Didn't formally introduce myself since I am new to this forum; So, hi. My name is Adam and I am a proud owner of an 07 Tungsten Grey v6 Mustang Pony package.

So, no for the questions. I love my v6 but that GT has just got me. I'm looking to trade in my 07, I'm no where near upside down in it so I will not be losing money, for probably an 08 Alloy GT. I've done all the research I possibly can on how much my monthly dues will be on it and it's not much of a concern.

I'm worried about my insurance rates. I pay about $270 right now on a v6 since I am 19. I have a clean driving record, no accidents, tickets, nothing. I'm on a big name insurance though, Allstate.

So what I'm finally getting at is about how much do you think this is going to jump going from the 6 to the 8 and what would be some better alternates that won't try to suck my pockets inside out.

Thanks to those who took the time to read my essay on how I want to be cheap!

 

try searching on the web. there are internet sites that offer many insurance quotes at one time. that is where i found mine at and i saved alot of money. just google insurance quotes

 

I know cheap. I've been cheap for half a century. You are not yet cheap.
1) You will be losing money thousands of dollars trading in a new car.
The 1st 2 years the value drops like a rock. You paid money for it, just because you are not upside down doesn't mean you aren't losing BIG money.
2) $270 per what time period ? At my age that is about 6 months worth.
At your age, 1 ticket for something you didn't mean to do or an accident which is deemed your fault (even if it really wasn't) will put you in the stratosphere. You never know what might happen, it did to me when I was your age.
3) HOW TO BE CHEAP...
Don't buy the same car again.
Build your own. Put a blower on the V6 if you need speed (don't tell the insurance guys). Build up the suspension and tires.
Put a V8 front fascia on it (personally I like the pony pkg. a lot so I wouldn't).
The money you will lose trading it in will be more than it will cost to build the car you have now into what you want (unless you absolutely hate the color).

 

You can bet at your age the insurance will be high. As stated above, you WILL lose money on your current car. Personalize what you have, save up for what you want later (your rates will drop later also)... My .02 worth. Good luck in whatever you decide!

 

I'm 18 years old and live in Center City Philly. I am on my parent's policy and I pay an extra $170 per month for my Mustang. Keep in mind, I am only on the policy, and my mother is listed as the main driver.

 

Exactly. Go out and buy a $500 dollar beater, register and insure it. Have your parents be the primary name on the insurance and registration.

 

You could get a thousand different opinions on rates, age, record, etc, etc but your best bet would be to just call them (or your mom) and ask if I drop my '07 V6 and add an '08 GT what will be the difference in my rate? Then you will have a definite answer. You can also try the online quotes to see how they compare, try progressive and esurance and they will give you rates for half a dozen other companies all at once.

 

When I was younger my parents refused to keep me on their insurance after I was 18 or put any of my cars in their name. Reason being it would have made THEM legally responsible for whatever happened in said car. Their theory was it would have been cheaper to bail me out if I got sued (can't drain water from a rock) than to lose what THEY had in the event of accident/law suit etc. What they did instead was help me make the insurance/car payments when I needed it. Something to think about....

 

My parents said/did the same thing to protect their assets from my juvenile jackassery.

 

+1. yea id just call up the insurance company and get a quote on a GT to see what kind of damage it will do to your wallet. i have geico and with my mustang, my beater (95 grand marquis) and my motorcycle it comes out to about $300 a month. Im 25 with no accidents that were my fault (i had 2 but the other person was %100 at fault). ive shopped around for insurace with EVERY company and geico was and still is the cheapest.

 

I too had Geico (since 1985 before they were even a public company!) and they were always hands down the cheapest. Never had problem one with claims either. The only reason I left them (last year) was because their home owners insurance option was WAY high and it ended up being cheaper to have both together from another company.

 

goverment employees insurance company!!!!

haha, i have usaa, military and goverment only......

they treat me good, but not for everybody obviously


i say keep the v6 and pimp it out

 

ive got state farm insurance and it doesnt matter if i have a 6cyl or 8cyl. or even if its a gt my rates are the same! small town ? they"ve always been good to me?

 

As others have said, its best to contact you insurance company and ask. I don't know where you live in California ( I lived in Palos Verdes Peninsula), but it will definitely affect your rate. Oddly enough, i pondered this same question when I was 19 and checked on the difference between the 6 and the 8 and it was quite a difference. If I remember correctly, it was $2800 for the 6 and $4500 for the 8, which was quoted from Allstate. I didn't have anything on my record either. Needless to say, I went with the 6. Hope this helps.

 

USAA FTW, if you have any ties to the military... look into it! NOBODY is cheaper, not even close.

Their banking rocks too!

 

Im 18 and got a GT. My insurance is under state farm and im with my dads policy. I pay $440/6 months.

 

i'm on the policy, but the car is under my dad's name.
and before i bought the mustang we got quoted for both the 6 and 8.
according to my parents there was absolutely no difference.

i'm 19 btw.

 

Just for informational purposes, my cost to insure myself on my own policy for my 2008 Shelby GT500 through State Farm is $64.92 per month $384.30 per 6 months. 250/500/100 with a $50 deductible.

The actual 6 month premium is $389.54, I had a $5.24 credit....

You may not owe more than it is worth, but you are still “up side down”, you paid WAY more than you can get for it. The advise others are giving you about the thousands of dollars in losses you will suffer from selling your new V-6 Mustang are SPOT ON, don’t do it.

 

Blow the 6!! My 20 year old Daughter's State Farm Premiums would increase by 50% from the V-6 to the GT. You can make the 6 what you want (as others have said here) for a lot less than you'll lose on depreciation trading a relatively new car. Look at the prices 06 6s are bringing -- You can get the GT later when you have less depreciation hit on your 6 and when your rates are lower. It will be worth the wait -- and you can learn a lot about your car in the interim -- the knowledge will transfer.

 

That's a **** good rate ... better than mine, with no accidents/tickets, homeowners and another car on the policy I'm still at $56 with a $500 deductible.