<prompt> Human: Hello all. I am 29, looking to get a new car hopefully. I did a credit check on myself, and the only thing that really showed up was a few past cable bills from when I moved around a lot. Years ago I bought a used car for my then gf and I as we had a baby. Long story short. She got the car, I didnt have money to pay for it, her step dad crushes it, and its been so long its not on my credit when I run it. I have done not a single thing with credit since then no other cars, no credit cards. Just had a few cable bills that went unpaid from moving and things of that nature.I am hoping to get a new car as I am making 50,000 a year and currently drive a 91 Nissan 240sx. My bills are minimal as I moved in with my gf, and am in process of getting rid of my apartment. So I have plenty of money to foot the car note, I just dont know if I can get approved. My current car is a highly modified import that I can get 5 grand for, maybe 4 if I short sell it, then I should be getting 1800 back on my taxes. I was going to use that to have around 5 grand on a down payment. I am looking at the 2015 Ford Mustang, and have been wanting one ever since I learned about and researched the hell out of the new Ecoboost motors and am dead set on one. Do you guys think 5 grand is enough? I went to apply for a car probably in 07, but I was only making 37k at the time, and was looking at an STI which was around 35k, they wanted half down to get the car, but since then I am making more money and have more stability in my life. Does this seem do able for me?What do I need to do about financing? Try and get it before hand, or try and see if the dealer can squeeze me in to something? My car is worrying me, and I really need a new one that is reliable so that I can make sure I get to work, but feel I make enough to afford a fun car I like as well.If anyone has any advice on financing, or what I should do, I would really appreciate it!EDIT -- Was also wondering, I am hoping to get a car in the next few weeks, so would it be better to try and pay off any debts I have first, or would they not come off in time some have been there so long that I would have no idea who owns the debt. All in all I would say there is no more than like 2000 on my credit as debts total.Thanks!Assistant: In no way should you spend 60 of your annual income on a car, especially when you already have one. If you must have a mustang, buy a 5-8 year old one that has already depreciated away most of its value so that doesnt come directly out of your pocket. Also, always pay off your high interest debts first. Human: My bills are very low compared to my income. I spend maybe 650 a month in bills and make 1572 every 2 weeks.  <response>: You keep making excuses. The point all of us are saying is this. You are in no shape to drop that kind of cash on a depreciating asset.Cars are one of the worst investments ever. Yacht is number 1 I believeFirstly, before buying a car pay off your debts in full.Second, make sure you maxed your Roth IRA in 2014.Third set aside a rainy day fund of 6 months salary and keep it fairly liquid.Fourth, Buy a house. Thats an investment.Fifth, put enough money in savings to buy a car.I have a strong view that you should use at MOST 20 of your income on a car and the rest should be a down payment. It is literally throwing money away buying a car, especially ford. The car looks awesome, but the mustangs tech is all crap and will make that car in particular depreciate very quickly. 