A little advice about getting my first car?! Financially.?

I've been driving for about two years now but I've never owned myself a vehicle. I'm 18 years old and I live in Canada. I work full time as a warehouse manager and I pull in a little above 4200 dollars a month in my bank after paying my taxes.

I live with my parents, and I don't pay my rent as in

I've been driving for about two years now but I've never owned myself a vehicle. I'm 18 years old and I live in Canada. I work full time as a warehouse manager and I pull in a little above 4200 dollars a month in my bank after paying my taxes.

I live with my parents, and I don't pay my rent as in my parents don't want me to. I sometime pay electricity or cable bills, which takes about 200-300 dollars out of my monthly salary. I own a phone, sometime buy the groceries, public transportation, clothes and food which let's say is another 300

3000 dollars go straight into my savings every month which I can use towards the car, I'm very strict on that amount.

So it ends up to around 3600 free cash that I save up every month after all the expenses. I'm looking to buy a new car which is around 40 grand. If you are curious it's a 2016 mustang GT V8 possibility a premium trim.

I have saved up around 25 grand to put down as down payment and finance the rest which is 15000 plus taxes.

I don't know if I should wait make a little more money and pay the whole car off because the insurance and the gas won't come cheap with this kind of car or do I make enough money to afford this car right now and even save a little money on top.

I need your thoughts, opinions, advices or suggestions on this whole thing. Do I make enough to afford this? Will I be happy with my investment? Am I making the right decision? What do you think?

Other answer:

ANDRE L:
You're an idiot. First, because you want to sink $40K on a depreciating asset, and two, because you have horrible tastes in cars. Plus, that with your still low driving experience, a V8 muscle car is a choice that is only going to end up with a wrecked car and a dead driver.

Smart people save their money and spend it on quality products that do the jobs they need without opening the vault to get them. You would be far better off in a Honda Civic or a Ford Focus, which are both better quality cars then any Mustang, and will not kill you.

Plus, only morons plan to buy cars that they have no idea what the insurance cost will be.

AlCapone:
You are 18 and still live with your parents. Is that the way it's going to be forever? How will your agreement to a car loan affect your ability to move out on your own in the near future?

I think you are doing very well, but it's not all that great if you were not living with and depending on your parents. You are legally an adult and you need to be thinking about your life without your parents and how a car might not be the most important thing in that life.

LA:
First car? Get a beater, you'll probably have a few minor accidents and you wouldn't want to do that to a nice one. When I say beater, I don't mean one that's falling apart and held on by a miracle, I mean get an older car, like from the late 90's and learn to maintain them yourself and that you wouldn't be too worried to get random dings and scratches on them.
autoinspects:
You can easily lease a new car like 2017 X3 xDrive28i for $400/month. And, invest your savings in some appreciating asset.
nt:
How did you get such a job at 18 ?

You are in a position to NEVER have to finance anything in your life. Thats a good position to be in.

Financing with $25k down is likely but the terms wont be great so its much better to pay cash.

pedro7of9:
take the cash to local Edward jones or orher finance office.. AFTER you have a good retirement and savings account set up.. ask again…AND give mom200 a month..even if she doesn't want it