Opinions on getting a new (used) mustang

brtnstrns · Oct 3, 2011

So within the next couple of months I'll be financially able to purchase a mustang that I REALLY want. I paid 5k for my current 1999 GT with 107k miles on it (currently at 121k miles) which has faded paint and is generally stock and not necessarily my dream car. Now I could think about modding it and spending money on a paint job blah blah blah. I'm about to pick up a beater for my 100 mile round trip commute every day and would really like to ditch the GT and get a real pleasure/project car (keep in mind $5000 is not my budget).

I really would like to get an Azure Blue Mach 1 and there is one with 17k miles for $18000 on sale right now (that I feel is slipping through my fingers). Its completely bone stock except for a CAI and flowmasters. Thats essentially exactly what I would like, a fresh canvas to start with thats already beautiful.

Now as this deal might pass before I'm ready in a couple of months to make a purchase I've thought about other possibilities: spending a little less and getting a higher mileage Mach 1, or even spending a little more and looking at higher mileage 03-04 Cobras. My problem is that most of these already have been modded a bit and my first thought is that the owner probably drove them like hell so I was wondering what you guys thought about buying a used car thats already been modded somewhat substantially? And any other opinions about my possible plan.

tl;dr Is buying a higher mileage car with mods a sketchy idea?

edit: Or perhaps a 2010 GT

puma1552 · Oct 3, 2011

Why not buy a sub-40k mile '94-'98 car for sub-$10k and have a flawless minty fresh original to start with?

brtnstrns · Oct 3, 2011

I'm not a huge fan of the aero body syle

sneaky98gt · Oct 3, 2011

$18k for a clean low mileage Mach 1 is a rip off (unless it has like 200 miles on it, which it doesn't).

If you are looking to spend $18-20k, I see two ways of going about it.

Option A: Clean Mach 1 (can be had for $12-14k EASILY) and spend $5k in mods. Would make for a very nice/fast car, and the best looking Mustang ever built (in my opinion).

Option B: Semi-clean 03/04 Cobra. I've seen several lower mileage (50,000-60,000 miles) Cobras that were mostly stock for $18-19K lately. If you are patient, you could probably find one that you would be satisfied with for that price. And c'mon, it's an 03/04 Cobra. 90% of the folks on these boards dream of owning one.

txredgt · Oct 3, 2011

This> For Sale: 2003 Cobra

Or this> For Sale/Trade: 1998 Cobra w/full 03/04 Cobra Terminator swap - $12,000.

I know you said no to the aero's and I understand where you are coming from, but that 98 is one I would drive.

brtnstrns · Oct 3, 2011

sneaky98gt said:
$18k for a clean low mileage Mach 1 is a rip off (unless it has like 200 miles on it, which it doesn't).

If you are looking to spend $18-20k, I see two ways of going about it.

Option A: Clean Mach 1 (can be had for $12-14k EASILY) and spend $5k in mods. Would make for a very nice/fast car, and the best looking Mustang ever built (in my opinion).

Option B: Semi-clean 03/04 Cobra. I've seen several lower mileage (50,000-60,000 miles) Cobras that were mostly stock for $18-19K lately. If you are patient, you could probably find one that you would be satisfied with for that price. And c'mon, it's an 03/04 Cobra. 90% of the folks on these boards dream of owning one.

Well I guess I'll have to keep my eyes open because I haven't seen anything near 12-14k in the Texas area for a car anywhere near that. Most mustangs I see in that price range are mid-mileage GTs.

This> For Sale: 2003 Cobra

Or this> For Sale/Trade: 1998 Cobra w/full 03/04 Cobra Terminator swap - $12,000.

I know you said no to the aero's and I understand where you are coming from, but that 98 is one I would drive.

Looks like I should look beyond Craigslist and Autotrader. And yes I would agree that 1998 cobra is siiick

txredgt · Oct 3, 2011

brtnstrns said:
Well I guess I'll have to keep my eyes open because I haven't seen anything near 12-14k in the Texas area for a car anywhere near that. Most mustangs I see in that price range are mid-mileage GTs.

Looks like I should look beyond Craigslist and Autotrader. And yes I would agree that 1998 cobra is siiick

Most of the stuff I have seen on CL in this area has been way over priced. The only cobra was the silver one in Killeen and it has a Saleen spoiler and other pieces that doesn't add up and they want pretty much top dollar for it. The black cobra is a bit more than you had wanted to spend but I think the pictures/mods would justify that and it has been for sale for a while. And yes, that 98 with the 03 swap is sick. Lonestar is a good place I think to get a quality car, the same cannot be said about craigslist.

Stumbaugh · Oct 3, 2011

Are you willing to travel? If so, you will find better deals.

Since the 2011 5.0's have came out, the 03/04 cobra's are not holding their value like they used to. A friend of mine just bought a 1 owner 03 convertible cobra that was 100% bone stock that has less than 60k miles on it for $16,000. Another friend of mine is selling an 04 cobra with right at 100k miles, that has 6k miles on a brand new FRPP long block that is pullied and everything else for $14,000.

If you are looking for a Mach 1 (which I agree with Sneaky, they are the best looking mustangs made), get on 2003-2004 Ford Mustang Mach 1 Owner's Club & Registry Website. There are always some good deals on them on that website. Also, get on The Corral and search around in their classifieds.

puma1552 · Oct 4, 2011

Personally I wouldn't spend close to $20k on a going-on-10 year old Cobra that is just going to continue to slide in value for the next ten years.

If it were 20 years old and holding steady and heading up in value, I'd say go for it but I just can't spend that kind of money on a ten year old car that's still going to slide for the foreseeable future. Especially in the wake of the 2011+ cars--plain and simple, the 03/04 Cobra just isn't as desirable as it was prior to 2011. The 2011 is better in every way, motor included.

I agree with the OP though, MINT Machs are not had for $12k-$14k, at least not anywhere near where I live.

If I were the OP, and wanted a new edge, I guess I would get the absolute lowest mileage '02-'04 GT I could find. Cobras and Machs just aren't worth the money anymore in the wake of the '11+. Truthfully if you've got $20k, I'd look hard for a 2010 GT.

Deleted member 38176 · Oct 4, 2011

I agree with sneaky on this one, $18K is MINT 03/04 Cobra territory, not Mach 1 territory (no matter how clean it is).

Winters98GT · Oct 4, 2011

cough...cough...C5Z06...cough for that price

I would opt for a newer car if in a mustang. Love the 03-04 cobra's, but good ones are becoming harder to find. Most have been modified and run hard. With your budget, a nice stock 3v car, with a blower, tune, exhaust would be real nice.

Stumbaugh · Oct 4, 2011

Winters98GT said:
cough...cough...C5Z06...cough for that price

The man speaks the truff

brtnstrns · Oct 4, 2011

Stumbaugh said:
The man speaks the truff

Haha. That might be a possibility but I'm pretty gung-ho about Mustangs since I've pretty much had one since before I even started driving. Who knows though.

3ponyshow · Oct 4, 2011

To your original post, you can get an '01-'04 GT with few/no mods and low miles for 9-11K. For what you want to do, this is your best bet IMO. The wider you expand your search, the faster you'll find it. They're out there. I know because I have one. If I sold it tomorrow, even with its extensive mods and ridiculously low miles (10,600), would only be able to get about 13K in show room condition.

I would be willing to pay up to 14K for a Mach if it was in pristine condition, but that's about it...unless you're looking for a long term investment, which you're not. Be prepared to search longer for this if this is really the route you want to go. You have a much smaller pool to choose from and current owners know it. That guy may actually get the 17K.

A Terminator is not what you're looking for. Great cars! Not for you right now.

LarsD · Oct 4, 2011

I love Mach 1's, but TBH I'd probably spend a little more and get this:

For Sale: 2005 Sonic Blue Mustang GT Whipple 2.3

brtnstrns · Oct 4, 2011

3ponyshow said:
To your original post, you can get an '01-'04 GT with few/no mods and low miles for 9-11K. For what you want to do, this is your best bet IMO. The wider you expand your search, the faster you'll find it. They're out there. I know because I have one. If I sold it tomorrow, even with its extensive mods and ridiculously low miles (10,600), would only be able to get about 13K in show room condition.

I would be willing to pay up to 14K for a Mach if it was in pristine condition, but that's about it...unless you're looking for a long term investment, which you're not. Be prepared to search longer for this if this is really the route you want to go. You have a much smaller pool to choose from and current owners know it. That guy may actually get the 17K.

A Terminator is not what you're looking for. Great cars! Not for you right now.

Just out of curiosity, why do you say a terminator is not what I'm looking for?

sneaky98gt · Oct 4, 2011

puma1552 said:
The 2011 is better in every way, motor included.

EXCEPT exclusivity. 20, 30, 40 years from now, that 2011 GT is going to be worth nothing. The Cobra will. I pretty seriously doubt a clean 03/04 Cobra will EVER be worth less than $15-18k.

I agree with the OP though, MINT Machs are not had for $12k-$14k, at least not anywhere near where I live.

Maybe not where you live. If I remember correctly, you recently paid nearly DOUBLE for an SN95 GT than what I paid for a clean one 6 years ago.

My granddad bought his 04 Mach 1, completely stock, in MINT condition, with 15,000 miles on it for less than $12k. He definitely got a deal on that, but I've seen several clean, low mileage ones go for $13-14k.

If I were the OP, and wanted a new edge, I guess I would get the absolute lowest mileage '02-'04 GT I could find. Cobras and Machs just aren't worth the money anymore in the wake of the '11+. Truthfully if you've got $20k, I'd look hard for a 2010 GT.

I don't know how you can say Cobras and Mach 1s aren't worth the money, and then suggest to get an 02-04 GT. As if they are worth the money? LOL!

And $20k for a 2010 GT is a ripoff. $2k more (if even that much), and you've got a used 2011.

txredgt · Oct 5, 2011

sneaky98gt said:
EXCEPT exclusivity. 20, 30, 40 years from now, that 2011 GT is going to be worth nothing. The Cobra will. I pretty seriously doubt a clean 03/04 Cobra will EVER be worth less than $15-18k.

Maybe not where you live. If I remember correctly, you recently paid nearly DOUBLE for an SN95 GT than what I paid for a clean one 6 years ago.

My granddad bought his 04 Mach 1, completely stock, in MINT condition, with 15,000 miles on it for less than $12k. He definitely got a deal on that, but I've seen several clean, low mileage ones go for $13-14k.

I don't know how you can say Cobras and Mach 1s aren't worth the money, and then suggest to get an 02-04 GT. As if they are worth the money? LOL!

And $20k for a 2010 GT is a ripoff. $2k more (if even that much), and you've got a used 2011.

Completely agree with what Sneaky said. There is a built mach that may not be exactly what you are looking for but its for 13K right now I believe on the site I posted those other cars from. For the money you are looking to spend you should have options open when the cars come up for sale. Don't settle for a car just because you want one, get the one you want for a good deal.

Kornnut · Oct 5, 2011

Is your current car paid off? If so why not build it up how you would want another car. Unless you just want another car this will be cheaper.

3ponyshow · Oct 5, 2011

brtnstrns said:
Just out of curiosity, why do you say a terminator is not what I'm looking for?

You answered that question yourself in your third paragraph. I just agreed with your assessment. You also mentioned "a fresh canvas". At the high end of your budget, you couldn't afford the paint.

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