I know what ever I do other than keeping the vehicle is financially stupid. Here’s the story. I purchased a brand new 2015 Mustang 4cyc Ecoboost about 3 months ago. At the time, I did a lot of research, and it was the best option for me financially. Since purchasing it, I have really wanted the 5.0 engine (wanted it from the beginning). I ended up just getting a huge promotion at work, and can now afford the 5.0 Mustang (2017).
Given the situation, what do I do? My current Mustang has 4,000 miles on it, and has been running fine, but it’s just NOT what I want. How screwed would I get if I go back to the same dealer and trade it in on a brand new 5.0? I know cars depreciate when you drive it off the lot. For example, if you paid 25k for car 2 months ago, what could you expect for a trade-in offer several months later?
Anyway, I HATE to have to wait to get the 5.0, and didn’t know what my best option was - Auto Trader, etc?
The fact that you LOVE the 5.0 puts you at a disadvantage for negotiating. My first recommendation is that you wait at least 6 months, a year would be better. This gives you time to figure out if that promotion at work is going to work out for you.
If gas prices go up in the next year, you could find that the dealer will beg you to trade the eco-boost in on a 5.0 as demand for that vehicle will drop dramatically and demand for the eco-boost will rise up correspondingly.
But happiness has value too. Just don’t want you dream vehicle to become a nightmare if things don’t work out as you plan.
Your best option? Keep your current vehicle, get it paid off, and then get something more reasonable for your budget. You should never max out your budget just to have a snappy car. Snappy cars are for those that can afford them without worrying if they can fit them in their budget.
Yeah, I will give it at least a year to see where I am at financially. Just something about a turbo Mustang isn’t right Honestly, between my wife’s job and mine we wouldn’t have an issue affording it, but I hate to totally get screwed on the a trade-in.
@MarkyJJ You bought a car and took it home. It lost value at that very moment.
Check KBB.com or edmunds.com and you can research what your car would sell for in your area if you sold it yourself and what you’d get on a trade-in. That will tell you right quick just HOW screwed you are.
If you want more performance from the Ecoboost, that is readily available. Turbocharged cars are easy to squeeze out more power. The bigger shops, like Roush Performance offer powertrain warranties for 36 mos/36,000 miles for some packages to cover what the manufacturer’s warranty no longer will. A simple ECU calibration tune will boost horsepower by 42 HP for as little as $400.
Yeah probably a year would be better. I guess just off hand I’d expect to take at least a $4000 hit which would be about a dollar a mile compared to maybe 40 cents a mile over four years. Only way to tell though is to go in and see what they offer. A 4000 mile car though is still a used car now though. Everyone takes a hit now and then.
Go to the dealer and tell him/her your story and ask what can be done to satisfy your wants. Maybe it’s possible that your car can be traded for a satisfactory price and the dealer will make you a good enough deal for you to want to come back again another day and with better pay, you might very well do that. You live only once so do it right the first time and that means don’t deprive yourself. Nobody can know your new financial situation now and in the future except you.
Another option is to sell your car yourself for more money than a trade might offer.
Keep in mind too that over a long term such as 10 years, paying too much for a car becomes insignificant.
Yeah, I’ve heard the “sell it yourself” idea or the Carmax thing but depending on where you are, you can get hit with additional sales taxes. In Minnesota if you trade, you pay tax on the difference. If you sell your old car and buy the new one, you pay sales tax on the whole new car cost. At 7% or so it can be significant. Same thing for plate charges. You can get credit for the months not used.
You’ll be stuck with several thousand $$ in excess costs if you trade now. The dealer will likely do everything they can to convince you it’s a GREAT idea, but they are just wanting another sale. I’d keep it.
See if you can honestly answer for yourself: how many times per week would you need that extra HP? And what would have happened if you didn’t have it? (how may minutes lost in a commute, etc). Then change that into dollars, and then decide if it’s worth it.
Disclosure: I’ve always bought the smallest (non-turbo) engine I could and still never felt I was missing something.
This is for the most part a financial question and this forum might not be the best place to get answers.
If you posted this on the frugal section of the city-data forum, they would want to know if you are able to pay all cash for the new car after 8-10 months of emergency savings and maxing out your retirement plans. That is assuming you don’t have any other outstanding debt. A paid off house would be a plus too.
Sorry to burst your bubble, but someone has to do it.
@“Wha Who” 's idea is good. Go back to where you bought it from, tell them you like the current one ok, but really would jump at a chance to get the 5.0 instead. They’ll tell you what it will cost. Then you can decide for yourself. I’d expect you’ll take a $5,000 hit on the first one, plus whatever extra the 5.0 costs, so maybe $8,000 total. But over the course of 10 years of ownership that’s only a little over $60 per month. You don’t get much for $60 these days, so if you’d prefer the 5.0 for the next 10 years of driving, me, I’d go for it.
You have a good handling car ,that will out accelerate 90+% of the production cars out there and you are still not happy ? I bet the rear tires on this car are almost slick,take the hit and buy a new V8 ,you will not be happy (at least for a little while ) till you do ,You have placed yourself into the borders of "screwed land " (been there ,almost done that )
It doesn’t matter which way you go with this. You will take a financial hit no matter what.
You’re going to have to simply decide if having that 5.0 is worth the monetary pain. Go back to the dealer where you bought the car and see what kind of deal they will work with you. It just might not be as painful as you think and if the deal is not to your liking just use the walk option.
I think the OP may be dissatisfied with the exhaust note due to their comment (“Something about a turbo Mustang isn’t right”). I’ve Never heard a 4 or 6 cylinder that sounds anything like a V8 with dual exhaust. My 1991 RX7 with dual exhaust was the closest at idle but when the throttle was opened it sounded like a Mazda rotary.
Well…if a man (or woman) needs a Ford 5.0…they needs a 5.0. Not much in the way of arguing the matter.
I would sell the vehicle myself if I were you…you will take a hit…but you already knew this.
If it is a matter of speed or performance rather than V8 rumble making you decide this way…that Turbo engine in your Mustang has plenty of reserve power that you are not currently using. In fact…I’d be willing to bet that with a few mods…your Turbo 4 can and will outperform the 5.0 in every measurable way.
You have the advantage of Lightness…and one of the first things to do for performance is to “Add Lightness” as Mr Chapman would agree.
I would turn up the wick on that Turbo 4 and leave most if not all 5.0’s in your WAKE… Not that hard to do honestly. It wont ever sound the V8 part…but do you want to “Pose” or do you want to “Hose” the competition? All subjective I understand. But if it was a simple matter of going fast or making power…you have most of the ingredients you need already. There is something to be said about doing more with less…and if you want to know a secret…the V8 guys Cannot Stand to be walked by a lesser number of cylinders. I promise you that.
If you MUST sell her…use Ebay…yes it costs some money…but it advertizes to the entire country all at once. If you know how to work the system of Ebay…something I am most proficient at doing…you can find the right buyer and avoid paying Ebay a percentage of the sale price… You will only pay the listing fees. There are many ways round the percentage, trust me. The listing fee is well worth the price of admission…the percentage? Not so much. Ive been selling on Ebay a long long time.
Here are a few tuning tips… WELL OVER 500Hp is within your reach…for way less money than exchanging vehicles. Would be more than a little fun to dust those V8’s with a 500Hp Hammer.
The depreciation from a new 2015 Ecoboost Mustange coupe with an auto transmission (only option) is about $6100 based on the car’s MSRP and current trade-in value. That’s 24% if you are interested. Add to that the $12,000 minimum to get a stripped 2016 Mustang GT coupe, and your desire to “upgrade” will cost you over $18,000. That is like buying a second 2015 Ecoboost Mustang coupe to go with the first one.
Let me guess. You are male and in your early to mid 20s. Sounds like something I might have considered way back-a-when. Don’t do it. You made a good decision with the money you had at the time. Enjoy your new car for several more years, take care of it, and get ready for a new generation 5L Mustang in 2020. You didn’t screw up. If you sell this one and buy the new 5L now, you will have screwed up big time.
Honestly, between my wife’s job and mine we wouldn’t have an issue affording it, but I hate to totally get screwed on the a trade-in.