Pony07

Looking for some opinions regarding value and when is the best time to sell/trade out. I have a 2007 V6, had it since new. I've been payment-free for almost a year. No major repairs, but there are some annoying suspension noises and I had taken it in for the same thing last year....everything's stock. Plus the ride is, well, Mustang-ish and maybe its time for something more "adult"?

Anyway, I'm thinking whether to sell it and move to something new, or keep driving it. Its approaching 100k miles. I am considering whether I'll lose money if I keep it. Lets say I keep driving it one more year. Next summer I'll probably have at least 110-115,000 on the clock and it'll be a year older, so how much is my value going to drop? Is there really still an automatic dropoff once the odo hits the 6 figure mark like there used to be? The reason its important is that this is going to be my downpayment on another one. So basically I don't know if its wise to keep the '07 another year, payment-free, or to sell it now maybe getting a little more and go back to payments.

The other factor is that there's little out there now that interests me. I'd like to get some better mpg; the price of gas is unstable these days. While I like the '15 Mustang's style I don't like the ebony interior as the only choice on the V6 and being forced to pay more for an EcoBoost just to get the ceramic interior and about the same mpg. As far as other cars, it would probably have to be a sedan but there is very little out there that jumps out at me as "I gotta have one of those!" That was how I felt back in 2007 when I bought the Mustang. To a car lover like me, a car is more than an appliance. I keep getting strange people remarking about how good my '07 looks and I've heard "I love your car" so many times - its nice to drive something that's not a cookie-cutter car. Today though, everything out there looks the same and most are bland, except the new Mustang but only if I'd settle for a black interior.

So I really don't know what to do. I own all the equity in it but I'd hate to keep my '07 so long that the value declines to a point where I can't afford what I want to buy, assuming there is anything! Any advice from a financial perspective on which is a better move?

Glenn

http://www.kbb.com/ford/mustang/2007...=private-party


I didn't know all the particulars on your car so you will have to do it over. I like KBB for looking up Values. its a good starting point whether your buying or selling.

AzPete

You might look around for a super low mileage 08-09 Mustang and still keep the body style you like....just lowering the mileage. I found an 08 GT Vert with 17,000 miles, one owner, babied car for a decent price. Just like stepping into a new car.....then sell yours outright. I stepped out of an '11 GT/CS manual because we both needed an auto. We liked the 07 vert we had before so we looked for about a month and found the '08.

Pony07

I went to that Kelly site and also compared a 2006 V6 with the same options and 110,000 miles. I'm going to assume that a year from now when mine has that many miles the value should be pretty similar considering that the 06 & 07 are identical. So I'm seeing about a 2,300$ drop in value for the car at 8 years. Interesting. Kelly shows that I can still get a pretty good price on it, but I wonder about the real world. Most Mustangs on the market are V8s.

I think my decision would be a lot easier if there was something on the market that I really liked....

NC14GT

I'm with AzPete on this. Since you like your Mustang now just get another one that is in truly excellent condition with low miles. It won't break the bank and you'll have a sweet ride for many years to come. Here are just two of many examples to be found across the country. They are dealers too which means you have room for price dickering, or even to trade your car in. Private party sales will be even less money.

http://www.autotrader.com/cars-for-s...70263325&Log=0

http://www.autotrader.com/cars-for-s...68340911&Log=0

KBB is a good tool in evaluating prices but you are right about the 6 figure mark with mileage. It scares some buyers away. Why lose even more of an already 'thin' buyer's market. Sell now, as summer is the time to sell. In a few months the holiday season will be here and you can forget about selling during the Christmas season. It really slows down. Best f luck with your decision.

TripleBlack14

Seems to me like you've answered a big part of your own question. Otherwise you wouldn't have a Mustang or be a member of this forum.

Have you given any thought to a '14 V6? Your wallet is your business, but there are some amazing deals going on now, and likely to be even better deals by the end of the summer. Dealers are motivated to move inventory, but stock is dwindling.

The longer you wait, the more your current Mustang depreciates.

Get rid of your wife if necessary. That's what I did. It was a good trade.


Tom

05PRMTX

I just sold my 05 V6 with about 90K miles and, for reference, Bought a 2011 GT that had roughly 15K. If you are considering selling it, now would be a good time before the value drops too much more with added miles, possible mechanical problems developing and whatnot. I feel like the 05-09 are really starting to plummet in value. Like others have said if you are set on that body style you could find a used GT with low miles, or try looking at the newer models. I love the my 2011

Pony07

I wonder if when the new '15 is fully available the prior generation will drop in demand? That might be a concern. I really don't like the style of the '13-'14 versions - to me, the '15 looks way better. I don't think I'd be happy in one of those. The '09 was more of a "pure" style....

I don't particularly like the '10-'14 Camaros, and the Dodge Challenger has a nice retro look but it just seems so "big" - many of the reviews give a thumbs-down to the extra weight & mass of that car. Nobody else is making a nice sport-type coupe today at a reasonable price like they did in 2007.

ford4v429

I feel similarly in some ways- the only new car I like is the challenger, and its definitely a barge- but a sexy one my next new mustang is still awaiting- I loved my 06 so much, bought a identical 09 and squirreled it away- still a 4 mile/undriven virgin... the 06 will eventually wear out, and theres a rewind button sitting there

I dunno about the 15 dropping the values of the 05-09s much- short term maybe as all new models see a surge- but I still think its newness is going to wear off quick as about every other year... IMO the first generations (fastbacks 70 and earlier especially) and the 05-09 coupes will always be trans-generational favorites...I think if the 10-12 had better taillights, or the 13-14 kept the 12 nose, to my minds eye they woulda been calling me into a dealership... anyways the 5-9 didnt suffer from corporate styling, the 10-14 very little(the fusion/explorer rear quarter fade in/out pseudo trim line was pretty obviously shared) but you could tell what they were from ANY angle 4 blocks away...like the first gen camaros, 55-57 chevies, 68-70 chargers, challengers(new ones too) classic lines just never get old. back in 98, it seemed 1/4 of the cars on the road were dark green... today its black/greys, black wheels, super low profile rubber in big wheelwells, and aside from the camaro and challenger, everything has corporate styling thrown in... I know the 15 isnt exactly a fusion, but the similarities are there, and to me it dilutes the cars persona a bit, for the wrong reasons... from a couple blocks away head on, most folks wont know its not a fusion unless they hear it WOT

personally while I think the latest camaro is a improvement over the last, I still find it overall just not pretty- and after sitting in one, KNOW I'll never buy one- the visibility/layout/beltline just made me feel claustrophobic.

I think as the prices on new ones climb, the 05-14 values will rebound faster than the 15 depreciates. heck my barebones 09 GT was only 24k, think book was still near that a couple years into it- not that i'll ever let go of it- it was a CAR investment, not a monetary one... if it depreciates to $5, it will still be one of the most desirable ford cars to me... guess in the end thats all it comes down to- finding something you wont get tired of at a price you can swing...
I do hope the future holds a even more desirable mustang for me, theres a lot about the 05-09 I dont love, but the 15 isnt it for me... that challenger though? one may show up here someday, just I love my 06 too much to think seriously about anything else right now...maybe if I break a leg/cant drive stick or something, but not yet
good luck on whatever you decide with your 07- I'd try to hang onto it though, just really think the 05-09 will be the next generations 69 fastback. if you have had to drive in salt, now might be about as good as it gets, usually around 8 yrs the salt starts showing its effects on even the best maintained cars, and without work, they can fade fast... if unsalted, heck I'd keep it forever... put a new drivetrain in it for a fewK, replace bushings and throw in a takeoff interior, she could be like new again for 5-6k, although book wise she'd be upsidedown value, would want stated value insurance or something... depends on how happy you are with it. I'd go so far as to suggest renting whatever youre thinking about for a week, see if you'd miss the mustang after living with one for a few days and knowing you dont HAVE to keep paying on it for years...lots of folks will 'love their toyota' or whatever rather than admit they were wrong, but wind up wanting a mustang or whatever again someday- like soon as they get out from under the whatever they traded their old favorite in on...

Pony07

I wouldn't have a problem with the '15 V6 if it weren't for the all-black interior....and yes, that's another issue that a lot of cars are starting to look alike. The new Mustang has a Fusion front..... or "Ford corporate" rather than "Mustang".

bt4

It all depends on what you want to do with your money. Approaching 100,000 miles, work has to be done. Shocks, ball joints, replace all the belts and hoses, etc. It is an expensive proposition. But so is buying a new car. My 06 just had a complete tune-up, new belts hoses, and a new FPPR suspension kit (shocks, springs, bump stops, sway bar, etc.) I also had the original GT lower A-arms replaced with 2007 GT500 parts (heavier, stiffer). The alternator was going, so I had that replaced as well. It was a lot of money to spend on an 8-year old car. (Keep any car long enough and you will have to spend money to keep it drivable.)

I now have a reliable ride, mechanically sound, that handles better than it ever did when new. The 4.6 is solid. I have new rubber on the car. I am good for the next hundred thousand--and I don't have a car payment! It was a lot of money to spend on an 8-year old car. But, it was a lot cheaper than I could have bought a new 2014, or 2015.

I have attached two pics of my WVB '06 GT, one taken in my driveway in 2006, the other in my driveway in 2014. If you like your 06 (can you tell I really like mine), don't worry about what you have to invest to keep it running like new. Enjoy. If you find that you like the new body style better (and I really like the looks of the 2015), get what you like. Don't agonize about the decision to buy new, or fix up--there is no right or wrong decision. One way you send your money to the loan company, the other way you pay a mechanic.

Pony07

That's a nice car. I can tell you've lowered it. Last year my dealer replaced the front control arms/ball joints, tie rod ends, sway bar links and rear arms in an effort to get rid of the creaking but its back. I have almost all new suspension parts but its very frustrating because now they're just going to guess and I don't have anyone who will actually put the time into examining each part to find which is making noise.

wjones14

Kelley Blue Book does represent the real world - they compile the statistics by geographic regions and adjust the price to what cars actually sell for.


And it may seem like most Mustangs are V8s, but the fact is that the V6 Mustang outsells the V8 year after year. Here's the breakdown for 2007 (courtesy of motorauthority.com):


V6 - 86,932
V8 - 60,404

laserred38

Just get a 2015 V6 and wait for some Ceramic takeoffs to show up on eBay after Roush or Saleen takes them off a stock GT to change the interior. Look up 10-14 leather seat covers on eBay and you will find dozens of brand new or near new covers for a decent price...

Pony07

Another question: as for the value of the car, how much does it effect how much I can get if a couple of non-critical features don't work? I'm talking about the electric mirrors (needs a new SJB ($400+/-); and power lumbar support (could be an easy fix, or could cost $400). If I do want to trade/sell it, I wonder if it would help me to fix this stuff?

NC14GT

With a 'private party' sale you should FIX the problems to get proper $$ and not to screw anyone. Trading it in, don't worry about it. They won't give you any extra $$$. They can repair for cheap before selling.

tbear853

How far out of "youngunhood" are you that you need a more adult car?

Keeping the '07 ain't where you'll loose money so much as you will buying a new one just to be buying because you miss making them payments. It's actually pretty nice not having payments .... and 100K miles ain't a lot these days. For what you are gonna get out of it, maybe you should consider keeping it and drop back a few years on that newer "pet" car? Some people trade every few years and always have payments .... and that's great if that's what they want. "Change is as good as a rest" I think, but to trade just because you've spent a year with no payments .... and are afraid of loosing value ..... so you are willing to adopt more ..... payments?

I'm not in your head. If you really want a new, different car ... then nothing less will satisfy you. I've been there, done that .... and sometimes it was "right" ..... and some other times .... "mmmmmm, not so much".

Cars I like and enjoy are cars I don't rush to sell .... which is why I have a driveway and two carports full I guess. In 1986 we bought a near new Thunderbird and made a few mods .... drove it everywhere ..... and I sold it in 2009. I still think I should have kept it ..... it took us a lot of places and brought us home again .... always .... and always a good ride. Same deal when I thought I needed to sell a certain '67 Chevelle many years ago .... and a '69 Dart Swinger a few years before that.

So .... having had to learn and relearn the same lesson ..... I really try hard to not get in a rush to rid myself of what I like. I have a '92 Thunderbird Sport, slightly lowered, minor mods, I reworked some 7 spoke Cougar wheels ... I thought I needed to sell it when I bought the Mustang last year .... but then I showed it and took a prospective purchaser for a ride ..... and I realized I ddn't want to sell it. It has 150K miles, but drives better than my '95 ever did and while not "fast", is a very capable handling car that's more comfortable than our much newer Mustang. I bought it in 2006 when it had only 130K and gave $3K for it, a bit high ..... but $3K didn't cover the new repaint job and fresh AOD. That lady who sold it lives up the road, she was the original and only prior owner .... she misses the car still. I figure she sold me a nice paint job and transmission job and gave me the car. Highest miles of any of my small fleet, the only one over 100K for that matter, and I'ld just as soon drive it on a road trip .... except for the limited luggage space.