Trading Down

[Capt Jim Bob]

So I currently own a 07 350z and I don't see myself keeping it. I have my eyes right now on the new model mustangs. I still have a little over 8k left on my 350z. So my idea was to sell it pay off what I owe and use to rest to get a new cheap car (all paid for) and save up till I have enough to put a sizable downpayment on the mustang. Would this be a good thing to do?? Thanks for your help

[Chris Culbert]

Hi!,

I was in a similar situation in 2013. To be honest, when everything is said and done, unless your downpayment is at least half  of the cost of the vehicle your still gonna have to finance the other half anyway. What I did was use the downpayment money to purchase the best extended warrenty offered, maintenance plan,  alarm system, and a few buttons and whistles to include a clear coat tretment for the paint and window tint. But my advice is if the difference in car payment is less than 100 bucks,,,, then keep your money and make the payments instead. If you just want to spend the money,,them make sure your getting the best benefits and protection package the dealer offers. But if you dont want the added cost of the vehicle. Then just keep you money whole and save it for the costs that come with vehicle ownership later.