This Mustang GT owner’s monthly payment of $1,690 is a financial nightmare – what would you do?

People can make bad financial decisions from time to time, and this particular story seems to be one of the most regrettable that you might come across this year. One individual reveals that they earn almost $1,700 every month for 2022 Ford Mustang GT. Surprisingly, after more than a year of repayments, he still owes over $30,000 on the loan.

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It’s clear at the outset that for all we know, there may be parts of this post that aren’t technically accurate, but if it’s all a hoax, that’s weird. On the poster Reddit AskCarSales the thread says they bought a brand new Ford Mustang GT over a year ago with “0 miles” on the odometer. That’s a proud moment for just about anyone, and in this case, they obviously paid a hefty $8,887 for the pony car.

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    This Mustang GT owner's monthly payment of $1,690 is a financial nightmare - what would you do?

Now, “a year and a half” later, he still owes about $34,000, despite making monthly payments of $729.98. Sure, their reported APR of 6.21% doesn’t exactly help, but it’s far from the worst we’ve seen. Why not pay more for a Mustang to try to get out from under it faster? According to their poster insurance the payment is even higher.

They cough up $960 (!) every month for a Mustang because of what they call a “hell-like driving record.” In total, this means that he pays approximately $1,689.98 each month to own this car. That’s a cool $20,279.76 every year, and we haven’t even gotten to the worst part yet. Obviously, this poster also uses this car for work, so it already has over 41,000 miles on the odometer.

We’d tell you what one of these is worth, but there don’t seem to be any on the market, at least not that we could find. In short, this could end up being one of the cheapest in 2022 Ford Mustang GT in the country, if the owner decides to sell it. That alone puts this poor financial decision into even better perspective, because they clearly shouldn’t be selling them for pennies on the dollar.

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What advice would you give this owner? Tell us in the comments below!

    This Mustang GT owner's monthly payment of $1,690 is a financial nightmare - what would you do?