New purchase...

[ơɱɛɠąッ]

New to the forums! Hi everyone!, I just bought my first car(19yo, dream car) unfortunately Carfax failed and I need some advice.

About a month ago I bought the mustang I was looking for, a low milage(55k) 2017 2.3l Ecoboost dark gray aka Ford Magnetic Gray and found it a town over for 22k.

Well I loved it but there was a problem, first time buyer and not enough credit history(1.3 years, 690ish credit score) so I knew It wasn't going to be easy but was ready. At the end I qualified after a $5,500 down, $560 a month with an 11% APR() yeah I know I know it's HIGH(was told to refinance after a year), but I have a good job and I can easily afford the payments, the other option was a "buy here pay here" dealership BUT I want to build credit. Well after a day of thinking about it I went ahead and brought her home.

The Mustang is a BASE eco boost model with the following mods/upgrades:

**Lowered on lowering springs
**Fittipaldi FSF03 rims(staggered)
**Gorilla locking nuts 2 different lock nuts per tire
**Mishimoto catch can
**Aftermarket LED fog lights
**Aftermarket Steering Wheel
**Aftermarket Shift knob
**Upgraded stereo off a premium. model, following doesn't work for obvious reasons 1. Navigation, 2. Climate control for seats, 3. "Mode" switch.
**Carbon Fiber(Fake) trim pieces for the interior
**Dual 12 inch subwoofers in trunk
**Anderson Type-ST Spoiler
**Roush Axle-Back Exhaust

So what's the issue?.. this...

Hood was removed

Small paint chip on the driver fender support.. bent at one point?

Paint chips and marks next to the air intake

Noticeable dent behind the drivers headlight but NO other visible dents, frame is also prestine from what I can tell.. I'll remove the fender liner to inspect better.

After market fenders? They also feel like if they were made out of plastic?

Missing engine cover and missing battery cover, seems battery cover was never re-installed since the speaker wire gets in the way.

Lastly Dinamat installed throughout the trunk.....



Thoughts??? Also the dealer Included a 60k mile/6 year warranty which is costing me $3,600 on top of that, so if in the future the car needs any major mechanical repairs it's only $100... I still have the option of removing it.. should I?

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[Mikepol2]

IMO $3600 is a lot of money for that kind of warranty. Yes clearly the car has had some work done on it but pay the $3600 if you need to over time, not up front.

Congratulations on getting into the Mustang game at such a young age. Also I always loved that Magnetic Gray color, excellent choice.

 

[Finally21]

Can you return the car or are you past that date/mileage?

 

[tcman54]

Wow, that's a lengthy post, lol.

The whole thing is on the expensive side imo, $22K for a car with 55000 miles on it, high interest, $550 a month and a $600 a year warranty. It's not stupid expensive but its up there.

I never take extended warranties on anything but that's just me.

Buying a car with other peoples mods on it is a risk, just hope they were down correctly, all those little paint chips and dents is no big deal imo but you need to get a battery and engine cover for sure.

But on the good side you got yourself a pretty fine mustang at such a young age.

 

[shogun32]

Yeah you should get out of that dog of a deal.

That warranty should have been 1200. Previous owner probably had a carbon or 3rd party hood.

 

[shogun32]

$22K for a car with 55000 miles on

Should have been 18k or less. That bumper is Chinese or one of the aftermarket ones.

If the dealer won't take it back, sell it to another careless buyer and get as much of your money back that you can.

You will get killed on interest. Making an already bad deal much worse.

Then you can try this again.
RU military? Or eligible for credit union? Because you should be able to do better than 11pct.

 

[Balr14]

I would say there's an excellent chance you will be able to chalk this up as a "learning experience"!

 

[ORRadtech]

The first thing that popped into my mind was "Damn, I bought an '18 Ecoboost Premium convertible in '19 for $20k". Then I remembered how stupid used car prices got during the pandemic. Seems that they haven't come down much from those prices yet..
Still, I think that car is overpriced. And I know the OP is young but still the car price, the down payment, the pricey warranty, the interest rate and all the mods would have made me run far, far away.
I understand the need to establish credit and a good credit score but there are far more financially sound ways than putting yourself upside down on an auto loan on what looks like a car with kind of sketchy looking mods and no real history.

 

[ơɱɛɠąッ]

IMO $3600 is a lot of money for that kind of warranty. Yes clearly the car has had some work done on it but pay the $3600 if you need to over time, not up front.

Congratulations on getting into the Mustang game at such a young age. Also I always loved that Magnetic Gray color, excellent choice.

Thanks, yeah aside from white Magnetic Gray is my favorite color.

Can you return the car or are you past that date/mileage?

Would cost me an $800 restocking fee & $200 DMV fees

Wow, that's a lengthy post, lol.

The whole thing is on the expensive side imo, $22K for a car with 55000 miles on it, high interest, $550 a month and a $600 a year warranty. It's not stupid expensive but its up there.

I never take extended warranties on anything but that's just me.

Buying a car with other peoples mods on it is a risk, just hope they were down correctly, all those little paint chips and dents is no big deal imo but you need to get a battery and engine cover for sure.

But on the good side you got yourself a pretty fine mustang at such a young age.

It is, unfortunately it was my best choice compared to these:

**'17, White, 126k BASE $19k
**'15, Black, 121k PREMIUM $17k, Front end damage(Carfax) loose bellhousing bolt...
**'16, Sliver, 52k, BASE $23k dented door
**'17, Red, 167k BASE $16k
**'18-'21, 22-35k, BASE $22-25k @ Local Ford dealership didn't not qualify dude to poor credit history...

Yeah you should get out of that dog of a deal.

That warranty should have been 1200. Previous owner probably had a carbon or 3rd party hood.

I'll remove the warranty, it was just if the engine went "ecoboom" would of been nice to just pay $100 for a new engine

Should have been 18k or less. That bumper is Chinese or one of the aftermarket ones.

If the dealer won't take it back, sell it to another careless buyer and get as much of your money back that you can.

You will get killed on interest. Making an already bad deal much worse.

Then you can try this again.
RU military? Or eligible for credit union? Because you should be able to do better than 11pct.

To find a good low milage mustang for under 18k in my area is almost impossible, been looking since last year. I live in California and it's hard to find good deals

I would say there's an excellent chance you will be able to chalk this up as a "learning experience"!

Perhaps


Well I got off the phone I managed to remove the extended warranty, they also asked if I wanted to remove the gap.. aaaawww NO! The updated amount that I owe is $16k

 

[Dave2013M3]

Did you finance through the dealer? You need to join a credit union in your area, deposit some money in the account and refinance as soon as you are able to. My son joined PenFed and he is now qualified for a 5.95% 72 mos car loan. He has only been with PenFed for 6 mos. It doesn't have to be PenFed. it can be other credit unions.

 

[Hoofer]

My recommendation?

1) Get out ASAP. Eat $800 restocking fee & $200 DMV fees.
2) Refer to #1.

We've all been taken. Anybody that says they haven't is a liar. Or too dumb to know they've been screwed.

After you free yourself from this situation, spend about 50 hours reading websites like this, go to car shows, talk to as many legit owners as you can, read car reviews, and just go look at Mustangs for sale. Learn everything you can about the model you want. In the meantime you'll be saving money for the next purchase.
Good luck.

 

[black22gt]

As a person who believes in murphys law (Anything that can go wrong will go wrong), I always get an extended warranty. I have spent enough time wrenching a beater just to get to work everyday so I want a mechanic working on it not me, preferably for a discount/free at the time of the incident. Too many days topping off power steering fluid and oil, gotta check all those fluids so i know i can get to work! Anyway, so I get the warranty and make sure it will cover me for the note, so i can save up once its paid off. However, i also never intend to let a car go until the wheels fall off it, not many people operate this way. So if you dont plan on keeping it forever or at least a good while, this may not apply to you.

If you dont plan on returning it and believe that it has been wrecked/screwed up, taking off the warranty is the last thing id want to do. However 3600 is steep so i can understand wanting out of it. You can get a third party one post buy, though that's not something I've done personally, so not sure thats the right move or not.

I saw a bunch of opinions not like mine, so i thought I'd share an alternate view. Definitely do what's right for you and your situation.

 

[ORRadtech]

If you're going to keep the car and would feel more comfortable with an extended warranty then consider contacting Granger Ford through the fourm member Zack@Granger. They are offering a Ford extended warranty (not some bs fly-by-night bs warranty) for $50 over dealer cost. You don't have to buy whatever overpriced junk your dealer is trying to unload on you.

 

[JustSomeGuy]

New to the forums! Hi everyone!, I just bought my first car(19yo, dream car) unfortunately Carfax failed and I need some advice.

About a month ago I bought the mustang I was looking for, a low milage(55k) 2017 2.3l Ecoboost dark gray aka Ford Magnetic Gray and found it a town over for 22k.

Well I loved it but there was a problem, first time buyer and not enough credit history(1.3 years, 690ish credit score) so I knew It wasn't going to be easy but was ready. At the end I qualified after a $5,500 down, $560 a month with an 11% APR() yeah I know I know it's HIGH(was told to refinance after a year), but I have a good job and I can easily afford the payments, the other option was a "buy here pay here" dealership BUT I want to build credit. Well after a day of thinking about it I went ahead and brought her home.

The Mustang is a BASE eco boost model with the following mods/upgrades:

**Lowered on lowering springs
**Fittipaldi FSF03 rims(staggered)
**Gorilla locking nuts 2 different lock nuts per tire
**Mishimoto catch can
**Aftermarket LED fog lights
**Aftermarket Steering Wheel
**Aftermarket Shift knob
**Upgraded stereo off a premium. model, following doesn't work for obvious reasons 1. Navigation, 2. Climate control for seats, 3. "Mode" switch.
**Carbon Fiber(Fake) trim pieces for the interior
**Dual 12 inch subwoofers in trunk
**Anderson Type-ST Spoiler
**Roush Axle-Back Exhaust

So what's the issue?.. this...

Hood was removed

Small paint chip on the driver fender support.. bent at one point?

Paint chips and marks next to the air intake

Noticeable dent behind the drivers headlight but NO other visible dents, frame is also prestine from what I can tell.. I'll remove the fender liner to inspect better.

After market fenders? They also feel like if they were made out of plastic?

Missing engine cover and missing battery cover, seems battery cover was never re-installed since the speaker wire gets in the way.

Lastly Dinamat installed throughout the trunk.....



Thoughts??? Also the dealer Included a 60k mile/6 year warranty which is costing me $3,600 on top of that, so if in the future the car needs any major mechanical repairs it's only $100... I still have the option of removing it.. should I?

You likely overpaid, but everyone has at some point. Also, you’re 19 and people here are acting like you should get a great deal with a low APR, it’s not gonna happen at that age, income and credit. Shit happens. You got the car of your dreams, enjoy it. By the look of your car the previous owner had an aftermarket hood and sold it separately and Put the stock hood back on to sell it. Small dents and paint chips are possible without serious damage, if the dude was working under the hood and not careful it happens sometimes. You’re gonna build your credit, over pay because you’re young. Fancy cars come expensive at 19. Enjoy your ride bud, congrats on being able to get it in the first place-

 

[RagmopInKona]

Just. Go with live and learn.
19 y.o. the insurance is what is going to bury you.

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