"trmoore09" (trmoore09)
08/16/2018 at 13:45 • Filed to: None
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"trmoore09" (trmoore09)
08/16/2018 at 13:45 • Filed to: None | 0
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Like the title says, I’m considering trading in my 2016 Mustang GT for something with: a cheaper payment, better gas mileage, & cheaper insurance, but still fun to drive.
Here’s the situation: my wife just started grad. school (this week), and will be in school for the next 3 full years. It is an intense program, and they urge students not to work, but she is going to attempt to work part-time (2 shifts a month “part-time”), so we’re losing most of her income. That being said, I think it would be financially smart to find something cheaper for my DD. I am really just using the Mustang as my DD, and we typically drive her car any time we’re together (2018 CX-5 GT AWD).
Time for the $$$$ - I’m currently paying about $600/mo car payment, $200/mo in gas (1000 mi/mo @ 15mpg), and ~$100/mo in insurance for a grand total of $900/mo just to drive this thing to work and back. While it is extremely fun, It’s not worth $32k+ over the next 3 years. Since we’re losing her income, we will have to dip into savings some each month to make up the difference.
Since my current priorities are to cut costs over the next 3 years while still driving something fun, at an absolute minimum I am planning to refinance the car, probably for another 5 or 6 years. This would drop my payment from $600 to about $350 or so. I understand that is a dumb move long term, but I am really only worried about the out of pocket costs over the next 3 years at this point. I am not under water on the car, and I’m not planning on keeping it for long after my wife graduates. At that point I will have had it for 5.5 years (bought new in Jan 2016), and my car A.D.D. will be in full force and I’ll want something else.
*Refinancing alone would save me about $8k over the next 3 years.
*HOWEVER. Option B is to trade in the Mustang (with about $1500-$2k in equity) and get something cheaper. My budget would probably be a max of about $18-20k, with cheaper being better, and looking at something with less than 40k miles or so. Between the extra savings on payment, fuel and cheaper insurance, I estimate I would save an extra $6k over refinancing alone.
Needs: Under $20k, less than 40-50k miles, reliable, practical, good gas mileage(25mpg+). It doesn’t have to have 4 doors, I’m just leaning towards that since it’s cheaper and more practical than an FR-S or something.
Also, I’m 6'4 250lbs, so Miata IS NOT the answer. lol
Current top ideas:
2015+ Volkswagen GTI - $18k+
Fiesta ST - $15k+
Focus ST - $16k+
Any other ideas? Thoughts on these ideas?
I’m leaning towards the GTI since it has a significantly nicer interior and is more of an “adult” car, but it is also about $3-5k more expensive than a comparable year/mileage Fiesta ST, depending on the trim. Focus ST is an option, but it’s about the same cost as the GTI, and I would probably prefer the GTI.
The only problem is that there is now a green for the 2018 GTI which I quite like. But I don’t need a new car....
TL:DR -
Option 1) Keep the Mustang and refinance, save $8k+ over the next 3 years. V8 roar for 3 more years.
Option 2) Trade in the Mustang for something cheaper and more efficient and save ~$14k over the next 3 years. Any ideas for potential replacements? looking at a max of $20k, 40k mi.
Textured Soy Protein
> trmoore09
08/16/2018 at 14:38 |
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If you’re only planning on keeping something for a few years, why not consider leasing? If you find something where there’s a manufacturer subsidized lease deal and you don’t put crazy miles on the car it can keep your payment pretty low.
My wife’s CX-5 Touring AWD Preferred that we just leased had a sticker price of right about $30k and we’re doing a 36 month, 30k mile lease on it. $2k down and $321/month with the Mazda lease deal on it. Before that she had a Subaru Impreza 2.0i Limited, sticker price on that was $27k-ish and with a similar down payment it was $289/month. Both of those are subsidized lease deals.
As for which car, if one of your main goals is to save on fuel costs, you should try to stick to something that runs on regular fuel, not premium like the GTI. The Ford STs take regular, otherwise you could look at the Hyundais with the 201 hp 1.6 liter turbo, namely the Elantra Sport sedan, Elantra GT Sport 5-door hatch, or Veloster Turbo whosiwhatsit. The same motor is also in the Kia Soul ! but that one has the crappy twist beam rear suspension while the others have a much better multilink setup.
You could also look at the Civic Si, it does take premium but it’s also rated several mpg higher than the others so it makes up some of the difference.
UnderSTeerEnthusiast - Triumph Fanboy
> trmoore09
08/16/2018 at 15:03 |
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As TSP said, leasing may not be that bad of an option. I personally have a FoST, and I enjoy it for dd but you definitely have to get used to the harder suspension. Not super ideal for rough roads. Also, my average mileage is 24.5 @ 93 premium. This is based on mostly city driving and short trips due to my proximity to work, so your mileage may vary. For overall build/interior quality I think you’d fancy the GTI more.
Also be sure to get quotes. I live in Cincinnati, have nothing on my record and pay $108 a month for insurance. I’m also 24, so that may have to do with it.
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trmoore09
> Textured Soy Protein
08/16/2018 at 15:06 |
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Thanks for the input!
I would look into leasing if I end up going the new car route, but the current lease deal on a GTI S (with auto transmission that I don’t want) is $299/mo + $2k down. A used one would be about $285/mo after a $2k trade-in, but my main issue with leasing is that it’s 100% depreciation and I would lose $10k+ in value over those 3 years. I know I said my only concern was out of pocket over the next 3 years, but I still want to think about depreciation costs too. Plus I like to mod my cars, so there’s that too.
I see what you’re saying about looking into something that takes r egular fuel vs premium , but that only saves me another $10/mo. I want to save money on the overall package, not necessarily just fuel. It’s also basically guaranteed that I’ll save money on gas switching to anything 4cyl or 6cyl vs the Mustang.
I’ll look into the other options you listed and see what I think. Are you talking about the new turbo civic or a used N/A vtec civic?
BrianGriffin thinks “reliable” is just a state of mind
> trmoore09
08/16/2018 at 15:09 |
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Get a regular Golf (cheaper to buy and insure), get ~$600 tune and maybe $~200 swaybar , can run on 87 and be just as much fun as the GTI while still getting 34mpg.
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UnderSTeerEnthusiast - Triumph Fanboy
> trmoore09
08/16/2018 at 15:10 |
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The Focus ST does technically take regular, but it loses power and the timing is retarded. It also causes more knock in the engine, which these are typically at risk to blow with any modification as it is. Generally it is advised to run premium.
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trmoore09
> UnderSTeerEnthusiast - Triumph Fanboy
08/16/2018 at 15:14 |
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I’m really looking to get something coming off of lease so that someone else has already paid a lot of the depreciation for me. While I did say I’m only concerned about out of pocket costs, I still want to be aware of the depreciation and avoid it as much as possible . I don’t want to give away money. Plus the 15+ GTI and 15+ Fiesta ST haven’t changed , so there’s not any reason to need a new one vs a used one with 30-40k.
My average is about 15mpg, so 25 would be excellent. lol And even though my Mustang is “Base”, it’s still pretty nice and I think the Fiesta ST would feel too cheap for me to want to keep it for 3 years. I’m thinking I would end up wanting to ditch the ST after 3 years, and I would consider keeping the GTI long term and adding a weekend car to it.
I’ve gotten quotes for the GTI and the Fiesta ST already. The GTI would save me about $20/mo and the ST would save me about $15/mo. I’m 30 with a clean record.
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trmoore09
> UnderSTeerEnthusiast - Triumph Fanboy
08/16/2018 at 15:17 |
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Yea, I’m not too concerned with premium vs regular. I’m currently sitting at 15mpg on premium, so even 25mpg on premium would be a pretty sizable difference. Also, my Mustang also does technically take regular, but it does the same thing with pulling timing and power. I’ve never run anything but premium in it.
Nick Has an Exocet
> trmoore09
08/16/2018 at 15:20 |
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Off lease 3 series? If you poke around online, the turbo4 is fairly tunable and I bet that’s a pretty nicely balanced car. They’re also likely in your budget. I would take that over a hot hatch. On a hot hatch, outside of a GTI you’re going to lose some interior quality.
What are you getting for fuel economy now? A lot of turbo-4 cars are pretty thirsty in their performance tune and if you’re putting in 93, you’re also losing something there.
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Textured Soy Protein
> trmoore09
08/16/2018 at 15:20 |
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I was talking about the new turbo Civic Si.
As for leasing new vs. buying used, the comparison isn’t just “but the depreciation!”
I’m assuming that $285/month you’re talking about is on a 60 month, $16k loan. Sure, on a lease, at the end you’re left with nothing. But 3 years through that loan , it’s entirely possible that if you went to flip the car, you wouldn’t have much positive equity, even with a low interest rate on that loan. Especially on something like a VW that depreciates like a friggin boulder off a cliff.
Also, you can lease a Civic Si or one of the Hyundais for way less than that $299 deal on the GTI. Honda has a deal on the Civic Si for $2399 down and $229/month, for example. Hyundai only publishes the lease specials for the base models but usually the same incentives on lease cash & money factors apply to the higher trims.
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trmoore09
> Nick Has an Exocet
08/16/2018 at 15:27 |
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I was actually looking at the 3 series earlier. Another issue is that I would prefer a manual, and that limits the options pretty quickly. There are 2 320i manual within 300miles of me under $20k. Removing the manual filter gives me 130+ options. lol
Yea, that’s why I was leaning towards the GTI is the interior quality. It seems like a good fun daily driver, that gets pretty good mpg.
I’m only averaging about 15mpg or so now with the Mustang, so anything 4cyl is going to get better mpg. I’ve heard that some performance tunes will save you on gas since OEM tunes are conservative and run rich to prevent knock.
KingT- 60% of the time, it works every time
> Nick Has an Exocet
08/16/2018 at 15:28 |
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My vote goes to this as well. I searched nationwide for manual only, <$18K, <55 K miles and he has choice of coupe sedan inline 6 or inline 4
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trmoore09
> Textured Soy Protein
08/16/2018 at 15:36 |
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Hmmm . Definitely good information, I have more research to do. I’m intrigued by the Civic Si lease deal, combined with the fuel economy.
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Nick Has an Exocet
> trmoore09
08/16/2018 at 15:37 |
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I recommend Car Max if they have one
. They have a lot cost for transferring a car and if they have what you want, it might be worth the extra $
1k or so over a normal dealer
.
Crazy idea here - what about an Ecoboost Mustang? I rented one recently and averaged about 23mpg while hooning it half the time. I got 25 highway. It was a lot more car than I expected.
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UnderSTeerEnthusiast - Triumph Fanboy
> trmoore09
08/16/2018 at 15:39 |
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I agree with what you’re saying. It seems like you are more interested in the gti, and even though it’s down on power to the FoST, I think for what you’re going for the GTI would be better suited. The gti is a lot of fun for what it is. It may be half of the power of the gt but the way the car acts and is set up makes for a great daily/fun car when you need both in one. I prefee the st becsuse it’s a little more powerful and more rough around the edges, but the build quality will lack a bit to the gti. Not sure what kind of quality you’ve seen in the mustang.
Long_Voyager, Now With More Caravanny Goodness
> trmoore09
08/16/2018 at 16:08 |
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Unpopular op inion:
Buy a last gen Sentra SER Spec V. They are a riot to drive, get good mileage, and should be able to be found well under budget.
Jordan and the Slowrunner, Boomer Intensifies
> trmoore09
08/16/2018 at 16:20 |
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GTI or Civic Si. If you get bored with the lack of power, the GTI is a tune away from 300whp.
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trmoore09
> Long_Voyager, Now With More Caravanny Goodness
08/16/2018 at 16:40 |
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What year range would this be? 07-12?
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Long_Voyager, Now With More Caravanny Goodness
> trmoore09
08/16/2018 at 16:57 |
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I believe so.
I really liked the 08 we drove, but I ended up buying an 06 instead. I loved that 06. IMO it was the perfect car for a daily driver. Enough power to be fun, tight enough to carve corners, yet docile and smooth enough to just enjoy the ride. Mine averaged 28mpg in mixed driving and pulled 36mpg+ on the hwy.
Manwich - now Keto-Friendly
> trmoore09
08/16/2018 at 17:24 |
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PT Cruiser GT... 215-232HP and they’re dirt cheap. And they’re very roomy for tall people because they have a relatively high roofline.
Here’s one with a manual
And here’s one with an automatic.
They’re roomy, practical and in GT trim, should be decently fun.
Note they don’t have the best handling (twist beam rear axle) and they aren’t the most economical (expect V6-like fuel economy... particularly if you go for one with the automatic).
But they’re CHEAP... $10,000+ cheaper than the options you’re considering.
You might spend a bit more doing the odd repair, but it won’t be anywhere close to $10,000 as long as you maintain it properly.
You can sell the Mustang, get rid of the car payment completely and drive one of these for 3 years.
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Manwich - now Keto-Friendly
> Long_Voyager, Now With More Caravanny Goodness
08/16/2018 at 17:25 |
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You, a Mopar guy, recommending a Nissan?
YOU’RE GOING TO HELL!!!!
*I* recommended a PT Cruiser Turbo...
citrus
> trmoore09
08/16/2018 at 19:54 |
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what kind of driving do you do, all stop and go traffic ? i’m surprised to see 15mpg
(my caprice can manage a healthy 18.5 avg lol)
I own dead car brands only
> trmoore09
08/16/2018 at 21:09 |
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What about a Cadillac ATS? They can be had quite cheaply.
Extreme cheapskate option is the Mazda 2, they are extremely tossable.
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trmoore09
> citrus
08/17/2018 at 00:13 |
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It’s a good bit of stop and go, plus a little highway.
I have a heavy right foot. Pulls o nto the highway probably c ancel out the highway mileage.
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Long_Voyager, Now With More Caravanny Goodness
> Manwich - now Keto-Friendly
08/17/2018 at 06:58 |
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Eh, I was going there anyway......
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trmoore09
> I own dead car brands only
08/17/2018 at 09:27 |
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There aren’t any manual ATS’s within 400mi of me :-/
I want to go with something a little nicer than the Mazda2. I don’t want to end up hating it by the end of the 3 years. I basically want to get the best thing I can, while still saving a good bit of money, for under $20k.
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trmoore09
> Nick Has an Exocet
08/17/2018 at 09:43 |
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I looked into the Ecoboost a little bit, but there are a few reasons I’m leaning towards other things: it wouldn’t save me quite as much on the payment or in gas than some of the other options. Plus it’s not as practical as a hatch, or a normal sedan. Plus it’s basically the same as my car, and if I’m going to get something different, I want it to actually feel different, not just slower. lol