Magnus01 asked:
Hey guys I am looking at a 1989 Mustang Cobra that looks very well preserved (haven’t had a close-up yet). The dealer wants $7,998 for it and some have said that they want almost twice as much as it is worth though the dealer is trying to sell it as a collectible. I looked at some on Kelly Blue Book and they are about $3,500 or $4,500. I wonder is getting another car a bad financial idea? I can afford it but some of my friends have said that it is a bad idea financially (they’re not car guys). I am aggressively putting money away in my 401k, money aside in savings and want to play with the rest of my money with a bike of sports car. Some say I should put that cash in a CD but I think I should live a little especially hen i am being financially responsible on other fronts. Ideas?
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Hey guys I am looking at a 1989 Mustang Cobra that looks very well preserved (haven’t had a close-up yet). The dealer wants $7,998 for it and some have said that they want almost twice as much as it is worth though the dealer is trying to sell it as a collectible. I looked at some on Kelly Blue Book and they are about $3,500 or $4,500. I wonder is getting another car a bad financial idea? I can afford it but some of my friends have said that it is a bad idea financially (they’re not car guys). I am aggressively putting money away in my 401k, money aside in savings and want to play with the rest of my money with a bike of sports car. Some say I should put that cash in a CD but I think I should live a little especially hen i am being financially responsible on other fronts. Ideas?
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If you intend for it to be your daily driver, you’ll put miles on it and it will quickly lose any premium value as a collectible. The dealer’s probably giving you a song and dance on the value estimate. If KBB or Edmunds makes a mileage adjustment in the value estimate, they’re probably close on its value. I’d be very careful. Congratulations to you for your other prudent financial moves.
Take Care and Good luck.