Ok, guys':

I have been going over this in my head forever now, as you all prolly know now. I just realized that the 2005 is going to be about 28K the way I want it and I just don't have that right now (17yo male here). So I have decided to look into 2002 (with good mileage, under 20K mi) to 2004 Mustangs. I read that many people on here/ around these types of forums are getting Mach1's at 22-23G's, and I am not seeing that in my area at all. The Mach1 I want (Black & dark Charcoal) is the cheapest one in town at $30,990. WTF?

so my question is this:

My parents want me to wait until I am 18 (Sept. 12) until I get a new car, which is fine by me, and they will help me out then too. So will the 2004 Mach1's be cheaper as the 05 will be coming out then? Will the 2004 GT's (even) be cheaper than what they are now (nicely equipped in my area, about $26,870).

If Not...

Then what year should I look at, which year is the most stable, new accents, or any upgrades what-so-ever? Honestly with my salary and my parents help, I can't really afford anything over 650-675$ a month for payment and insurance. So I prolly need stay around 20-23G's. This can't be too hard in Sept. can it, with the new 05 coming out and all? Argh.....Please help me, a.s.a.p.....PLEASE!


Abel

 

You should be able to find a cheaper mach1 somewhere. Also when the '05's start rolling out, I'll bet you will find some good low mileage mach1's and gt's being traded in.

 

Buy an '05 GT or Mach 1 and your insurance company will give your agent an all expense trip to Hawaii.

With your age, I would stongly consider an '05 V6 5-spd. Add dual exhaust, CAI, a couple of other mods, and you'll be close to today's GT level, which is not by any means, chicken feed. And to make its appearance more appealing, an interior upgrade w/IUP and you've got yourself one heck of a car.

 

Abel, I agree with George. Honestly, at your age, you WILL be paying thousands a year to drive a GT or Mach 1. Talk to an insurance agent first. Consider this: If your insurnace is $3500/yr, that's $292/mo.

Take your upper limit of $675 and subtract $292, and you end up with $383/mo.

If you REALLY want a GT, then I recommend going with a nice 97-01. Your insurnace won't be different, but your monthly payment will be.

Best of Luck.

 

I gotta agree with Rob and George... I didnt look at it from that perspective. Even at 23, the insurance on my cobra is pretty steep and I have a perfect driving record!

 

i'm in the same boat as you, except i turn 19 in november. I think i'll be waiting and getting a used GT or if i can find it, a mach. my budget is in the exact same range as yours. best advice, check around for insurance prices. I found out that if i buy a gt, my insurance goes up only $30 a month and i drive a 93 integra now. mach 1 shouldnt be too much more. but check around for prices. also, if you're coming really close to your budget with insurance and payments combined, dont get the car. in case something unexpected happens one month, you wont be able to afford payments and that messes up credit history. leave a $100 leeway and keep putting that in the bank. that way if some unexpected cost comes up, you have money to pay for that expense and still $$ left over to make a monthly payment.

 

I was in the same spot at 17-18. heres the two options I would look at if I had to do it again.

A: If you can't wait any longer for a Mustang; The used market is a goldmine for Mustangs. Just make sure you check out what you are buying beforehand, quality-wise. Find a used car that is close to the end of it's major depreciation curve. Try to buy something that will keep your payments low and will give you the chance to save more every month towards the new model. When you can afford to do so buy the new model.

B: Buy a beater to drive for a year or two. If you live in an area that has bad winters you might also want tolook at something that you can use for transportation even after you get a Mustang. The beater will allow you to save up a larger downpayment for whatever year Mustang you want. That way you come out of it without having to pay 700 a month like I do right now.

 

Thanx guys' for the opinion's...it's such a hard thing to do, but I know I will have to do it!

BlackRiderX, there is no way I would go with option 'B' as I drive a beater now (have been for about 2 years, first car) so I am ready to take the next step...and can't wait. And I live in Az, so there is no winter here, maybe some rain every other week or something but nothing bad.

I don't know guys', I can't believe I can't find a cheap GT or Mach, it is sorta pissing me off...cuz everyone is finding these 24K Mach's and 20K GT's, and in my area they are going for like what I said up top! WTF?

 

how about this?

get yourself a nice low-mileage 5.0. This way you could learn to work on cars, do some mods. You could probably get one for what you would spend on a downpayment for a 2002 and spend the rest on mods

 

I only know of two Machs left in my area and one dealership has a handful of Cobras. They aren't giving much off sticker at all. Maybe 1500 total. They know they have a while to try and sell them and this is all they have for the summer so why not find a sucker who will pay sticker..

 

I got my 99 GT last February when I was 17. It had 23000 miles on it, the whole Roush kit, and it cost me 17000.

 

The dealer rebate on the Mach 1's (and other 2004 mustangs) has been reduced and may be reduced further. The Mach 1's that are going to be 22-24k (more likely 24K-ish) are out there. May not just be in your area. Mine was 27K, but I did 0.0% instead of 3K rebate. This was in December.

The Mach 1 will kill your insurance if your 17. At that age, you need to consider saving some bucks I'd think. I'd go GT, and then look for a used one. That way at least the car payment is off-setting the high costs.

You'll be much more likely to find a *cheap* GT come September/October. if you shop around enough, you could fine one now. if you're willing to drive a bit, I'm sure some guys here could fine one locally.

 

The longer you hold off, the more likely you'll get the deal YOU want.


Ford has said the 2005 V6, will have 202 hp and will be under 20K. An 18 year with a 2005 Mustang......better shape than I was already(maybe worse :scratch: ).

If you're stubborn(like me) and want a GT or Mach 1 regardless, really what you want to do is hold off as long as you can until the 2005's are mass produced. When all the other people feast on the newly dropped 2005, you can take advantage of all the older Mustangs left at the dealership.

Right now Ford treats the 1999-2004 like it is the ultimate car, but once 2005's are MASS produced, then you're twisting their arm. Because they want the older ones off the lot, however people only want to buy the 2005.

Whoever said it listen to them also.......make sure you have enough for repairs. That will really help even with a 2000ish car.

Remember man, you'll be replace tires like crazy on this thing. Don't forget oil, inspection stickers and stuff like that.

 

What's wrong with beaters? The Saleen and Mach 1 sit in the garage for half the year, and I drive the Olds for the most part. Beaters are fun. I never lock it it and only put the windows up when it rains.

They are out there, you have to do your homework, and be willing to travel.

 

Or tell your local dealer to match the price of another place. They HAVE to, or at least my local dealership said so...

 

i agree with blackrider on this one. also going with the beater if you are on you own insurance will allow you to have a multi car discount. and also put down you dont drive the stang everyday so that can help lower your insurance also. but if not you will have an extremely high insurance cost.

 

Or you can do what i'm doing. Get a base 05 at about 25k. Then you can later on buy stuff to it. Or unless you really want that 28k GT, you may want to be checking the 04's and 03's.

 

I am also 17 and Im looking to buy a 2000 GT. I live in Chicago and I have one add sitting here for an 00 GT Convt. With 15k miles for 12,000 and it is fully loaded with leather seats and everything. So im going to check this thing out and maybe buy it. But to find this it took me about 3 months of shopping to find good deals.