I'm trying to get our finances in line so we can build our dream home in a couple of years and have decided it might be time to sell the Mustang that I love. I'm curious as to what you think I might be able to sell the following for:

2005 Mustang GT Premium
Bought in February 2005 and was stored throughout the winter.
Currently has approximately 7000 miles
Manual Transmission
Torch Red w/ Red Leather Interior
It has every available option including the Shaker 1000.
I had white vinyl racing stripes installed.
It also has sequential taillights.
It's in beautiful condition.

I hate to even think about selling it but the $500/ month car payment plus $100/ month insurance is making things very tight. I owe about $25,000 on it. Let me know what you think it's worth.

 

My guess would be between 22000 and 23000 would be the best you could get for it.

 

you can get a 2006 GT for about 24K not with your options but new, so max for your car is 23k (imo) good luck home you get a good deal when you sell it.

 

One more question. How much do you think the value would be affected by driving it until the end of summer and then selling it since I would be putting it in storage anyways? I would probably put another 4000 miles on it.

 

my guess would be about 17-19k max, I don't know roughly though

 

I know this is none of my business, but you don't plan on needing a car? I mean if you have to buy a used one or something thats gotta run ya maybe 5k, and you wont sell a used 2005 for more than 23 I'd say, so are you really in need of 18k? I know you can't build a dream home for that, so my suggestion would be to keep the mustang. It won't make much of a difference financially IMHO.

I'm sure you make more than 18k per year in order to buy a '05 in the first place and since you don't plan on buiulding your home for a few years, why not just tac on an extra year ;-)

 

I can completely understand where you're coming from. Have you considered rolling the cost of the car into the money you're borrowing for the house (i.e. instead of financing $300,000 for a house you finance $325,000)? The extra $25k shouldn't make a huge difference in the amount of the house payment and this way you get to keep the car too.

 

Truthfully, i have basically the exact same car you do minus the shaker 1000, and the red leather interior ... and a dealership offered me 24,200 6 months ago, and it had 8,000 miles on it. So there is some sense of optimism ... but that was 6 months ago when the supply had not fully met the demand, so by now i would say that it's in the 22s to 23s. I would just sell it classifieds for say 24,000 and start there ... then lower it if nobody bites. The bad part is that you look like you paid MSRP for the car when you bought it by what you owe, so there will be no way of stopping from being upside down.

 

We own 3 vehicles. My wife drives a 2000 Dodge Grand Caravan and I drive the Mustang in the Summer and I also have a 1998 Durango for my winter driving. I was debating about selling the Mustang and just driving the durango.

 

This makes the most sense dollar wise. Drive it for the summer and think about it, you are upside down now anyway.

 

I would ask $28,900.00 and stop adding any mileage, being in excellent condition 05 first year, and the wait to ordered an 07 5 speed with all the options you have plus the price increases. Good luck

 

yea the wait for 07 manuals is gonna be a dog fight...my friend whose a salesman told me all the manual orders were converted to automatic soo u can get more than u ask for....ask $1500 more than u want to sell it for soo this way people think they r hassling u down when u get to the real price then sell it for the exact cost u want it

 

Sell it, sell it yesterday. Get your finances in order and go for the house. You will never build wealth with over $600 in car expense - for one car.

I recently sold my 05 GT with 32,000 miles for $20k. Not much of a market I found, try advertising on the gulf coast they need good used cars and the market is hot.

Financing or purchasing a brand new car are the dumbest things anyone can ever do financially. I learned that too late, if I had just kept the car I owned and not purchased those 4 new cars over the past 8 or so years (even with EPP/below invoice and 0-3% rates) I'd have over $100,000 cash in the bank today. Even if you lose $3k today, it's far less than you will lose tomorrow if you keep it. Everyday that goes by it's worth less and less...and you go further in the hole.

 

I would have to agree with Donkey, sell ASAP. Right now 5-speeds are not all over, but when the 07's start to come around not only will yours be 1 model year older, but if 5-speeds are on lots I will bet you next year will be the first year of rebates on the GT's. Sell now while you can get close to what you owe. The car will depreciate more than your payments go to the principal.

 

According to KBB.com, w/ 7K miles you could start at $24,790. W/ 11K miles, $24,570. Not much difference. But as some have stated, it depends on the market where you live. Refinancing the Mustang into your mortgage is not a bad idea since you could potentially get a lower rate.

 

Keep in mind the hosuig market is way over priced right now and due to start coming down. So as far as a building equity thing goes if that is the reason for building the house beware there too. Bottom line is life is too **** short so do what makes you happy, within reason

 

So you would prefer to pay for the vehicle for say 30 years instead of 5 or less? Failed Math 101 Eh? Plus maybe pay for morgage insurance because of low down payment? Or a higher rate for low down payment with higher risk due to the fact you cannot pay off the vehicle untill after you close on the new home.

Sell the vehicle and sleep well in your new home.

$24K if very clean, like not driven in the rain. Remember in MI the purchaser must pay full sales tax = $1440. In my exprience vinyl stripes are trouble not too far down the road.

The housing has been coming down for 50 years I'm still waiting!

 

You are correct, but sometimes individual cases can be different.
Between 1991 and 1999 my house lost and gained $40,000 in value. It has since doubled in value.
The car I sold to buy my Mustang was 30 years old and I had owned it for half of it's life. It still runs like brand new and the new owner drove it across the country the first week he had it.
One of my best friends has a 1987 Stang that still runs great and has about 450K miles on it.

Think hard before you decide.

 

I put an ad in the for sale section to see if anybody here was interested. It is a great car.

 

This one reminded me of yours The seller is asking $31,900.

http://www.cars.com/go/search/detail...6&aff=national