Making payments on a 2016 Ford Mustang GT?

When I started my car fund project earlier this year, I envisioned stepping up into newer and/or better cars as soon as I saved the money to do so. Car payments were simply not an option – I wanted to own these cars outright, and having payments on top of inevitable maintenance and repair costs didn’t sound like fun to me at all. Besides, I’ve always hated having car payments and paying off my 2004 Nissan 350z three years early felt so good that I’ve vowed never to finance another car again.

But my monthly income reports are starting to give me a change of heart. Even in my worst month, I’ve earned enough to cover a pretty hefty car payment. And most of the time, I actually earn much more than I would ever consider paying for a car each month – so that alone is enough to average out the really bad months, should I ever run into dry spells every now and then.

I’ve averaged $991 per month with my car fund project so far. That’s the kind of money that will pay for a sub $40k car with ease, and…well…there are a ton of cars out there under 40 grand that I’d be very happy driving. I immediately started thinking of C6 Z06’s, but the thought of spending that much on a 6-8 year old used car (and the maintenance costs that come with it) just didn’t sit right with me.

Then I started browsing the new car websites to see what I could get for that kind of money. Long story short, I can get into a really nice 2016 Ford Mustang GT for less than $40k and it’s awfully tempting. Here are a few pics of the car that I built on ford.com:

Rear three-quarter view

Rear three-quarter view

white 2016 mustang gt

Rear three-quarter view from the other side

Front three quarter view

Front three quarter view

black cloth interior

Black cloth interior with the Recaro seats (of course)

Oh man, that’s nice. All white, all the performance goodies, and a black cloth interior with the Recaro seats and a 6 speed manual. *DROOL*. But do I really want to have car payments again? I’d rather not, but…damn, how cool would it be to ditch my piece of crap 1996 Mustang GT for a brand new 5.0 with all kinds of go-fast parts on it? I’m sure many people wouldn’t think twice about something like that, but I’m a total tightwad when it comes to money and I hate financial commitments.

I’m not really sure what I’m going to do yet. My monthly income reports are proving that I can handle a car payment without much of a problem, but the cheapo in me isn’t so eager to go for it. Maybe.