Buying a Mustang - Should I Do It?

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

Comments

  • +186 votes

    Seriously..put some effort in yourself.

    There is a magic tool called Google that will help you answer these questions.

    Come back with questions based on your research, don't ask questions like 'I don't know how much it will depreciate' and I don't know how much servicing is'.

    • -5 votes

      This is like those annoying people on Facebook who ask their friends. Hey! I'm going on holidays, can anyone recommend a few places to go?

      • +63 votes

        No, that's a good question to ask your friends. No single country is small enough that someone can't offer a unique and personal recommendation.

        It's more like asking "I want to go to Italy, how much do the tickets cost?".

        • -6 votes

          I don't quite understand how asking your limited pool of friends would be better than looking up recommendations on say TripAdvisor, posted by literally thousands of people from all around the world.

        • +13 votes

          @Lorindor: Guess that'll depend on the person, if your friends are all well travelled they'd be the best to ask no?

        • -3 votes

          @enceladus94:

          Sure, but I for one would rather compare among a millions of reviews from all types of people.

        • +6 votes

          @Lorindor: Just because you know your friends, their interests, dislikes etc. I find it's easier to tell if I would actually enjoy something if a friend who I share similar interests with recommends it.

          But online reviews or whatever are definitely how I start my research, then I just narrow it down a bit whilst also seeing if anyone has some really unique suggestions.

        • -1 vote

          @cathole:

          That's true, but how many people are actually friends with their friends on Facebook?

        • +3 votes

          @Lorindor: Each to their own, to me getting opinions from all types of people is a drawback. My friends are similar to me, so they're going to have suggestions that would be more likely to appeal to me.

          Not to mention how often reviewers online have their heads up their ass, or simply just like different things to me.

        • -1 vote

          @enceladus94:

          Every one of your friends on Facebook is similar to you? I'm jealous that you know so many like-minded people.

          Also, you're more likely to get a subjective opinion if specifically asking individuals, over reviews left by randoms on the internet.

        •  

          @Lorindor: 'So many' might be generous, I don't use FB for people I don't talk to regularly so my list is small. I would assume most people's closest friendship circle would be people with like minds. After all, it's harder to bond and relate to one another if your worlds apart in interests right?

        • -1 vote

          @enceladus94:

          After all, it's harder to bond and relate to one another if your worlds apart in interests right?

          I don't know, I would think that my interests are more aligned to random people around the world that I've never met before, compared to the people I know on social media..

          ..but I've obviously a very special case!

        • +2 votes

          @Lorindor: I can see that, guess it all depends on your approach.

        •  

          That escalated quickly.

        •  

          @Lorindor:

          TripAdvisor is good to get others' opinions.

          Why the neg voting? Probably the comment on not asking your mates….

        • +1 vote

          @Frugal:

          Why the neg voting? Probably the comment on not asking your mates….

          Having a different opinion to the crowd tends to attract negative votes around here.

        •  

          tuvalu is

  • +7 votes

    Yeah lol

  • +10 votes

    Nope..they are an awesome car but pretty impractical for a daily driver. It's a lot of money to spend on a car, maybe in a few years they will be a good buy on the used market but I wouldn't buy one now. Most of the people driving them seem to be 50+ with money to burn.

    • +1 vote

      It’s quite pratical for a 24 yo!..

      • +42 votes

        cant fit girls in the back yo.

        • +8 votes

          he dates many girls with no legs

        •  

          Cmon date many girls but not on the same day. If you’re needing multiple girls as passengers you’re either a taxi driver or a chick magnet. The latter is highly improbable

    •  

      Can confirm. Neighbour has one, he's probably in his 50's (or close) and it just sits in the garage and he drives the prado to work.

  • +12 votes

    There aren't enough on the road already as is

  • +91 votes

    Do it! AWESOME $80,000 HIGH YIELD INVESTMENT CAR!

    • +75 votes

      WESTPAC INVESTOR GOTTA MAKE THE BEST FIRST IMPRESSION

      • +30 votes

        I`m getting bold reading these comments

        • +6 votes

          What happened to that thread, did he buy the car in the end?

        • +7 votes

          @mavis30551:
          Thread was very successful.
          He baited a large number of people and got a meme out of it to boot!

        • +1 vote

          Bold or bald?

    • +4 votes

      You've overvalued the mustang. It's a $60,000 low yield investment car.

    • -1 vote

      I got it, your full-time job is to post this year old joke everywhere.

    • +1 vote

      It's not European. Not a high yield investment.

  • +34 votes

    Wait you're posting this on Ozbargain?? I've just reported you to police.

  • +14 votes

    A few guys have that car at work. 5.0 L jerk off car that resembles the douchyness of the person driving it. Don't do it.
    When I arrive at work in the early hours of the morning, the last thing I want to hear is a douchebag revving his dumb Mustang in an enclosed area.

    Buy a JAAAAAAAAG

    • +11 votes

      Because a Jaguar XJS V12 5.3L is silent when revving?

      • +4 votes

        But they're beautiful. I can appreciate a beauty even if she sounds like a screeching bat. And I'm not just talking about women here.

        Because a Jaguar XJS V12 5.3L is silent when revving?

        Haven't seen one of those on the road. It's usually the 70-120k ones.

      • +10 votes

        Actually, yes they are. I owned a 1982 model V12 and on start up little too no noise at all. Now, on the highway at 2 000 rpm the Jag is coasting along between 130 and 140 kph. I suppose if you revved it out to say 4 200 rpm the car would make some noise but less than nearly all motor bikes and certainly a lot less than most 'pumped' up V8's.

        • +30 votes

          Username checks out.

        • +1 vote

          Damn my car needs a taller gear. 2200rpm at 120kph.

    • +2 votes

      Doesn’t the Mustang have “good neighbour mode” that starts nice and quietly :)

      http://performance.ford.com/enthusiasts/media-room/2017/08/m...

      • +23 votes

        Lol… like any self-respecting douche-canoe would use that… Owning a ‘Stang is all about letting people know…

        Usually the first thing a Mustang owner puts on their car is the loudest and most offensive exhaust system that they can buy. Most often made out of old water pipe and 44 gallon drums… Next up is the vanity number plates…

        • +21 votes

          MU5T4NG

        • +11 votes

          LOOKATME

        • +13 votes

          @Ozpit: W4NN48E

        • +3 votes

          You seem to be confused with Commodore V8 owners.

        • +1 vote

          PONY or NEIGH … seen that around on them as well.

        • +1 vote

          They stock those in the aisle next to the straight pipes for Harleys.

        •  

          I see you're still keeping up with your rubbish posts mate, good for you!

          My neighbor has a couple of Mustangs, most notably a fast back (which is only taken out on the weekend at approximately 9:00am on a Sunday, as the walls in our bedroom tell us), but he also has a modern 'Stang which is a daily driver, and most days I don't hear him leave.

          So no, not all Mustang owners are attention-seeking douche bags.

        • -2 votes

          @Lorindor: 17 upvotes and 4 downvotes would beg to differ on “rubbish post”. But you colour it any way that helps you sleep at night, ok? ;)

          And the only thing that sells the Mustang is that it is an attention seeking car. That is the sole reason they exist and the reason people buy them at the price they sell them for. Would you pay close to $80k for a Camry? No. Because it doesn’t seek attention. Slap some styling on it and a Lexus badge, make it more “attractive” and people want it because others want it.

          And for the record, the guy 4 doors down from me owns one, and I can assure you, from 4 houses away, I can hear this thing start up every time he has night shift start at 10pm… So, you may be right, not “all” Mustang owners are self molestors, but by virtue of the branding, it certainly lures a lot of those types in…

        •  

          @smartazz104: that's a close call. I guess commodore v8 drivers are poorer

      •  

        Thats really impressive - seems only for the 2018+ and not sure if we'll get it straight away. I particularly like that you can set times when to enable quiet start (like before 8am). I've wanted a mustang for a while (though will see if the 2018 model fixes the insta-kill rear window) and I would use this feature (sometimes).

    • +25 votes

      Buy a JAAAAAAAAG

      Calls people a douchebag and then says this

      • +3 votes

        That's how Jeremy Clarkson says it. ANd everyone knows he's the best and is super nice.

      •  

        Exactly what I thought. I thought he was joking!

    • -1 vote

      A few guys have that car at work. 5.0 L jerk off car that resembles the douchyness of the person driving it.

      Just like every bogan in his holden commodore SSVSSVSVVSVSVSSSVSV6VSVVS8 with purple wheels.

  • +5 votes

    Get a Subaru, WRX :)

    • +4 votes

      They were good about 20 years ago, they haven't kept up though. I think they've got something like 18kw more than they did in 1998.

      •  

        I cannot agree more.

      • +3 votes

        But don’t forget they are cheaper than 20 years ago too :)

      • +3 votes

        Actually, they make close to 40KW more than 20 years ago (I think my GC8 was about 160KW standard and the current WRX is about 200KW).

        They're definitely a lot better now than they were back in 2000 when you paid $45K for a car with no climate control, a dodgy paint job and 4 speaker stereo with cassette only :)

        • +1 vote

          You can make the same comparison with ANY car.

        •  

          @zeomega: For the price you paid there were definitely cars out there that provided a lot more as far as create comforts and build quality went.

        •  

          Yea but the engine is OOLLLDDDDD. Even Subaru knows it. It needs to come up with another engine to replace the current one in the WRX. It's extremely inefficient and not that powerful by today's standards.

  • +11 votes

    Lol… depends on how you want everyone who looks at you and your new car to perceive you.

    Every single guy in my area who owns one is a carbon copy of each other. I swear, if the cars were not different colours, I would have thought it was the same guy…

    If it makes you happy and you don’t care what others think, go for it. :D

    • +1 vote

      Every single guy in my area who owns one is a carbon copy of each other.

      A dumb redneck with his finger in his butthole who drinks at 8 AM

      • +4 votes

        That's me

        • +15 votes

          No, he said finger, not fingers.

      • +5 votes

        Holy shit? You live in the same area??

        Sunglasses and hat on backwards coverin the bald spot, reeks of middle aged crisis, beer belly skin tight black t-shirt, wallet on a chain, constant facial stubble, window down, hairy arm hanging out, guns and roses playing on full volume, parked as close to the front window of the local pub…

        I almost bought a Mustang until I saw what other guys that had one in town… Turned me off real quick…

        But I really want the 4cyl turbo version, just so I can upset them by saying, “yeah, I own a Mustang as well…” :D.

        •  

          Sunglasses and hat on backwards coverin the bald spot, reeks of middle aged crisis, beer belly skin tight black t-shirt, wallet on a chain, constant facial stubble, window down, hairy arm hanging out, guns and roses playing on full volume, parked as close to the front window of the local pub…

          Nah, I don't live in bogan town. I'm just describing the old rich bogans at my workplace. Shire rats from South Sydney I suspect.

        • +3 votes

          Old rich bogans… that’s them!

          I live in the coal mining boom bogan breeding grounds of the Upper Hunter, NSW… So many cashed up bogans here. I swear there are now more Mustangs here than SS Commodore utes… Traded in their Hilux’s and Landcruisers for ‘Stangs…

      • +2 votes

        Perhaps that's just your neighbourhood.

  • +4 votes

    The 323i is awesome, your lucky to have it at 24, hold onto it until the new mustangs result in the old ones going down in price

      • +10 votes

        Have you been anywhere else in the world but Australia? he IS lucky to have a car at 24yo, even more a BMW no matter the model. At 24yo (not so long ago), I was driving a 1980 Citroen Visa Club, so that BMW was actually my dream car!

        • -1 vote

          What has it got to do with other countries?

        •  

          some countries, BMW could be considered a typical average common car. I service my own cars, if I had a euro car I would be so sad since I know how much of a pain they are to work on.

        • -1 vote

          Only in Australia do people go crazy over such mundane cars as a mid range 3 series BMW; a country where a Volvo is considered a luxury car, where people go crazy over a Golf. And now it seems I've upset the BMW sycophants. BMWs are nice, sure; unfortunately they attract a certain kind of driver.

        • +4 votes

          @smartazz104: I'm not upset as I don't even like cars that much. I just pointed out that some people here don't understand how political decisions, crazy importing rules or taxes could transform a mundane car into a luxury one. Most people in the world does not have access to a 7 years old BMW. But this is not the place to discuss that anyway! Sorry if I offended you before.

          Cheers my ozbargainer friend.

        •  

          @darkage: That's cos they make them there, or they supply the oil and over-consume.

          We OTOH, don't makes shit and consume Mustang's instead.

          As a senior auto exec once told me, "Australians like big, poor quality cars"

          It's true. That's why both our BMWs, one 13 (340k) and one 32 years old (240k), perform better than any of the Commodores and Falcons I've ever had NEW as company cars, and remain a pleasure to drive and maintain. And, both run efficiently and are cheap to own (though I am not counting my own maintenance time- which would put them right back up there with most new cars). Still, at least I didn't send them to landfill like so many other cars at their ages are.

          @smartazz104; Yes, even a 3-series (and a Golf for that matter) is a better can than most, due to the thought and expertise that has gone into producing it. After more than 30 years entire auto companies remain incapable of beating it, which is why someone like Tesla can arrive and shame everyone else's efforts for the last 20 years.

          Anyhow, if I were buying a new Mustang, I'd consider a Tesla Model 3 (or perhaps an S P90x, and a solar array on my house so I can avoid buying petrol and accelerate faster than everything else)

  • +21 votes
    • +1 vote

      holy shit!

    • +6 votes

      wow, toyota 86 gets 5 stars

    • +11 votes

      Nah they changed the test to include a lot of bullshit

      • +7 votes

        Agreed, lots of BS. Not exactly a fan of the car, but the test is not really of fair assessment. For example, I would be happy for a car to have ZERO out of 3 for seatbelt warnings. As long as the actual seat belts are fine, I don't need annoying buzzers and chimes and lights and voices going off as soon as you open the door. Overall, looking at the actual assessment criteria, a 5 star rating doesn't necessarily mean the occupants will do better than a 2 star in an accident.

        • +18 votes

          I read that the crash dummies hit their head directly on the dash. 2 star rating is justified.

        •  

          @Vieira4: And that comment is upvoted. Have fun Op :)

      •  

        yeah I remember John Cadogan going over this https://www.youtube.com/watch?v=AU9ixQVwCRE

    • +7 votes

      I like how the only top mark it gets is 8 out of 8 for "side impact protection". Ford must be aware of the Mustang's propensity for leaving the road sideways and decided to put all their safety budget into protecting the driver from that.

      • +7 votes

        I figured that was for the "I don't need to stop at red lights" attitude, so you'll be well protected when someone inevitably t-bones you.

      •  

        "Mustang driver tree impact protection"

      •  

        Ford should have concentrated a bit more on "pedestrian protection" as large gatherings of people tend to form a Mustang magnet…

    • +1 vote

      This is the only reason I wouldn't buy one.

      The ancap rating will be improved in subsequent models resulting in huge depreciation for the first.

      The hyundai tuscan has the same problem. The first MY scored 4 stars which was improved upon in following years. Dealers that we work with struggled to move the old stock.

    • -3 votes

      This car really needs to be taken off the roads, I have no idea how it can be legally sold here with such a low rating. My Suzuki Ignis buzz box that was 15 years old had a 3 star rating…

      • +4 votes

        3 Stars under the rules for ANCAP at the time of manufacture. Big difference. Under today's rules your Suzuki would find it difficult to achieve 1 star.

  • +25 votes

    LOL
    from a BMW to a Ford.
    there must be something wrong with you.

    • +2 votes

      LOL