What to look for in an 05+ GT Convertible?

[mBot]

Hey guys.......

I'm looking for a Mustang GT convertible, and I've got about 15-Grand to spend.

Needs to be an 05 or newer, as I don't much care for the older bodystyle.

It has to be a V8, and it has to be a stick

It's going to be a summer-only, fair-weather car, and it's not going to get a ton of miles put on it each year (5,000 max). I am looking for something fast, fun, top-down, with a back seat for my daughter and I plan to take it to the track (ie, Driving School at a road course) a couple times a year, so it's going to end up with a light bar/cage installed at some point (don't want to screw up the looks, but want the car).

Looking on the web, it seems as though I can, or should (this fall) be able to find this car for approx this kind of money......

Questions:

1) I don't want to buy a car that been abused and had the crap beat out of it......I'm all for driving my cars for what they're worth, I track my car at least once a year, but I never abuse 'em. So, what to watch for in a used GT 'vert?

2) Any particular problem areas I should be aware of, between model years, etc when looking for one?

3) I realize the '11 has a whole LOT more power than the '05, but it's just not in the cards right now.......this is a fun car, and I can't justify spending $35-40k on it. '05 should be pretty quick, right? (I'm driving a 6-Second car right now, so a GT that does 60 in the low to mid 5s should be just fine

4) Are the values of the '05-'10 cars going to start dropping faster, now that the '11 is out with the 5.0?

Any help is appreciated!!

Ben

 

[Mustanglvr2006]

I payed just about 20k for my 2006 (GT Coupe)a few months ago with 25,000 miles on it, I'm not sure what 05's go for with low miles (I'm assuming you want a relatively low mileage car?) I'm guessing you should be really close to a pretty low mileage 05/06 with 15k to spend, but, you're also talking a vert, that might bring the price up?

So, what to watch for in a used GT 'vert?

If you know a good mechanic you can have him inspect it first and do your own inspection as well, if you're buying from a dealer you may never know what has been done to the car (most of us remove all aftermarket parts when/if we ever sell the car) and I doubt the dealer would ever be able find out either, or tell you if they did know.

But, if you buy privately, you will at least have the option of buying from say an "older person" who wouldnt really have beat on it as much as say a teenager might.

I'm an older person, but, I have learned the difference between beating my car verses driving it hard, I tend to take way better care than I did 20 years ago LOL.

I guess simple answer is, look it over real good, look for obvious signs of abuse/neglect and choose wisely.

Any particular problem areas I should be aware of, between model years, etc when looking for one?

I remember reading several diff threads here that some members were talking about a not so good manual tranny....I think it was the Tremec, and for some reason I think the discussion included the 2005....I'm not entirely sure, you might want to wait for someone else to chime in and give the correct answer, other than that I have not heard too much that you need to look out for.

As far as the values of the 05/06's etc... dropping, it wouldn't surprise me one bit, maybe not tho (one can hope).

I wish you the best of luck, keep us posted

 

[chgovfk]

I agree w/mustanglvr2006 - there is another thing to consider - your buying a convertible during the summer season - I would wait until winter - plus retail on a vert is around $19k / $20k - low miles in the 15k/20k range - black book is around $15k/13.5K - but not many dealers are going to sell it like that during the summer - if you have $15k cash - hit craigs list... mustang clubs etc ....maybe someone wants to dump a convert quick....but that sounds more like coupe money - if you really want a car that was well cared for and with low miles....buy a coupe.....a vert for $15k is going to have around 50k/60k on it....

 

[mBot]

...the car HAS to be a 'vert. I have a fun car right now, and the point of switching cars is to get a convertible. I have $15k to spend, though I could cough up a couple grand more if it was the "right" car.......

I drove an 07 GT Convert with 10k on it today, the dealer was asking $22.9k for it. Definitely beyond my price range, but it was in showroom condition.

I would be happy with a 50k car as long as it was tight, clean, and hadn't been abused. It's only going to see 5k a year from this point on, so the miles are not so scary to me.

I DEFINITELY can wait and buy in the off-season........sell the existing car now, bank the money, and buy a Mustang in the middle of January, ha haha......

Thanks all for the comments! So, what about the Tremec?

Ben

 

[chgovfk]

I see - I'm not sure what area your from - but if you know a car sales person - pay him $500.00 - he should have a dealers license - he can take you to the auctions in the fall/winter - you get the car at/below wholesale - he makes $500 for walking around the auctions w/a for a day ...

(when looking for a Volvo... of all things... for my wife, I 'made' friends w/a second tier car dealer here in AZ...@ 1st he wanted $1K to it - but I got him down to $500- bought a $8.5k car for $5K cash).....just a thought....

or if your willing to fly out for it you can look beyond your area....miles tell the story - high end car dealers have nice trades and if you find the right privarte owner you should be ok.......I have an 07 coupe w/12k on it ....it still smells new on the inside -but like you want ...it's a secondary fun car ...if for some reason I wanted to dump it ....someone with cash on hand would be better than trading it in....good luck

 

[mBot]

I am in Michigan..........and I'm good friends with a B-Lot owner. We should be able to get the car for wholesale, and he'll take $500 for his trouble. Works great, just a matter of finding a car that hasnt been abused.....at the auction, you really don't know what you're getting....

 

[badz]

As was said, I think you're talking "coupe" money. I'm in Toronto, and searched for about 2 months in all the forums, all the online sites I could find such as AutoTrader, and just couldn't find anything near what I wanted under 20. ( both sides of the border ) Ended up finding what I considered a good deal here- 2006 GT premium, fully optioned vert, bought new by a 40ish fellow, 21000 km ( 13000 miles or so ) He had already added what I was looking for and I wasn't prepared to buy a stock car and start buying this stuff new. 20" wheels ( 10" rear, 8.5" front, C&L CAI, Predator tuner, aftermarket exhaust, and some dressup items such as shorty antenna, smoked front turn signals, hood scoop, billet grills. Paid around $19,800 + taxes. Which is right around "stock" pricing.
I didn't consider an 05 - try to avoid 1st year of anything, and would have preferred an 07, but just couldn't find the deal I was looking for.
Good luck with your search, but don't short change yourself if you can scratch together a few more thousand. You'll find better pick 'ems at that price.

 

[mBot]

There are two vert's local to me. One is an 05 GT Premium, stick, 44k miles, for $17,000. It is bone stock and in nice shape, I just need to sell my other car first

 

[badz]

Miles are up there a little, but as you said, that's not a concern for you. If you're going to keep it stock, then the price isn't too bad. If you're planning on doing some updates, you'd be better off looking for one with them done - you'll only pay pennies on the dollar as the mods provide little extra return for the seller.
One of the reasons the fellow I got mine from sold it, was that his two kids couldn't stand the wind blowing on them in the backseat, so I hope your daughter is good with it. Again, best of luck with the search.
And again, first year build of most everything has more issues than subsequent years. Year 3 or 4 of the build would be preferred.

 

[vicmeldrew]

$18,000 and she is yours; 16,600 miles; never been driven in the rain or winter. (2005)

 

[mBot]

vicmeldrew, thanks for the offer, I need to sell my car first. Then we'll talk