I Want a 2016 Mustang...

[StangThang]

I'm young and this would be the second car I'm ever owning. I saw the S550 models on the mustang and have been lurking on the forums for almost half a year now. I even learned how to drive stick (never had to learn haha) so that I could buy a Mustang with a manual transmission. But... I need some advice on how I should go about my purchase.

I currently have a 2013 Honda Accord with about 16,000 miles. Guessing that by the time I can trade it in the fall it'll have around 19,000 (not a daily driver - I metro to work, but do drive every day or every other to get groceries and go to the gym). KBB estimate around that time should be around $15,000.

1) If I want to drive this car around for a while (5+ years at the least), should I get the V6 or the GT PP? I'm relatively young, but do want to get married within the next couple years. I have a pretty high paying job for a recent college grad, but am thinking about going back to school at one point (in 3 years) and going down another career path that will not be super lucrative. If I get a V6 I would not be making a huge financial commitment, but a 12-15K jump to a GT PP is a big difference in terms of debt (I already have around 30K in loans from college I am paying off and trying to help my parents pay off their portion).

2) Trade-in at a dealership or sell my car privately? I realize selling privately will get me higher values, but it'll also be a huge hassle. I still have $10K left to pay off on my current loan for the Accord.

3) Should I get a '15 MY in the late summer/fall for cheap as theyre trying to get rid of them or get a X-Plan (current employer offers it) on a new 2016 later in the fall?

4) I know color is super subjective, but let me put this one out there anyways. Race red or black?

Thanks in advance for reading and being patient with a stupid kid who really wants to get the sports car he's been dreaming about getting for most of his young adult life.

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[EcoSwag1990]

Why are you not considering the EB as a middle ground?

and don't get black ;)

 

[P4RKER]

1. I am completely biased towards the GTPP so I will not comment further on that.
2. Look at both options when the time arrives.
3. wait to get a late 15 in fall after 16s come out and use an xplan. They are good for current and previous model year.
4. Black with red interior and race red stripes is beautiful.
Race red also looks great with complete smoked light kit.

 

[Asharus]

the base v6 is an excellent value. if i was in your shoes and really wanted a mustang, and have 30k in student loan debt, i'd be keeping my honda.

but you only live once and i guess you can indulge. base v6 or base gt would be my 2 choices.

 

[Chameleon]

I'm young and this would be the second car I'm ever owning. I saw the S550 models on the mustang and have been lurking on the forums for almost half a year now. I even learned how to drive stick (never had to learn haha) so that I could buy a Mustang with a manual transmission. But... I need some advice on how I should go about my purchase.

I currently have a 2013 Honda Accord with about 16,000 miles. Guessing that by the time I can trade it in the fall it'll have around 19,000 (not a daily driver - I metro to work, but do drive every day or every other to get groceries and go to the gym). KBB estimate around that time should be around $15,000.

1) If I want to drive this car around for a while (5+ years at the least), should I get the V6 or the GT PP? I'm relatively young, but do want to get married within the next couple years. I have a pretty high paying job for a recent college grad, but am thinking about going back to school at one point (in 3 years) and going down another career path that will not be super lucrative. If I get a V6 I would not be making a huge financial commitment, but a 12-15K jump to a GT PP is a big difference in terms of debt (I already have around 30K in loans from college I am paying off and trying to help my parents pay off their portion).

2) Trade-in at a dealership or sell my car privately? I realize selling privately will get me higher values, but it'll also be a huge hassle. I still have $10K left to pay off on my current loan for the Accord.

.

Sounds like you should kepp the Accord for another 3-4 years.

 

[filmamigo]

I know it's a hassle, but selling your car privately really pays off. Why lose a huge chunk of money right before spending more? I sold my 2012 Mustang privately, and my 2000 Mustang before that. Otherwise you are leaving money on the table, my friend.

 

[Farmundeh]

I included my responses/comments below in red.

I'm young and this would be the second car I'm ever owning. I saw the S550 models on the mustang and have been lurking on the forums for almost half a year now. I even learned how to drive stick (never had to learn haha) so that I could buy a Mustang with a manual transmission. But... I need some advice on how I should go about my purchase.

I currently have a 2013 Honda Accord with about 16,000 miles. Guessing that by the time I can trade it in the fall it'll have around 19,000 (not a daily driver - I metro to work, but do drive every day or every other to get groceries and go to the gym). KBB estimate around that time should be around $15,000.

1) If I want to drive this car around for a while (5+ years at the least), should I get the V6 or the GT PP? I'm relatively young, but do want to get married within the next couple years. I have a pretty high paying job for a recent college grad, but am thinking about going back to school at one point (in 3 years) and going down another career path that will not be super lucrative. If I get a V6 I would not be making a huge financial commitment, but a 12-15K jump to a GT PP is a big difference in terms of debt (I already have around 30K in loans from college I am paying off and trying to help my parents pay off their portion). You could also consider a non-PP base GT if you're concerned about the price creeping too high but really want a V8

2) Trade-in at a dealership or sell my car privately? I realize selling privately will get me higher values, but it'll also be a huge hassle. I still have $10K left to pay off on my current loan for the Accord. I traded in my previous car simply because i didn't have the time to sell privately. This depends very much on your personal situation and what's more important to you - maximizing what you'll get for your car or the convenience of trading in and not going through the trouble of selling privately. It sounds like you should have positive equity regardless of which path you take, which is always good.

3) Should I get a '15 MY in the late summer/fall for cheap as theyre trying to get rid of them or get a X-Plan (current employer offers it) on a new 2016 later in the fall? I say go for a '15

4) I know color is super subjective, but let me put this one out there anyways. Race red or black? Win-win situation. Go see both of them in person. If you still can't decide, flip a coin. Both look fantastic on this car.

Thanks in advance for reading and being patient with a stupid kid who really wants to get the sports car he's been dreaming about getting for most of his young adult life.Congrats on your soon to be purchase. Enjoy, these cars are lots of fun

 

[ZXERT]

All you need to know.

1. Drive all 3 cars in PP and regular trim. If you're serious about buying the salesman wont mind. If he does find a different guy.

2. Use Xplan.

We settled on the Ecoboost because it is the most drivable car either of us have ever driven. Constant torque, burying my foot into the throttle constantly yields over 20mpg. I love it.

 

[Rob00GT]

One bit of advice I can offer that never changes: resale value on a V8 Mustang is MUCH higher than a V6 after 5 years. After about 7 years it's double the value or better.

 

[Ender]

1. If you have a lot of debt, I'd probably stick with the V6. The GT is a fairly large price jump, and you have to take into account the insurance costs (especially if you're young).

2. Selling privately typically does yield more money, but it can be a huge hassle. Keep in mind that in some states when you trade in a vehicle and use it as a credit towards the purchase price of a car, you only pay sales tax on the price of the vehicle after subtracting your trade-in value. Those savings might negate the extra cash you might get selling privately (plus you avoid the hassle of selling a car yourself).

3. I'd go for the 15 in the late fall. You'd save a lot, and the only real difference I know of for the 16s is the new Ford Sync 3.

4. Black is a pain in the ass to take care of. Unless you plan on having the time to wash it constantly and use QD spray after driving it every time to make it look good, I wouldn't go that route.

 

[EcoSwag1990]

One bit of advice I can offer that never changes: resale value on a V8 Mustang is MUCH higher than a V6 after 5 years. After about 7 years it's double the value or better.

Resale value will be better on a premium than a base model in 7 years when the majority of new models will come standard with a full screen

 

[Surtur]

save some of that money and either go base model gt or v6 / ecoboost and put the saved money to those student loans.

 

[Burningcoals]

I know it's a hassle, but selling your car privately really pays off. Why lose a huge chunk of money right before spending more? I sold my 2012 Mustang privately, and my 2000 Mustang before that. Otherwise you are leaving money on the table, my friend.

Lots of states have tax credit on trade in, making a private sale actually worse or same.

In my state if the dealer buys a 20k car on trade in, then its 20,000 x 9.8%

That is 2k you would get to your other car. So if private sale is within 2-3k its not really worth private selling your vehicle.

 

[Asharus]

exactly. i was trading my last car in for 15k, but on the day my car got delivered, someone paid me 18k cash for it.

if i took the trade in, the 15k trade wouldve been equal to 16.3k, so i only got about 1700 extra by selling private party, not 3k

 

[SlimReaper]

Well from one young man (21 yo) to another, if you are really keen on a GT, get the base GT. You'll be thankful that you did when the student loans come rolling in. If I could do it all over again, I would've gotten the Ecoboost and have a lot more residual income for when times get difficult (and they will get difficult). Just some food for thought.

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