I have the money to buy a new 5-speed 2008 Mustang GT. My 03 is fine, but it has 122,000 miles on it. The new car doesn’t have the extras that I have put on my car though, like my magnaflows, K&N cold air intake, or the eclipse radio. I recently had to have the bearing on my rear axle replaced so I’m thinking it may be time for a new car. Will it be worth it even though it won’t have everything the GT I have now has??
That would depend on you. For me extras like magnaflows and K&N cold air intake" would make a car less desirable.
Normally a 2003 car with 122,000 miles would be just reaching its prime. However if it has been driven hard (it would appear it may have been) or if it had not been properly maintained (I would guess you did properly maintain it) then it could be close to the end of its useful life.
If you have not beat it up, it should serve you well for another 100,000 miles or more. That certainly would be the economically best choice.If you’ve maintained your current car correctly it should last quite a few more miles. 122,000 is not really considered high miles anymore. You could drive your car for several more years and not spend anywhere near what a new car will cost.
If, on the other hand, you have new car fever and the money is burning a hole in your pocket, I’m sure you can make a fantastic deal on a new Mustang. V8-powered muscle cars are not exactly selling like hot cakes in the current economic environment.
As to the “extras” you’ve put on your car; the new mustang will probably out-perform your car, even with the modifications you’ve made, although it probably won’t make as much noise.
If you like to modify cars, there are catalogs full of stuff, and some of it, from Ford, will not void the new car warranty.
Have fun.
We have no idea of your driving patterns, except it’s around 20,000 miles a year. One rear axle bearing is not in itself reason to buy a new car. Cars do take some repairs as they age, especially if you run it hard. If you don’t get stranded much, it’s just a cost of keeping a good car running, while avoiding big cost and high depreciation on a newer car.
It this is as another poster said, car fever, and you have the money, go for it.
It this is because you think a bad axle bearing means the car is ready for the junk heap, then that is not the case.
Let me repeat. Even great cars take some repairs as they age. If you don’t get stranded it’s okay to keep on driving it with an occasional repair.
If it was me, I’d wait for the new Mustang. Check it out in the latest Car and Driver. The new GT has most of the performance pieces from the previous Bullitt version, at only a slight increase in price. Much better than the current GT. Of course, looks are subjective, up to you regarding the restyling.
Bearings these days seem to be cheaply made. I wouldn’t worry because of that. You will need repairs but that is normal. Mustangs are priced low so they are a bargain when new so you will be tempted to get one. If you are happy with yours, keep it and wait for a price break to happen. You never know when an incentive will come around.
If you really want a new one, you could probably switch radios (um, sound systems) and the K&N air intake; maybe even your exhaust system. Then sell the 2003 Mustang.
Help the economy if you can afford it and buy the new car…you can’t take it with you. We lost 50% this last year in the market…a lot more than the depreciation of your Mustang in one year.
If you have kept up with maintenance on your car and not abused it (driving hard doesn’t qualify as abuse), it should be good for at least another 100k miles. As time goes on, it will begin to require repairs. However, they probably will be cheaper than the extra costs associated with a new car (depreciation, loan payments, etc.)
Last spring, I gave away a 25 year old Mazda RX-7 which was still running with 180k miles. We plan to keep our 10 year old Subaru with 185k miles. The RX-7’s replacement is an Infiniti coupe. With proper care it should be good for 30 years. By then, I will be too old to drive anything but a wheel chair.
Just so everyone knows, I bought the 08. And I’m THRILLED with it!! I decided a new car would be the perfect chance to put everything I’ve always wanted on it. I just bought a Cervini Ram Air Hood and a Typhoon K&N cold air. The Typhoon because it doesn’t look stock like the 63 series with the plastic. I plan to take a cat (and muffler) off each tail pipe to increase my air flow and sound 
Thanks to all for the suggestions!
I’m holding out for the 2011 model which will aledgedly have the 5.0L 32 valve V8 cammer, the new 6.2L Boss V8, or the new twin tubro Ecoboost V6.
Wow! … Hey Everbody, Get Your Kids Off The Street!
That’s one mean machine!
Just a quick note about modifications: you may void the warranty. Unless you already plan to wait until the warranty expires, you might consider waiting to alter the exhaust.
Despite that, I hope you enjoy your new car for many years.
Just hearing that car will cause a cargasm in 0.6 sec…
It’s a good thing you bought the 2008. You’ll be ready for the 2011 when it arrives! Which one do you want? They all sound like beasts. It’ll be great to see track info when it’s available. I was kinda partial to the Buick Regal GN, so I think my favorite is the twin turbo.
I have my sights set on just having a job in 2011,working in the auto industry and this economy,who knows? I express no envy of your position, just trying to get there myself.
Hey Anna405, jump over to the post “why does anyone buy a high-performance car?” and add your views there. You’re one of us who can justify certain high-end purchases depending on one’s personal wants and needs.