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Give Me Tips Please

1K views 16 replies 8 participants last post by  347Stroker 
#1 ·
I'm planning on getting a 1969 Mustang Mach 1 in a couple years when I'm 18. I'll have most of the money saved up, but I need help figuring out insurance, car payments and other stuff. I don't know that much so I was hoping I could get some help here. Thank you.
 
#3 ·
This is a lofty goal for one so young. Unless you have a family car waiting for you nothing will be for sure. Getting that exact car at a given time will be remarkable.

You do not say what the car is for, how much engine you want, type of trans, colors, etc., or condition. So talking specific costs and stuff at this point is to early. Basically the more 'stuff' the higher the cost, and it goes up very quickly with condition.

All these old cars have things that need to be fixed, replaced, or renewed on a constant basis. So you will need a steady income and a place to work on it.

These old cars do not handle like new cars. Most do not have disc brakes nor ABS. They lack modern crush zones and air bags. At least a '69 will have a shoulder belt. If you get in a bad crash, it will be really bad for you and the car. That is why a lot of us are cautious about this.

Insurance is basically like this. Normal companies will not cover your car, just the other guy. You need to go with a classic car company like Hagerty or others, but they all have very strict rules about where you drive and more. They do not like it being a daily driver to school or work. Think limited exposure.

You can do it if you get everything lined up.
 
#6 ·
Insurance is basically like this. Normal companies will not cover your car, just the other guy. You need to go with a classic car company like Hagerty or others, but they all have very strict rules about where you drive and more. They do not like it being a daily driver to school or work. Think limited exposure.
I've seen people on here that are around 17 get older models and can use farmers. And at a cheap price too
 
#4 ·
Don't get discouraged by all that, it is the answer to your question. Another thing I saw is you said car payments? Most likely you will not find many to finance anything that old. If you do you will need probably 30% down. Maybe try a credit union if you belong to one.
Nice car though.
 
#8 · (Edited)
I am trying to discourage you but stating facts.

I don't think there are any 'classic car' insurance companies that will accept an owner younger than 25. The car will have to be owned and insured by your parents and the policy may say you can't drive it . For the normal companies the rates for males under 25 are sky high on any car and they may not even insure a Mach 1 at all unless its owned by someone else. That puts all the liability on your parents who may, or may not want to accept and pay for that. Our son never had an accident in any of our cars but when he started driving the rates on the 30 year old car he was assigned went from $180 to $1400 a year with NO collision coverage. The rates for him would have been even higher on any other car we owned which included a couple of Mustangs. When he later got his own car our insurance for the same car dropped to $120 a year.

In my opinion if you have to get a loan for an old car, which may be difficult in itself, you shouldn't own an old car. Even for someone who can buy outright, if you can't do all the work yourself you will need a better than average job just to support your car.

If you are buying an old car for $100 that is one thing. Starting out at $25k gets you in deep quickly. I would guess that is more than the average value of a car on US highways today. If your family is wealthy enough that won't be a problem. The great majority of families are not. Not knowing anything about you or your family none of us can judge if the above would be in over your head. If Bill Gates is your uncle then go for it. :)

Buying your Mach 1 at age 25 wouldn't be cheap but it would be a lot more affordable than at 18.

BTW, for someone trying to get rid of a car the word 'restored' often only means that it has shiny paint. Once you own it you are stuck with paying to correct all the other problems.
 
#9 ·
I think it's awesome that you want a '69 Mach 1. And I know how all to often the heart wants what the heart wants.

The reality on old cars is, regardless of their condition, they really just don't make great daily drivers. Obviously they were fine 40+ years ago when people didn't have a choice, but in terms of being an 18 year old guy who just needs a car that will start every morning so you can get to school or work or wherever on time and not require constant tinkering to keep it running right, you absolutely cannot beat a modern car. Classic cars make awesome "extra" cars, to drive when you want for the enjoyment of doing so; they lack a lot of practicality when they become your primary ride though.

It may be what you want but that doesn't necessarily make it the right car.

If you have your heart set on a Mach 1, you may want to consider an '03 or '04 as a viable alternative. Cheaper than a '69 or '70, faster, better in just about every aspect, and if you find something in decent condition it will be no BS reliable for years to come. Get a '69 Mach in a few years or whatever to have as a weekend ride.
 
#11 ·
If you have your heart set on a Mach 1, you may want to consider an '03 or '04 as a viable alternative. Cheaper than a '69 or '70, faster, better in just about every aspect, and if you find something in decent condition it will be no BS reliable for years to come. Get a '69 Mach in a few years or whatever to have as a weekend ride.
The 04 doesn't look bad at all. I might look into those. Will the insurance be high on those too?
 
#10 ·
dude I would love a 69 mach 1 but the amount of money it would take to either get one in good condition or fully restored is out of my price range not to mention like socal said the 03s 04s are faster but I will say the 69 has a lot more potential then the sn95 body style but that would also take a lot of cash its a great dream but sometimes dreams have to wait to become reality just my 2 cents
 
#12 ·
You need to sit down and talk with your parents about all this. Then you both go talk to the place where they bank and where they have car insurance. They can best inform you of your options using your family situation.

Most places will not loan using a normal classic car as the collateral. There is just to many variables. So you are really stuck with saving up the money or a personal loan. And again without a loan history (think Credit Karma ad), it will fall back on your parents.

I just hope you are not one of these kids of today that expects to get whatever they want, now, and does not care who pays for it. Because these cars suck up time, space, and money faster than you expect.
 
#15 ·
I think all of us applaud your desire for such a classic car at your young age but ....... Until you have gotten your license and spent some time on the road, you need a "beater". It may not be cool but drive a beater till you get some experience under your belt. Its rare now days for a young driver to not have some form an accident be it minor or major.


I also suggest NOT to finance a classic car (or any car) at your age. Unfortunately financing an automobile requires full coverage insurance and that my friend is expensive at your age. Save you money, pay cash till your out of school and finished college. Don't start life with debt hanging over your head.
 
#16 ·
+1 that I got into my first accident a couple weeks ago it wasn't my fault but it still hurt my poor mustang I'm 16 and only have my learners I am very lucky to have a mustang at my age let alone a gt the low power of these 4.6ls has been a great introduction into the mustang world tho I love my mustang and I wouldn't trade her for the world buy a cheap mustang be happy with save your money and buy the mach 1 later on
 
#17 ·
I am 18 and I've had my Mustang since I was 15. Its a 67 Coupe. My Dad and I did all of the work on it so that cut down on a lot of costs. Insurance isn't really a problem if you get it under your parents and they just put you on the plan with them. We only have about 13k total in my car so not too expensive.
 
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