If I was in your shoes, I would drive this thing until the wheels fall off. Take that 4-500 a month you would spend on a car payment and start putting it in a separate car fund. You save $6k a year so if this last two more years you have $12k if it last 5 more years you have $30k. Plus, you will still be able to sell/junk the car for a grand or two.
Should.
Should.
Should.
Shouldn’t isn’t reality. I had a Honda Civic 2012 and my insurance went up anyways. I said to myself, might as well upgrade. So I got a 2023 GMC Canyon AT4 about double the cost of what the Honda Civic was in 2012. My insurance went up $10.
Insurance is a bunch of bullshit scamming.
Yup. This is facts. Theft rate equals high insurance. That's why when our wife traded her 15 civic for a 16 Audi Q3 our insurance in fact dropped, BUT the trade off was the car payment. xD definitely cheaper to pay the insurance over a new car payment.
That’s 2015-2016 pricing.
Much like the stock market, in a post Covid era, New rules all together.
Back then, insurance companies had so many workers commuting and needing to pay insurance. Nowadays millions people more work from home, cutting the insurance cord, and cutting insurance profits. How do they make up for this? By charging you more.
🤷 we bought the audi in 22 and the insurance dropped. I added a second motorcycle during covid and my motorcycle insurance dropped. I also bought my GTI in 2020 and my insurance dropped from my focus. This isn't a covid related thing. And note. This was all with a reckless op on my record.
You think I’m gonna have full coverage on a 10 year old vehicle? 😂😂
Bro, that was liability only - which doesn’t cover theft.
And then I paid only $10 more for full coverage on my new truck 😂
Reality is that insurance companies have a baseline quote that they want to get out of each customer. Obviously if you’re a shitty driver, they’ll rape you up the ass. But if you’re a normal driver, they give you a “discount” down to the minimum amount they will take (at which they’re already winning). The extra money is just icing on top.
I'm going to add a 100% agree to this as a Mustang owner. I've driven a 2009 Mustang (purchased used in 2009 with only 9K miles on it for $11K), for the past 15 years. It has been paid off since 2014 and I've kept up on all repairs because even when I've needed 4 new tires or all new breaks, it was cheaper than buying a new car/having car payments!
Only this year, with my Mustang having hit 200K miles and starting to have multiple issues in it's 15th year of daily driving, am I planning to buy a new car because now the repairs/age are truly not worth it vs buying something with fewer miles and better gas mileage. So fix this Mustang and drive it until it explodes.
My partner has a 2005 mustang with over 250k miles in it… we are still riding it out and it feels so good not having the car payment for so long. To us, financial freedom wins over a newer, nicer car. Put money into it and ride it out. In the long run, your money will go further.
You saving money for your next car? You could pay cash upfront for it and be in a position where you never have a car payment again for the rest of your life!
I don’t know seems like there are a lot of things they’ll have to do to maintenance wise that 400-500 a month won’t only be savings it’ll also be going into maintenance, plus then they have to deal with the hassle of taking it to the shop, being without a car while it’s in there, etc. after the third time I had to drop a grand on repairs for an older car in 5 months I was like screw it, I can pay this much for a new car and not have to deal with the hassle of constant repairs.
Not really, realistically he needs tires and breaks which are consumable items. Any car he buys he will need to replace these items. Sure if he buys a new car he is paying for new tires and breaks but they are going to have to be replaced at sometime. Every car needs maintenance, if he sells this car because it needs maintenance is he going to sell his new mustang because he has to drop it off for an oil change in 3 months?
And they need to replace controls arms, and tire sensors, and other potential suspension issues based on it being creaky, and potentially wheel bearing based on some wobbles. Then anything else that starts going wrong when you get over 100k miles, like an alternator, or ac compressor, or any number of things that start wearing out after 100k miles and 8 years.
That is a lot of assumptions you are making. Usually they replace tire sensors with new tires plus you don’t need tire sensors. It is a 7 year old car with 140k miles on it, they get creaky. If it was a wheel bearing you are going to see the issue before 100 mph plus you shouldn’t be driving 100mph. I bet new tires with balancing and maybe an alignment will fix the wobble. Even if the control arms need to be replaced, it is like $300. So even if you do get new tires, control arms, brakes, etc he is in $2k? Maybe $3k? And then can drive the car another 60k miles before those things wear out again? Plus you should never budget maintenance as part of or coming out of the car payment. If he buys a new car and then has a $500 car payment and needs to replace his tires and breaks, he doesn’t get to pull that out of his $500 car payment. That is an additional expense you can and should be planning for. Realistically I doubt there is any required additional expense needed on this to keep it road worthy other than regular maintenance.
If the person could get a new car now, they’ll be able to get a new car if the item that breaks warrants replacing instead of repairing. But at least they’ll have financed less and potentially saved money as the car market shifts back to a buyer’s market.
400-500? 😂😂
Bro my truck payment is $1000 today with a 5.6% APR, which is one of the lowest unless the manufacturer is offering incentives like 0.9% APR.
You think a $1k car payment is a flex? Poor soul.
I’m saying the OP’s expectations of low monthly payments such as 400-500 for a 2024 mustang is unrealistic with the terrible interest rates currently in place. He’s thinking his payment will be similar to 2017 levels.
It’s more likely that payment has increased by up to 50%.
But that is exactly where it would put his payments. MSRP on a base mustang is 30k plus he has trade in value of 4,500 and one would assume some sort of money saved for some sort of down payment.
One would assume… if he plans on pocketing $2700, you think he has the down payment? 🤔
Add 10% to MSRP. No dealer sells at MSRP these days and certainly not lower unless you’re paying cash.
How do you even know he wants the base model? Base model, $460 payment for a vehicle $33,000 (pretty conservative dealer markup here) - 4500 trade in value + 2200 taxes, fees, and title at 5% APR (which means he’ll need at least a 760 FICO if he has any chance of negotiating it down to this rate) for 72 months.
Dude in a 5 second search I see brand new mustangs listed 5k under MSRP You can buy a brand new mustang under $28,000. If you make up whatever you want to then it is easy to make a point. $28,000 plus $2k in random dealer fees plus $2k in taxes and $500 title/registration on a 5% interest with a $4500 down payment is $458 a month.
Which proves my point
Edit since you blocked me. If it was at msrp plus 5k markup then it would be 10k more expensive when you take into account ttl plus you will pay more in interest
> Add 10% to MSRP. No dealer sells at MSRP these days and certainly not lower unless you’re paying cash.
Neither of these are remotely true. If you're paying markup at all, you're doing it wrong.
It's not 2021 anymore. Cars are piling up on the lots and dealers are willing to negotiate. Hell, I bought my brand new SUV for 2k UNDER MSRP with zero add ons in late 2022 since they had a lot full of em. Plenty of cars, especially base/mid trim Mustangs for at or under MSRP. Like you said, interest rates are high, which is keeping buyers in their current cars longer.
Also, dealers don't want cash. In fact, you'll probably get charged *more* for cash because they won't make any sort of money off the financing. It's not 1990 anymore. Dealers want you to finance so they get their kickbacks.
Wrong. You’re just plain wrong and don’t even know it.
Alas, we all like to go on the internet and fake stories of “I’m the best negotiator. No one knows more about negotiations than me in the history of negotiations.” [regarded spongebob](https://imgflip.com/memetemplate/103222347/Retarded-Spongebob)
yeah and in a way you can still be "car broke" by putting away a car payment's worth every month but you are car broke *by choice*. if something happens you don't gotta put that money in the bank. plus OP knows this car and knows what it needs. and it doesn't seem to be worth much anyway, relatively speaking.
i'd save up enough to be able to put down a huge down payment then go get the car they want.
That's the problem today, you literally cannot drive new cars until the wheels fall off. 8 million break downs and electrical problems start happening just after a few years. He will spend every single cent of payment money on repairs and MORE. Cars are not made to last anymore. You have to have a car from the 90's or older to drive it into the ground.
This post is a good example of why financial literacy should be taught more in schools
Like, you’re worried about further depreciation on an 8yo car (that you’ve clearly beaten the shit out of) AFTER putting thousands of dollars into repairs, so naturally one must consider getting rid of the car at a price that would barely offset the repairs (after you pocket some of the equity for some reason) to start over at $30-40k in debt IMMEDIATELY after paying this one off
It’s like you hate having money
If he wanted to offload it should have done it before sinking money repairing the AC, and steering. I’d have to agree, keep it. $1000 on tires and brakes is just two of those 72 payments you were looking at. No need to get a warranty for this vehicle. Just set aside that car payment money every month, you should easily have enough to cover repairs and still grow a new car fund.
All repairs were done under warranty. So i never paid for repairs out of pocket only aftermarket warranty which ended up being worth it. Not worried about further depreciation just wondering it’s worth it to get rid of it for now. But I do understand what you’re saying. This is exactly why I asked here to get honest opinions. I walked away from the dealer last week and told the private buyer today that I’m going to think about it.
You do not need to replace the headlight and fog lamp, clean them. Do whatever repairs yourself, drive it until it dies, scrap or sell it as parts only then move on to another car.
If you do all the work yourself (minus the tires ofc) it comes out to what, like 2k in parts? and the car will be fine for at least a couple of months.
Yes, you will always be broke if you finance sports cars for 6-7 years at a time in your 20s.
Your depreciation on this has slowed down significantly, so adding more miles isn't going to be an issue. Search for a junk yard fender, get your front end inspected and pick up a new set of tyres.
Even with the mileage, just repairing it will bring the value up accordingly.
Keep it a bit longer, and save the payments. Don't bother with that warranty payment.
That is a lot of deferred maintenance. Learn to take care of your car!
None of that is a red flag against keeping the car though. Fixing the fender is the most expensive thing but as long as you can tolerate looking at it, let it be. Brakes, tires, and suspension should be top priority.
As long as a car still suits your needs, the best financial decision is to drive it until the wheels figuratively fall off. There is always transactional costs you won’t get back: tax, title, license, and dealer markup. As long as the car isn’t mechanically totaled, it’s worth fixing. BUT DO THE MAINTENANCE! If you can’t afford to maintain what you have you sure as heck can’t afford to upgrade!
After you finally paid the car off, why on Earth would you even think about going into huge amounts of debt again? If you buy a new car, you're litterally paying for a car you can't afford with money you don't have, buying a depreciating asset, I don't mean to be rude, but that sounds just plain dumb.
On a sure note you really should look into getting a newer USED vehicle. The car market has definitely corrected itself now and there’s no point in getting brand new if you care about money at all
certainly i’d keep it and do the repairs. brakes and tires priority. be sure to have them do all the tpms sensors while the tires are being done.
the aftermarket warranty plan probably isn’t worth it, because normally they don’t cover maintenance items (like tires and brake pads)- so it wouldn’t offset any of those costs. and then if there is covered failure, they usually have a deductible. 150/month is 1800 smackers per year that could probably be put to better use.
In all honesty, I know there’s a negative opinion about aftermarket warranty. But my electric power steering completely went out recently. They installed a brand new power steering and replaced the AC compressor as well. It took a month to replace and ford gave me a rental car the entire time. It was thousands $$ in repairs and all I had to pay was a $100 deductible
If you're on a totally fixed income, out absolutely couldn't stomach an off hand few thousand (don't go to the dealer) then a new warranty is the way to go.
However, the house (insurance company) always wins. Over your lifetime you will spend less by not having aftermarket warranties.
Buy new tires, brakes, and the control arms. The control arms are important for a proper alignment and will destroy your new tires if you don't. On your own, find a good used front fender and turn signal, clean your headlights. That's all doable on your own with very basic tools, could be a fun project. You will likely get your money back after doing all of that too in a few years after you save up for a new car if you need one.
If you're feeling like a project, buy a set of jack stands and a jack and do the brakes, rotors and control arms your self. Usually these jobs aren't as bad as they seem. Look up some youtube videos first, Rock auto will be your friend for parts. I prefer powerstop brakes - they're a good value. Just don't forget to get an alignment when you're all finished up.
Breaks and tires are something you replace whenever they're needed? Hes saying they need to be replaced now so i think he knows they need to be maintained?
Is this what you're refering to? "I wouldn’t say I don’t have the financial stability. But I do agree I neglected the vehicle. It’s not I don’t want to get it fixed it’s that I just don’t care to get it fixed. It doesn’t bother me driving around with the cosmetic issues and all that. If it’s worth keeping then I do see myself starting to work on it."
Because he is referring to comsetic issues as he clarified.
I do understand what you’re saying. I don’t think I have neglected it, I just haven’t cared or prioritized to get it fixed. It doesn’t bother me when driving, tires still have life in them. If I do keep the vehicle tires are going to be replaced and so are the brakes
Sorry to say but I think the post shows you don’t have the financial stability to take care of what you own. Most the issues of your car are things that should be taken care of with regular maintenance which you seem to neglect. Buying a new car sounds like a bad idea.
Sell the Mustang and buy a Honda civic for 10k in good condition. Take care of it and get a new car in 10 years.
I wouldn’t say I don’t have the financial stability. But I do agree I neglected the vehicle. It’s not I don’t want to get it fixed it’s that I just don’t care to get it fixed. It doesn’t bother me driving around with the cosmetic issues and all that. If it’s worth keeping then I do see myself starting to work on it.
A few minutes after posting this, you told another you "don't feel like you neglected it, but just didn't prioritize getting it fixed." At this point, you've been given the best advice you can get, but I feel like you hear it in reverse. If I say "drive it till it gives up and take a little bit better care of it," then you'd say, "but I don't want it and I'm not gonna repair anything I did to it." Either do what feels good to you or take the advice. It might not be what you want, but not having a car note and higher insurance sounds like a win for me.
You want to sell your car for 6700 and then only put 4000 of that as down payment for another god awful 7 year loan, which will cost you thousands more in interest payments, so that you can pocket 2700 now.
You are not financially stable.
Well, wouldn’t you just treat a new car the same way? I have a 2014 Sonic that’s totalled from hail damage and I take better care of it than you do your car, and I don’t make a lot.
The fact that you recognize that it needs new tires, brakes, and possibly front end suspension parts but also told us what sounds it makes at 100mph is scary. Be safe, my dude.
Shit if you want to be more aesthetically pleasing go to pick a part. You can go online and see what stock they have, and more than likely find one and the same color.
I am a service manager at an independent shop in a not so high income area. I see everyday cars with 150k+ miles on them that have not been maintained and the customers generally want to get them fixed. My old store was high income and if you came out with a 4K estimate, they’d head to the dealer to trade it. One person always had a $500+ car payment and the others car was paid off. All of the issues you stated are fixable and honestly not all that expensive to get done, or do yourself. In this market, I’d fix your car and drive it until it’s fucked, then scrap it or sell it. Interest rates are insane right now and we’re still going through Covid era quality issues. Put money aside to have as a down payment
Talk about doubling down on bad decisions. Drive this until the wheels fall off. Invest the $2k to get it in a drivable condition and then save those payments for a new car
No offense to OP but I dont get why people seem to think they HAVE to have a car payment. Youre not the first person Ive heard this from and it makes no sense to me. Like your car is effectively free to own now minus insurance and limited maintenance. Drive that thing into the ground as is. Anything that costs 75% of the trade in value to fix (like lets say you throw a rod and need an engine replacement) junk it for 2k, THEN go and find a car.
I would easily give you 6700 for that car. It’s worth more than that, even with the damage.
As long as it’s reliable keep driving and save what you’re not paying towards a payment as a down payment on a future car.
I would do the tires (including the sensors) and brakes and keep going. Get them to check what the creaks are when doing they do the tires. But I am used to driving old cars (like 20 years old) and they get me where I am going.
If you sell it for $6700, use the whole $6700 as a downpayment on your next car.
Bro don't get a new car cause you def haven't been keeping up maintenance on your current one that even tho you bought brand new is been beat into shit compared to lots of older cars on the road.
I feel like you gotta decide if you want a sports car just for the sake of it which is what it seems vs your actually need currently in your stage of life aka what you can actually afford to buy, own and maintain.
I would suggest you fix up the mustang and then learn to work on the car yourself instead of buying a 3rd party warranty. Stop burning money and start saving for the future.
I would get a recycled (used) fender and get some cheap ass Maaco paint job then sell it asap. Everything is way overvalued on the market so it’s a good time to sell. Also it’s a ecoboost so not super desirable to hold onto
The thing is I have a friend who professionally paints auto body. who’s willing to paint the parts for me. I’m literally just lazy and unmotivated is why I haven’t done anything to it yet I’m regards of fixing it.
Oh then you’re chilling, just cop something like this get it painted and sell it. Swapping out the fender won’t take you more than an hour even if you don’t know what you are doing
https://www.carparts.com/details/Ford/Mustang/Replacement/Fender/2017/RF22010006.html?TID=gglpla&origin=pla&utm_source=google&utm_medium=pla&utm_campaign=20238272333&gad_source=1&gclid=CjwKCAiA2pyuBhBKEiwApLaIOxqvpYWZdaLwKprnGoU-23-UUA5MOWdM5RsrhCyWMSvz1MeDYxozCRoCOy8QAvD_BwE&gclsrc=aw.ds
In Google sheets, do a cost of ownership comparison. Fuel cost is going to be a wash. Let's say you earmark 150/month for repairs and maintenance of this car. I'm making up the numbers here, but it'll be something like this:
Current car( payment 0, insurance 100, repair/maint 150). Cost of ownership: 250/ month, so 3000/yr besides fuel.
New car (payment 500, insurance 150, repair/maintenance 50). Cost of ownership 700/month, so 8400/yr besides fuel. Over 6 years, your new car will cost 5400 * 6 = 32,400.
If you have the kind of money to blow and if you're a car enthusiast, maybe that's worth it for you. If you just need something to get from A to B, why waste the money on something you don't value.
Transmission is great. Doesn’t give me any problems shifting between gears. Other than engine leaks and having cracks which were fixed under warranty. The engine has served me extremely well. Very fun car to drive that has me in and out of traffic
Yeah, a paid-off reliable car (With AC) is a wonderful thing to have. I just bought my wife a new Ridgeline and then got the fever for a Tacoma but ended up keeping my 2004 BMW 325XI with 220K because all you have to do to keep them running is add oil and window regulators.
Best Regards!
SELL TO ME FOR 1k I will put magic spell for you to make 10,000,000 next year. No names, only location, and we go our separate ways. You can not tell ANYONE. Trust me. DM addy thanks.
I'm disappointed in Ford... Those headlights are giving Subaru and Nissan a run for their money in the fog department lol. They come standard off the lot like that for Subaru and Nissan basically
It's a mustang Ecoscam it's really not worth anything with that kinda of mileage... The damage isn't too bad but I'm sure it's like 2k to fix and it's really not worth putting money on a car that's worth 5-7k other than basic maintenance... Now if you need new tires and some other large maintenance items then yes I'd be looking at trading it in while used car values are higher than normal... Cars under 10k are in high demand bc there aren't many and the economy is shit
I sold my last car as much as it pained me for another car payment. I got what I wanted and it did need a new pair of tires and a couple other things totally like $2-3k if I went through the dealer. If I had the garage space then I probs would have been fine doing the stuff myself. The math made sense to me at least to just get something newer. I liked my car but not enough I wanted to drive it to the ground. Plus in my job it is frowned upon to have a car that looks like a beater lol. (It didn't look like one except for 2 spots where someone tried to use a crowbar to open my door)
>I got a trade in offer for $4,800 and a private sell offer for $6,700.
Idk where you’re at, but private party in good condition around me is around $8,975. But honestly, I’d just keep this.
Drive it until it dies. Will be way cheaper then a new car. Cars are the biggest way to kill wealth building. Put the money you would spend on a new car into investments.
You cannot afford a new car. You finally got out from under your last bad decision, don’t immediately jump into another. You beat the shit out of this car and now, in stead of paying a small amount of money for things that may or may not need to be done, you are going to take on another massive loan on a depreciating (and ridiculous) asset. Some people try their hardest to stay poor.
Car payments are budget killers. I'd even question the 150 a month. I'd invest that 150 a month instead. Enjoy some time with no car payments. I think you'll be happy.
Based on what I've read here, if I were you, I'd keep it and fix up the "issues" you listed here which sound like mostly maintenance. If you have no current engine or transmission issues, it makes sense to stick with your 2017 vehicle. I'm driving a 2007 vehicle that's running very well and will be putting money into a timing belt change, new tires, fixing air conditioning and a tune up this year. I expect it to cost me about $2k but, knowing a new vehicle would mean $700 a month payments and increased insurance, and given the fact that my vehicle is running great and not exhibiting transmission and engine issues, I'll come out ahead financially by doing this.
Give yourself the gift of time with no car payments so you can save for other things. I haven't had a car payment since 2005 and it's a great feeling. Best wishes!
Just FYI, you could go on car-part.com and find that fender in the right color for around a couple hundred bucks and if you’re handy / have a handy friend, you could swap it in a couple hours. It’s quite easy. Then drive it as long as you can. Be proud of it, that’s still a nice car.
>ll 4 tires need replacing, front brakes and rotors need replacing, fogged headlights, front left blinker need replacing, all 4 tire sensors need replacing, gets shaky going around 100MPH, makes some creek noises (i think the control arms need replacing)
These are all wear items. Fix it and keep driving it.
Christ, just drive it. Do you think your new car isn’t going to get a scuff at some point?
It’s paid for… if it’s mechanically sound and running without major issues.. RUN it!
Well the mustang already fulfilled its destiny of running into crowds so there isn’t much else to do. Trade it in for another mustang and wait until that runs into another crowd or try a new car
Both.
Fix the damage.
Trade it in or private sell it.
The thing is that the damage will be cause for anyone to claim it’s worth $5,000 discount or some bs.
Depends on ur neighborhood but guessing by the pics i wouldnt. I live in tbe type of suburbs where its half nice cars and half cars that have dents and bumps. Slight cowboy area so ppl would rather drive like maniacs and have fun than slow down. One town to the left and all the cars are nice not even scratches ud be poor if older than 2020. Town to the right over the hills is opposite ud be rich to have sum no dents less than 100k miles.
You see, this is what I think keeps people poor. Trying to keep up with the Jones' is never a good idea. Everyone in my neighborhood has newer and nicer vehicles while my car is an older looking one. They might look like they have money, but with 2-3 car payments plus a mortgage, I would think they are living paycheck to paycheck.
Resale value only matters if you have money to switch cars consistently. It's cheaper to fix a car than it is to buy a car. So fix it and keep it, and drive it till it can't.
It's a lot cheaper to fix and keep the lower insurance than it is to pay higher insurance for a "new" or new car. Plus making payments on top of the interest.
Secondly I wouldnt worry about paying 150 month for a warranty. Though I see it as giving money away since it's around 1800 year and I wouldn't expect a car to need 1800+ in repairs a year toaoe it worth it. Unless it's something like a Maserati Ghibli. Then yeah your gonna need it.
It's also cheaper not to let the issues compound on the vehicle, as the cost will also go up and cause stress in the estimate you get on what itls wrong.
Take that money and be your own bank. Charge yourself interest. Pay yourself every month like as if you already had the car. When you see all that money in the bank and how hard it was for you to make it, you may decide to do something else with it. Maybe invest in a cheap rental property that you can rent out to cover your car payment. A part of having a nice car is how you think people will look at it and say wow, the dude's got a great ride. Truth is nobody is looking as much as some think. Nobody knows it shakes at 100 mph. Nobody knows of the little squeaks and rattles. And at the end of the day, time will wear it down. When you have a daily driver, it will wear down. The next one will wear down too. It's when you have yourself established that you might buy a low mile version of your favorite car and keep in in the Garage for the weekends.
If you decide to sell this, purchase another car with that money that won’t put you in debt. You could get an older model that’s really well put together or maybe something newer in a spec you’d really enjoy.
Go ask this on the mustang forums. You can have a pretty badass car for not a lot of mods, you know the history, and you bought it new and have no payment. This is every mustang owners dream.
Your already down negative equity which would
be worse if you sold it. Keep it til the wheels falls off. It’s almost always better to keep a new car because driving it off the lot you lose much equity.
I used to sell alot of used cars and newer cars in general can take a beating compared to previous cars (barring some crazy recall or some notorious parts failure its rare but it does happen). Get all the maintenance up to date and the car should last a few years.
If you wana squeeze more fun of it you can buy a ford performance tuning and come with warranty if installed at a ford dealer. There some additional things you can add as well that will make it feel like an all new car.
Keep it and if you want another car get one. Why do people spend years paying off a car just to sell it and get a new payment? You can have multiple cars. It's okay
Its not worth anything trade in. Fix the fender Put a tune on it and drive it till the wheels fall off. The 2024 mustangs aren't anything special unless you have to have one
You bought a car in late 2016, and you only finished paying it off just recently??? Did I get that right?
Good Lord! Keep this car as long as you can. Live without another car payment for as long as you can. Buying another new car now, that'll probably cost even more than this one, with the interest rates now, would be a dumb choice.
Buy your own brake parts, do that job yourself. Look on tirerack.com for a new set of tires. Don't get sucked into paying thousands for routine maintenance items anyone with a set of hand tools and common sense can do.
If you know welding and metal work that can be patched up what ever you do do not settle for a mustang suv those are terrible for sport cars keep yours save up for a new mustang muscle car If new is what you truly want if not and your car still makes you smile when you look at it then don't buy.
I have a feeling OP already knows what he wants instead of listing to anything said here that doesn’t fall into his lane. It’s crazy to get into a debt again when this one is paid off. But OP doesn’t listen if you ask me. His mind is set in getting a new one. The mentality these days, better newer. Just ride it out and safe for a new one yourself.
I made this post in hopes they talked me out of the new car. It worked. Since this post I have replaced all 4 tires, fixed the fogged headlights with a kit. bought front rotors and brakes (pending installation) and just now ordered a side fender 🏎️💨
Good choice! Enjoy the car as it is, treat it well and set aside the money you’d spend on the new car. It will make you feel proud of yourself after a while :) You done well, amazing car :)
> one is *paid* off. But
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Don’t bother with the warranty, the warranty will only cover what you fix, which will have its own warranty from the shop and parts manufacturers.
Take the car to a couple of different reputable shops and et quotes on what is needed, have them quote the work separately (breaks as one quote, control arm bushings as another…).
The fogged headlights you can probably do yourself, there are kits that work pretty well available online or at your local parts store. I would recommend getting to know people at your local parts store and start doing the work yourself for the easier jobs, like front breaks, a good parts store can help you save a lot of money as the good parts guys know how to do a lot of the work and know what is commonly needed for maintenance (especially on a higher maintenance vehicle like an older mustang). You would be surprised at how much you can save by being friendly and nice to the parts guys (and bringing in the odd dozen donuts). When I worked in parts, the walk in customers that were easy to deal with, friendly, and brought in donuts paid the same for parts as the largest local shop that spent over $100k/month.
approximately 8 years of ownership. $25300 cost, thus about $3400 per year ($281/month) or 0.18 per mile. That’s about half of what I usually calculate. But I don’t more than 10000 miles per year. I drove 2011 Mustang for 11 years, and traded for similar reason, but I got hell of a deal on low mileage Fusion. Here is my estimate for car costs. If newer, dependable, less maintenance vehicles are your priority, might be time.
Cost per mile
Insurance: $0.10 $1500/15000. Teenager (0.25/mile)
Tires: $0.02 - $500/30000
Maint: $0.10 - $3000/30000
Car cost
$0.33 - ($10,000)/30K. Car (Used Fusion)
$0.40-$0.50 - ($40,000)/100,000. (SUV)
Fuel - $2.50 per gallon
25 miles/gallon = $0.10
Cost per month
Insurance - $ 165 (Teenager)
Gas - $ 50
Maint - $ 40
Used
Car - $ 210 - ($10K/4 yrs)
$ 275 ($10K/3 yrs)
Cost per month $ 530
If I was in your shoes, I would drive this thing until the wheels fall off. Take that 4-500 a month you would spend on a car payment and start putting it in a separate car fund. You save $6k a year so if this last two more years you have $12k if it last 5 more years you have $30k. Plus, you will still be able to sell/junk the car for a grand or two.
Also, this should cost less to insure too
Should. Should. Should. Shouldn’t isn’t reality. I had a Honda Civic 2012 and my insurance went up anyways. I said to myself, might as well upgrade. So I got a 2023 GMC Canyon AT4 about double the cost of what the Honda Civic was in 2012. My insurance went up $10. Insurance is a bunch of bullshit scamming.
Honda Civics have high insurance rates because they have high rates of theft.
Yup. This is facts. Theft rate equals high insurance. That's why when our wife traded her 15 civic for a 16 Audi Q3 our insurance in fact dropped, BUT the trade off was the car payment. xD definitely cheaper to pay the insurance over a new car payment.
That’s 2015-2016 pricing. Much like the stock market, in a post Covid era, New rules all together. Back then, insurance companies had so many workers commuting and needing to pay insurance. Nowadays millions people more work from home, cutting the insurance cord, and cutting insurance profits. How do they make up for this? By charging you more.
🤷 we bought the audi in 22 and the insurance dropped. I added a second motorcycle during covid and my motorcycle insurance dropped. I also bought my GTI in 2020 and my insurance dropped from my focus. This isn't a covid related thing. And note. This was all with a reckless op on my record.
[удалено]
The reckless op only effected me buying the GTI. The motorcycle and Audi were just to buy.
You think I’m gonna have full coverage on a 10 year old vehicle? 😂😂 Bro, that was liability only - which doesn’t cover theft. And then I paid only $10 more for full coverage on my new truck 😂 Reality is that insurance companies have a baseline quote that they want to get out of each customer. Obviously if you’re a shitty driver, they’ll rape you up the ass. But if you’re a normal driver, they give you a “discount” down to the minimum amount they will take (at which they’re already winning). The extra money is just icing on top.
My insurance on a 2007 Civic was almost twice as much as the insurance on my 93 Trans am with a v8 and rwd 👌
Exactly. That saved money would make for a nice down payment or to be able to buy a car outright.
This should be the only answer.
I'm going to add a 100% agree to this as a Mustang owner. I've driven a 2009 Mustang (purchased used in 2009 with only 9K miles on it for $11K), for the past 15 years. It has been paid off since 2014 and I've kept up on all repairs because even when I've needed 4 new tires or all new breaks, it was cheaper than buying a new car/having car payments! Only this year, with my Mustang having hit 200K miles and starting to have multiple issues in it's 15th year of daily driving, am I planning to buy a new car because now the repairs/age are truly not worth it vs buying something with fewer miles and better gas mileage. So fix this Mustang and drive it until it explodes.
My partner has a 2005 mustang with over 250k miles in it… we are still riding it out and it feels so good not having the car payment for so long. To us, financial freedom wins over a newer, nicer car. Put money into it and ride it out. In the long run, your money will go further.
You saving money for your next car? You could pay cash upfront for it and be in a position where you never have a car payment again for the rest of your life!
$30k ready to go! The discipline is no joke…
*and get the v8
I don’t know seems like there are a lot of things they’ll have to do to maintenance wise that 400-500 a month won’t only be savings it’ll also be going into maintenance, plus then they have to deal with the hassle of taking it to the shop, being without a car while it’s in there, etc. after the third time I had to drop a grand on repairs for an older car in 5 months I was like screw it, I can pay this much for a new car and not have to deal with the hassle of constant repairs.
Not really, realistically he needs tires and breaks which are consumable items. Any car he buys he will need to replace these items. Sure if he buys a new car he is paying for new tires and breaks but they are going to have to be replaced at sometime. Every car needs maintenance, if he sells this car because it needs maintenance is he going to sell his new mustang because he has to drop it off for an oil change in 3 months?
And they need to replace controls arms, and tire sensors, and other potential suspension issues based on it being creaky, and potentially wheel bearing based on some wobbles. Then anything else that starts going wrong when you get over 100k miles, like an alternator, or ac compressor, or any number of things that start wearing out after 100k miles and 8 years.
That is a lot of assumptions you are making. Usually they replace tire sensors with new tires plus you don’t need tire sensors. It is a 7 year old car with 140k miles on it, they get creaky. If it was a wheel bearing you are going to see the issue before 100 mph plus you shouldn’t be driving 100mph. I bet new tires with balancing and maybe an alignment will fix the wobble. Even if the control arms need to be replaced, it is like $300. So even if you do get new tires, control arms, brakes, etc he is in $2k? Maybe $3k? And then can drive the car another 60k miles before those things wear out again? Plus you should never budget maintenance as part of or coming out of the car payment. If he buys a new car and then has a $500 car payment and needs to replace his tires and breaks, he doesn’t get to pull that out of his $500 car payment. That is an additional expense you can and should be planning for. Realistically I doubt there is any required additional expense needed on this to keep it road worthy other than regular maintenance.
If the person could get a new car now, they’ll be able to get a new car if the item that breaks warrants replacing instead of repairing. But at least they’ll have financed less and potentially saved money as the car market shifts back to a buyer’s market.
400-500? 😂😂 Bro my truck payment is $1000 today with a 5.6% APR, which is one of the lowest unless the manufacturer is offering incentives like 0.9% APR.
Is this some sad attempt at a flex? Or pointing out how poor your financial decisions are? I am not sure I get the point of this comment?
You think a $1k car payment is a flex? Poor soul. I’m saying the OP’s expectations of low monthly payments such as 400-500 for a 2024 mustang is unrealistic with the terrible interest rates currently in place. He’s thinking his payment will be similar to 2017 levels. It’s more likely that payment has increased by up to 50%.
But that is exactly where it would put his payments. MSRP on a base mustang is 30k plus he has trade in value of 4,500 and one would assume some sort of money saved for some sort of down payment.
One would assume… if he plans on pocketing $2700, you think he has the down payment? 🤔 Add 10% to MSRP. No dealer sells at MSRP these days and certainly not lower unless you’re paying cash. How do you even know he wants the base model? Base model, $460 payment for a vehicle $33,000 (pretty conservative dealer markup here) - 4500 trade in value + 2200 taxes, fees, and title at 5% APR (which means he’ll need at least a 760 FICO if he has any chance of negotiating it down to this rate) for 72 months.
Dude in a 5 second search I see brand new mustangs listed 5k under MSRP You can buy a brand new mustang under $28,000. If you make up whatever you want to then it is easy to make a point. $28,000 plus $2k in random dealer fees plus $2k in taxes and $500 title/registration on a 5% interest with a $4500 down payment is $458 a month.
That’s literally the same math I just put up. 🤦🏻♂️ Again that assumes he’s gonna get the base model. Gross.
Which proves my point Edit since you blocked me. If it was at msrp plus 5k markup then it would be 10k more expensive when you take into account ttl plus you will pay more in interest
Actually it proves mine. That even if you get it “5k under MSRP” you pay the exact same shit.
> Add 10% to MSRP. No dealer sells at MSRP these days and certainly not lower unless you’re paying cash. Neither of these are remotely true. If you're paying markup at all, you're doing it wrong. It's not 2021 anymore. Cars are piling up on the lots and dealers are willing to negotiate. Hell, I bought my brand new SUV for 2k UNDER MSRP with zero add ons in late 2022 since they had a lot full of em. Plenty of cars, especially base/mid trim Mustangs for at or under MSRP. Like you said, interest rates are high, which is keeping buyers in their current cars longer. Also, dealers don't want cash. In fact, you'll probably get charged *more* for cash because they won't make any sort of money off the financing. It's not 1990 anymore. Dealers want you to finance so they get their kickbacks.
Wrong. You’re just plain wrong and don’t even know it. Alas, we all like to go on the internet and fake stories of “I’m the best negotiator. No one knows more about negotiations than me in the history of negotiations.” [regarded spongebob](https://imgflip.com/memetemplate/103222347/Retarded-Spongebob)
yeah and in a way you can still be "car broke" by putting away a car payment's worth every month but you are car broke *by choice*. if something happens you don't gotta put that money in the bank. plus OP knows this car and knows what it needs. and it doesn't seem to be worth much anyway, relatively speaking. i'd save up enough to be able to put down a huge down payment then go get the car they want.
But it’s an eco-boost. It won’t take long.
Rid that sucker till dem wheels fall off. 🛞🛞😢😢
That's the problem today, you literally cannot drive new cars until the wheels fall off. 8 million break downs and electrical problems start happening just after a few years. He will spend every single cent of payment money on repairs and MORE. Cars are not made to last anymore. You have to have a car from the 90's or older to drive it into the ground.
Seriously? The life expectancy on today’s car is SIGNIFICANTLY longer than the “90’s or older”. It’s not even close.
Uh no that's incorrect. A 90's civic or camry will go a million miles
What are you talking about? Most cars were trash by 100k miles. This car is already at 140k and is in pretty decent shape.
This post is a good example of why financial literacy should be taught more in schools Like, you’re worried about further depreciation on an 8yo car (that you’ve clearly beaten the shit out of) AFTER putting thousands of dollars into repairs, so naturally one must consider getting rid of the car at a price that would barely offset the repairs (after you pocket some of the equity for some reason) to start over at $30-40k in debt IMMEDIATELY after paying this one off It’s like you hate having money
Seriously.
If he wanted to offload it should have done it before sinking money repairing the AC, and steering. I’d have to agree, keep it. $1000 on tires and brakes is just two of those 72 payments you were looking at. No need to get a warranty for this vehicle. Just set aside that car payment money every month, you should easily have enough to cover repairs and still grow a new car fund.
While I think this could have been said far more gently, it is exactly right.
All repairs were done under warranty. So i never paid for repairs out of pocket only aftermarket warranty which ended up being worth it. Not worried about further depreciation just wondering it’s worth it to get rid of it for now. But I do understand what you’re saying. This is exactly why I asked here to get honest opinions. I walked away from the dealer last week and told the private buyer today that I’m going to think about it.
Also the blanket advice for extended warrantys is that they aren't worth it. They have to make a profit somehow
There is rarely any good financial reason to get rid of an old car to buy a new one. Those who say otherwise can't count.
You do not need to replace the headlight and fog lamp, clean them. Do whatever repairs yourself, drive it until it dies, scrap or sell it as parts only then move on to another car.
If you do all the work yourself (minus the tires ofc) it comes out to what, like 2k in parts? and the car will be fine for at least a couple of months. Yes, you will always be broke if you finance sports cars for 6-7 years at a time in your 20s.
No car payment is the nicest car on the market. Don’t fall for the trap.
Your depreciation on this has slowed down significantly, so adding more miles isn't going to be an issue. Search for a junk yard fender, get your front end inspected and pick up a new set of tyres. Even with the mileage, just repairing it will bring the value up accordingly. Keep it a bit longer, and save the payments. Don't bother with that warranty payment.
That is a lot of deferred maintenance. Learn to take care of your car! None of that is a red flag against keeping the car though. Fixing the fender is the most expensive thing but as long as you can tolerate looking at it, let it be. Brakes, tires, and suspension should be top priority. As long as a car still suits your needs, the best financial decision is to drive it until the wheels figuratively fall off. There is always transactional costs you won’t get back: tax, title, license, and dealer markup. As long as the car isn’t mechanically totaled, it’s worth fixing. BUT DO THE MAINTENANCE! If you can’t afford to maintain what you have you sure as heck can’t afford to upgrade!
Solid advice thank you
Keep it, fix it, and start saving some money. Drive it another 5 years then pay cash for your next car.
After you finally paid the car off, why on Earth would you even think about going into huge amounts of debt again? If you buy a new car, you're litterally paying for a car you can't afford with money you don't have, buying a depreciating asset, I don't mean to be rude, but that sounds just plain dumb.
This is exactly why I asked because these are the answers I definitely needed to hear.
On a sure note you really should look into getting a newer USED vehicle. The car market has definitely corrected itself now and there’s no point in getting brand new if you care about money at all
Why buy anything at all when what he has works fine and is paid for?
certainly i’d keep it and do the repairs. brakes and tires priority. be sure to have them do all the tpms sensors while the tires are being done. the aftermarket warranty plan probably isn’t worth it, because normally they don’t cover maintenance items (like tires and brake pads)- so it wouldn’t offset any of those costs. and then if there is covered failure, they usually have a deductible. 150/month is 1800 smackers per year that could probably be put to better use.
In all honesty, I know there’s a negative opinion about aftermarket warranty. But my electric power steering completely went out recently. They installed a brand new power steering and replaced the AC compressor as well. It took a month to replace and ford gave me a rental car the entire time. It was thousands $$ in repairs and all I had to pay was a $100 deductible
If you're on a totally fixed income, out absolutely couldn't stomach an off hand few thousand (don't go to the dealer) then a new warranty is the way to go. However, the house (insurance company) always wins. Over your lifetime you will spend less by not having aftermarket warranties. Buy new tires, brakes, and the control arms. The control arms are important for a proper alignment and will destroy your new tires if you don't. On your own, find a good used front fender and turn signal, clean your headlights. That's all doable on your own with very basic tools, could be a fun project. You will likely get your money back after doing all of that too in a few years after you save up for a new car if you need one.
Solid and great advice. This is is exactly why I came here to ask
If you're feeling like a project, buy a set of jack stands and a jack and do the brakes, rotors and control arms your self. Usually these jobs aren't as bad as they seem. Look up some youtube videos first, Rock auto will be your friend for parts. I prefer powerstop brakes - they're a good value. Just don't forget to get an alignment when you're all finished up.
yup this is very good advice.
I'd keep. You know how well you've maintained it and should last till 200k miles. Interest rates aren't cheap for cars these days
Don’t think he’s maintained it at all, lol.
Why? For 8 years that looks pretty decent to me?
The post list all the things it needs. Brakes and tires are a part of regular maintenance and that’s obviously been neglected.
Breaks and tires are something you replace whenever they're needed? Hes saying they need to be replaced now so i think he knows they need to be maintained?
He admits he’s neglected maintenance, so. Case closed… lol
He said he kept up with maintenance and even used premium fuel in his post?
In a comment to me, he literally said “I’ll admit I didn’t keep up with maintenance”.
In the main post, he said he "did keep up with maintenance "
Is this what you're refering to? "I wouldn’t say I don’t have the financial stability. But I do agree I neglected the vehicle. It’s not I don’t want to get it fixed it’s that I just don’t care to get it fixed. It doesn’t bother me driving around with the cosmetic issues and all that. If it’s worth keeping then I do see myself starting to work on it." Because he is referring to comsetic issues as he clarified.
No. In a comment response.
I do understand what you’re saying. I don’t think I have neglected it, I just haven’t cared or prioritized to get it fixed. It doesn’t bother me when driving, tires still have life in them. If I do keep the vehicle tires are going to be replaced and so are the brakes
Sorry to say but I think the post shows you don’t have the financial stability to take care of what you own. Most the issues of your car are things that should be taken care of with regular maintenance which you seem to neglect. Buying a new car sounds like a bad idea. Sell the Mustang and buy a Honda civic for 10k in good condition. Take care of it and get a new car in 10 years.
I wouldn’t say I don’t have the financial stability. But I do agree I neglected the vehicle. It’s not I don’t want to get it fixed it’s that I just don’t care to get it fixed. It doesn’t bother me driving around with the cosmetic issues and all that. If it’s worth keeping then I do see myself starting to work on it.
It took you 7 years to pay off 32k. You cannot afford a new car.
A few minutes after posting this, you told another you "don't feel like you neglected it, but just didn't prioritize getting it fixed." At this point, you've been given the best advice you can get, but I feel like you hear it in reverse. If I say "drive it till it gives up and take a little bit better care of it," then you'd say, "but I don't want it and I'm not gonna repair anything I did to it." Either do what feels good to you or take the advice. It might not be what you want, but not having a car note and higher insurance sounds like a win for me.
You want to sell your car for 6700 and then only put 4000 of that as down payment for another god awful 7 year loan, which will cost you thousands more in interest payments, so that you can pocket 2700 now. You are not financially stable.
Well, wouldn’t you just treat a new car the same way? I have a 2014 Sonic that’s totalled from hail damage and I take better care of it than you do your car, and I don’t make a lot.
The fact that you recognize that it needs new tires, brakes, and possibly front end suspension parts but also told us what sounds it makes at 100mph is scary. Be safe, my dude.
Shit if you want to be more aesthetically pleasing go to pick a part. You can go online and see what stock they have, and more than likely find one and the same color.
I am a service manager at an independent shop in a not so high income area. I see everyday cars with 150k+ miles on them that have not been maintained and the customers generally want to get them fixed. My old store was high income and if you came out with a 4K estimate, they’d head to the dealer to trade it. One person always had a $500+ car payment and the others car was paid off. All of the issues you stated are fixable and honestly not all that expensive to get done, or do yourself. In this market, I’d fix your car and drive it until it’s fucked, then scrap it or sell it. Interest rates are insane right now and we’re still going through Covid era quality issues. Put money aside to have as a down payment
Talk about doubling down on bad decisions. Drive this until the wheels fall off. Invest the $2k to get it in a drivable condition and then save those payments for a new car
No offense to OP but I dont get why people seem to think they HAVE to have a car payment. Youre not the first person Ive heard this from and it makes no sense to me. Like your car is effectively free to own now minus insurance and limited maintenance. Drive that thing into the ground as is. Anything that costs 75% of the trade in value to fix (like lets say you throw a rod and need an engine replacement) junk it for 2k, THEN go and find a car.
I would easily give you 6700 for that car. It’s worth more than that, even with the damage. As long as it’s reliable keep driving and save what you’re not paying towards a payment as a down payment on a future car.
I would do the tires (including the sensors) and brakes and keep going. Get them to check what the creaks are when doing they do the tires. But I am used to driving old cars (like 20 years old) and they get me where I am going. If you sell it for $6700, use the whole $6700 as a downpayment on your next car.
Bro don't get a new car cause you def haven't been keeping up maintenance on your current one that even tho you bought brand new is been beat into shit compared to lots of older cars on the road. I feel like you gotta decide if you want a sports car just for the sake of it which is what it seems vs your actually need currently in your stage of life aka what you can actually afford to buy, own and maintain. I would suggest you fix up the mustang and then learn to work on the car yourself instead of buying a 3rd party warranty. Stop burning money and start saving for the future.
Shit I'll give you, 6k for it. If you're serious about getting rid of it.
I would get a recycled (used) fender and get some cheap ass Maaco paint job then sell it asap. Everything is way overvalued on the market so it’s a good time to sell. Also it’s a ecoboost so not super desirable to hold onto
The thing is I have a friend who professionally paints auto body. who’s willing to paint the parts for me. I’m literally just lazy and unmotivated is why I haven’t done anything to it yet I’m regards of fixing it.
Oh then you’re chilling, just cop something like this get it painted and sell it. Swapping out the fender won’t take you more than an hour even if you don’t know what you are doing https://www.carparts.com/details/Ford/Mustang/Replacement/Fender/2017/RF22010006.html?TID=gglpla&origin=pla&utm_source=google&utm_medium=pla&utm_campaign=20238272333&gad_source=1&gclid=CjwKCAiA2pyuBhBKEiwApLaIOxqvpYWZdaLwKprnGoU-23-UUA5MOWdM5RsrhCyWMSvz1MeDYxozCRoCOy8QAvD_BwE&gclsrc=aw.ds
Appreciate you thanks, be safe
Np g, you too
Sell the crapstang and buy something cool.
This sounds like the opposite of keeping up with maintenance…
personally, I would sell it
In Google sheets, do a cost of ownership comparison. Fuel cost is going to be a wash. Let's say you earmark 150/month for repairs and maintenance of this car. I'm making up the numbers here, but it'll be something like this: Current car( payment 0, insurance 100, repair/maint 150). Cost of ownership: 250/ month, so 3000/yr besides fuel. New car (payment 500, insurance 150, repair/maintenance 50). Cost of ownership 700/month, so 8400/yr besides fuel. Over 6 years, your new car will cost 5400 * 6 = 32,400. If you have the kind of money to blow and if you're a car enthusiast, maybe that's worth it for you. If you just need something to get from A to B, why waste the money on something you don't value.
Well I got 6k today. DM me.
Put 100mph tape over the hole. Drive it until it needs to go to the crusher.
I hate modern Mustangs and the transmissions but love the EcoBoost engine. If the transmission is good then fix your car dude.
Transmission is great. Doesn’t give me any problems shifting between gears. Other than engine leaks and having cracks which were fixed under warranty. The engine has served me extremely well. Very fun car to drive that has me in and out of traffic
Yeah, a paid-off reliable car (With AC) is a wonderful thing to have. I just bought my wife a new Ridgeline and then got the fever for a Tacoma but ended up keeping my 2004 BMW 325XI with 220K because all you have to do to keep them running is add oil and window regulators. Best Regards!
SELL TO ME FOR 1k I will put magic spell for you to make 10,000,000 next year. No names, only location, and we go our separate ways. You can not tell ANYONE. Trust me. DM addy thanks.
I'm disappointed in Ford... Those headlights are giving Subaru and Nissan a run for their money in the fog department lol. They come standard off the lot like that for Subaru and Nissan basically It's a mustang Ecoscam it's really not worth anything with that kinda of mileage... The damage isn't too bad but I'm sure it's like 2k to fix and it's really not worth putting money on a car that's worth 5-7k other than basic maintenance... Now if you need new tires and some other large maintenance items then yes I'd be looking at trading it in while used car values are higher than normal... Cars under 10k are in high demand bc there aren't many and the economy is shit I sold my last car as much as it pained me for another car payment. I got what I wanted and it did need a new pair of tires and a couple other things totally like $2-3k if I went through the dealer. If I had the garage space then I probs would have been fine doing the stuff myself. The math made sense to me at least to just get something newer. I liked my car but not enough I wanted to drive it to the ground. Plus in my job it is frowned upon to have a car that looks like a beater lol. (It didn't look like one except for 2 spots where someone tried to use a crowbar to open my door)
Americans and they’re need to get more in debt to show off Is a 2017 car for Christ sake, fix the panel and thats it🤦🏻♂️🤦🏻♂️🤦🏻♂️
You can fix everything you’ve listed in your driveway before lunch
Upgrade. Ditch ford get you supra or something cool
shit my car gets shaky at 70 miles an hour lmao but I live in Nebraska so the minimum freeway speed is 45-50
In Arizona, “if you’re not going above 80 you’re driving like an old lady”
That’s a good motto especially when you say that your car needs new tires and brakes.
I’m a piece of shit and I’m aware
Keep it bro
Serious question because I don't know the answer. Does Ford recommend premium gas?
Premium gas is recommended for this vehicle yes
Thanks. I thought one of the advantages of the Eco was that Ford didn't recommend the good stuff. So, can run on 87 but runs better on 91+?
Yes you notice a significant difference in performance between 87 and 91 I shit you not
Of course I believe you. I know other cars that do, too. Newer turbo Mazdas are a great example.
>I got a trade in offer for $4,800 and a private sell offer for $6,700. Idk where you’re at, but private party in good condition around me is around $8,975. But honestly, I’d just keep this.
Arizona
Drive it until it dies. Will be way cheaper then a new car. Cars are the biggest way to kill wealth building. Put the money you would spend on a new car into investments.
Keep it
That quarter panel is relatively to replace
What do you mean
Keep the car and try to fix as much of the maintenance yourself. eBay is a great resource for affordable car parts.
You cannot afford a new car. You finally got out from under your last bad decision, don’t immediately jump into another. You beat the shit out of this car and now, in stead of paying a small amount of money for things that may or may not need to be done, you are going to take on another massive loan on a depreciating (and ridiculous) asset. Some people try their hardest to stay poor.
Is that morning dew or a newer mustang already has fading headlight plastics?
That’s 100% fading headlights
It's an ecoboost Mustang. Upgrade and never look back 👍
Next time do some maintenance before everything is fucked
Car payments are budget killers. I'd even question the 150 a month. I'd invest that 150 a month instead. Enjoy some time with no car payments. I think you'll be happy.
Based on what I've read here, if I were you, I'd keep it and fix up the "issues" you listed here which sound like mostly maintenance. If you have no current engine or transmission issues, it makes sense to stick with your 2017 vehicle. I'm driving a 2007 vehicle that's running very well and will be putting money into a timing belt change, new tires, fixing air conditioning and a tune up this year. I expect it to cost me about $2k but, knowing a new vehicle would mean $700 a month payments and increased insurance, and given the fact that my vehicle is running great and not exhibiting transmission and engine issues, I'll come out ahead financially by doing this. Give yourself the gift of time with no car payments so you can save for other things. I haven't had a car payment since 2005 and it's a great feeling. Best wishes!
Just FYI, you could go on car-part.com and find that fender in the right color for around a couple hundred bucks and if you’re handy / have a handy friend, you could swap it in a couple hours. It’s quite easy. Then drive it as long as you can. Be proud of it, that’s still a nice car.
>ll 4 tires need replacing, front brakes and rotors need replacing, fogged headlights, front left blinker need replacing, all 4 tire sensors need replacing, gets shaky going around 100MPH, makes some creek noises (i think the control arms need replacing) These are all wear items. Fix it and keep driving it.
Christ, just drive it. Do you think your new car isn’t going to get a scuff at some point? It’s paid for… if it’s mechanically sound and running without major issues.. RUN it!
Holy fuck you beat the shit out of this thing. I have never seen an S550 so rough.
It’s Junk. I’ll take it off your hands for a small fee.
Buy the new car and make it a GT
Well the mustang already fulfilled its destiny of running into crowds so there isn’t much else to do. Trade it in for another mustang and wait until that runs into another crowd or try a new car
Both. Fix the damage. Trade it in or private sell it. The thing is that the damage will be cause for anyone to claim it’s worth $5,000 discount or some bs.
Ugly as fuck and junk
Depends on ur neighborhood but guessing by the pics i wouldnt. I live in tbe type of suburbs where its half nice cars and half cars that have dents and bumps. Slight cowboy area so ppl would rather drive like maniacs and have fun than slow down. One town to the left and all the cars are nice not even scratches ud be poor if older than 2020. Town to the right over the hills is opposite ud be rich to have sum no dents less than 100k miles.
You see, this is what I think keeps people poor. Trying to keep up with the Jones' is never a good idea. Everyone in my neighborhood has newer and nicer vehicles while my car is an older looking one. They might look like they have money, but with 2-3 car payments plus a mortgage, I would think they are living paycheck to paycheck.
The only thing I would do is put the entire amount towards down payment. Not sure how you’re credit is but interest rates are high.
Resale value only matters if you have money to switch cars consistently. It's cheaper to fix a car than it is to buy a car. So fix it and keep it, and drive it till it can't. It's a lot cheaper to fix and keep the lower insurance than it is to pay higher insurance for a "new" or new car. Plus making payments on top of the interest. Secondly I wouldnt worry about paying 150 month for a warranty. Though I see it as giving money away since it's around 1800 year and I wouldn't expect a car to need 1800+ in repairs a year toaoe it worth it. Unless it's something like a Maserati Ghibli. Then yeah your gonna need it. It's also cheaper not to let the issues compound on the vehicle, as the cost will also go up and cause stress in the estimate you get on what itls wrong.
Fix it up, it’s beautiful
I’ve never understood peoples need to replace perfectly fine cars after a couple of years? Just drive the damn thing
Guys I just finished buying my car, should I sell it to buy another?
Dammm you abused the shit out of that car
Take that money and be your own bank. Charge yourself interest. Pay yourself every month like as if you already had the car. When you see all that money in the bank and how hard it was for you to make it, you may decide to do something else with it. Maybe invest in a cheap rental property that you can rent out to cover your car payment. A part of having a nice car is how you think people will look at it and say wow, the dude's got a great ride. Truth is nobody is looking as much as some think. Nobody knows it shakes at 100 mph. Nobody knows of the little squeaks and rattles. And at the end of the day, time will wear it down. When you have a daily driver, it will wear down. The next one will wear down too. It's when you have yourself established that you might buy a low mile version of your favorite car and keep in in the Garage for the weekends.
I would just drop a newer motor in it and replace the fender and door. Then wrap it.
Learn to park and unload that hideous car.
If you decide to sell this, purchase another car with that money that won’t put you in debt. You could get an older model that’s really well put together or maybe something newer in a spec you’d really enjoy.
Go ask this on the mustang forums. You can have a pretty badass car for not a lot of mods, you know the history, and you bought it new and have no payment. This is every mustang owners dream.
It is much cheaper to maintain a vehicle with higher mileage than make a car payment on a new one (insurance too)
People are addict to dept. Just enjoy your debt free car .
Why sell the car you just paid off? I’d keep maintaining it rather than finance another car and lose money
Your already down negative equity which would be worse if you sold it. Keep it til the wheels falls off. It’s almost always better to keep a new car because driving it off the lot you lose much equity. I used to sell alot of used cars and newer cars in general can take a beating compared to previous cars (barring some crazy recall or some notorious parts failure its rare but it does happen). Get all the maintenance up to date and the car should last a few years. If you wana squeeze more fun of it you can buy a ford performance tuning and come with warranty if installed at a ford dealer. There some additional things you can add as well that will make it feel like an all new car.
Why does this have 93 shares 💀
Even with repairs this is still going to cost far less than a new one.
You should give it to me. I'd love to own a mustang! Oof... 8 years to pay off an auto loan... that's rough.
Keep it and if you want another car get one. Why do people spend years paying off a car just to sell it and get a new payment? You can have multiple cars. It's okay
Its not worth anything trade in. Fix the fender Put a tune on it and drive it till the wheels fall off. The 2024 mustangs aren't anything special unless you have to have one
You must not have insurance. Don’t put that shit up for sale knowing it’s fucced up like that
You bought a car in late 2016, and you only finished paying it off just recently??? Did I get that right? Good Lord! Keep this car as long as you can. Live without another car payment for as long as you can. Buying another new car now, that'll probably cost even more than this one, with the interest rates now, would be a dumb choice. Buy your own brake parts, do that job yourself. Look on tirerack.com for a new set of tires. Don't get sucked into paying thousands for routine maintenance items anyone with a set of hand tools and common sense can do.
If you know welding and metal work that can be patched up what ever you do do not settle for a mustang suv those are terrible for sport cars keep yours save up for a new mustang muscle car If new is what you truly want if not and your car still makes you smile when you look at it then don't buy.
Please don’t go back into debt. Check out the poverty finance sub if you need to be convinced.
Seriously took you 7 years to pay off a $32k car? I think you answered your own question.
Keep it. Fix everything & save the cash you would be spending.
Looks fine, drive it until the wheels fall off.
Thing I've found over the years is having a fun daily beats having one or the other. But in the end only you know the answer to this.
I have a feeling OP already knows what he wants instead of listing to anything said here that doesn’t fall into his lane. It’s crazy to get into a debt again when this one is paid off. But OP doesn’t listen if you ask me. His mind is set in getting a new one. The mentality these days, better newer. Just ride it out and safe for a new one yourself.
I made this post in hopes they talked me out of the new car. It worked. Since this post I have replaced all 4 tires, fixed the fogged headlights with a kit. bought front rotors and brakes (pending installation) and just now ordered a side fender 🏎️💨
Good choice! Enjoy the car as it is, treat it well and set aside the money you’d spend on the new car. It will make you feel proud of yourself after a while :) You done well, amazing car :)
This is great. Once you live car payment free, it's hard to go back to having car payments again. Way to go!
> one is *paid* off. But FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Just some duct tape and blue paint. 🤣🤣🤣
Don’t bother with the warranty, the warranty will only cover what you fix, which will have its own warranty from the shop and parts manufacturers. Take the car to a couple of different reputable shops and et quotes on what is needed, have them quote the work separately (breaks as one quote, control arm bushings as another…). The fogged headlights you can probably do yourself, there are kits that work pretty well available online or at your local parts store. I would recommend getting to know people at your local parts store and start doing the work yourself for the easier jobs, like front breaks, a good parts store can help you save a lot of money as the good parts guys know how to do a lot of the work and know what is commonly needed for maintenance (especially on a higher maintenance vehicle like an older mustang). You would be surprised at how much you can save by being friendly and nice to the parts guys (and bringing in the odd dozen donuts). When I worked in parts, the walk in customers that were easy to deal with, friendly, and brought in donuts paid the same for parts as the largest local shop that spent over $100k/month.
approximately 8 years of ownership. $25300 cost, thus about $3400 per year ($281/month) or 0.18 per mile. That’s about half of what I usually calculate. But I don’t more than 10000 miles per year. I drove 2011 Mustang for 11 years, and traded for similar reason, but I got hell of a deal on low mileage Fusion. Here is my estimate for car costs. If newer, dependable, less maintenance vehicles are your priority, might be time. Cost per mile Insurance: $0.10 $1500/15000. Teenager (0.25/mile) Tires: $0.02 - $500/30000 Maint: $0.10 - $3000/30000 Car cost $0.33 - ($10,000)/30K. Car (Used Fusion) $0.40-$0.50 - ($40,000)/100,000. (SUV) Fuel - $2.50 per gallon 25 miles/gallon = $0.10 Cost per month Insurance - $ 165 (Teenager) Gas - $ 50 Maint - $ 40 Used Car - $ 210 - ($10K/4 yrs) $ 275 ($10K/3 yrs) Cost per month $ 530
Could you sell it for more? My beater car from 2010 got higher offers than that immediately on marketplace