Buying a msuatng at a young age
03-11-2011, 09:22 AM
#1
1st Gear Member
Thread Starter
Join Date: Jun 2009
Location: U.P. of Michigan
Posts: 58
Buying a mustang at a young age
I know I could search, but I don't want to troll through hours of unrelated posts, so I'll just ask.
How old were most of you when you got your first mustang? I'm looking around and starting to get frustrated. I want to buy one soon (got into mustangs in middle school, 18 and out of high school now) before they shoot up in value because they're not making any more of the classics. I've saved probably 80% of all my earnings since I got my first job at 13 but I don't want to give it all away on a car. I want to spend around $8,000-$11,000 because I don't have the tools, time, or storage to buy a car and restore it. I need something that will be a good summer cruiser/turn key car when I buy it. I realize these cars are 40 some years old and WILL need work, but I don't have the time or funds to be restoring a car at this age. Something like this is exactly what I want, but my job is slow during the winter months so I can't get it now.... http://www.davesclassicauto.com/details.php?id=461
I don't really want the monthly loan payments, but this is one of those things I see myself having for the rest of my life. What would anyone else do?
How old were most of you when you got your first mustang? I'm looking around and starting to get frustrated. I want to buy one soon (got into mustangs in middle school, 18 and out of high school now) before they shoot up in value because they're not making any more of the classics. I've saved probably 80% of all my earnings since I got my first job at 13 but I don't want to give it all away on a car. I want to spend around $8,000-$11,000 because I don't have the tools, time, or storage to buy a car and restore it. I need something that will be a good summer cruiser/turn key car when I buy it. I realize these cars are 40 some years old and WILL need work, but I don't have the time or funds to be restoring a car at this age. Something like this is exactly what I want, but my job is slow during the winter months so I can't get it now.... http://www.davesclassicauto.com/details.php?id=461
I don't really want the monthly loan payments, but this is one of those things I see myself having for the rest of my life. What would anyone else do?
Last edited by '66StangWannabe; 03-11-2011 at 10:25 AM.
03-11-2011, 09:24 AM
#2
2nd Gear Member
Join Date: Dec 2010
Location: Florida
Posts: 407
I got a 2005 at 17. There is a rebuilt, good condition, running, '69 by me the guy will sell for $5000. Old ones are out there, you just have to find them. Other ones are every where.
Keep in mind insurance at a young age.
Keep in mind insurance at a young age.
03-11-2011, 09:51 AM
#3
1st Gear Member
Thread Starter
Join Date: Jun 2009
Location: U.P. of Michigan
Posts: 58
[QUOTE=SilverStallion05;7455965]I got a 2005 at 17. There is a rebuilt, good condition, running, '69 by me the guy will sell for $5000. Old ones are out there, you just have to find them. Other ones are every where.
Keep in mind insurance at a young age.[/QUO
Yeah that's the thing...there's gonna be insurance, rent for $225/mo starting in may, food, etc... It seems like I won't have money to do anything if I go through with this.
Keep in mind insurance at a young age.[/QUO
Yeah that's the thing...there's gonna be insurance, rent for $225/mo starting in may, food, etc... It seems like I won't have money to do anything if I go through with this.
Last edited by '66StangWannabe; 03-11-2011 at 10:19 AM.
03-11-2011, 10:31 AM
#5
4th Gear Member
Join Date: Apr 2010
Location: Madison, Georgia
Posts: 1,643
I got mine almost exactly a year ago. I was 17 and probably didn't make the best choice for a first restoration candidate but I'm still happy that I've got my 'stang.
About a year later and I'd say I'm about half way through the restoration.
I suggest you take care of rent and settling down first, then look at a stang. Also, if you want to be economical consider a 6 cylinder mustang. They've got the classy looks and you'll get 20+ MPG, some people get 25+ with a T5 trans.
There's a lot to look for when you get a stang. Do you want V8 or I6?
About a year later and I'd say I'm about half way through the restoration.
I suggest you take care of rent and settling down first, then look at a stang. Also, if you want to be economical consider a 6 cylinder mustang. They've got the classy looks and you'll get 20+ MPG, some people get 25+ with a T5 trans.
There's a lot to look for when you get a stang. Do you want V8 or I6?
03-11-2011, 11:01 AM
#6
1st Gear Member
Thread Starter
Join Date: Jun 2009
Location: U.P. of Michigan
Posts: 58
I got mine almost exactly a year ago. I was 17 and probably didn't make the best choice for a first restoration candidate but I'm still happy that I've got my 'stang.
About a year later and I'd say I'm about half way through the restoration.
I suggest you take care of rent and settling down first, then look at a stang. Also, if you want to be economical consider a 6 cylinder mustang. They've got the classy looks and you'll get 20+ MPG, some people get 25+ with a T5 trans.
There's a lot to look for when you get a stang. Do you want V8 or I6?
About a year later and I'd say I'm about half way through the restoration.
I suggest you take care of rent and settling down first, then look at a stang. Also, if you want to be economical consider a 6 cylinder mustang. They've got the classy looks and you'll get 20+ MPG, some people get 25+ with a T5 trans.
There's a lot to look for when you get a stang. Do you want V8 or I6?
03-11-2011, 11:10 AM
#7
4th Gear Member
Join Date: Apr 2010
Location: NJ
Posts: 1,027
I'm 45 and I still don't have one, just spend all my time working on one 
Don't be in a rush and think the values are going to keep going up, there were millions of mustangs made and with the current economy the prices have dropped and we're not going to recover anytime soon. Keep an eye on the PIIGS. Classic cars are a toy and should treated as such, if you don't have the spare cash hang on until you do. Take care of the necessities first, then play.
Spoken like a true old fart
Don't be in a rush and think the values are going to keep going up, there were millions of mustangs made and with the current economy the prices have dropped and we're not going to recover anytime soon. Keep an eye on the PIIGS. Classic cars are a toy and should treated as such, if you don't have the spare cash hang on until you do. Take care of the necessities first, then play.
Spoken like a true old fart
03-11-2011, 11:19 AM
#8
1st Gear Member
Thread Starter
Join Date: Jun 2009
Location: U.P. of Michigan
Posts: 58
I'm 45 and I still don't have one, just spend all my time working on one
Don't be in a rush and think the values are going to keep going up, there were millions of mustangs made and with the current economy the prices have dropped and we're not going to recover anytime soon. Keep an eye on the PIIGS. Classic cars are a toy and should treated as such, if you don't have the spare cash hang on until you do. Take care of the necessities first, then play.
Spoken like a true old fart
Don't be in a rush and think the values are going to keep going up, there were millions of mustangs made and with the current economy the prices have dropped and we're not going to recover anytime soon. Keep an eye on the PIIGS. Classic cars are a toy and should treated as such, if you don't have the spare cash hang on until you do. Take care of the necessities first, then play.
Spoken like a true old fart
Don't worry, I'm one of the few from my generation that practices financial responsibility .
03-11-2011, 12:46 PM
#10
4th Gear Member
Join Date: Apr 2010
Location: NJ
Posts: 1,027
Here comes the old fart again.
Take the money, start a business or get an education. Sure it will suck now but in 10 - 15 years you can either buy a perfect car or build one yourself without having to compromise on any of it. I hate to be a buzz kill, but the best advice I could give anyone your age is to invest that money into your future and not a car.
I wish I would have taken that advice when my father offered it but I didn't. I hate to say he was right, but he was right. Once I learned the lesson, life has been very good.
As to the car, if you find a car that has been properly restored, the key here is properly, it will be very reliable. Even though they may be 40 years old there is absolutely no reason the car would not be 100% reliable. If you can't afford to buy a car like that then you either need to be able to afford someone else working on it or have the knowledge, tools and a place to work on it yourself. Personally, I love restoring old cars I just hate repairing them.
Take the money, start a business or get an education. Sure it will suck now but in 10 - 15 years you can either buy a perfect car or build one yourself without having to compromise on any of it. I hate to be a buzz kill, but the best advice I could give anyone your age is to invest that money into your future and not a car.
I wish I would have taken that advice when my father offered it but I didn't. I hate to say he was right, but he was right. Once I learned the lesson, life has been very good.
As to the car, if you find a car that has been properly restored, the key here is properly, it will be very reliable. Even though they may be 40 years old there is absolutely no reason the car would not be 100% reliable. If you can't afford to buy a car like that then you either need to be able to afford someone else working on it or have the knowledge, tools and a place to work on it yourself. Personally, I love restoring old cars I just hate repairing them.