Buying a Mustang - Should I Do It?

Lhola011 on 28/01/2018 - 22:37
Last edited 28/01/2018 - 22:38

Hi guys,

So in a bit of dilemma at the moment. I test drove a 2016 Mustang GT the other day and loved it and am thinking of buying it.

The thing is I currently don't have all the cash and would have to sell my 2010 BMW 323i and use the Citibank Balance transfer credit card "cheque to self" option to fund a part of it.

I did have a few questions though:

1) I am worried that the Mustang will not hold its value and if I try selling it after 5 years or so I will lose a lot of money. Does anyone have any idea about the standard depreciation on a mustang? Also since the new 2018 mustang is coming out in 6 months how much money would I be losing approximately? Should I hold out till then?

2) I am not exactly sure how much the servicing and maintenance will cost me?

3) The dealer I went to see the car wants to sell it for $50k. Is that reasonable?

4) I have gotten quotes from bingle, aami, coles, woolworths, allianz, real insurance, gio, rac. Right now bingle's the cheapest at $1300 (A bit high probably due to me being 24). Its similar to what I am paying now for my BMW 323i. Are there any other insurance companies that can cover me and are cheaper? Also is bingle reliable?

Thanks a lot for the help everyone!

Poll Options

  • 90
    Yes
  • 501
    No
Automotive

Comments

  • Rhubarb Jones on 29/01/2018 - 12:01
    +2

    1) Will not hold it's value. Expect it to drop $30k over the next 4-5 years.

    2) Services $600 - $800, major services x2 - x3 that.

    3) You should be handing that dealer a cash bonus for offering such a slick price.

    4) Bingle definitely uses the best repairers!

    DO IT!

  • Gauntlet on 29/01/2018 - 12:15

    Don't buy it op. Be smarter with your money. Zuckerberg drives a 30k car, Bill Gates' daily is a a ford Focus and other millionaire's are just as frugal.

    • [Deactivated] on 29/01/2018 - 12:23
      +7

      Don’t be fooled by the pretence of humility. Bill Gates has a Porsche 959
      And had the law changed so he could drive it.

      • Gauntlet on 29/01/2018 - 12:29

        That's why I specified daily drive. Founder of IKEA just died actually and he drove an old car too.
        I'm sure many of them have nice cars on the side though.

  • [Deactivated] on 29/01/2018 - 12:25
    +3

    OP, the 2018 Mustang is a much better car than the 2016, it’s way faster, it has a much better ANCAP score and a much better gearbox.

    $50k is ridiculous for a 2016, you should be able to negotiate at 2018 for down to near that price.

    • Hellman109 on 29/01/2018 - 16:47
      +2

      Yeah good luck bargaining any dollar figure, let alone a discount, on a 2018 which we dont even know what options we will be getting, release date, RRP, or basically anything about currently.

      • [Deactivated] on 29/01/2018 - 16:58

        Here's a clue. The RRP will be about the same as the MY17 model. The release date is soon. The options will be similar to the options now. All manufacturers discount, with the exception of Tesla. Even Porsche gives you mild discounts. Ford gives big discounts.

        • Binchicken22 on 29/01/2018 - 18:20

          Here's a better clue. The RRP will be 70k, the release is in 6 months, the options are quite different, you can now get mangneride, recaros and various other things you didn't used to be able to option and you won't get a discount from RRP in at least the first 6 months, already plenty of pre orders (though obviously not as many as when the 15s dropped so the discounts won't be ellusive for a full 2 years like it was with them)

        • [Deactivated] on 29/01/2018 - 19:56
          -1

          @brad1601: lol, as if anyone with half a brain will pay $70k for a Mustang. I doubt that it will have an RRP that high. As for discounts, you can get discounts on high demand cars like a Mercedes GLC which was sold out for a year at least, and people were getting 10% no probs.

        • Binchicken22 on 29/01/2018 - 23:02

          @Burnertoasty:

          Your logic isn't making sense… They had a 12month backorder for the Mustangs at 65k… But a couple years later, much improved (10 speed auto, 500hp (under rated at 460hp) motor) and you think no one will touch them at 70k? Right… Also ask anyone who bought a Mustang from 2015 till about mid 17 what discount they got… Sweet bugger all will be the answer. People were even keeping them for 12 months and selling them for 5k profit for a while there.

      • This Guy on 31/01/2018 - 20:51

        Why not? Most sales contracts have a term allowing the dealership to increase the price if the manufacturer increases their price.

        If the customer dosen't want to pay RRP when the car come's in then the dealer will void the contract for an extra easy to sell stock unit.

  • nubzy on 29/01/2018 - 12:38
    +1

    Just had a look at Carsales and the cheapest Mustang GT in all of Australia is a 2015 with nearly 32,000km priced at $46,900. There's a few others just under 50k too. If you can get a brand new one for 50k then why would anyone buy one of those. Honestly thought the used pricing would have been much better. With the 2018 model coming out soon I think prices will start to fall.

    • Cluster on 29/01/2018 - 13:30
      +3

      There was a waiting list for new Mustangs when first released so people were tempted to pay near new prices for used vehicles. This perception that demand far outstripped supply may still be lingering so people are posting unrealistic prices for used Mustangs.

      • pegaxs on 29/01/2018 - 20:17

        That, and the confusion that these are in the same league as the ‘69 ‘Stang… Owners post big prices on them and bank on the name selling it for them. Truth is, these cars have saturated the niche end of the market. Ford should have kept drip feeding these things to consumers to keep demand high. What they did was dump as many into the market as the could…

        I’m banking that in about 3 to 5 years, these things will be under $20,000 on a regular basis. I’ll wait till all the rich middle aged bogans have moved onto the Camaro.

        • Hellman109 on 30/01/2018 - 09:13

          Camaro is a crap deal, 85-95k for a car that sells for the same price as a Mustang in the US, they're also only doing the base model.

          Not until they do their factory RHD will it truely compete with the Mustang, and by then anyone wanting a V8 muscle car would have bought a Mustang.

          So you're left with people wanting a GM only V8, or people wanting a Camaro, and all the previous want for them going to the Mustang.

          Agreed though that the Mustang is far from rare these days, they're the top selling sports car by a mile. Great if you want to buy one to drive, not good for resale value.

  • Bill48 on 29/01/2018 - 12:40
    -2

    So, you want some "look at me" wheels?

  • Slippage on 29/01/2018 - 12:44
    +3

    1) No way it will hold it's value, especially as each newer model comes out with more features/better safety rating.
    2) A lot: $400-$1,100 https://www.ford.com.au/owners/service/calculator/
    3) Seams ok: https://tinyurl.com/ybp49hqr
    4) Under 25 (30 in some cases) + expensive car + only 2 doors = expensive insurance, it's just how it is

    Unless you are living comfortably (which i assume you are not, if you are using finance to fund), I wouldn't be looking at an extravagant car at such an early point in your life.

  • [Deactivated] on 29/01/2018 - 12:54
    +6

    It's an 86 with more power. Weight distribution (that thing is ridiculously front biased), an insufficiently rigid body, cheap suspension and brakes and generally poor geometry means the car is a horrid thing to drive other than on highways.

    I've driven the thing on a track, raced against one, raced in one… It is slow out of corners and only average in a straight line. Was repeatedly bested by a stock Megane RS cup(stock vs stock, driver swap). The Megane is a FF too.

    The comfort is not too bad for a sports car but I'd rather sit in a S3 for the same money and faster lap times.

  • msmhw on 29/01/2018 - 13:02
    +4

    hola011
    Member Since
    10/01/2018
    Last Login
    38 min ago
    Statistics
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    Location
    Perth

    • Oz8argain on 29/01/2018 - 13:19
      +2

      troll account

      • [Deactivated] on 29/01/2018 - 13:29
        +2

        Must be.

        • [Deactivated] on 19/02/2018 - 23:54

          No, really. Aside from the Mustang name, and the pretty damn awesome look. The car is quiet tedious to drive. Oh well, maybe that's why Mustangs sell. Mustang is always a Mustang, does not need to drive too well.

  • BargainMyMiddleName on 29/01/2018 - 13:16
    +1

    Just buy it man. you are only young once. Enjoy the car. its a great car.

  • Keeegs on 29/01/2018 - 13:27
    +1

    2 out of 5 star ANCAP safety rating lol

    http://www.ancap.com.au/media-and-gallery/releases/ford-must…

    • Hellman109 on 29/01/2018 - 16:45

      Yep buy a Fiat 500, 5 stars! https://www.ancap.com.au/safety-ratings/fiat/500/fa66dc

      Wait, it rates lower on basically every crash rating. Hmmm.

      Before you go "wait thats 10 years old!" they copied EURONCAPS Mustang rating, but not their updated 3 star Fiat rating. Oh, and it still rates poorer in most crash setups then the Mustang even with more stars.

      The new ratings are all about electronic assists and nothing else basically. Look at the Kia Stinger if you want to see a perfect example, its 5 star, wait no 3 stars, depending on which model purely from the assists, the safety rating in a crash is identical.

      • Keeegs on 29/01/2018 - 18:09
        +1

        The full-width frontal test showed a risk of serious head, chest and leg injury for the rear passenger. There was also insufficient inflation of both the driver and front passenger airbags in the frontal offset test, which allowed the driver’s head to hit the steering wheel and the passenger’s head to contact the dashboard.

        Assessors found its airbags failed to inflate properly and that the car falls short in frontal-offset and side-impact pole tests used in Australia, but not the US – the Mustang's main market.

        Not all about electronic assists maybe? Even if it is, your post reeks of arrogance "I'm a good driver so I don't need electrical assists".

        I get that you're a big Mustang fan but facts needs to be presented to OP in case he doesn't realise it.

        • Hellman109 on 30/01/2018 - 09:18

          Yet the same physical car with a few less electronics gets 2 less stars for that reason alone? Like what I said in the post?

          And a car which rates poorer in most tests has 3 more stars? Like what I said in the post?

          Also their "test" of the 2018 is a farce, Ford replaced the airbags complained about, and EuroNcap ignored that (They didnt re-crash test the 2018, just updated it due to the added electronics).

          Id prefer it had more assists as I daily drive as well, especially radar cruise, that would rock, same with the reverse side assist/blind spot monitoring. But the *cap tests have moved from crash safety to electronic safety, while adding in totally misleading ratings (Having old rating system cars presented the same as those reviewed against the new rating). Hence, as I said, cars with worse crash performance rate higher because of their electronics.

          IMO they need two ratings, crash safety and electronic assists, both are important for different reasons. And also on their site state which rating system they are rated against "2017 Ancap rated" "2007 Ancap rated" etc.

  • ausmechkeyboards on 29/01/2018 - 13:29
    +1

    Great car, genuine head turner - more than any BMW.

    Get a convertible one, the latch thing when you close the roof is epic.

    • [Deactivated] on 29/01/2018 - 15:02
      +2

      The convertible roof looks half assed. The profile is awful.

    • Hellman109 on 29/01/2018 - 16:42

      I just hate that you need to hold the open/close button, they should have made it 1 touch. The lever though is pretty damn solid

    • jno on 30/01/2018 - 11:41

      Any BMW is a little far-fetched, m4 gt or i8

    • kylarstern on 01/02/2018 - 00:26
      -1

      Spoken like a true guy who cant afford a BMW

      • ausmechkeyboards on 01/02/2018 - 08:33

        The Mustang costs about as much as the 3 series or something equally as garbage that you can barely afford.

        …but it would still turn twice as many heads.

  • Jimothy Wongingtons on 29/01/2018 - 14:53
    +1

    yeah man do it - it's just money.

  • cashless on 29/01/2018 - 14:58
    +3

    Go on OP, please do it and give us all a good laugh

  • Tech5 on 29/01/2018 - 15:05
    +13

    I bought a GT two months ago outright and really enjoy it.

    $50,000 is a good price, got it a bit cheaper than me.

    I refuel once a week but it is my daily drive to work car.
    Probably 350km out of a tank of 98RON.

    No maintenance issues so far but it is capped priced servicing. Details are on the ford website.

    My insurance is $2800 a year, but that is because I am under 25 and in a state where there is no competition for insurance.

    Regarding the safety rating, look into why. Three issues. One is driver head hitting wheel on collision as the airbag bottoms out. Thats been fixed. Second issue is that it is not safe for passengers (children) in the back. Not an issue for me. Final problem is lack of safety features like lane keeping assist, but neither does my old car, that got a 5/5 in its 2003 test.

    Also don't listen to the people telling you to buy something else because its faster, or better on the track. Get what you want and are happy to drive every day.
    Buying a Mustang is not a value purchase. You aren't going to get the best trade in value, or low depreciation. Buy it only if you like the feel, look and drive of it. Don't listen to the other people here telling you it is a stupid decision. It is stupid based on price only. But if the looks etc make it up for you, then it doesn't matter does it? Everyone has different priorities in life.

  • Zondor on 29/01/2018 - 15:12
    +7

    Going into debt for a toy is a bad idea.

  • Seiko on 29/01/2018 - 15:23
    +2

    Allow some extra money for the "MUSTANG" sticker you have to place on the windscreen.

    • Hellman109 on 29/01/2018 - 16:40
      -1

      I've seen literally hundreds of Mustangs (I own one and go to club meets all the time) and Ive seen I think one with Mustang lettering acoross the front of the bumper, never a windscreen decal.

      • pegaxs on 29/01/2018 - 20:25
        -1

        How many of them have you seen with wanky vanity plates? There are 12 in the town where I live and 10 out of the 12 have stupid “Mustang” related number plates.

        From memory, almost all of them here have an aftermarket decal on it of the old Mustang logo, a Horse, Mustang stylised lettering or various “Pony Owners club” stickers…

        Which ones do you have?

        • Hellman109 on 30/01/2018 - 09:08
          +1

          How DARE people enjoy a car! The nerve of them!

          The only window decal I have is for the Mustang club Im part of.

  • smhto on 29/01/2018 - 15:28

    Forget about the Ford
    Consider second hand
    Lexus RC
    BMW 4 series

    • [Deactivated] on 29/01/2018 - 17:02

      Lexus RC? Really? One of the worst cars built in the last decade?

    • zeomega on 29/01/2018 - 22:37

      50k won't get you anything performance with Lexus RC or BMW 4.

  • bocca on 29/01/2018 - 15:42

    Its a great car, hired one and cruised around Hawaii for two weeks.

    would not buy one to 'hold its value' lol. its a flashy car

  • MathNerd on 29/01/2018 - 16:08

    Buying a Mustang - Should I Do It?

    No. Don't do it.

    Get this instead. Much better bang for buck.

  • Hellman109 on 29/01/2018 - 16:39
    +9

    OP I own a Mustang and Im in a big Mustang club.

    On resale value, sports cars depreciate faster. You're at the best end of the S550 Mustang though as prices are at their lowest.

    The 2018 Mustang WILL cost more, but we really don't know, dealers dont know, no one knows. We dont know the spec other then Magnaride is probably an expensive option… thats about it.

    The first few loads are already sold too, and you cant bargain on a car you're waiting 6+ months for, so unless you think the improvements are really worth a higher ticket price and 6 months, don't bother. Ive also heard that we may be skipped for the 2018 as the 2019 is due by late in the year, but thats pure speculation, but by someone in the industry (but doesn't work for Ford).

    $50k for GT Fastback auto or manual? Either way, bargain them down if you haven't. What's the K's like? Was it a dealer demo or used or what? If its actually new thats a good price. Although check what you get finance wise, if you're getting a loan, new cars have way lower interest rates, so that may make a 2017 more attractive.

    On servicing, throw it into your local dealers website service area, my first service (15000k's) is $335. Going somewhere else is probably going to cost less.

    FOr insurance, Budget Direct has been the cheapest for most people, but they do not insure modded cars if you want to mod your Mustang. AAMI do though.

    Should you get it? Thats your choice in the end. The fastbacks (I have a 'Vert) back seats are fine width wise, but lack feet room especially and some head room, does that matter? You need to put up with people going hurr durr 2 stars, ignoring its crash rating is better then some 5 star cars on ANCAPS website. Also Commodores trying to race you.

    They're a bloody fun car though, Sync 3 is pretty damn good for Andriod Auto.

    If you are buying though, check for over spray on the bottom, Ford US did a crap job at it. Check also panel alignment and get it fixed by the dealer before delivery, some are terrible, others are fine. Also test the aircon, some don't have enough gas from the factory, blast cold air (max aircon button) and check that both the driver and passenger sides get cold air.

    Lots of dealers have lots of stock though, so you can shop around easy.

    If you have any specific questions feel free to ask too.

  • djmm on 29/01/2018 - 16:47

    Just close your eyes and sign the contract and think of all the chicks you'll be picking up with this car.

  • tomleonhart on 29/01/2018 - 16:49
    +11

    If you can afford it easily then go for it I'd say.

    People say do something better with your money to secure a better future, then when you get to your middle age and buy one.The same people would say your having a mid-life crisis and look ridiculous driving one. You can't win seeking other opinion.

    • Cusack on 30/01/2018 - 13:07

      Best advice so far

  • freakatronic on 29/01/2018 - 17:10
    +5

    "Only shallow, superficial people buy [insert make/model]."

    Proceeds to judge everyone based on the car they drive.

    • smartazz104 on 30/01/2018 - 17:27

      And the person doing that drives something mundane.

      • freakatronic on 30/01/2018 - 18:15
        +1

        Ooh, ooh, pick me. I actually drive a base model lancer hatch.

        Anyone who drives a good car is inferior to me because of how materialistic they are.

  • gezza90 on 29/01/2018 - 17:21

    Whatever car you buy, get a manual if you care about resale value. And by manual I don't mean DSG or tiptronic, I mean 3 pedals and a gear stick.

  • malouphix on 29/01/2018 - 17:21

    Don't feed the troll.

  • biozet on 29/01/2018 - 17:47

    Just buy it baby

  • Binchicken22 on 29/01/2018 - 18:13
    +3

    If you can afford it and you think you will enjoy it, go for it! I'm sure you already know they aren't going to be a "smart" investment, basically no vehicle will. Just check out what Toyota 86s are going for when they are 5 years old and compare that to new and work out the depreciation %. Will probably be about 50% from the brand new price, so 30k to 33k I'd guess. The fact that the 18+ models are going up in RRP might help steady the resale too, rumours are they will be starting at 70k for the GT, up from about 65k.

    Most of the people that make jokes about how common they are and how "they wouldn't buy one" drive 1998 civics… Yeah the fact that there are a few around now is why they don't have one…

    I've got one and they are a pretty special car to sit in the driver seat of and fun to drive, makes a drive to the coast or whatever really enjoyable. You only live once. Also I don't buy cars to get people to look at me (I hate that part of it actually, I get darker than legal tint to help with that.) People just love to bag people out who have something nice, it's an Australian tradition, don't worry about it.

    • pegaxs on 29/01/2018 - 20:35
      +1

      Most of the people that make jokes about how common they are and how "they wouldn't buy one" drive 1998 civics…

      I don’t drive a Civic and I can certainly afford to pay cash for a brand new Mustang. I look at buying one a year or so ago when there was none near where I lived. I decided to wait a bit and a few started to show up…

      The reason I didn’t end up going with a Mustang had more to do with the bellends that were driving them. I didn’t want people looking at my car and making the correlation that I was in any way associated with these owners…

      But I say, each to their own. People seem to like them. I like them, but I just don’t like the stigma attached to owning one.

      I really want to buy the turbo 4cyl version, cause I know it really upsets the V8 owners… and I would put the 5.0l badges on it just to troll them some more! :D

      • Binchicken22 on 29/01/2018 - 22:55
        +4

        I couldn't care less who else drives the same model car I've got… I had a Hilux before this I'm sure you see plenty of (profanity) driving around in hiluxes too, never really thought about it.

        You won't be the first or last person to buy the ecoboost and debadge it/put 5.0 badges on, don't think many people will care unless you try and take it to a car show and tell people it's a V8 or something lol. I think you worry to much about what other people are thinking about your car (hint they probably aren't thinking about it at all)

      • RonDMC on 30/01/2018 - 00:36
        +1

        I don't have any opinion on the car but you sound pretty insecure, who cares what anyone else thinks, live your life and do what you want without being paranoid about what you think others are thinking, most people couldn't give a rats arse.

      • smartazz104 on 30/01/2018 - 17:30

        and I would put the 5.0l badges on it just to troll them some more! :D

        Please don't, this is like putting HSV badges on a Commodore Executive or GT badges on an XR6.

        • pegaxs on 30/01/2018 - 17:52

          You mean I shouldn’t have put the Chevy Bow Tie badges on my SS Ute?? sadface.jpg

        • smartazz104 on 30/01/2018 - 22:57

          @pegaxs: Well technically a Chevy badge is a downgrade ;)

  • [Deactivated] on 29/01/2018 - 19:34
    +3

    2 star Euroncap rating!! As good as the Chinese made Cherry cars.

    • Tech5 on 29/01/2018 - 20:31
      +1

      This is the biggest fact parroted by people who are misinformed. Noone bothers to look at why it got 2 stars. My 2003 car got 5/5. It would now get 0/5.

      • [Deactivated] on 29/01/2018 - 21:13

        Who the hell is Noone?

  • serpserpserp on 29/01/2018 - 21:00

    TLDR answer is no.

  • DiscoJango on 29/01/2018 - 21:12
    +1

    guys im thinking of buying a house. but it means i will have to sell my mums house and her organs to fund the purchase. i will also need to get a credit card and put around $200,000 on it with an 18% interest rate

    cash converters offered to fund me the remaining several hundred thousand at a 75% interest loan

    is this a good buy?

    ps: i dont work and live off centerlink benefits.

    thanks.

  • FoxJump on 29/01/2018 - 21:20
    +4

    Back in 2007 I #yolo'd.
    Bought myself a second hand Saab convertible when I was 23.
    Got myself a bank loan for $50000 (5 years) and put it all in it - the car ($43500, 2.5yo, 40000km ), the extended warranty, the stampduty, and the insurance.

    Loved it.
    Had heaps of fun.
    I thought it was going to be a car I kept for ever!

    But then … being a Saab the problems started.
    There was a coolant leak, except it was no ordinary leak, it was a leak that went nowhere in particular; but the coolant level kept dropping. It was okay for most of the time until 2014 when it just got ridiculous - having to top up the coolant tank every 100km.
    So I traded it for a little orange Prius C because the Toyota dealer offered me $4k for the saab and - it was a timebomb.

    The saab wasn't a "sports car" by any sense of the word, a 2L little turbo engine moving 1600kg.
    But it was a four seater and I could go on holidays with my friends, etc.

    It was great fun.

    Do I regret having spent around $65000 (with interest, and a gearbox repair out of warranty d-oh!) or more?
    NO way.

    I enjoyed the saab every bit.

    As a fun fact at the time i was making $3000ish a month after tax at work. The repayments were $1050 a month! and i lived with my parents. I had been working for only a year.

    Overall it was a stupid decision financially.
    But a great decision morale-wise and it was easier on my head and heart to blow the money on a car loan which would be paid after 5 years versus "the reasonable thing to do" which was an apartment on a loan to be paid out in 30 years.

    Get your Mustang, make it a convertible.
    Treasure it with your friends and enjoy your youth.

    I for one am glad I had a fun convertible at 23. Much better than having one at 63.

    Now I have a little Prius C for me.
    Slow and cheap.

    There's time for saving money and there's time for spending money - but you also need to live a little.

    • bad hombre on 29/01/2018 - 21:58
      +1

      Should have bought bitcoin dude. Could have bought the Saab factory today …

      That sort of coin could have got you down payment of 10 properties in Sydney back then …

      Missed opportunity mate! :)

      I am joking - no regrets man and YOLO! Once you have kids and mortgage it becomes harder to blow that sort of money. You already know it's not the best financial decision but if that's what you want and can afford it then do it.

      Let us know how you go.

      • smartazz104 on 30/01/2018 - 17:31

        Could have bought the Saab factory today

        I think most of us could buy that right now without having invested in Bitcoin…

  • BartholemewH on 29/01/2018 - 21:56

    If you ever find yourself near crowds but don't like the idea of committing vehicular manslaughter, skip the Mustang.

    • OzzyOzbourne on 30/01/2018 - 07:51
      +1

      You can get away with it if you are drunk or on drugs.

  • nimnomnimy on 29/01/2018 - 23:28

    Here is the voice of reason,

    The car has a negative financial return whichever way you look at it so you should never spend more than you have.

    Your 2010 has already done the bulk of it's depreciating so I would stick with it unless you are going for a more practical car.

    Also once you go euro it's hard to enjoy the cheaper quality materials used in American / Japanese cars

    That said, if you have a house already and you can financially afford it without changing your lifestyle you can write off the cost as entertainment value

  • ozzpete on 30/01/2018 - 00:42

    ??? MAYBE

  • twincinna on 30/01/2018 - 01:19
    +1

    If it’s something you really want, then do it.

    If you’re looking for something that you can resell at a profit or small loss then nah.

    I have a 2017 GT convertible with the obligatory wanky custom plates (MV5T4NG for those who want a giggle)

    Don’t expect to make a profit on the car, just get it if it’s something you want to have fun with.

    It’s a petrol guzzler too, if you’re looking for something that’s fuel efficient, this is not the car for it. You’d get 350km out of a tank and even less using sports mode - good for a weekender, but definitely not for a daily.

    • fLamous on 30/01/2018 - 11:27

      7 Character number plate? Pics or it didn't happen….

      • Cheap and Cheerful on 30/01/2018 - 11:48
        +1

        Depends on the state - WA go to 9 characters!

      • twincinna on 30/01/2018 - 12:15

        Shite, my bad. There’s no 4. So MV5TNG

  • 69dollars on 30/01/2018 - 02:12
    +2

    I was in the same position as you OP. I started saving for a car when I started uni in 2012. I wanted a Toyota 86 so started working part time. In 2016, I started my full time job and still had two casual jobs on the side. My dream for an 86 turned into a mustang, then into a WRX. Ultimately, I ended up with a WRX.

    Do I regret my decision? Somewhat yes, being 22 at the time, spending 50k on a car was probably not a good idea but I really wanted it and it was a gift to myself for finishing uni. Over a year of owning the car now, no doubt it has put a smile on my face every time I drive her but I still think a deposit for a house would have been the better option. Though, I do live by the saying 'you only live once'.

    I chose not to get the 86 because all my mates said it was 'slow'. I didn't choose the mustang because I wanted more room, ANCAP was a let down and thought the car was too cool for me to own. With the WRX, it felt right. Turbo, 4 doors, economical (slightly), appeal (good and bad). For you OP, the current car you have is fine. Do you think this is just an impulse buy? Will you have savings to cover your other financial needs? (Food, clothes, gym, bills, petrol, insurance…)

    To answer your questions:
    1) I wouldn't buy a car purely based on what the resale value will be. You buy a car because it fits your needs or you truly want it because it will make you happy. When the 2018 comes out, prices may drop for older models but if it is by 1 or 2k, is it really worth the wait?

    2) Best to check with the dealers. You may receive price capped servicing in your negotiation/deal. My WRX is around $350.

    3) If it is a GT auto then I think it is a steal. But knowing how many kms it has done, whether new/demo/used will give us a better indication of whether the price is fair.

    4) Best to shop around. As we are both under 25, not many insurance companies will like to insure us. I am with QBE at 1230 annually.

    • [Deactivated] on 20/02/2018 - 00:17
      +1

      That's cheap. My MR2 insurance was $2.8k back then.

      Buying the car is not the expensive bit. Petrol ($50/week), maintenance (a few hundred a year), insurance (depends on car), brake pad + disc (app 1.3k), tyres ($1.2k/set, a new set last app 1.5-2 years). The numbers add up.

  • djmm on 30/01/2018 - 06:19
    +1

    I won't be caught dead in a current Mustang but I will gladly drive a current Trans Am bandit though.

  • batfastard on 30/01/2018 - 07:14

    Hayabusa

    You know it makes sense.

  • theguru1 on 30/01/2018 - 07:21

    Drove a 67 Eleanor Shelby GT500 a few times. Now that got attention in spades. Embarrassingly so.
    Was it a good car to drive? No. The supercharger and exhaust (pre adr) sounded nice.

  • OzzyOzbourne on 30/01/2018 - 07:49
    +2

    Hang on whilst I google that stuff for you!

    • theguru1 on 30/01/2018 - 08:22

      Or even asked the dealer for at least some of the questions. Novel idea I know.

      • pegaxs on 30/01/2018 - 08:32
        +1

        Or even asked the dealer…..

        The dealer is the LAST place you should ask these questions. They are bullshit factories. They are in the market to sell you a car and any chance to colour that in for you, they will take it.

        The only question I may ask at the dealer is “How much does servicing cost?” And I wouldn’t be asking a sales guy this question.

  • Alpacino299 on 30/01/2018 - 08:25

    So you bought a BMW 323 and are worried about the depreciation of the mustang? Ha.
    Servicing will be cheaper than BMW quick google tells you that.
    No chance on cheaper insurance.

  • No and then on 30/01/2018 - 09:32
    -2

    Late 60's Mustangs cost anywhere between 60-100KUSD or more. So yeah it's a good long term investment. 5 years is too short.

    • smartazz104 on 30/01/2018 - 17:32

      Great, he can buy now with a view to sell in 2068.

      • pegaxs on 01/02/2018 - 08:02

        Only to get to 2068 and find out that Ford milked the branding for too long and saturated the market with them and now it’s worth ‘eff all…

        • smartazz104 on 01/02/2018 - 11:32

          Ford sold 1.5 million 1964-65 Mustangs and they're still worth something…

        • [Deactivated] on 20/02/2018 - 00:19

          @smartazz104: would rather a hsv. Today's hsv is yesterday's mustang.

  • nismo on 30/01/2018 - 10:24
    +4

    My opinion and suggestion is that if this is the car of your dreams, then go for it. But, do it when you're completely financially ready. There will be ongoing costs, as with every car, but may be higher for this kind of car.

    Do you want to think back to this moment and say, "I was going to buy XX" but the OzBargain community said NO, so I didn't buy my dream car"??
    *waiting for the negs to roll in.. sigh

    It doesn't matter what car is listed in your forum Subject, there will be haters and lovers - and they will come out from everywhere.

    I have owned my current car for just over 15 years and still love it every time I drive it :D

    My username should give you a clue ;)

    • magic8ballgag on 30/01/2018 - 11:36
      +2

      It doesn't matter what insert expensive object here is listed in your OzBargain forum Subject, there will be haters

      FTFY.

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