The car HAS been run into the ground, needing engine work, transmission work, a new top, and probably many more items, it’s time to replace it.
Now assuming the transmission is 1,500, a top say 200 plus labor so say 500, plus say 500 for the engine work that would give you 2,500 as a down payment, plus you could sell the old mustang say you only got 600 out of it you’d have over 3,000 for a down payment. And depending on your needs and your budget you might consider buying a NEW car.
This cars sounds unreliable and needs to be replaced, my rule is I keep a car until I feel it’s not reliable and can’t be made reliable for a reasonable cost.
I still have a 1978 Oldsmobile Cutlass 4-4-2 salon that I purchased new. It is not a collector’s car because the 4-4-2 was just a trim package by 1978 (the car has an automatic transmission and a 260 cubic inch V-8 engine). There is no way that I would dump money into this car now. For the first 10 years, it provided reliable transportation and we took many long trips in the car. It then became an “around town” car. Ultimately, it then became a car to drive 2 miles each way to campus. At this point, with the floorboard needing repair, I am trying to get rid of the car.
For a hobby car, your Mustang convertible may be o.k. For reliable transportation more than just around town, it sounds like your Mustang needs too much. My wife chose the car she wanted–purchased a new Toyota 4Runner back in 2003. I make certain it is well-maintained to keep it reliable. For example, it was still on its original battery until a couple of weeks ago. The original battery still cranked the engine, but with the onset of winter, I didn’t want her to come out and find the battery had handed it its resignation.
My Wife Wanted To Run Her 12 Year-Old Car Into The Ground And I Wanted Her To Have A New One.
I decided we’d do both ! Nothing like a compromise !
I got her a “new” car that is 10 model-years newer. Now we can all take turns driving the old one into the ground.
My wife likes the new car alright, but when the weather is bad she opts for driving her trusty (“t” with a “rusty”) “old friend”. If it holds together, my daughter will soon get her license and help finish it off !
Time to dump it. I figure if the repairs cost more than a couple car payments then its time to go. Its best to make the payments to yourself and save the money that would be on interest. But this car is way too far gone to keep repairing. Not to also mention your safety…you need to get something at least ten years newer
This car is run into the ground.
To me if a car needs engine AND transmission work.. well.. that's the two most expensive parts of the car. If it's collectible, or if I have some special attachment to the car, I could see working on it, but otherwise I could buy a new used car for less than that amount of work would cost.
I don't go by the "if the repairs are 50% of the value" or whatever.. I go by what else I could get for the repair costs. For instance, my 2000 Regals' bluebook is maybe $3000, but I couldn't get something comparable for $1500, so if a $1500 repair came up I wouldn't automatically ditch the car. If you get a car for like $500 or $1000, the 50% rule starts arguing against things like tires and timing belt changes (for cars that need one), which to me is not sensible. In your case, you have quite the choice of cars for what your repairs would cost.
A suggestion -- feel out your friends to see where is a good area to find used cars. For instance, there's a few bargains here but in general Iowa City's used car market is HORRIBLE (it's pretty distorted by the university students), I can literally save over 50% by going to south Des Moines and getting a used car there.
