I have recently purchased the ford mustang ecoboost premium and this car has certain upgrades and the total price summed up to around 50k, took loan at 8% and I have the car with me for the last three months and drove around 2.2k miles and car is still new and in excellent condition, I recently lost the job and what would you all think should I sell my car or keep it with me and right now I am paying around 894 and 200 insurance per month and fuel costs add up extra on top of this total amount. If I sell now how much I can sell it for,,, need a word from all car guys here TC: 0
Why would you pay 50k for an eco boost? Smh. And 8% loan too. This was a bootcamp purchase not a software engineering decision. Sell it
Harsh but had to be said. I was trying to talk a coworker out of buying a shitty 4 banger Mustang. Told him to at least get a manual if he was going for the Eco. Guy got the Eco auto for the look.
Sell it and consider your down payment gone, move forward
You will take a big loss. Probably sell for 40k max.
KBB can get you comp pricing.
Per Dave Ramsey, you shouldn’t buy a new car until your NW is 1m, and then pay cash for it. This was a mistake.
That car lost 20% of it's value when you took delivery of it. Most buyers (carmax, etc) will give zero value to the 'upgrades' that dont come standard with the trim level. Theyre just hard to value. If you're looking to keep this car long term for some sentimental reason, call your bank and ask for a payment forbearance. Whether you sell it today or in our 6 months (after making 6 payments+insurance) , you're sale amount is likely going to be same till its about a year old. Then the next 10% drop will likely hit. Last option, if you dont mind the hit to your credit.. Stop making payments and the lender will repo it. This will show up on your credit report and can affect everything from buying a house to getting a job in the future. Do not uber or doordash on that car to make ends meet. The wear tear depreciation on a 50k car is a lot more than what those wage/tip stealing companies pay put.
First thing, why the hell did you buy an ecoboost for 50k? I got a GT convertible premium at total 63. 5k out of it was the convertible portion. You could have gotten a regular gt premium for just another 7k. And how did you end up getting 8% loan when ford itself was doing a financing for 2.9%? I know it because I went to buy with cash but when they said 2.9%, I switched to it because their APR is less than CD rates.
It's an ecoboost...get rid of it. You're young (I assume, who else would buy a brand new ecoboost lmao), so just focus on earning enough first. Next time, look for deals. I got my new S550 GT premium last year for 45K (50 after taxes) and 0% 5 year financing through Ford credit.
Why not save on interest by using your severance money to buy it out?
Not a car guys car. If you can’t afford it get rid of it. Carvana or carmax