On top of that, they evidently have more than $30,000 to pay on a vehicle that is worth far less today than it was when new
People can make poor financial decisions from time to time, and in this particular story, it appears to be one of the most regrettable ones you might have come across this year. One individual reveals that they are shelling out nearly $1,700 each month for a 2022 Ford Mustang GT. Astonishingly, even after more than a year of making payments, they still owe over $30,000 on the loan.
Right off the bat let’s be clear that for all we know there might be parts of this post that aren’t technically accurate but if it’s all a farce it’s a weird one. A poster on Reddit’s AskCarSales thread says that over a year ago they bought a brand-spanking new Ford Mustang GT with “0 miles” on the odometer. That’s a proud moment for just about anyone and in this case, they evidently put down a substantial $8,887 for the pony car.
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Now, “a year and a half” later, they still owe about $34,000 on it despite making monthly payments of $729.98. Sure, their reported APR of 6.21% isn’t exactly helping, but it’s far from the worst we’ve seen. Why not pay more on the Mustang to try and get out from underneath it quicker? According to the poster, their insurance payment is even more.
Due to what they call “one hell of a driving record”, they cough up $960 (!) every month for the Mustang. In total, that means that they’re paying approximately $1,689.98 each month to own this car. That’s a cool $20,279.76 each year and we haven’t even reached the worst part just yet. Evidently, this poster also uses this car for work so it has in excess of 41,000 miles on the odometer already.
We’d tell you what one of those is worth, but there don’t appear to be any on the market, at least not ones that we could find. In short, this could end up being one of the cheapest 2022 Ford Mustang GTs in the country if the owner decides to sell it. That in and of itself puts this poor financial decision into an even better perspective since they clearly shouldn’t sell it for pennies on the dollar.
What would your advice be to this owner? Tell us in the comments below!
