Advice on saving/buying my first mustang
03-25-2014, 01:04 PM
#1
Thread Starter
Join Date: Mar 2014
Location: Colorado
Posts: 5
Advice on saving/buying my first mustang
Okay so I'm currently 19 (almost 20) and am currently saving up to buy a mustang (my ideal one would be a 2011 GT, I have saved up around 5k and am in college (1st year) and will be hopefully buying it sometime around 2015-16. I love this kind of car because the body just demands respect just like how the '64 body demanded. I am looking for advice on buying and saving for this car, and how much I should pay (ball park number) for the mileage and any other advice would be great... Thanks
03-25-2014, 01:24 PM
#2
5th Gear Member
Join Date: Mar 2006
Location: Colorado
Posts: 2,652
Are you looking to pay all cash or hefty down payment? The first piece of advice I have you already are planning for and that's buy used. How much to pay is best to look at Kelly Blue Book when you're getting closer. Never pay full asking price though.
03-25-2014, 03:39 PM
#4
6th Gear Member
It's tough to say what an '11 GT will go for in '15 or '16, especially with the unknown of what the earlier years will go for, as well as if their availability increases or decreases once the '15 and '16 are on the street. We'll actually see the 15's soon since Ford does their retarded early model roll-out.
My guess is that you might be able to find a '15 for upper teens to low 20's if you look hard and far enough.
My guess is that you might be able to find a '15 for upper teens to low 20's if you look hard and far enough.
03-25-2014, 04:28 PM
#6
1st Gear Member
Join Date: Feb 2014
Location: Missouri
Posts: 101
My advice.
Stay in school and don't spend your money on cars, women and song. There will be time for that later.
But if you must ask,
by 15 you can probably pick up a nice one for between 12 and 17 is my best guess. But I would go for a V6 because insurance will eat you up with a 400HP GT.
Stay in school and don't spend your money on cars, women and song. There will be time for that later.
But if you must ask,
by 15 you can probably pick up a nice one for between 12 and 17 is my best guess. But I would go for a V6 because insurance will eat you up with a 400HP GT.
03-25-2014, 04:32 PM
#7
1st Gear Member
Join Date: Jul 2009
Location: KY
Posts: 77
My advice.
Stay in school and don't spend your money on cars, women and song. There will be time for that later.
But if you must ask,
by 15 you can probably pick up a nice one for between 12 and 17 is my best guess. But I would go for a V6 because insurance will eat you up with a 400HP GT.
Stay in school and don't spend your money on cars, women and song. There will be time for that later.
But if you must ask,
by 15 you can probably pick up a nice one for between 12 and 17 is my best guess. But I would go for a V6 because insurance will eat you up with a 400HP GT.
03-25-2014, 10:07 PM
#9
There's really no telling what a 2011 will cost in a year or two. Since the 2011-14's retailed much more than mine, expect at least +4k more than mine.
When I got my '06 GT in 2012, with 16K miles, extra options, and mint condition it was worth between $22K-23K. Idk if that helps.
Might want to buy it from a private seller too so you can evade dealer taxes, fees, and other crap. Just make sure the car has been thoroughly checked out.
Oh and insurance WILL kill you like they said above. My GT is under my dads name, with myself (21) and brother (23) listed as drivers on the policy. With clean records and GPA's of at least 3.3, it's costing $2153 every 6 months for a yellow 300hp coupe....
When I got my '06 GT in 2012, with 16K miles, extra options, and mint condition it was worth between $22K-23K. Idk if that helps.
Might want to buy it from a private seller too so you can evade dealer taxes, fees, and other crap. Just make sure the car has been thoroughly checked out.
Oh and insurance WILL kill you like they said above. My GT is under my dads name, with myself (21) and brother (23) listed as drivers on the policy. With clean records and GPA's of at least 3.3, it's costing $2153 every 6 months for a yellow 300hp coupe....
Last edited by l00kitzzlilcj; 03-25-2014 at 10:13 PM.
03-25-2014, 11:36 PM
#10
4th Gear Member
Join Date: Sep 2005
Location: Zimbabwe
Posts: 1,925
If you're like me when I was that age (haha, only 7 years ago), then there's no talking you down; you've already made up your mind, and you'll have that stang in the garage whether we like it or not.
If that's the case, then I've been there. I worked full-time through college, and paid for my car and tuition even in the face of rapidly rising tuition costs. You know how I did it? I lived with my parents the entire goddamn time. Well almost the entire time. So my biggest piece of advice is to bum it with your parents as long as they'll have you. You really don't know how much of your pay check simply disintegrates for living expenses until you're on your own. Unless somehow you kick it off with an amazing gig, you'll pretty much have a shoe string budget for a car if you move out on your own.
I bought my first car, a 2005 Mustang V6 Premium, when I was 18. I paid about $27k after taxes, fees, and interest (4.99%)... I only put down $1k and financed the rest. My insurance was something like $280/mo, gas was $200/mo, and the car payment was $464/mo. When I bought it, I was grossing about $24k a year with only a high school diploma. GROSSLY irresponsible, but only doable because I was living at home and steady promotions got me to a $38k salary very quickly.
I left the nest in 2008 when I was earning the $38k figure, but found out the hard way that tuition ($2-3k a semester), car costs (still nearly $1k/mo), and rent ($800/mo) don't mix very well. I moved back home a year later after that failed experiment. So why am I telling you all this? Don't f*** up like I did and try to move out, ESPECIALLY if you're financing a car. Living with my parents allowed me to stretch my car budget as much as I did, and still get my degree. If you're already on your own, there's plenty of online advice on how to manage your finances.
Second, buy used. I wish I did. As a first car, you're probably going to ditch it for a better stang when you've finally earned your degree and have a fat salary. Find a used GT, get your kicks while you're working through school, then buy a new one when you're financially and mentally in a better position to do so.
If that's the case, then I've been there. I worked full-time through college, and paid for my car and tuition even in the face of rapidly rising tuition costs. You know how I did it? I lived with my parents the entire goddamn time. Well almost the entire time. So my biggest piece of advice is to bum it with your parents as long as they'll have you. You really don't know how much of your pay check simply disintegrates for living expenses until you're on your own. Unless somehow you kick it off with an amazing gig, you'll pretty much have a shoe string budget for a car if you move out on your own.
I bought my first car, a 2005 Mustang V6 Premium, when I was 18. I paid about $27k after taxes, fees, and interest (4.99%)... I only put down $1k and financed the rest. My insurance was something like $280/mo, gas was $200/mo, and the car payment was $464/mo. When I bought it, I was grossing about $24k a year with only a high school diploma. GROSSLY irresponsible, but only doable because I was living at home and steady promotions got me to a $38k salary very quickly.
I left the nest in 2008 when I was earning the $38k figure, but found out the hard way that tuition ($2-3k a semester), car costs (still nearly $1k/mo), and rent ($800/mo) don't mix very well. I moved back home a year later after that failed experiment. So why am I telling you all this? Don't f*** up like I did and try to move out, ESPECIALLY if you're financing a car. Living with my parents allowed me to stretch my car budget as much as I did, and still get my degree. If you're already on your own, there's plenty of online advice on how to manage your finances.
Second, buy used. I wish I did. As a first car, you're probably going to ditch it for a better stang when you've finally earned your degree and have a fat salary. Find a used GT, get your kicks while you're working through school, then buy a new one when you're financially and mentally in a better position to do so.