Quote:
Originally Posted by Amber Lamps
I hear you but I'm sorry, if he can get in on <5% rates vs the 2% or less he'll get from a savings account, your argument is null and void, my friend. There is also the old car "payment" to consider. It's a payment that I'm well aware of having used the Bonneville for work driving 300+ miles a day. Maintenance and repairs can cost almost as much as a payment depending on the car and the amount of miles that you travel. Gas mileage may also be a factor. He could potentially half his gas expenditure by buying a newer more efficient vehicle. Speaking of insurance, 21 year old male+Mustang=$$$. If you subtract these factors from his monthly payment, he may potentially break even.
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Do you honestly see him spending 15-20k on the mustang, or some other used car, in repairs and maintenance? And what about the cost of insurance for a 21 year old male for a newer vehicle, especially an SUV that has higher repair costs. Not to mention the fact that the vehicles he's looking at are going to get as bad of gas mileage as his V6 mustang.