Questions about buying my first car? I would appreciate the help!

CountryChick104
0

Asked by CountryChick104 Dec 22, 2011 at 10:15 PM about the Ford Mustang

Question type: Shopping & Pricing

I am planning on hopefully getting my first car within the next year or two, even though I don't even have a job yet and when I get one will be on minimum wage. I am looking for a Ford Mustang of any kind, $0-$10,000 (max), as long as it doesn't have more than 200, 000 miles I'm sure I might consider looking at it since I only need something that will last me until I can afford a nicer car. What is an average monthly payment for a car like this? And because I'll only be working miimum wage when I get a job, are they negotiable about monthly payments? I would appreciate any answers or advice you can give me, since I've never bought a car before and no nothing about this.

11 Answers

tgriffith
125

OK CountryChick... some things you need to know: First- do NOT focus on the monthly payment. Focus on the price of the car. Figure a 10,000 loan at 6% percent will cost you around $200 per month. Get approved for a loan through your bank first, know what you can afford, know your monthly payment THEN shop for a car and negotiate on the price of it. Shop on DealFInder here on the CarGurus site and find Mustangs in your area that are priced right. The program will show you if the car is priced right. Also, before you buy, have the car checked out by a mechanic. Some Mustangs are prone to blown head gaskets which are an expensive repair. Read this blog post too: http://blog.cargurus.com/2009/01/12/eight-simple-rules-to-getting-the-best-deal-on-a-new-car It applies to used cars as well. Happy shopping and good luck!

2 out of 2 people think this is helpful.
CountryChick104
0

Thank you and these sites are very helpful

BuiltToughCobra
175

You just have to wait for the right car. I bought my 1999 GT with 65k miles and a clear title for $7,500. Insurance for a 16 year old with clean driving records and everything is roughly $150 a month for a 1999 Mustang GT.

1 out of 1 people think this is helpful.
CountryChick104
0

Well thanks for the help...., after looking on this site and a few of the local dealers sites, I have found plenty of mustangs in the area under at least 10k, which are in good condition that have around 100,000 miles, according to Car Gurus they're priced pretty good, but I'm still looking for something around 4,000-7,000 if possible for a good-conditioned car. It's my first car, I'll take what I can get as long as it works, and I still have two years til I absolutely have to get one so it's not required right away. I'm just getting an idea of finances and what I cars and their conditions that I can afford. Thanks for all the help and comments :)

nelsonsummers
45

If you spend about $10000 on the car your payments would be about $200.00 with about $2000 down.What ever mustsng you buy make sure you get a 5.0L 302 fuel injected multi port.If your going to have a Mustang get one with some power.You will be much happier in the long run.

1 out of 1 people think this is helpful.
tgriffith
125

For a first car, the V6 will be plenty of power, and safer and more fuel efficient. Plus, to get a 5.0 you either have to go newer than 2010 or older than 1993.... you can get a great V6 Mustang (or even a 4.6 GT) for the $7K to $10K range.

1 out of 1 people think this is helpful.
CountryChick104
0

Okay, thank you nelsonsummers :)

CountryChick104
0

Okay, thanks... this is very helpful

shindle29
35

If all you want is a mustang and you don't care which one, get the 302 5.0 or even just a V6 99-04 mustang. The V6 gets much better milage and you will be able to pay off the loan because you aren't spending all your money on the gas to run the thing. Its hard to save up money for a nicer car someday when you're paying $70 a week on gas just to get to work and back.

CountryChick104
0

Actually, after hearing about how much insurance will cost me if I get a sports car, I've decided that I'm not going to be getting a mustang for a while, or at least until the price drops. As much as I love the mustangs, I have to go with my second choice, a cheap small truck, but I guess I'll keep my options open because I could find another car I like. Thanks for all the help, but I won't be needing anymore advice considering I've learned a little bit more about car shopping.

JT Thacker
245

they made 5.0 mustangs up till 95 and they got abt 18 mpg they r fun cars i drive a 94 5.0 they r lots of fun and u can get a good condition one for about $5000... kbb.com is a good pricing reference to help u see what u should b paying for a car

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