Didn't accuse you of bashing....just clarifying a few points that you seemed to coast over when making your comparison. 
Would you trade in a mach1 on a new 5.0?
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RallyCobra
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Finance it? If you can't pay cash, don't even think about it! Your Mach 1 isn't going to lose that much value in the next 5 yrs with the pristine condition, low miles. The 5.0 will lose 25% in value driving it off the lot! Put the 3k down payment in a 2yr CD, and start saving the 5.0 payment in a high interest savings account like ing or ally bank. In two years, buy a new 5.0, or one slightly used from someone who can't make the payments 
A couple of points to address....
I don't imagine he would have paid cash for his current Mach 1? I'd venture a guess to say that 95% of the members on this site that bought their vehicles new financed them. You make it sound like such a bad thing. I don't know about you, but I'd never be able to squirrel that much away without dipping into it, and/or finding better things to spend it on over that length of time. I really don't see the difference between putting a little aside every month, to save up and buy it cash, or making a car payment every month. Sure, you're going to pay a little bit of interest with the payment, but the payoff is that you get the car right away and get to enjoy it during the first years of its life, instead of the last years like many do when buying used.
No, probably not much more, but it’s already about half its value. In the next five years, it'll lose slightly more still. And that assuming he can keep it in pristine condition and the mileage low. What sense is there in owning a car, if you're not driving it though? Keeping a car as an investment is the absolute worst idea. Unless you're driving it daily, there's no sense hanging onto it.
Just as his Mach 1 did, just as any car would. It sucks, but its reality.
A couple of points to address....
I don't imagine if he paid cash for his current Mach 1? I'd venture a guess to say that 95% of the members on this site that bought their vehicles new financed them. You make it sound like such a bad thing. I don't know about you, but I'd never be able to squirrel that much away without dipping into it, and/or finding better things to spend it on over that length of time. I really don't see the difference between putting a little aside every month, to save up and buy it cash, or making a car payment every month. Sure, you're going to pay a little bit of interest with the payment, but the payoff is that you get the car right away and get to enjoy it during the first years of its life, instead of the last years like many do when buying used.
No, probably not much more, but it’s already about half its value. In the next five years, it'll lose slightly more still. And that assuming he can keep it in pristine condition and the mileage low. What sense is there in owning a car, if you're not driving it though? Keeping a car as an investment is the absolute worst idea. Unless you're driving it daily, there's no sense having onto it.
Just as his Mach 1 did, just as any car would. It sucks, but its reality.
Good post. You actually almost talked me into stopping by the Ford dealer on my way home in the morning.
Haha..took me a while to run across this but appreciate it
Only had been driving a standard for approx 3-4 weeks so I can't complain too bad even though it'll only get better.
I improved my 1/8th by about .2 and 1.5 mph 2 nights after, but sadly it was on the short track so I don't know how it would have carried over on the back half
RallyCobra
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Good post. You actually almost talked me into stopping by the Ford dealer on my way home in the morning.
The difference is that you have a new car, no cash, and owe over 17k on it. In five years, you have finally paid off the debt but have a five year old car. And you have higher insurance payments for the five years. And you have paid 3.9% interest on 17k.
You already have a fun car to drive. Is a slightly more fun car worth that much money? Why not trade the Mach1 in on a Ferrari? Now THAT is a fun car! How is your financial health? Job secure? Emergency fund? Retirement? If all of those things are ok, go ahead, get the car. If you have to finance the car, you probably are behind on all of those things too.
Don't live beyond your means! If you want some free advice on sensible money management, check out Bogleheads Investing Advice and Info
If you need transportation to work, finance a car. Somebody posted from Canada which avoided most of the banking crisis, but in the US, we have a bad habit of going into debt. Don't finance a car for fun.
Jesus, I don't come here for financial advice. You people that demonize buying a car new amaze me. There are benefits to buying a car new, and having it serviced at the dealer. My buddy is going through it with his van. he bought it used, never taken it to the dealer for service. It has a documented design flaw in the tranny and he's had the transmission rebuilt 2x. There's thousands of people on the internet with the same problem. Honda won't give him a dime because he is not the original owner and he hasn't had it dealer serviced.
RallyCobra
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Whew, I'm sorry you almost learned something!
IMHO there is nothing wrong with buying a new car. I think there is something very wrong with going into debt so you can go from a 300hp fun car to a 400hp fun car.
So he should instead have no debt now and own an 8-year-old...which will be 13-years-old by the time the '11 GT is out of warranty? I'm not seeing any great upside here?
You think all he would be getting by trading in his Mach 1 would be a "slightly more fun car"? What about 5-years worth of warranty (the peace of mind alone is worth it for some), the 8-years worth of technical advancements made since his car was built and the pride in starting once again with zero miles and that new car smell? Not to mention you can't put a price on the envy from his buddies when he's rolling down the street in a brand new Mustang.
I agree though. Health, Job Security, Retirement should all be priorities before buying any new car. But I'm guessing that the fact it's seriously crossing his mind right now, means he's probably not in too bad of shape in those areas?
Sound advice that everyone should practice.
Ha.....we avoided nothing my friend. We caught all of the fallout from everything that happened to you guys in the US and we pay about 15-20% more for our vehicles (since Pierre Trudeau tanked our dollar back in the 70's) as a general rule on top of that.
You have no idea how easy some of you still have it compared to us.
It sounds more to me like he’s thinking of going into debt because he’s looking for a change. If he were truly happy with his Mach 1, we wouldn’t be reading thing thread right now.
Crzyhrse
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EPIK
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Im not gonna read all the lengthy replies in this thread, & I am a Mach 1 owner myself, but I would trade my Mach in a heartbeat for a new 5.0... I love my Mach 1, but the chassis is outdated, & since I own a Fox body as well, I could just hop in my fox if I wanted to feel the ride quality & technology of a 32 year old chassis....
trombonedemon
Well-Known Member
I wouldn't say outdated, anything can be upgraded to even be better then the new models.
Every year our cars, 2 valve and 4 valve are becoming less and less common. I don't know how many threads, how many uncles, how many old school guys say I wish I still had that car, I sold it for better model, so on and so forth. I wouldn't go into debt simply because I want an extra 100 Horse power, which can be made cheaper btw. If you can keep your car and still get the 5.0, buy all means I think you should, but, don't go into debt simply b/c you want change. You're gonna get bored before you warranty runs out b/c you won't be able to mod your vehicle your self. So your change is becomes unwarranted. Besides IMHO, 100 extra horses is not that much. Fun factor yay, but not on the Un'Freakinbelievable side of things, and certainly not on the I just gotta owe someone 17 grand side of things either.
Why do you insist on always circling back to horsepower. The 2011 GT is sooooo much more than "just another 100hp" over the previous models. The car does EVERYTHING better, not just go fast in a straight line.
And I'm not sure what you mean by "can be made cheaper"? Do you mean adding 100hp to your current 2V/4V can be made cheaper than shelling out the additional money to buy the new Mustang? Sure, I guess it could be done fairly reasonably (although you’re going to need to add more like 150-200hp if you're in a 2V car)....but you're still only now only "on par" in the power department in comparison to the stock '11 GT. What are you going to do about the other 20 or so things that it does better than your current car?
That's probably the #1 reason that 90% of people buying a new car go into debt. As a society, we always like to "trade up"....it's in our blood.
.....you must be kinda new to the Mustang game. People were saying that in '86 when EFI made its way to Mustangs, again in '96 when they got modular engines and again in '05 when they got 3V's. Guess what....people still made out just fine. Exhaust, intake, gears, shifter, wheels/tires, interior/exterior enhancements....regular old bolt on modifications we've been performing for the past 25-years on these cars are still as common as ever and don't hurt your warranty any. In your opinion.
If you think shelling out $17K to drive a brand new Mustang is a lot of money, then you'd better jump back into your time capsule and head back to 1990. Cars are more expensive now and will continue to inflate in price. But with that inflated price, you get much more for your money.
And if you don’t think 100hp is that much to deal with, pull a couple of spark plug wires off your engine and drive around a couple of weeks. You’ll miss it.
That 100hp accounts for a full second in the quarter of a mile. If you don’t think that’s a lot, then take a drive to your local track and line up with a guy that runs a full second quicker than you and count the buss lengths he puts onto you by the end of the track.
+1, the average new car price in America is 29K+. The GT is priced right at or slightly above an average car, with 1g handling, mid 12 second potential stock, and all the bells and whistles that come in new cars.
Not even sure the Mach will be worth that much. Sure, if you have a stock car with 20k or less, years down the road, maybe. But if you plan to drive the car, see the track from time to time, the GT is a no brainer for me.
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