ldollar

I am just curious. Don't answer any of these questions if you dont want to...

How old are you?
How much $$$ do you have in savings? Do you have any credit built up?
How much are you planning to spend on purchasing a classic?
What is your monthly take home pay? Your bills are $150/month. What about food, rent, other expenses? If you live with your parents fine, but how long do you want to live with them?
If you buy a classic Mustang and it breaks down (which it most likely will)... will that affect your ability to get to/from work? Backup car? Bus? Bike?

I am going to assume you have not owned a car before when I say this... The purchase price of the classic may turn out to be the cheapest thing about the car. If you are not prepared for additional expenses, they can eat you out of house and home. Buying and owning a classic should be an enjoyable thing and if you cannot enjoy the rest of your life because your car is eating every last penny you earn, it can really suck.

That said, if you don't need a daily driver, you have some credit, you have some savings (or don't mind having a non-operational car), and you have factored in all of your living expenses and it still makes sense, I would start shopping for a rust free coupe. Personally I cannot imagine paying for, maintaining, and insuring my Mustang on $8.00/hour. I mean really, at 40 hours a week, that comes out to be $1280/month before taxes. Your insurance is going to be a minimum of $100/month, your payment is going to be a minimum of $250/month and gas is going to be what? And when something breaks down and you have to spend $2k unexpectedly... That is like 3 months of after tax pay. And you will need credit cards or daddy handouts... It seems like a bad idea to me. Personally I would consider going to college or a trade school so that you can get a job where you are not working for peanuts.

No offense, I have worked sh!it jobs... one time I worked a summer installing sprinklers in a cemetery for $4.90/hour...back in 1998. That was bullsh!t. And today $8.00/hour is bullsh!t too. So if I was you I would be doing everything in my power to get myself qualified and marketable for a real job. You are scraping by but how are you going to get out of that hole at that pay rate? You will be digging yourself a hole by buying a classic unless there are some outside factors that you have not mentioned thus far... like a big inheritance or something. Do you want to "scrape by" for the rest of your life with a fixer Mustang always rusting outside or do you want to take a few years, get a little debt getting an education and come out getting a job that will pay you real money and buy yourself a house with a nice big garage to park your Mustang while you restore it and build it up like only someone with real money can?

Off my podium, i am done. I just know all of this from firsthand experience and I have been where you are. Good luck with whatever you decide to do.

fast65

+1 on what Idollar said. Unless you have some other factors, then I would suggest you hold off on the Mustang for the time being. My restoration was only supposed to be $2k-$3k and it ended up costing around $5k-$6k by the time I was done, not including the price of the car. Go to college or trade school, get a good paying job and then buy a Mustang. Good luck!

brnc_bstr87

That's alright for asking those questions. I would be curious too. I will answer a couple of them.

1. I'm 20 & half way through college.
2. I have some money saved up & I plan on spending around 3k for the car. The $150 a month is everything. I live in an apartment attached to my church.
3. I already have a good running car (93 LX Hatchback 2.3L auto) + I only live like 2 miles from work so I can walk if I want (or if gas is too much [which IMO it already is])
4. The job that I have is a good steady job, where there is a possibility that when I finish school that I can advance to a position doing what I'm going to school for (web designing).

So really I don't think I am too awful bad off. The only thing is the credit. I have none so far (which I guess is better than bad credit). My parents though agreed to co-sign for me.

ldollar

hey there,
thanks for answering those questions, it helps put things in perspective.
it sounds like you are on the right track. i say if you want the car, get the car! you have a good situation lined up there and i am sure you can make it happen. but dont be afraid of coupes. they are much more affordable than the vert or fb and personally i like the coupe best. not biased or anything!

brnc_bstr87

Thanks for the vote of confidence. I think that I will probably wait until at least spring, just to make sure that I have a little more saved up. It's so hard though because I want to at least look around but when I see that "perfect car" I just want to go right out & buy it. Does anyone else feel the same way?[&:]

bluovalguy

That is how I ended up with my car, but make sure you inspect it thouroughly. My "perfect" car ended up being far from it. But, it is still mine, and I love it.

F14chuck

Lots of good advice around fromus BTDT crowd. Take your time deciding on the car to get. Lots of pitfalls and hidden problems in older stangs. Continue to do your research. A solid daily driver could serve you well, at least get you started. Hope you are ready to get your hands dirty. There will always be a better car to strive for. Look for your local mustang club and go to some events/ car shows. You might hook up with someone who can help.

FWIW,
Good luck,
F14chuck
'69 302 vert

USMCrebel

1. I'm 20 & 1 year of college done....MArines took 3 semesters of college from me. ( but its well worth it.)
2. I have enough money saved up & i spent 6k on my car and plan on spending 400-600/month
3.i drive a 98 escort zx2 and i live 5miles from whre my wife and i work gas isn't an issue in that car
4. Im a contractor/ Marine if i lose the contractor job then i just go active and make more money again.
5. i own my own house and have no debt other than that
6. my credit score is high enough to get a loan for anything i want (excluding an EZNO)
7. i am going to school for an MBA and foreign languages.

mat11089

just outa curiosity,usmc y did u share all that.I thought we were trying to help the thread starter.
O and goodluck with your car.Decide the key elements that are important to you and DO NOT settle.youll be happy that you didnt.Might want to consider a job as a waiter or something cuz then you get tips and at applebees i do carside but the servers average 75 to 100 a night in tips FWIW.

USMCrebel

b/c i saw that and didnt feel like reading everything.......