Buying my first Car/Mustang - Ford Mustang Forum
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post #1 of 6 (permalink) Old 04-13-2015 Thread Starter
Toledo95's Avatar
Joined: Apr 2015
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Thumbs up Buying my first Car/Mustang

Hey Guys and Girls,

I'm looking at buying my first car ever. I'm 19 and live in Massachusetts. I'm looking at some Mustangs(huge fan since I was little). I'm having trouble. The mustangs I've been looking at are up to $20,000. Here's the Mustangs

2014 Ford Mustang V6 Premium
$19,373 with 36,976 miles.

2012 Ford Mustang V6 Premium
$17,998 with 18,360 miles

My Problem is that I'm a first time car buyer(I do have Good credit). My dad is telling me to buy a car less then $6,000 but all those cars have over 100,000 miles. I would finance the car and pay monthly also I would have to pay insurance. What do you guys thing buy a car close to $20,000 with lower miles or buy a car less then $6,000 with high miles for a first car. (was looking at mustangs for less then $6,000)

Thank You

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post #2 of 6 (permalink) Old 04-13-2015
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If you find something that's been taken care of then I wouldn't sweat 100K miles. The 4.6 engine in the '99-'04 GT's is pretty durable and reliable given that it's not been abused or neglected.

As far as spending $20K or $6K, I think your old man already gave you some decent advice on that. I don't know what your situation is nor is it any of my business, but figuring you're a typical 19 year old then that means your finances are limited and you'll have some sort of college to deal with soon if not already. I get the sense that the "$6K" number you and your dad came up with means you'd be buying a car outright rather than financed?

Let's look at if you finance a car.... $20K sale price, subtract your $6K as a down payment. Financing $14K (plus tax/title/licensing fees) on a 5 year term will be about $325/mo assuming you get a decent interest rate. Insurance, you need to call around and get a few quotes but a guy your age I don't see it happening for much less than $150/mo - I'm almost twice your age with a clean no-points driving record and full coverage insurance on my '01 is still about $100/mo. So now we're at $475, every month, just for the privilege of admiring how it looks parked out in the driveway - you haven't even put gas in it yet. BTW, I'm giving you what I think are pretty low numbers, and wouldn't be surprised if it were notably more.

If you think that sounds realistic then go ahead and get a $20K car.

If you see any '99-'04 GT's etc. that look interesting then feel free to post a link to the ad and we'll be happy to give our input.

2001 GT Convertible
/1967 Coupe
All the usual bolt-on's /200 I6, C4

And a few Explorers too... 2008 4.0 XLT 4x2, 1996 XLT 5.0 4x2, 2003 Sport Trac XLT 4.0 4x4
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post #3 of 6 (permalink) Old 04-17-2015
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A well cared for mustang will go way past 100,000 miles. I think 20,000 for a first car is a little high. Maybe around 10,000 would be good
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post #4 of 6 (permalink) Old 04-19-2015
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Joined: Dec 2014
Location: Cary
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Agreed with the 20k being a bit too much for your situation. Plus if you get a V6 I can almost guarantee you that sooner or later you're going to want a V8.

Mileage is but a number if it's a car that's been taken care of

2004 GT - black - AODE - 115k
BBK CAI - MSD Blaster coils - Rear cat delete - Flowmaster 40's - 3.5" Magnaflow Tips - Diablosport 93 octane tune - Mach 1 grill delete and chin spoiler - AM 17x10.5 rear bullitts w/ Mickey Thompson 315's
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post #5 of 6 (permalink) Old 04-19-2015
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Even if the car hasnt been taken care of you can build a impressive 2v and still be under 20 grand if you buy a 100k or so mileage car.

2003 Mustang GT Convertible 5 speed - Mostly stock 4.6... 455 rwhp and 573 ft/lbs torque. (SOLD due to divorce)

Currently working on Coyote Swap of a 2004 GT
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post #6 of 6 (permalink) Old 05-17-2015
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Joined: May 2015
Location: SF
Posts: 54
maybe look in the middle? lots of nice New edge mustangs out there for that price!

"It's a never ending battle of making your cars better and also trying to be better yourself."
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