Buying first Mustang

[PJR202]

Any particular type of hat?

Since it's a Mustang you would need a very dirty white Ford Racing hat, worn backward.

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[Spork3245]

Most of the mustangs I have seen by CarMax were priced one or two thousand more than other dealers.

I have a few near me I am looking at but this one has all the options I am looking for.

I checked nada and it gives it a retail price of $28,000.

Ah, didn’t realize you’re looking at a 50 year package - that’s why CarMax has a higher price. In my experience CM is generally at where I already want to negotiate down to with other dealerships.

Any particular reason you want the 50-year anniversary package? For me personally, I’d go for a 2016/2017 simply for the sync 3: it’s THAT much better than MyFordTouch.

 

[Hashbrownn]

I am looking to get it with
Auto
401A
Security package
Adaptive cruise
Nav
50 years package

without knowing the mileage. I wouldn't pay more than $25-27K on a 2015.
was once a $40k car.. but is 3 years old now.
My guess is that my 2016 is worth about $25k as a trade in.

 

[esco11]

I will never understand how people still trust KBB or similar websites. Who do you think that owns those websites? They inflate the prices so you end up paying more. Cars are not worth what those websites tell you.

That's exactly why I used them for rough price estimates. After looking there for a general range based on trade to retail, I would start talking to a dealer to see how flexible they were on price. If they weren't moving off of a price higher than KBB or NADA I already knew it would be a waste of time.

When buying used cars, I start with KBB and NADA low trade in value. This should be considered the MAX a dealer would pay for a used car, and generally they actually pay MUCH less, what's known as the wholesale value, which unless the dealer is your uncle, you will never find out. And even then you may not ;) Dealers make their living on used cars.

Anyway, start with the low trade in value, add what you consider to be a fair margin for the dealer, or not (remember, he likely didn't pay anywhere near the trade in value unless it's a model in extremely high demand), and then consider how much you're willing to go over that if you just have to have it. This should be your max, and you have to be willing to walk if they won't agree to it. Remember, they want to sell the car, so you have all the power. If you show them you are willing to walk, they generally become much more willing to work with you.

Recognize this is a game, and his objective is to get you to pay as much as he can. Your objective is to pay as little as he will take. You can quit anytime you don't like the way it's going. You may have to go back and forth several times. Whatever you do, be nonchalant. The less information he has about your motive for being there, and how much you're willing to spend, the more control you have over the deal.

If you're not willing to, or don't want to invest the time playing the game, you can just hit him with your best offer, and walk if he rejects it. You may have to walk from several cars because there are people out there who will just pay the asking price and all the dealer has to do is wait for one of them to come along. It comes down to how much time and effort you want to invest in the game.

If you can get it for less than KBB/NADA retail, realize you've paid less than the average person buying that car, and be happy with the deal. Good Luck!

This is overall great advice, the part I highlighted in red I feel is the most important. Be as impartial as you can be and remember that there are other cars out there. Always be ready to walk out the door and move on if the deal isn't working out. Too many dealers out there like playing the back and forth game if they think you're excited about the specific car.

 

[jbuck]

When buying used cars, I start with KBB and NADA low trade in value. This should be considered the MAX a dealer would pay for a used car, and generally they actually pay MUCH less, what's known as the wholesale value, which unless the dealer is your uncle, you will never find out. And even then you may not ;) Dealers make their living on used cars.

Anyway, start with the low trade in value, add what you consider to be a fair margin for the dealer, or not (remember, he likely didn't pay anywhere near the trade in value unless it's a model in extremely high demand), and then consider how much you're willing to go over that if you just have to have it. This should be your max, and you have to be willing to walk if they won't agree to it. Remember, they want to sell the car, so you have all the power. If you show them you are willing to walk, they generally become much more willing to work with you.

Recognize this is a game, and his objective is to get you to pay as much as he can. Your objective is to pay as little as he will take. You can quit anytime you don't like the way it's going. You may have to go back and forth several times. Whatever you do, be nonchalant. The less information he has about your motive for being there, and how much you're willing to spend, the more control you have over the deal.

If you're not willing to, or don't want to invest the time playing the game, you can just hit him with your best offer, and walk if he rejects it. You may have to walk from several cars because there are people out there who will just pay the asking price and all the dealer has to do is wait for one of them to come along. It comes down to how much time and effort you want to invest in the game.

If you can get it for less than KBB/NADA retail, realize you've paid less than the average person buying that car, and be happy with the deal. Good Luck!

I agree with this as well. It's just a game. Remember they are were/are building cars 24/7 and there are a lot to chose from. NEVER get attached to one, because you will find another just like it somewhere else. Never be scared to walk. When you do leave your number and let them know that you are ready to finalize a deal as soon as you are presented with the right offer, but in the mean time you will continue to shop at other dealers.

Always work off of KBB trade in as your target price, unless its actually a limited "limited edition". There are a few exceptions to the rule but in general those don't apply to Mustangs.

 

[Indylatenight]

First, I hope I am posting this in the right place.
I am finally buying my first Mustang, my first time buying any car. Hopefully a 2015 GT in comp orange. I have a few that I found, one that has the exact options I wanted, but the issue I am having is figuring out what a fair offer would be. I have been looking on a few sites like Edmunds but it seem like most of the cars I have looked at are already listed at or near their "retail value". Many of them also have the wrong options listed, like the one I am interested was listed as a red manual on at least one site. How do you usually go about deciding were you should start and what's the most you should pay for the car? Any advice would be much appreciated.

JJ

Found mine using CarGurus. https://www.cargurus.com/

 

[Trackaholic]

I will typically look at a site like Autotrader and see what the price range is for similar vehicles.

I will also look at KBB to see what they say.

If I do that for 2015-2016 GT Premium mustangs, I see a range of ~$32,000 down to ~$22,000 depending on miles and options and location (eliminating some outliers) on Autotrader, and KBB shows a range of ~$25,500 - ~$28,800 for a car in good condition.

From there I'd decide what I am willing to pay. Doesn't matter what other people can get, or whether they think I paid too much. I just care about how much value the car has to me.

For a used GT with less than 30,000 miles, I'd probably be willing to pay at most $30,000 if I loved the car, and anything less would be great.

I'd therefore go to a dealer and offer something like $25,000, and see what their counter offer was.

Remember, you don't need to be the bad-ass negotiator who gets the best deal on the internet, you simply need to get a deal you are happy with. I will decide my highest price before I go in, and anything better is a bonus.

-T

 

[Mr. Met]

I really appreciate all the help. I found the car I wanted and thought I had a deal when the dealer starts saying he never gave me the price we agreed on and then started raising the price. I found another car that is cheaper and is CPO but it doesn't have the 50 years pack or nav. I can live without the 50 years pack, could always buy the grill and emblems later, but I want the nav. Is there anyway to add the voice nav to the mustang? Is it just an sd card or would it be more involved?

 

[Mr. Met]

It took longer then I hoped but I finally found one that ticked most of the boxes. I think I got a good deal at $26,700 with only 6500 miles, 401A, adaptive cruise and its CPO. Just wanted to thank everyone for the advice again.

 

[Cobra Jet]

CONGRATSon the new to you ride!!

Found mine using CarGurus. https://www.cargurus.com/

Ding, ding, ding...

For others looking to by an S550:
cargurus is where it’s at... you can search country wide AND see nearly exacting figures on what you should pay for a used (or new) vehicle... IMO, their site is far better than the old school and most common NADA, Edmunds, KBB, CarMax, Auto Lenders, etc, etc...

Many may be surprised that for the same 2015 money, you can probably get into a 2016, so be sure to comparison shop as deep as you can, because there really are good deals out there.

 

[757DRVR]

It took longer then I hoped but I finally found one that ticked most of the boxes. I think I got a good deal at $26,700 with only 6500 miles, 401A, adaptive cruise and its CPO. Just wanted to thank everyone for the advice again.

Nice car and I say that's a very good price. I bought a 2016 GT Premium with 6500 miles and 6 months old for $30,000.

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