How fast will 2015 depreciate?
3/3/15, 01:45 PM
#61
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I was 19 when I bought my first brand new Mustang GT. Beautiful black 1989 with a gray interior. Loved loved loved the car.
Problem for me was the insurance!!!! A 19 year old driving a Mustang is poison to insurance companies and they will make you pay through the nose! My insurance bill every month was more than my car payment! As a result, I became a slave to car expenses and was unable to move out of my parents' house until I was 23. But hey, I had a cool car right???
Don't worry so much about depreciation and think more about the big picture... fuel, insurance, repairs, etc. It may serve you well to delay purchasing a Mustang if the bills will impact your school, living arrangements, or life in general.
Problem for me was the insurance!!!! A 19 year old driving a Mustang is poison to insurance companies and they will make you pay through the nose! My insurance bill every month was more than my car payment! As a result, I became a slave to car expenses and was unable to move out of my parents' house until I was 23. But hey, I had a cool car right???
Don't worry so much about depreciation and think more about the big picture... fuel, insurance, repairs, etc. It may serve you well to delay purchasing a Mustang if the bills will impact your school, living arrangements, or life in general.
Luckily my parents are helping cover a small part of the insurance, and I do repairs myself ( I doubt there will be many on a brand new car anyway). thats why i'm overthinking buying it, I don't want to work for the car lol.. The only thing it would impact is a few thousand dollars a year for insurance/gas and the depreciation loss when I sell it
3/3/15, 02:08 PM
#62
THE RED FLASH ------Moderator
Let's face it folks....unless you live in a warm climate state and never see snow, buying a Mustang as a DD isn't the smartest move, especially considering the high rate of depreciation. There are many of us here who need a second, more practical set of wheels when our Mustangs are parked for the season. That makes our Mustangs a discretionary and emotional purchase.
Most of us in that situation understood the rules before we played the game. What it boils down to is smiles per mile whenever we put the key in the ignition. It's hard to put that in a monetary equation.
Most of us in that situation understood the rules before we played the game. What it boils down to is smiles per mile whenever we put the key in the ignition. It's hard to put that in a monetary equation.
Out of those 7 cars, only 3 ever saw snow, which were the 82 Capri, 78 King Cobra and 90 GT..
Since then, we use more practical vehicles during the season while the last 4 Mustangs were always garaged every year..
3/3/15, 09:22 PM
#63
Couldn't agree more Tom ! As I've owned 6 Mustangs including an 82 Mercury Capri..
Out of those 7 cars, only 3 ever saw snow, which were the 82 Capri, 78 King Cobra and 90 GT..
Since then, we use more practical vehicles during the season while the last 4 Mustangs were always garaged every year..
Out of those 7 cars, only 3 ever saw snow, which were the 82 Capri, 78 King Cobra and 90 GT..
Since then, we use more practical vehicles during the season while the last 4 Mustangs were always garaged every year..
I live in SoCal, and have owned a '74, '81, '89, '98, '02, and currently my '05.
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling.
However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
3/4/15, 12:57 PM
#65
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3/4/15, 01:25 PM
#66
GT Member
Drive a car off the lot and it loses 20-25% of its value. Them's just the facts. And I've seen used cars go for as much as new ones depending on available incentives. Before I started buying new cars, I'd spend a grand on clunker with working A/C and drive it until the wheels fell off and then spend another grand and do it over again.
I used to buy a new car every 2-5 years. My last car I kept for 5 1/2 years. This one I plan on keeping at least 6 years (I paid cash for it and the title is mine). I'm not worried about residual value. I just want to drive it and enjoy it, if it lasts 10 years without the engine going kaput, awesome. 15 years? fantastic.
This one's a keeper and I'd honestly like to see my daughter Graduate High School and still have it. (she's 7 now).
And despite what you see on the car shows. Almost no one MAKES money on buying old muscle cars and restoring them from the ground up. You can spend 50k to restore a great muscle car and the market will dictate 30k if you're lucky.
I used to buy a new car every 2-5 years. My last car I kept for 5 1/2 years. This one I plan on keeping at least 6 years (I paid cash for it and the title is mine). I'm not worried about residual value. I just want to drive it and enjoy it, if it lasts 10 years without the engine going kaput, awesome. 15 years? fantastic.
This one's a keeper and I'd honestly like to see my daughter Graduate High School and still have it. (she's 7 now).
And despite what you see on the car shows. Almost no one MAKES money on buying old muscle cars and restoring them from the ground up. You can spend 50k to restore a great muscle car and the market will dictate 30k if you're lucky.
Last edited by CriticalmassGT; 3/4/15 at 01:32 PM.
3/4/15, 01:46 PM
#67
GT Member
My guess is that it's a lemon.
I can't imagine that the person didn't know they were buying a house and that getting a new car would blow your ability to get a home loan.
Selling a car so quickly after purchase tells me that the original owner wants to dump it ASAP... Just my $0.02...
I can't imagine that the person didn't know they were buying a house and that getting a new car would blow your ability to get a home loan.
Selling a car so quickly after purchase tells me that the original owner wants to dump it ASAP... Just my $0.02...
I can't tell you how many times I've seen ads in the paper from people trying to unload a car for "taking over the payments" and you find out the payments are $700 or $800 a month. Insane.
Last edited by CriticalmassGT; 3/4/15 at 01:50 PM.
3/4/15, 03:32 PM
#68
FR500 Member
That's one of the main reasons why survivor cars are bringing in the big bucks... more than restorations in many cases.
3/4/15, 04:50 PM
#69
Super Boss Lawman Member
I live in SoCal, and have owned a '74, '81, '89, '98, '02, and currently my '05. To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling. However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling. However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
3/4/15, 08:43 PM
#70
THE RED FLASH ------Moderator
I live in SoCal, and have owned a '74, '81, '89, '98, '02, and currently my '05.
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling.
However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling.
However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
3/4/15, 09:40 PM
#71
legacy Tms Member
I live in SoCal, and have owned a '74, '81, '89, '98, '02, and currently my '05.
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling.
However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
To be honest, Mustangs aren't really practical for ANYTHING. Non-existent rear seat, crappy gas mileage, crude tech (until this year), no trunk space, and non-existent bad-weather handling.
However, practicality goes out the window with the turn of the key and the resulting V8 rumble! I was driving recently with the top down and pulled up to a stop sign, and a 6 year old kid started pointing and yelling to his dad: "look dad, it's a Mustang!" There's nothing quite like it on the road as far as being instantly recognizable (although the Challenger comes close!) and that's why I love love love my Pony and won't give it up, practicality be damned!
last summer the cars did great on the trip, I got around 24mpg, wife got around 25 in her V6... her, I, 4 sons, picked my Mom up in Colorado, went to grand canyon- really they are not bad highway cruisers, ride only a tad firmer than my old Mark VII LSC, loved taking that car on long trips too... 5800 miles in the mustang was awesome- in '90 did the almost the same route in the camaro, liked the drive, but not the ride...that thing rode like a skateboard compared to the mustangs.
to me impractical would be having both kids and a corvette kinda thing- the newer mustang rear seats are adequate, the mileage reasonable, combined with the looks/feel/sound, think these were some of the most bang for the buck ever put out- for a fun/family car... in our case, 4 sons just meant we needed an extra mustang
as the older boys are now drivers, caravanning is not commonplace anymore- yeah, two cars = bad mileage, but if driving a car you really enjoy, its not so bad. seriously, these were the only cars I ever had that I didnt mind making the payments on- even when they sat out the winters, etc... love these cars, practical or not and depreciation? if you never plan on getting rid of them, theres no such thing
Last edited by ford4v429; 3/4/15 at 09:41 PM.
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