Is this a good deal for buying a 'Stang?

[Mr 5 0]

silverv-6:

89 Cobra LX makes some good points regarding the financial aspect of the deal and he's correct; you'll end up paying $20,000. for a five-year-old Mustang, albeit one that's mint and has lower milage than the Mustang V-6 you're currently driving.

I was simply pointing out that the dealer price for the '97 GT is fair and the dealers wholesale price offer for your 2000 V-6 was also fair - you're not getting ripped off in terms of price.

Of course when you owe $13,000 - your car is worth 10,000 - and you sell it at that price - you lose $3,000. Simple math that I assume you had already figured out and that you were willing to take the financial hit to get out of your V-6.

Is that a 'good deal? Absolutely not, but if you want to do it, it's your money and you're responsible for paying off the loan. - not us.

If you've decided to pass up this deal, I would suggest you wait until you're at the financial break-even point on your 2000, then look to trade it in.

As for 89 Cobra LX's comment about the '97 4.6 convertible being slow, he's right - it is.
Still, a nice Mustang in great condition is worth considering unless you're hell-bent on having a 12-second car, then, a 5.0 coupe would be a better choice. I suspect that you're looking for a nice 'peppy' cruiser and if that's the case, a mint '97 convert is probably a good choice but considering the financial hit and the (total) $20,000. price tag, you could probably find a '01 Mustang 4.6 convertible for about the same price.

These are the various options available;

(1) Keep the V-6, pay down the loan until you're even (it's wholesale value is worth what you owe on it) then look for a later-model V-8 Mustang to buy. Might take another 18 months or so to accomplish.

(2) Trade the V-6 anyway, take the three-grand loss but look for a later-model V-8 Mustang to buy.

(3) Go with your original proposal: Trade the V-6, take the loss, buy the mint '97 'Stang and live happily ever after.