I drove in the great late 60's. Rather than buy a Mustang or GTO, many drove 67-69 Cougars XR7 or 60's Lemans to save on insurance. Same body and big engines available. There were some very unusual cars available then with 4 speeds including even the 69 Grand Prix, 70 Monte Carlo 454 SS, and even the El Caminos were about with 4 speeds and ladder bars. Many parents cars were cool and a lot of Buick GS 455 models were bought in my neighborhood and kids drove to school. We had a 66 GTO convertible, Camaro SS, Road Runner 440,Chevelle SS, Lotus Europas, Mark Donahue Javelin, Olds W30 another insurance saver, and even a Griffith by kids that insurance paid by mom and dad, though among others in our high school lot. My insurance was $1000 back then; a good part due to having 9 points!
Yeah, okay. And what dealer do you go to that is willing to let cars go for over $5,000 below invoice? They would make nothing on the deal to let a $22K Mustang go for $15K. The real difference between a 6 cylinder Mustang and a GT is about $4K if you equip the 6 with the same options the base GT has. My point was, if you wanted the 6 instead of the 8 but wanted everything else the same.
In my area you cannot find a stripped Mustang, with base options only on it, on any dealers lot, so you surely won't find one for anything under $20K. They order what sells and stripped sports cars don't sell.
Most of the V-6 Mustangs around here are in the mid $20K range and I have seen a few that surpass the price of the GT on the same lot due to a huge amount of options. If you order it stripped, most dealers will not negotiate as much so you still won't get it for anything under invoice or so which would still be over $20K for a base car.
You should be buying those $15K Mustangs and reselling them on Ebay for $20K and make some cash!
Well, a college student shouldn't be even looking at cars they can't afford now should they? Also if you are on a limited income, why would you be looking at expensive cars and not the least expensive car that is great on gas? These cars are built for people that can afford them. I'd love a Viper or a ZR-1 too, but I have to keep things realistic and drive what I can afford.
"Most of the V-6 Mustangs around here are in the mid $20K range"
I paid $20,320 for my totally loaded (including leather) Pony Premium V-6. Base V-6's are advertised as low as $15,990 here.
Well then you should be able to pick up a GT for around $24,000 and it would still be about $4K difference.
"but I have to keep things realistic and drive what I can afford."
So do we. That's why we bought a V-6 Mustang. It was cheaper than a Toyota Corolla.
"So do we. That's why we bought a V-6 Mustang. It was cheaper than a Toyota Corolla."
Cheaper to buy maybe, although I find that hard to believe, but the Corolla will be worth more down the road, and it will be cheaper to insure and cheaper to run.
So overall, the Corolla would have been a better choice cost wise.
Cheaper on gas, yes. On repairs, no way. And as for resale, our current 4-year-old Mustang is worth 90% of what we paid for it. A Corolla is worth of about 50% of its 4-year-old purchase price. Besides, all Corollas are currently under recall for major safety issues (as are all Toyotas).
My Corolla has 180,000 miles on it. I bought it used for $1900. I could turn around and sell it for $2500. As it has cost me nothing in repairs since I bought it, I would be making money. As for the recall, I've never gotten a notice, nor have I seen anything online, or in the news, about a recall. I've even searched on Toyota Owners Online to look for any open recalls specifically on my Corolla by entering the VIN. Nothing, no recalls of any kind.
"And as for resale, our current 4-year-old Mustang is worth 90% of what we paid for it."
No way is your car worth 90% of what you paid for it after 4 years. If you got a heavily discounted deal, it will be reflected in the trade-in. I once picked a car up for $8,300 off of sticker and the resale on it reflected that major discount. Even KBB numbers showed it to be higher, but in reality the market will dictate the final price, and you won't get near what you think you will for it. You don't pay $15K for a car and get $14K for it after 4 years and X amount of miles. Boy, I wish it were that easy to make money on cars!!
You are also looking at an older version of the Mustang that has now been redesigned. When this happens, the old model tends to lose quite a bit of value. After all, who wants the old version of anything when it comes to cars... unless you are talking classics of course!
"Nothing, no recalls of any kind."
Rest assured, it's probably coming. Due to the current investigations of poor materials and workmanship on virtually all Toyotas going back 20 years, there will no doubt be many more forced recalls. Toyota only recalls under threat of law, but that threat is getting more real as more deaths result from poor materials and workmanship.
"No way is your car worth 90% of what you paid for it after 4 years."
It depends on condition and mileage. My 2001 Dodge truck (bought heavily discounted in October 2000) was sold in January of 2006 for only $835 less than I PAID FOR IT NEW. That is, admittedly, the best deal I've ever gotten on a vehicle, but you CAN get 90% of purchase price on some domestic vehicles after 4 years, especially high-demand cars such as the Mustang. Getting 90% of the PURCHASE price on an import is unheard of because they sell so high new. Also, resale to individuals is not affected by the amount of discount when the car was purchased.
In used cars it's a whole different story. I have sold one used Ford for 200% of its purchase price, and one used Dodge for 100% of its purchase price, after driving both for 3 years.
Considering there's nothing wrong with my Corolla, they can force a recall all they want; they won't be getting my car.
The news is lately all bad for Toyota. Now they are recalling 90,000 JAPANESE Lexus models for defective engine parts. These are ALL made in JAPAN by JAPANESE using JAPANESE parts, so the "stupid Americans built them" argument won't fly. U.S. officials have indicated that they will FORCE a recall of hundreds of thousands more Lexus models in the U.S. due to the dangers posed by these engines falling apart on the road and causing accidents. The "Japanese car is better" myth is dying a quick and costly death. I read that Toyota is losing the equivalent of a Camry every 33 minutes in damage control and repairs.