KUcurt

What are some views or opinions on purchasing a used Mustang GT as opposed to buying one brand new? Concerns being, how the car was treated, whether lots of the TSBs had been performed, and the used car prices not being much lower than a new car. I'm seeing them around Overland Park, KS, for 28,995 for a 9,000 automatic GT (loaded). Two of which are near home, Olathe Ford. Do they honestly expect to get that much for a used car? It seems the used GTs are holding their value rather well, but is it worth it? Are the newer cars coming off the production line with fewer problems?

stangster06

Look around and you should get a better deal. I bought my 2006 GT premium in Black/Black. It has only 800 miles on it and I am selling it for $26,000 because i love the car but want to trade for a new/used 05/06 GT convertible. (I live in Florida and have always owned and love verts but the new 05-06 coupe body style made me change my ways temporarily traded in a 2004 GT vert with only 8000 miles.) I am 47 years old and have treated the car very well.

You should be able to get a used 2006 GT premium for $23,500 - $27,000 depending on where you live, the miles on the car - under 1000 is great - (make sure it was not a fleet/rental vehicle - especially if you are concerned about how it was driven or maintianed.) , options, etc. You should definitely get a carfax or history report - request this for free from the seller.

They do hold their value well and are great to drive. Good luck.

MikeHawke

often the interest on the used car loan is much higher than the interest on a new car loan so you may actually pay MORE for the used car.

Depends on your credit rating and the financing rates offered by the manufacturer.

I like new cars personally.

Orion_240

weel, you said it yourself! That's a DEALER price! Even with so few miles the dealer will probably have to make the car "Certified", which means he has an expens of at least $800 for the GT. Ask to see what they've done to recondition the car. My dealer told me they offer a very low price on trade-ins because they have to make them "Certified", which meant they had to do a full inspection, replace all fluids, fix all dings, etc.

For a deal go private party, but have the car inspected and ask the seller if he'll reduce the selling price by the cost of the inspection. Say you're willing to buy immediately and they'll usually comply.
You should save about $2000 on the used car by going PP.

stangman05

With the newer mustangs IF you can find a good deal go used from a private seller if not just buy new. But I see used ones goin for fair prices alot.I have to agree with MikeHawke on the interest thing too. You have to do your homework.

Hiboost

I will take $24,500 for my 06 GT.....have to move due to my job....

MikeHawke

Exactly. That is what I was trying to get at......do your homework

You can get a really good deal on a slightly used car in a private deal because the guy has probably been to the dealer and found out how bad they RAPE you on trade-ins of newer cars (any trade really LOL).

For example, if the guy paid $25k for the car new and had it a year, the dealer will probably offer him about $15k for a trade, so you could probably get the car privately for $20k(ish) on a private sale.

I am only rounding off numbers here for demonstration purposes.

stangster06

Make sure you can see the car first if buying used and at all possible. I can tell you a Carmax in Miami offered me $23,500 for my 2006 GT Premium with 800 miles. I just laughed but this is the approximate value to a dealer as a trade in. They would probably put it on the lot for $28,000 and make it seem like a great deal!

The thing with buying a used car is that you let someone else take the $3000 - $4000 depreciation that happens from a dealer perspective as soon as you drive it off the lot. It is the same car but now is worth $4000 less to them - believe me - I know..

A good used car is a good value but you have to try to find out as much about it as possible - no fleet or rentals.

One thing - if you buy a used 2005 - 2006, the factory warranty should still be in place and that is a lot of peace of mind should anything go wrong.

KUcurt

I guess it is nothing new - especially with dealers. But when I saw the silver premium coupe with 9,000 miles on it - selling for 28,995, I about dumped my drawers! Why pay new car price for a car with 9,000 miles on it? Is the dealer just trying to see if someone will pay it, or is that just where they are setting the starting price, knowing that the price will negotiate downwards? I mean, that to me is ridiculously high. Most folks would just buy a new Stang.

stangster06

KUCurt - that price is ridiculous. Yes, they ALWAYS undervalue the car and overvalue when selling it. I just had a personal experience with this and can tell - unlike Vegas - The dealer always wins.

Yu should be able to get a used 06 GT with less then 5000 miles for $23K - 26K depending on miles, condition, etc.

Please note - Carmax and the dealer offerered me $23,500 for a new 06 GT Premium with 800 miles. Anything more than 10% over that is profit. You have to see a car you like - make a reasonable offer- and then just wait for them to call you back - if not, it was not meant to be - believe me you will be getting much better deals - I would just forget about this one or offer them 23,500 and work up from there to no more than $26,000 Out The Door (incl. taxes, etc.)

Just some advice from my recent experience. Good luck and be tough on the price.