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 30/01/2018 - 17:33

        Except Eneloops, OzB will always say buy Eneloops.

  • bryce007 on 30/01/2018 - 11:16
    +2

    I had the same dilema at 25… Was looking at Mustang GT.. ended up getting a BMW E92 M3 second hand for $48k. Glad I did, much better car and will probably hold its value better in years to come than a Mustang :) Mustangs are becoming the bogans car of choice..

  • superklue on 30/01/2018 - 11:26
    +2

    Don't spend $50k on a car as a 24yo lol. Buy something reasonable, with a bit of performance if that's what you want. You could easily pick up a MK6 Golf R with sub 30k. You'll have just as much fun, save money on fuel, and have cash left over for investments in your future…

    I bought a Golf R32 2008 for $15k in 2016 and its the best car I've ever had. Great performance, straight line and in the corners (AWD). Perfect for touring and heaps of space with the seats down. Easy to park in the city.

  • magic8ballgag on 30/01/2018 - 11:34

    So many party-poopers on this site, get out of your frugal mentalities for a split second and live a little!

    With that being said, I certainly wouldn't drop ~50k on a car in my twenties (unless I could truly afford to throw the money around), but I doubt the OP's age even comes into question when it comes to spending money on anything other than the necessities.

  • ribze1 on 30/01/2018 - 11:53

    If you don't have the cash then why do it?

    P.s also driven one and it's a beautiful car.

  • A fish on 30/01/2018 - 12:17

    You'll turn some major heads bro

    • freakatronic on 30/01/2018 - 12:34
      +3

      Turn some major bro heads.

  • smashed on 30/01/2018 - 12:36
    +1

    OP is a one comment wonder… just like so many of these pointless threads.

  • Yttrium on 30/01/2018 - 12:55

    You are stealing from your future-self if you spend 50k on this depreciating item.

  • lollyball on 30/01/2018 - 13:01

    not sure if some1 has posted this already.
    but this car has a 2 star safety rating.
    whatch this below at 0:50s
    difference between you going to heaven or going to hospital
    https://www.youtube.com/watch?v=L7o2MB6DuKk

    all the best.

    p.s. NO

  • neostarsx on 30/01/2018 - 13:02

    If you love the car, BUY IT.
    You Only Live Once plus you may catch a extremely good looking chick, like I did :) No regrets.

  • reon on 30/01/2018 - 13:14

    Its trash car, oversteer like hell, back shape is horrendous, get 1975 mustang or amg with that money.

    • billy_bob on 30/01/2018 - 14:48

      I doubt you have driven one, and if so I doubt you have the required skills to drive a 306kW rear wheel drive car.

      If you do some research you will find that even a stock Mustang has done 1.36 lap times at Winton, which is a very respectable time for a big heavy V8 on pretty shitty stock Pirelli P-Zero tyres.

      With some minor mods such as exhaust, cold air intake, tune, coilovers, the car will keep up with a BMW M2 on the track.

      • reon on 30/01/2018 - 16:17

        I drove skylines 410kw rwd m8 at winton n calder, nuf said.Too Easy to chase power. Mustang is not worth the money.

        • billy_bob on 30/01/2018 - 16:20

          OK fair enough, what times did you get in the Skyline at Winton? And why is Mustang not worth the money? What is a better option at 60K, for looks, performance, pedigree?

        • [Deactivated] on 20/02/2018 - 00:24

          @billy_bob: Toyota Corolla with a TRD badge. $40k spare change. Lol

    • smartazz104 on 30/01/2018 - 17:34

      get 1975 mustang

      A Mustang II? Serious?

  • Trying2SaveABuck on 30/01/2018 - 13:21

    Alright why ask the question if you already know the answer?

    Of course it is a colossal waste of money especially considering you BMW is barely 8 years old.

    You dont buy a car to make money some of the older mustangs 'might' hold some value or be worth something because some people are collectors and rent them out for weddings etc but the new one there is no chance of that happening because there are simply too many.

    on the flip side if you ask half the frugal people on this website they will tell you to buy a 2-3 year old Toyota corolla
    a lot of them would also say travelling is a waste of money…
    buying branded cloths is a waste of money etc
    - it isnt about what other randoms on a website thinks, do you see my point

    If this car makes you feel amazing then i'd say buy it, life isnt about what other people think the most valuable resource (im 27 and i starting to realize this) is time it cannot be purchased back and if you ask me it is MOST valuable when you are young. You will never be 24 again when you are 45-50 and probably have the disposable income to buy a 50k car without to much drama you wont enjoy it like you will in your 20s but you need to look at what the 50k could buy you and compare it to that ie a kick arse world trip, a deposit for a house etc

    Me personally i'd love the new mustang but i wouldn't sink 50k into a car unless i won the lotto (but that is me) personally with 50k i'd invest it into EFTs or property because that is the 'sensible' thing to do or else if i want to spend it i would travel because i personally enjoy travelling and there is nothing i look forward to more then going away.

  • TheMindsetTraveller on 30/01/2018 - 13:43

    Buy the car & get Drunk On The Good Life.

  • Baysew on 30/01/2018 - 13:55

    Of course you shouldn't buy a Mustang, buy something sensible.

    Pretty sure that has been the same answer for fifty years.

    loved it and am thinking of buying it

    And that has been the response to "advice" for fifty years as well.

    Your questions:

    1> The Mustang has always been a desirable car.
    2> Shouldn't be any more than Euro cars
    3> Seems OK, you can research that
    4> Seems OK.

  • Dreamcast on 30/01/2018 - 15:51

    I actually thought about one as it's different to the usual jap cars I'm into and had a two door car previously. So I liked the lines of the mustang.

    I thought about it, a 4cyl mustang, no thanks. Then thought the v8 would be a petrol guzzler. Also I could imagine that'd it handle like a fridge. So ask yourself what you want. A car that handles like a washing machine or a nimble car. Two door, 4 door, etc, etc.

    In the end I went with something completely different, a 2016 Subaru wrx sti as handling was a big factor.

    I voted against. But seriously think and think some more, do research on known problems, maintenance, etc and see if the toy is worth it in the end. If is, go get it!!

  • djones145 on 30/01/2018 - 16:15

    mid life crisis?
    maybe buy a second ute do fix up into a race car first

    • Cusack on 31/01/2018 - 10:51

      He's only 24

      • djones145 on 31/01/2018 - 11:28

        Could be mid life for some….quarter life crisis?

      • Oz8argain on 05/02/2018 - 15:27
        +1

        if he gets the mustang, it will be the mid life for him

  • sky blu on 30/01/2018 - 16:21
    +2

    Should I make a post asking about the KIA STINGER?

    • kylarstern on 01/02/2018 - 00:31
      -1

      By all means continue the trend. I guess all the relentless Kia-sponsored bombardments from Aussie motoring publications have died down so please do continue because we can all use more Kia Stinger propaganda.

  • knk on 30/01/2018 - 16:24

    Are you a car enthusiast? Is this a car you'll really like and want to keep long term?

    If yes - I wouldn't buy it.

    if no and it's just something to drive around and look cool in then maybe.

    I came to the realisation myself after buying a BF XR8 at 21 that driving a car I quite like day to day is pretty shit. I don't want to park the car I was religiously and keep in pristine condition at the local shopping centre, at the station (rarely but still) etc. I'd be waiting until you can afford a daily and a car you really love. But that's just me.

    Also the whole using a credit card to fund it seems ridiculous - Just finance the car? Has to have a better interest rate.

    • [Deactivated] on 30/01/2018 - 18:25
      +1

      Since when would a BF XR8 be considered anything other than a daily driver. It's a glorified taxi, no one would even look twice at it. For you to say you wouldn't want to drive it to a local shopping centre is nuts.

      • knk on 30/01/2018 - 20:21
        +1

        Yeah, it's not logical lol. I liked it though and at the time it was alot of money to me.

        Not wanting to park it at a shopping center is because people are known to be a little less than careful with trolleys and doors.

    • KLoNe on 30/01/2018 - 22:46
      -1

      XR8 look like overweight Mitsubishi Lancer's.

  • m0usju1c3 on 30/01/2018 - 20:43

    I've read that HSV will be importing the chev camaro from the US, converted over to right hand I'm sure as well. The article said they would go for about $80k and would be more powerful than the mustangs

  • hola011 on 30/01/2018 - 21:51
    +5

    Thanks for making this the top post guys haha (Really unexpected). I have taken everything into consideration and I am going to put buying the mustang off for now and invest my money someplace else :) (Maybe into the melb property market)

    • kylarstern on 01/02/2018 - 00:34

      Smart move mate!

    • pegaxs on 01/02/2018 - 08:09
      +1

      Smashed avo toasties and bitcoin. Both wise investments for the young…

  • May4th on 30/01/2018 - 22:36
    +1

    get a kia stinger GT
    at least you know you will have a driveable car after 5 years

    • KLoNe on 30/01/2018 - 22:46

      WOULD… if they covered the Kia badge.

      • nephilim on 31/01/2018 - 16:29
        +1

        You can buy the Korean version badges that dont have KIA logo

    • kylarstern on 01/02/2018 - 00:25

      Hey look everyone! This guy has seen the 5 year longevity of cars just released in the last few months!

      • Tech5 on 01/02/2018 - 00:39
        +2

        7 year warranty.

  • KLoNe on 30/01/2018 - 22:45
    -3

    I am worried that the Mustang will not hold its value

    Cars are a liability not an investment, moron.

  • GooseHoward on 30/01/2018 - 23:25
    +1

    if you're worried about depreciation buy an S2000 or integra type R, people paying silly money for these

  • iamjacksusername on 31/01/2018 - 00:59

    Vintage models. Dont forget the cool jacket and toothpick.

  • Lukeae93 on 31/01/2018 - 02:46

    Plenty of much cheaper cars out there that may be more fun to drive

  • myoda on 31/01/2018 - 06:43

    50K is pretty much bang on. Was 53k for 5.0l model a few months ago.

    New model will be better and you will loose a lot of money on run out and being an old model.

    Besides looking nice and sounding reasonably good they are very impractical, the boot is not easily accessible and not really a back seat you can sit in, mainly a cruiser.

    Honestly if looking seriously at current model then look second hand, or wait for it to come down.

    Servicing is google search and about grilling the dealer.

  • captain fluffy on 31/01/2018 - 09:21
    +2

    This is your conscience speaking, no.

  • ninetyNineCents on 31/01/2018 - 10:00

    Why dont you do a real upgrade and to a Dacia.

  • Mintee on 31/01/2018 - 11:14

    I'd save up for it then buy the new model if I was you.

    I guess in the end it depends on your situation and what your plans are in the future.

    I've had 3 new cars in the passed 7 years, people tell me 'i'm throwing my money away' in the end, they're not the ones working 7 days a week (2 jobs) so if buying a new car keeps me happy, then ill work my 2 jobs.

  • steven124 on 31/01/2018 - 11:52

    Seriously, don't buy it. I sold mine after 2 months.

  • snook on 31/01/2018 - 13:36
    +5

    the NSW Police took these mustangs and tested them for use. They were useless.

    • ninetyNineCents on 31/01/2018 - 17:00
      +2

      hardly a shock, american cars are hardly if, ever better than japanese or european.

  • dazzawul on 31/01/2018 - 16:14
    +2

    1) It wont, they're garbage, the panels don't even line up (what else have they paid zero attention to while assembling the car…), they have a safety rating equivalent to an opened coke can (they use the passenger cell as a crumple zone ffs), the most positive thing about them is that they have a pretty decent motor in them.

    2) It's a high performance V8, Servicing wont be cheap, parts even less so.

    3) I might pay 30k for one, it'd be fun to rent and thrash but you're better off looking at something else, also, you're buying a dud on finance, not worth it either.

    4) You're under 25 and looking at buying a sports car, how do you think insurance companies will look at any accidents you get in to unless you're paying up big :P
    Also, the shitty suspension means you're going to be driving a hockey puck and will need that insurance at some point, especially if you ever play silly buggers (if you dont, why are you buying a mustang?!).

    Keep the BMW mate, rent a mustang to play around with over a long weekend and get it out of your system, then save towards getting something better.

  • wallet72 on 31/01/2018 - 20:26
    +1

    buying a Mustang? Enlargement surgery is probably cheaper…

  • kylarstern on 01/02/2018 - 00:20

    Good luck with the mediocre ANCAP safety rating, horrible ride quality and cheap interior. I guess just dont crash or hit anyone/anything and get yourself a physio/chiro. Oh and yes, good luck with your petrol savings because you're going to need it. But yea otherwise, a great car.

  • Chewiebacca on 01/02/2018 - 00:42

    From an investment stance no, it’s going to depreciate at either the same as everything on the market, or worse.

    If it’s something you really enjoyed, put a smile on your face, and realistically fits your finances, then go for it. YOLO.

  • Kunalk222 on 01/02/2018 - 06:26

    buy something which will generate you additional passive income like a house (250-400k) or a small bakery (60k)…

  • wixy on 01/02/2018 - 08:31

    Buy one of the last v8 falcons or commodores and wait 25 years. Then you might get your initial outlay back!

  • tonsta on 01/02/2018 - 10:13
    +3

    Mustags don't lose their value, your mustag should be worth more than $2 million in 60-80 years. You might lose 30% in the 1st few minutes after signing the contract to buy and a further 60% over the next 5 years, another 10% in 10, but should be all good from there.

    Get the paint and tyre insurance to protect your investment.

    • pegaxs on 01/02/2018 - 23:36

      Plot twist… in 80 years time, after inflation, a can of coke cost $2million, subsequently, Mustang is worth the same as a can of coke… :D

  • Gorodemon on 01/02/2018 - 11:09

    Just do it - YOLO!!!!!!!!!

    • [Deactivated] on 19/02/2018 - 23:46

      Do it! YOLO! Blame house affordability when turning 30.

  • TChalla on 01/02/2018 - 20:56
    +1

    Buy a WRX STi. New model is mint.

  • [Deactivated] on 01/02/2018 - 21:44
    +2

    I saw a red stang today. Looks like the red paint has started to turn pink or its a crap paint job.

  • Krizy on 01/02/2018 - 22:24

    Yes, it's an investment

  • nobarginsarehere on 01/02/2018 - 23:39

    If you liked it, buy it

    I personally wouldnt buy a mustang though

    Cars dont really hold value

  • ireadtermsofuse on 02/02/2018 - 12:32

    What’s the deal with all these idiots not responding to their own thread? At least thank everyone for their time. Ungrateful morons

  • montorola on 02/02/2018 - 15:04

    Dude, you'll have a lot more fun on a motorcycle.

    /thread

  • lainey13 on 04/02/2018 - 20:19
    +1

    Ooo, the SO and I just drove the 2017 model in NZ for a day. Cost $600 for the flights and $350 for the day… bit cheaper than buying the actual car but maybe more fun (don't need to care too much about how we treated it). Was fun to drive! But would I buy one? NO.

  • [Deactivated] on 14/02/2018 - 11:18

    5L mustang? You'll be paying a lot on fuel! Lol waste of money. Investment? After 5 years consider the amount of extra petrol funds you would've used that you could've saved. Get the new Alfa Romeo. Specs look great but probably out of your price range. I agree with renting it a couple weekends and just say it's not worth buying if you want to look cool. Compare the highway driving km/L, the mustang is insanely higher than the average.. that's the amount of Litres your paying extra for normal driving.. if you give it to her, oh man it'll be off the charts. Buy it if you're rich or have a mid life crisis but don't if it's an 'investment'. I jizzed my pants sitting in the Alfa Romeo.. haha but the my opinion.

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