Should I Buy It? Not a classic but a mustang.

[palerider94]

Aplogize in advance that question is about a 2008 mustang not a classic. I just spend a lot of time in this forum and have gotten some really good advice in the past.

In any case, I'm looking at 2008 GT California Special to add to mustang collection. Something I can use as a daily driver while I'm working on the 66 or don't feel worrying about parking the 70 somewhere.

Found the car I was looking for a candy red like the attached. Can get a good deal on it only issue is that it was a Ford Buyback car. Previous owner took in for gas leak smell. Dealer they took it was not able to fix or recognize problem. Owner was not satified at Ford bought it back. Ford then found the and repaired it - Repair report shows that it was a bad o-ring at fuel pump. Was then sold at auction to current dealer. Car comes with a 12 month 12000 bumper to bumper warranty from Ford.

I plan on holding on to the car for awhile and not too concerned about resale value at this point.

Should I go for it or keep looking. Not finding too many Californai Specials in that color combination for sale. Any advice would be appreciated. thanks




Used 2008 Ford Mustang GT/CS California Special Convertible for Sale. Stock #1842A | DealerRevs.com - Car Ad #38690095

 

[Hwyman]

You could look on Kelley Blue Book to see what the value is. I don't know all the options, but a quick look shows that car about $24,000 in excellent condition. That assumes clear title. The buy back puts a small blemish on it. It got your attention.
All that aside, you have to decide if it is worth it to you. If it is just what you are looking for, and are going to keep it long enough where any negative from the buy back won't make much difference in the resale, go for it.

 

[Rusty67]

Personally I'm not a fan of convertables or the 05-09 Mustang body style. Also, I'm not a big fan of the 3-valve motor. It had a really short run and has been discontinued by Ford.

 

[iskwezm]

i have a 06 GT convertible and like it a lot(not really love here).With 4.10's intake and a tune it runs in the 12's and stll gets about 21-23 mpg when i drive it normally. Ive had ZERO problems except for rear end noise(maybe from racing) that was fixed under warranty.Other then that, its confortable to drive and with the top down always make a bad day good.

 

[Hack]

My advice is no - don't do it. Yes I'm a car guy but this car will only depreciate. Convertible Mustangs especially depreciate more than hardtops. If it were me I'd buy a Fox Mustang (I like '89-93 best) as a daily driver. I have one that I bought for $1900 several years ago. Nice cars are not an investment - they are a deeper money pit. Look at it in this way.. you will save thousands of dollars. Also, don't buy another potentially collectible car as a driver. Buy a beater - it can still be a Ford and fun to drive.

The only way I'd say to go ahead and buy this is if your 401k and retirement savings are in great shape, your house is paid off, your other cars are all completed (no more money to spend on them) and you have the extra money in your bank account to buy this out right.

 

[Rusty67]

I would argue that convertibles depreciate more or less then the standard coupe model depending on region. In the greater LA area, convertibles are usually worth more all other things being equal.

 

[iskwezm]

My advice is no - don't do it. Yes I'm a car guy but this car will only depreciate. Convertible Mustangs especially depreciate more than hardtops. If it were me I'd buy a Fox Mustang (I like '89-93 best) as a daily driver. I have one that I bought for $1900 several years ago. Nice cars are not an investment - they are a deeper money pit. Look at it in this way.. you will save thousands of dollars. Also, don't buy another potentially collectible car as a driver. Buy a beater - it can still be a Ford and fun to drive.

Convertibles in this area hold their value more because you can drive witht the top down year round, so thats not a true statement.Any my car will get more then a hardtop.

I would also disagree with buying a fox. Your buying a 20+ year old car that WILL need work.THAT is a money pit waiting to happen.I doubt you will save anything by going that route.You pay for a beater, you get a beater that is worth scrap when you want to get rid of it.

 

[Hack]

Convertibles in this area hold their value more because you can drive witht the top down year round, so thats not a true statement.Any my car will get more then a hardtop.

I would also disagree with buying a fox. Your buying a 20+ year old car that WILL need work.THAT is a money pit waiting to happen.I doubt you will save anything by going that route.You pay for a beater, you get a beater that is worth scrap when you want to get rid of it.

I could see a convertible being worth more in CA, but when the car gets to be about 10 years old the top is another big thing to fix. I think that's the main reason why they don't hold value here. Plus the convertible is heavier, so you're buying a heavier, slower version of a sporty car. Many people looking for a sporty car are looking for it to be sporty, not slower.

A Fox could be a money pit if you don't know how to fix cars. However, they are pretty durable and if you buy something that is already completely depreciated the value doesn't go down. The original poster is on this forum so I assumed he knows how to fix a car. I can buy a $2k car, drive it for 3-5 years and throw it away and I will come out way ahead compared to buying something for $5k-$10k that will be depreciating for that time. Also, once a car is over 5 years old things can break and it isn't that much more reliable than a 20 or 30 year old car in my opinion.

Of course I'm biased toward old cars. My daily driver is an '89. I bought it a few years ago and it's great. I also have a '91 F-250 that I bought for $850 several years ago. I've had to fix some things on both of them, but I'd bet my monthly investment is less than $100. Also, I don't have full coverage insurance and I know I'm saving a bunch on insurance compared to a newer vehicle.

Now if the most important thing to you is to have a pretty car, by all means buy what you want. Don't try to tell me it's less expensive than a beater, though.

 

[iskwezm]

I guess if you cant afford a newer car i see your point.But to buy a car for 2000 bucks is not something i would ever do, mainly because i take pride in what i drive and will not buy a beater to throw it away and not be out money.Thats is a waste anyway you look at it.

I worked as a Ford tech for about 10 years.I worked on hundreds of foxes back when they were a few years old and they had issues then and im positive they are multiplied now.I know the ins out of them of what can and will go wrong.Again you are generalizing the tops being weathered like back in the day.I have pleny of friends with late 90's convertibles that do not need replacing and those convertibles are not slower then a coupe by any means.

I dont consider my car "pretty" nor would i use that word to describe any car.But i do know, my slow 12 second loaded convertible IS more reliable and comfortable then a $2000 rattle trap fox that might break tomorrow or the next day.And piece of mind is know when that heater core goes, the dash wont crumble just from touching it.

 

[Wicked65]

Personally, it seems a little high. But i have owned a convertable, and will NEVER do that again. But for 17K, id sell you my 05 with 27K miles on it. Its in great shape. Vortech, and roush bumper, scoop, ect.. Just throwing it out there.. Nothing wrong with it, i am just looking at getting a different DD that is not a stick.

05 is in sig block

 

[Randy'65]

I was thinking of going this route a year or so ago, then the furnace went on my house so I had to put off for a little while. One thing I found is an issue with the spark plugs snapping off in the heads when removed, and I think it costs about $200 per plug to fix. There was a redesign on the heads midway through '08, check the build date (I think it's Dec/Jan cutoff) to see what heads it has. Also consult with the S197 forum on here about it and anything else, there's a lot of guys willing to help.

 

[Rusty67]

Thats sad, you would think they would have learned from the firs 4.6L that had that issue....

 

[Hack]

I guess if you cant afford a newer car i see your point.But to buy a car for 2000 bucks is not something i would ever do, mainly because i take pride in what i drive and will not buy a beater to throw it away and not be out money.Thats is a waste anyway you look at it.

I worked as a Ford tech for about 10 years.I worked on hundreds of foxes back when they were a few years old and they had issues then and im positive they are multiplied now.I know the ins out of them of what can and will go wrong.Again you are generalizing the tops being weathered like back in the day.I have pleny of friends with late 90's convertibles that do not need replacing and those convertibles are not slower then a coupe by any means.

I dont consider my car "pretty" nor would i use that word to describe any car.But i do know, my slow 12 second loaded convertible IS more reliable and comfortable then a $2000 rattle trap fox that might break tomorrow or the next day.And piece of mind is know when that heater core goes, the dash wont crumble just from touching it.

Cars in general aren't an investment. If I have $5k in the stock market and $2k in my car, I will come out WAY ahead in the long run versus $7k in the car and no retirement. I can understand not caring about the 401k, IRA, etc., but if someone wants my advice I will always recommend a cheap daily driver rather than wasting money on a nice car that will be worth almost nothing some day. I make decent money, but not enough to feel good about spending a bunch on a car. That's why I qualified my original statement with saying "if you have your house paid off, 401k good, etc.". Maybe someday when I'm old and can't fix them myself I'll buy newer stuff with the money I've saved through the years (and its interest).

You may have spent 10 years as a Ford tech, but I've spent quite a few years driving Foxes and fixing them if they need it. I bought my first in about 94 - foolishly I had a loan on that one. Now I only pay cash for cars. I bought one for $450 (very rusty and ugly), drove for 1.5 years and parted it out for $400 and then used the motor in my '70 convertible. I bought the next for $800 (it was a CA car not rusty when I started driving it). That car didn't drive, but I still had parts from the first one to get it going. Too bad it got hit parked at the side of the road and totaled out a couple years later, but I'm glad it wasn't a nicer car that got smashed. I've put money in them to improve performance and to have fun, but they can be pretty cheap to drive. I have pride in my cars too mostly because I spent very little and I keep the car on the road for very little money. I also have pride because I've touched a lot of parts - building my own motor, rebuilding a 3550 trans, replacing axles, bearings, etc. I'm not going to say it's always easy or fun, but there is pride in being able to do things that not everyone can do.

I know part of our disagreement is due to differences of CA vs. MN. I assume any car will start rusting in a few years of driving, so you can't keep anything forever. If I lived in CA I would probably drive my '70 a lot, and I'd have a nicer daily driver. I still wouldn't take out a loan for a car. It's never a good idea IMO - unless you can't fix them, then maybe if you buy something inexpensive you'll do ok.

 

[Rusty67]

In southern California, as long as your weather stripping/seals are good and your undercoat doesn't fail you basically have a rust free car.

 

[palerider94]

Interesting how this thread has gone. I've already decided I'm buying a vert. That was a given. Not looking at it as an investment. Trust me with a 70 that no one will ever give me the amount I have in it and a 66 heading in the same direction - I know that is a lost cause. I was primary intereted in hearing what the opinions are in buying a lemon/ford buy back car for a few $1000 less than a similiar car with clear title.

BTW - I decided to go with Hywans advice - picking it up on friday. thanks

 

[iskwezm]

your gonna love it, regardless of it being a "loss"

Have fun!!!