From the sixer to the 8.

[Dreadnaught]

Morning everyone.

I have plans to upgrade, from my v6 to a GT within a year or so - optimally looking at either Labor Day or Memorial day '09 - for the best deals. Frankly, I don't see how they can make the s197 Mustang any better, and with the government cracking down on MPG minimums, I want my 8 and I want it yesterday. I'm not very familiar with the process of selling/trading in a car that I still owe money on.

It's an '07 premium black auto sixer, pony package, fully loaded basically. By this time next year it will probably have around 20k miles on it.

Question is, if it's financed at $20k (it was 24.5 i put a down payment on it) for five years bought back in March 07, what kinda of net $ can I expect from it if I trade it in, or if I sell it out right next year?

I'm hoping to have a few $ks to put down on the GT, as well as whatever I get from my sixer sell/trade in. Would it be better to take that few extra $k and pay the sixer off some more, or use the cash as a down payment on the GT. Like I said, I'm hazy on this entire issue and advice would be appreciated !

 

[GusinCA]

Absolutely 100% you will lose a ton of money trading it in.
I used to sell cars, and the commisions I made selling used cars on the lot was 3x what it was if I sold a new car.
Go to www.edmunds.com and really price out your car. You are FAR better off selling it in the Auto Trader (pay $100 for the front cover, color ad, I have sold all my cars and toys this way almost instantly for what I was asking, in other words, it's worth it) than trading it in.
Then, you can either wait until Ford offers 0% for 5-6 years on the outgoing model (which they always do) and you can use the AAA buying service, which stipulates a flat $500 over invoice and takes all the hassle out of the process.
I have heard many people have had some good success with autobytel.com where you have several dealers competing for your business.

 

[kooldawg6]

+1 on selling it yourself over trading it in. You can almost be certain to get a couple thousand more outright over a trade in. If you can wait until Ford offers the 0% APR offer, I'd say put your extra money towards paying your curent car down. I bought mine at the 0% APR and it was foolish to put anymore than $500 down to qualify for it. At 0% it worked out to $13.xx per $1000 financed for the monthly payments. So why put $3000 down to save $40 per month when that can help you out big time paying down the V6 now. That method could put you in a positive equity position(your payoff is less than you owe). At the time of trade in, any amount over your payoff will be added to the new loan. No sense getting a great deal on a GT just to have thousands added back due to your trade in.

 

[bigcat]

local ford dealer here is offering 0% for 60 months. dunno if it is ford financing though. anytime trade in a new vehicle (1-2 yrs old) you are gonna take a hit in value. the dealer wont give you much if they can sell a brand new one for about the same. if you have a loan, the negative equity rolls into the new loan. if you can get a low/no interest rate, then the difference may wash. the first couple of years on a loan pay more interest than principal. this is even more true with the newer extended length loans offered now. i have seen deals made for 84 months!!! you would not pay much on principal for the first 5 years!!

 

[GusinCA]

The 0% thing is awesome, it's like free money.
We have an 04 Expedition that we got for 0% for 6 years, nothing down.
But we also have a credit score in the low 800 range, so that may have something to do with it.

 

[Dreadnaught]

Excellent advice guys - I figured I'd lose a ton trading it in, as opposed to selling it outright.

I will wait until they offer 0% financing for 60 months. Grant it, I want this GT to have everything I want, because I'll be sticking with it for a long time - not sure if I can order one and get the 0% financing deal.

I guess I'll make sure I have enough to put down on it to qualify for 0% financing; the rest I'll just sink into my current car payment over the next year.

Something I didn't think about...I sell my sixer, great...how does the deal go down ha? I mean if I sell it I'm without a car until I get the GT. That situation would only be made more complicated if I decided to order the GT instead of buying off the lot. Not to say I wouldn't buy off the lot, it just has to have everything I want.

 

[blacksheep06]

Just sell the car, and spend an entire weekend shopping. Get someone to drive you to the nearest big city and visit several lots.

Or if there is a particular dealership you want to deal with, get them to find you one on another dealer's lot with their computer and let them do a transfer.

I bought a ranger this way once. They got on the computer and found the exact truck I wanted on another lot 300 miles away.

 

[Dreadnaught]

That's true. I live in Oklahoma City, which is pretty big, and Dallas isn't that far. Surely one ford lot would have a fully loaded Black GT...fairly popular combo. Then I just tell the dealership to hold it for a day or so, get the money from the sixer sell then buy the GT. Sounds like a plan for next year

 

[kooldawg6]

Another great way of buying a car is on the internet. That's how I did mine. I got some more off the car price that way as opposed to buying in person. I spent 2 days searching dealer inventory of all the Ford dealers in the state and several in adjoining states. I sent emails to a few of them about price on the cars I liked. Shopping from the comfort of your home rocks!

 

[GusinCA]

You won't get the 0% on a car you order.
They offer 0% on the outgoing year when the new year models come in (August-December), that way they move the "older" cars out faster.
You will need to have the dealer find one and do a transfer, with the knowledge that you just might not get everything exactly as you want it.
If you have to have it perfect, then you will need to pay interest. I just ordered an 08 GT vert this way, but it was not offered with 0%, but the 07's were.

 

[Dreadnaught]

Well the 0% APR financing is nice, whether it's for 36 months or 60 months. I'm sure Ford will come out with good offers on the holidays...like they always do. Just as I'm sure SOME dealership in my area will have the stang I want with everything in it; it's just too popular of a combo not to have in stock ha.

Worse comes to worse, I order it, take what I can get, and pay the extra. I'll be driving the GT for many, many years to come, and intend on upgrading into a Roush stage 1+.

Thanks for the info guys and girls!

 

[boardroomjimmy]

What makes you think you'll have the gt for many years to come? Your upgrading for more hp right? What happens when the mach 1 is released, or if there is a meaningful hp jump in '10? It's never over, if you were jumping to a gt500 you may be content for a while, but I doubt 300hp will suffice in this world where the new accord is 268hp. Buy as smart as you can, if you are as sick as the rest of us, you'll want the next best thing right after the contract is signed on the gt. good luck.

 

[Dreadnaught]

Hah I've come to the fact that there will always be bigger and better. Some people can get lost in the entire horsepower race thing.

All I've ever wanted in a muscle car was some decent HP, a V8, and a classic muscle car look. As far as I'm concerned, there is nothing Ford can do to the Mustang to improve the S197; that just leaves the V8 which will yield the decent horsepower.

Of course I will more than likely upgrade, just the natural progression of time. However, I think I'll have the S197 GT longer than 2 years...which is how long I'll have had my sixer when I sell it.

 

[GusinCA]

I fully agree with that.
The current GT is more than enough for me for many years to come. I kept my last GT vert for 8 years, and I'll probably do the same with this one. What a great all around car.

 

[kooldawg6]

I fully agree with that.
The current GT is more than enough for me for many years to come. What a great all around car.

+1!
I am approaching the end of my mod list as I want to keep it a 30K mile per year car for quite some time. I will try and quench my power thirst years down the road when I build my kit car

 

[ranger04]

Yeah, you loose money trading it in, but I allways do. I don't want the hassle of dealing with the tire kicking public trying to talk you down. The dealer gives you less so they can sell it at a normal price and still make a big profit, it creates harmony in the universe or something. I see a car I want, give them mine and drive away wondering how I'm going to pay for it. At anyrate I have a full month to play with the new car before they take it or I find the extra money ha ha. If you can sell it out right. Just remember to price it high enough so folks can talk you down and you still come out allright. Everyone wants to think they got over on you and got a great deal, keep this in mind with your asking price.

 

[GusinCA]

.

 

[1.8kmint]

The best day to buy is the last day of the year... This is because dealers get a bonus if they sell x amount of cars per month and a big bonus for x amount of cars per year. Many dealers come up just 1 or 2 cars short and if u can get them that bonus they can sell u the car at less than the price they bought it from the factory for because its worth more for them to get the bonus. Call 1 dealership get a rate last day of the year then use that rate to get a better rate at a different dealership. The only flaw with this is you can't be too picky with the color and options because you have to choose what they have on the lot, but if your not picky this is the best way to do it.

 

[226embarcadero]

I have plans to upgrade, from my v6 to a GT within a year or so ...I want my 8 and I want it yesterday.

Why?

 

[Dreadnaught]

Don't get me wrong, I get more looks and compliments on my sixer than most people in my area get on their GT. It's just a premo V6, highly groomed, highly styled. I love driving it.

I've just always wanted a V8. For the sound, power, and basically just to say it's a V8. Growing up when I thought of a muscle car, I thought of a V8. I have nothing against the sixer, I drive one , but my plan was always to buy the V8.

But, we all know that a V6 Mustang can be a wicked, wicked creature if invested in. I'm just not mechanically adept.