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

  • smashed on 28/01/2018 - 22:46
    +186

    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'.

    • [Deactivated] on 29/01/2018 - 17:19
      -5

      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?

      • cathole on 29/01/2018 - 21:27
        +63

        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?".

        • magic8ballgag on 30/01/2018 - 11:18
          -6

          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.

        • Beanvee on 30/01/2018 - 11:51
          +13

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

        • magic8ballgag on 30/01/2018 - 12:02
          -3

          @enceladus94:

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

        • cathole on 30/01/2018 - 12:05
          +6

          @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.

        • magic8ballgag on 30/01/2018 - 12:07
          -1

          @cathole:

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

        • Beanvee on 30/01/2018 - 12:10
          +3

          @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.

        • magic8ballgag on 30/01/2018 - 12:13
          -1

          @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.

        • Beanvee on 30/01/2018 - 12:28

          @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?

        • magic8ballgag on 30/01/2018 - 12:34
          -1

          @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!

        • Beanvee on 30/01/2018 - 12:41
          +2

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

        • ShortyX on 31/01/2018 - 01:22

          That escalated quickly.

        • Frugal on 31/01/2018 - 20:06

          @Lorindor:

          TripAdvisor is good to get others' opinions.

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

        • magic8ballgag on 31/01/2018 - 20:34
          +1

          @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.

        • Donaldhump on 01/05/2019 - 13:52

          tuvalu is

  • iforgotmysocks on 28/01/2018 - 22:48
    +7

    Yeah lol

  • nubzy on 28/01/2018 - 22:52
    +10

    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.

    • apple2016 on 28/01/2018 - 23:04
      +1

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

      • [Deactivated] on 28/01/2018 - 23:19
        +42

        cant fit girls in the back yo.

        • Oz8argain on 29/01/2018 - 13:15
          +8

          he dates many girls with no legs

        • ChatCPT on 29/01/2018 - 17:56

          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

    • macrocephalic on 30/01/2018 - 10:44

      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.

  • Godric on 28/01/2018 - 22:55
    +12

    There aren't enough on the road already as is

  • [Deactivated] on 28/01/2018 - 22:57
    +91

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

    • GarrusVakarian on 28/01/2018 - 23:10
      +75

      WESTPAC INVESTOR GOTTA MAKE THE BEST FIRST IMPRESSION

      • [Deactivated] on 28/01/2018 - 23:17
        +30

        I`m getting bold reading these comments

        • mavis30551 on 29/01/2018 - 10:16
          +6

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

        • 2023 on 29/01/2018 - 13:37
          +7

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

        • bomb3rman on 30/01/2018 - 13:05
          +1

          Bold or bald?

    • zeomega on 29/01/2018 - 22:20
      +4

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

    • TurkishDelight on 30/01/2018 - 03:01
      -1

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

    • Munki on 30/01/2018 - 13:23
      +1

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

  • [Deactivated] on 28/01/2018 - 22:58
    +34

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

  • smuggler on 28/01/2018 - 23:03
    +14

    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

    • rompastompa on 28/01/2018 - 23:21
      +11

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

      • smuggler on 28/01/2018 - 23:22
        +4

        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.

      • jagboy on 29/01/2018 - 07:24
        +10

        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.

        • PJC on 29/01/2018 - 07:54
          +30

          Username checks out.

        • ATangk on 29/01/2018 - 10:55
          +1

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

    • coxjon on 28/01/2018 - 23:35
      +2

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

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

      • pegaxs on 28/01/2018 - 23:52
        +23

        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…

        • coxjon on 29/01/2018 - 08:33
          +21

          MU5T4NG

        • Ozpit on 29/01/2018 - 09:11
          +11

          LOOKATME

        • Euphemistic on 29/01/2018 - 09:55
          +13

          @Ozpit: W4NN48E

        • smartazz104 on 29/01/2018 - 11:30
          +3

          You seem to be confused with Commodore V8 owners.

        • bad hombre on 29/01/2018 - 17:05
          +1

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

        • munecito on 29/01/2018 - 20:34
          +1

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

        • magic8ballgag on 30/01/2018 - 11:24

          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.

        • pegaxs on 30/01/2018 - 16:14
          -2

          @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…

        • imurgod on 30/01/2018 - 17:08

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

      • sheepdog on 29/01/2018 - 12:40

        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).

    • smartazz104 on 29/01/2018 - 11:29
      +25

      Buy a JAAAAAAAAG

      Calls people a douchebag and then says this…

      • smuggler on 29/01/2018 - 12:32
        +3

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

      • Cusack on 30/01/2018 - 12:51

        Exactly what I thought. I thought he was joking!

    • SaddenAscentAspirin on 01/02/2018 - 09:44
      -1

      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.

  • Marcsie on 28/01/2018 - 23:03
    +5

    Get a Subaru, WRX :)

    • Binchicken22 on 29/01/2018 - 17:59
      +4

      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.

      • zeomega on 29/01/2018 - 22:28

        I cannot agree more.

      • Marcsie on 30/01/2018 - 06:25
        +3

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

      • OverlyWittyUsername on 30/01/2018 - 12:22
        +3

        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 :)

        • zeomega on 30/01/2018 - 21:41
          +1

          You can make the same comparison with ANY car.

        • OverlyWittyUsername on 31/01/2018 - 12:16

          @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.

        • BrewerHaHa on 09/02/2018 - 13:48

          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.

  • pegaxs on 28/01/2018 - 23:04
    +11

    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

    • smuggler on 28/01/2018 - 23:06
      +1

      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

      smuggler on 28/01/2018 - 23:06 (Collapsed - Offtopic. Show)
      • [Deactivated] on 28/01/2018 - 23:07
        +4

        That's me

        • PJC on 29/01/2018 - 01:38
          +15

          No, he said finger, not fingers.

      • pegaxs on 28/01/2018 - 23:15
        +5

        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.

        • smuggler on 28/01/2018 - 23:24

          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.

        • pegaxs on 28/01/2018 - 23:35
          +3

          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…

      • smartazz104 on 29/01/2018 - 11:30
        +2

        Perhaps that's just your neighbourhood.

  • nicholasfrawley on 28/01/2018 - 23:13
    +4

    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

      • Fabbbrrr on 30/01/2018 - 18:06
        +10

        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!

        • baldur on 30/01/2018 - 19:10
          -1

          What has it got to do with other countries?

        • Dr Techno on 30/01/2018 - 21:47

          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.

        • smartazz104 on 30/01/2018 - 22:56
          -1

          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.

        • Fabbbrrr on 30/01/2018 - 23:55
          +4

          @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.

        • resisting the urge on 01/02/2018 - 13:33

          @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)

  • Master Bates on 28/01/2018 - 23:15
    +21

    ANCAP says no!

    • R-Man on 28/01/2018 - 23:54
      +1

      holy shit!

    • fm365net on 29/01/2018 - 00:39
      +6

      wow, toyota 86 gets 5 stars

    • Emerald Owl on 29/01/2018 - 01:58
      +11

      Nah they changed the test to include a lot of bullshit

      • Charity on 29/01/2018 - 13:38
        +7

        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.

        • Vieira4 on 29/01/2018 - 13:50
          +18

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

        • Other on 30/01/2018 - 08:20

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

      • Dr Techno on 01/02/2018 - 15:42

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

    • banana365 on 29/01/2018 - 13:18
      +7

      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.

      • D C on 29/01/2018 - 16:25
        +7

        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.

      • macrocephalic on 30/01/2018 - 10:46

        "Mustang driver tree impact protection"

      • Murpha on 31/01/2018 - 10:06

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

    • malich on 30/01/2018 - 20:19
      +1

      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.

    • beyondtool on 30/01/2018 - 20:51
      -3

      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…

      • Oofy Doofy on 31/01/2018 - 00:27
        +4

        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.

  • [Deactivated] on 28/01/2018 - 23:17
    +25

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

    • [Deactivated] on 28/01/2018 - 23:17
      +2

      LOL

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