't really expect too many problems with it.

 

sounds to me that you need to play in your truck more.. fast cars and fast chicks are soooo much fun but can be expensive. your truck will be missed as soon as you need it. why not look at cheep hot rods that ur truck can pull. but hell ive been there before. have fun with your life you only get one no wrong move is really that wrong life's a garden digit u cant have no in your heart

 

I drove a shelby GT 500 25 miles and that sob was so bad. If it was me and had no bills no kids and only needed a fun car to pull P. I would sign my name today