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

    • smartazz104 on 29/01/2018 - 11:31
      +13

      He wants to score lower on the cock-o-meter.

    • Finde on 30/01/2018 - 02:05
      +4

      Nothing worse then an arrogant BMW driver.

      • cashews on 30/01/2018 - 11:21
        +21

        If you ever thought your job was pointless, just remember it is someone's job to install turn signals on bmw's.

        • kylarstern on 01/02/2018 - 00:29
          -8

          Wow you must feel pretty good about yourself recycling an overused joke from the last decade.

          Well actually the signals on BMW's do work. It's just not visible to people like you who cant afford one.

        • cashews on 01/02/2018 - 15:30
          +3

          Strike a nerve did I princess?

        • cheng2008 on 02/02/2018 - 02:47

          @kylarstern: They're not very useful if they can only be seen by assholes. The rest of us need to see them too :/

      • reon on 30/01/2018 - 13:12
        +1

        Its because the signal is on the opposite, ffs asian car users.

    • smartazz104 on 30/01/2018 - 17:26

      Yes why would he want to trade away his German taxi.

  • [Deactivated] on 28/01/2018 - 23:17
    +5

    Definitely will be trending on Ozb tmr

    • [Deactivated] on 28/01/2018 - 23:20
      +7

      "on A Current Affair tonight, a 24 year old BMW owner, wants a Ford, why would anyone downgrade?"

    • [Deactivated] on 29/01/2018 - 14:17
      -1

      confirmed

    • freakatronic on 29/01/2018 - 16:58

      You called it.

  • rompastompa on 28/01/2018 - 23:23
    +10

    Do it OP. And then, in 5 years time, sell it to me for $10k. Please don't thrash it, though.

    • [Deactivated] on 29/01/2018 - 17:37
      +2

      5 years time it will be less than 10k.

    • Wombat22 on 29/01/2018 - 01:14
      -2

      Only because the safety ratings changed. They now rate how the car does with scanning the environment around it, example automatic brakes if a pedestrian walked out infront of it, rear view cameras etc. If it got rated at the same time as most cars on the market at that time, it would have gotten around a 4-5 star rating.

      • Ozbargainite on 29/01/2018 - 01:35
        +6

        No. Watch the full video.
        Airbags don't inflate properly.
        Shit pole test.
        Goes on and on.

        I own a Ford.

        Edit, I actually own 2.

      • [Deactivated] on 29/01/2018 - 07:09
        -8

        Yeah nah mate, you're wrong.

        Just watch the crash test videos and read the crash reports. Don't just read the first paragraph of your right wing media.

        FAKE NEWS

        • SPCTRE on 29/01/2018 - 08:23
          +6

          https://cdn.euroncap.com/media/26350/euroncap-2017-ford-must…

          “Analysis of the dummy data showed that the driver's head had 'bottomed out' the airbag i.e. there was insufficient pressure in the airbag to prevent the head from contacting the steering wheel through the deflated airbag material. The head of the passenger dummy also bottomed out the airbag against the dashboard, owing to insufficient inflation of the airbag and inadequate restraint for larger statures by the front passenger seatbelt load-limiter. The scores of both the driver and passenger were penalised for the airbag performance.”

          Safety rating changed or not doesn’t change the front two people hit their head on the steering wheel/dashboard :/

        • This Guy on 31/01/2018 - 07:26
          +1

          …right wing media.

          FAKE NEWS

          How can right wing media be FAKE NEWS?

          How is this Cadogan video right wing? Cadogan is calling for larger government???

          Shoutie Yellie isn't a political movement. It's an act put on by some media presenters to attract viewers.

        • [Deactivated] on 31/01/2018 - 09:51

          @This Guy:

          Fake… NEWS!

        • [Deactivated] on 31/01/2018 - 09:52
          +1

          @SPCTRE:

          And? I'm agreeing that its an unsafe piece of shit.

          In fact, a piece of shit might actually provide you with more protection in a crash.

      • pegaxs on 29/01/2018 - 08:24
        +7

        @Wombat22…

        WRONG! The NCAP rating for this safety shitbox was done before the changes. So, after the new ratings system is applied, it would be even worse.

        It did crap in crash tests because it did bad in crashes, not because it doesn’t have lane departure warnings.

  • Wombat22 on 29/01/2018 - 01:19
    +11

    They are a beautiful car seen many in person, and they are only becoming more popular over time. I'm seeing more and more all the time.

    The question is, will they hold the value. I think the "Mustang" name is a dream for a lot of people. Being one of the first modern type of Mustang to be sold by dealers in Australia, that could help it hold value in the future. Though saying that, I should mention that they might be a yearly based car. So a new model each year, example 2016, 2017, and now the 2018 model this year with different designs. Totally unlike the Falcon or Commodore. So this might drop it. People in 5 years time, might rather a newer one. Or, they might pay for yours but for a lot less than a brand new one would cost.

    Being 24, I guess it all depends on your job, and how steady it is. You're going to be in a heap of trouble if you ever lose your job while still paying it off. A lot of young people seem to get into that problem, rushing out buying a new car.

    Otherwise i'd say go for it and enjoy it. Who cares if people think you're showing off getting a brand new Mustang. It's a great car, great nameplate. I'd be proud driving a Mustang around.

    • jno on 29/01/2018 - 10:15
      +1

      I don't understand the fascination with mustangs expecially in aus, the old ones are cool but No offence tho. To me a dream name car would either have AMG or RS on the car but each to which own

      • smartazz104 on 29/01/2018 - 11:32
        +1

        Well, yeah, those are dream cars because most people will only see one in their dreams. Not everyone has their head in the clouds.

        • jno on 29/01/2018 - 11:52
          +1

          You don't always have to buy brand new and need a crazy wage

    • macrocephalic on 30/01/2018 - 10:48

      Beautiful? They look tough from some angles, but they look hideous from others (the back is horrid for instance).

  • hashtagbargain on 29/01/2018 - 01:29
    -7

    Op no plz. Y u do dis.

  • JIMB0 on 29/01/2018 - 06:49
    +3

    the new 2018 mustang is coming out in 6 months

    Buy the current one now and it will be a classic next year.

  • [Deactivated] on 29/01/2018 - 07:11

    If you want the car for enjoyment and have the funds go for it but hoping for a high resale value is not a reason to. Often people claim a product has a a high resale vale or is worth a lot when in the reality at sale time most people will offer way less than the perceived value

  • theguru1 on 29/01/2018 - 07:37
    +3

    Unless you already own a property/ies I'd suggest put your money there. You will loose #10k the moment you drive it away from the stealership. Most of the drivers I've seen in new 'stangs have been 50+. May be different in your area.

  • boomramada on 29/01/2018 - 07:53
    +5

    NO, let me talk behalf of Ozb, buy a Toyota.
    ps: seriously dude? you asking this from Ozb

  • sweetnipples on 29/01/2018 - 07:58
    +6

    These new Mustangs are everywhere now, they have lost that special appeal if you ask me
    Seem to be the new Commodore, everyones got one…

    • JIMB0 on 29/01/2018 - 09:49
      +1

      Better off waiting for the Camaro. It will be out of the price range of most bogans.

      • Binchicken22 on 29/01/2018 - 18:02
        +6

        They have been getting HSVs senators for 90k+ for ages now… I wouldn't be so sure.

        • macrocephalic on 30/01/2018 - 10:48
          +2

          But the mining boom is over.

  • soupkitchen on 29/01/2018 - 08:10
    +1

    Camry.

    • liquid metal on 29/01/2018 - 10:43
      +5

      Most boring car ever.

      • berger on 29/01/2018 - 15:01

        nothing like a boring camry to clog up the right lane on the freeway

      • systema on 29/01/2018 - 16:51

        Best insomnia treatment ever.

      • antler on 29/01/2018 - 19:31
        +3

        The 2018 model is awesome!

        • liquid metal on 31/01/2018 - 16:17

          Toyota is way too far behind on the infotainment. No Android Auto or Apple Carplay. Not acceptable nowadays.

        • PinzVidz on 31/01/2018 - 19:34
          +1

          @liquid metal: Easily replaceable with a Kenwood DDX917WS (soon to be DDX918WS with full HD screen).

        • antler on 31/01/2018 - 21:06

          @liquid metal: They've started putting it in the 2019 Aurions in the US. I'm sure the 2019 models here would have them.

          Hey, it's better than BMW extorting people ~$USD300 every 3 years for them to enable Carplay/A. Auto.

        • PinzVidz on 31/01/2018 - 22:51

          @antler: Keep in mind it's only Apple CarPlay at this stage, but at least it's a start.

        • liquid metal on 01/02/2018 - 15:35

          @PinzVidz:

          Which is a pain in the arse due to the car controls of the OEM device.

      • Oz8argain on 05/02/2018 - 15:14

        Every time I drive, I pray - Someone plz plz total my camry today

  • Euphemistic on 29/01/2018 - 08:14
    +26

    Just do it. Then learn from your mistake.

    • wtfnodeal on 29/01/2018 - 23:50
      +2

      Is it the new Nike motto?

  • Hithere on 29/01/2018 - 09:04
    -4

    Should you do it?

    Only if you have a small penis.

  • [Deactivated] on 29/01/2018 - 09:18

    I was considering a 2017 GT, but realised that the engine will be a waste for city driving. Something like a luxury brand would suit better. Also, seems like the 2018 Mustang has some nice upgrades like a fully digital display afaik.

    So no lol.

    • smartazz104 on 29/01/2018 - 11:33
      +5

      Why would a luxury brand be better? Get a Kia for city driving. Hell, just catch public transport if you're only driving in the city.

  • [Deactivated] on 29/01/2018 - 09:32

    Get a Maserati

    • Hellman109 on 29/01/2018 - 16:26
      +1

      Honestly they're going downhill chasing sales numbers. He also didnt want their latest and greatest… a SUV. Yep.

  • jno on 29/01/2018 - 10:08
    -1

    Lol ew stick to the BMW and get an older m3

    • AngusD on 29/01/2018 - 10:32
      +1

      If I had money, I'd go for a new M2. That's a nice car.

      Of course, if I had money then I wouldn't be here on OzB…

      • liquid metal on 29/01/2018 - 10:43
        +2

        The M2 is ridiculously overpriced for what it is.

      • jno on 29/01/2018 - 11:53

        You can get an e92 for a decent price these days if you don't mind the outdated interior

        • bryce007 on 30/01/2018 - 11:33

          The E92 has a much nicer interior than the M2 quality wise. It is only let down by the old headunit, which can be upgraded to the latest idrive with carplay in M2 for a few grand :)

        • jno on 30/01/2018 - 11:36

          @bryce007: oh nice I've never seen an m2 interior I just assumed a 2017 interior would be better than a sub 2010 but BMW interiors are never the leaders in the market

      • [Deactivated] on 29/01/2018 - 13:06
        +3

        The rich are infesting OzB

        • AngusD on 30/01/2018 - 08:39
          +3

          How the you think they got rich in the first place?

          By pinching their pennies on OzB!

  • JohnnyB.Cheap on 29/01/2018 - 10:34
    +1

    Sounds like an incredible downgrade. Though $50k is a fair price for the dealership to give you.

  • hopper on 29/01/2018 - 10:43
    +1

    Mustang with open top option, u live only once, why not live like a king

    • [Deactivated] on 29/01/2018 - 12:22
      +7

      Yeah a King doesn’t drive a Mustang.

    • [Deactivated] on 29/01/2018 - 13:27
      +1

      Kings get driven in Rolls Royces

      • Blitzfx on 29/01/2018 - 18:23

        mercedes

        • [Deactivated] on 29/01/2018 - 20:39

          i see 2 females

        • Blitzfx on 29/01/2018 - 20:41

          @tuzii:
          If you said that over there, you'd go straight to jail lol

    • BobLim on 31/01/2018 - 00:27
      +1

      Because you can't combine the manual transmission with the convertible top for some reason. Pointless.

  • wannagrababargain on 29/01/2018 - 10:46
    +1

    Don't do it. Especially if the #1 concern is depreciation. Sports cars are becoming a smaller and smaller market so when it comes time to sell it will be almost impossible to move a mustang in the 2nd hand market. Especially more so in a few years when the mustang market becomes fully saturated and everyone is sick of the look and wants to move on.

    • methdd on 30/01/2018 - 17:14
      +1

      Pretty much already becoming that way. Starting to be seen as a bogan car that’s too common.

  • pantsparty on 29/01/2018 - 10:53
    +2

    How old are you? I saw a guy driving one the other day - he was 50 or so and looked ridiculous in the car - trying to recapture his youth I guess

    Edit - sorry - just saw you are 24. How can you afford a car like this at your age? If you can actually afford this then I suspect there are much better financial choices you can make with your money than a car you will probably get bored of and resell at quite a loss in a year or two.

    • h4zey on 29/01/2018 - 12:06

      he works at Westpac! Joke aside, if you can comfortably afford it then go for it, you only live once plus you learn by making mistake!

    • Cheap and Cheerful on 30/01/2018 - 12:19

      A young bloke shouldn't buy one because it's a poor financial decision…and an old bloke shouldn't buy one because he looks like a tool - no wonder Ford are struggling to sell any of them :)

      I'm at the tool end of the age range, and seriously considered a Mustang…but ultimately bought a Commodore MSE instead. Either would have made me a very happy man.

      If the OP can afford it (and that's a very big if, it sounds to me like they're raiding every piggybank to get the cash together) then they should just go ahead and do it.

    • baldur on 30/01/2018 - 19:15
      +1

      You are surprised at 24 and 50. Which age range wouldnt shock you for driving a mustang?

  • djmm on 29/01/2018 - 10:54
    +1

    Interiors look like shit.
    Car looks too try hard.
    Many bogans who think they are the shit drive them.
    Unsafe for backseat passengers.
    It's a cruiser designed for US highways.

    • smartazz104 on 29/01/2018 - 11:34
      +17

      The dilemma, buy a Mustang and be mistaken for a bogan, or keep the BMW and be mistaken for a wog on Centrelink…

      • djmm on 29/01/2018 - 11:39
        +1

        Better buy Camry

        • smuggler on 29/01/2018 - 12:33
          +8

          Gladly. The new ones are so gorgeous.

        • [Deactivated] on 29/01/2018 - 13:27
          +1

          @smuggler:
          The interior still screams Camry

        • smuggler on 29/01/2018 - 13:30
          +4

          @tuzii:

          SEriously???

          Look at the V6 verison.

        • Murpha on 31/01/2018 - 10:13

          @smuggler: You mustn't enjoy driving or want to enjoy it even less.

        • smuggler on 31/01/2018 - 20:31

          @IIMurphaII:

          You're one of those people who will never drive nice cars and just bag out cars you don't like and will never be able to afford.

        • Murpha on 01/02/2018 - 13:32

          @smuggler:

          Hit a nerve, did I? Never said I didn't like the Camry, just that it is a very uninspiring car (like most local Toyota). Not sure why Toyota just doesn't bring the Crown here - pretty much the same size vehicle, decent range of engines, front-rear layout and great, proper sports variants unlike the Camry.

        • smuggler on 01/02/2018 - 21:07

          @IIMurphaII:

          Were you expecting me to say nice things after your insult?

  • meiztom on 29/01/2018 - 10:57
    +1

    they have been holding their price due to demand but the 2018 one is a lot better and faster and that should make the 15/16 ones price crash

  • ncmx5 on 29/01/2018 - 11:04
    +9

    Do it. My rule of thumb is if you keep coming back to the car, then you love it enough to buy it. I’ve had plenty of sports cars whilst young and now, and I’ve had no regrets. You definitely enjoy sports cars when you’re much younger. Just work hard and keep the cash flow going.

    • djmm on 30/01/2018 - 06:14
      +5

      If you keep coming back to the escort you hire, doesn't mean that you wanna marry her.

      • AngusD on 30/01/2018 - 08:44
        +2

        So… you're saying he should lease a Mustang?

        Good point - very tax effective!

  • Ryanek on 29/01/2018 - 11:43

    Forget whether the car is right for you or not, you should be asking yourself if you can afford it?

  • WorkplaceSass on 29/01/2018 - 11:57
    -2

    If you have around 50-70k to burn, go for a focus RS, completely shits all over the mustang

    • [Deactivated] on 29/01/2018 - 13:28
      +7

      Until the head gasket blows.

    • JIMB0 on 29/01/2018 - 19:45

      I'm watching the Grand Tour on Seven mate (73) and they are comparing these 2 cars right now.

    • Other on 30/01/2018 - 08:28

      A performance hatch for $60k…

      U wot m8

      • freakatronic on 30/01/2018 - 11:41
        +1

        There is nothing comparable for the money. Aside from the head gasket problem (which might force a recall) the RS is a relative bargain in a price:performance ratio. Better and faster than a similar specced WRX STI. Better and faster than an Evo X. Better, faster and cooler than a Golf R32. Faster than a Civic type R (arguable as to whether it's better haha). The Focus RS beats everything else in its bracket for price:performance. I can't think of anything for similar money that can beat it.

        • This Guy on 31/01/2018 - 20:39

          M140i or Stinger?

          An SSV Red Line is slightly slower than all three below 100kmph but destroys them all above it.

        • freakatronic on 01/02/2018 - 15:36

          @This Guy: I was going to start ranting about weight, but oh boy, I just looked at the RS is a couple of kilos short of 1600kg. What a porker it is, just like the ssv you mention.

          The m140i is fast enough, but it's a different school. Reviewers say its manual is lacklustre and actually recommend the auto. Imagine that!

          The stinger … Well, people seem to like it, but I can't imagine anyone cross-shopping a stinger with a Focus RS.

        • This Guy on 01/02/2018 - 22:06
          +1

          @freakatronic:

          I was only going off 0-100 as you said the RS beats every thing around $60,000.

          The RS, M140i and Stinger are all 0-100 in 4.7 seconds. The redline is 4.9.

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