So, you've decided to take the plunge and buy a used Ford Mustang. Whether you're entering
the world of a second-hand 'Stang for the first time or adding to your collection, there
are numerous factors to consider. In this used car buying how-to, we'll explore what's
important and how to put a purchase strategy together. Let's dive in on how to buy a
used car.
Why Are You Buying
Setting A Budget
Which Generation Of Mustang To
Consider?
Dealer vs Private Party
Virtual Shopping For A Used Mustang
Vehicle History Reports
Pre-Purchase Inspection
Insuring Your Used Mustang
There are several reasons why you might want a used Mustang. Identifying your motivations at
the beginning will set some goals for this journey. For example, a 1972 Mustang Sprint could be an ideal first-generation collectible while
meeting your weekend cruiser needs. At the same, your desire for a project car with
substantial mechanical updates probably won't work if you need a new daily driver. Unless you're sitting on ten-year-old Bitcoin or have hit the lottery, setting a spending
limit will ground your Mustang search in reality. A $12,000 budget won't get you a 2015
GT, but you might find a decent 2010 model.
Condition, mileage, age, and desirability all affect the price. If you seek a project
car, be sure also to set a budget for parts and labor.
Each of the six generations of Mustang has its advantages and disadvantages. Let's take a
brief look at each version. Arguably the most collectible, this generation gave birth to the Mustang enthusiast.
Six-figure examples include the famous Bullitt and Eleanor cars. Decent or
better-condition cars will have a price that reflects this. Bargains will likely be
project cars infected with rust or poor mechanicals. While well received at launch, the "Mustang II" generation is often sneered at by Mustang
purists. Meager powertrains and smaller size— a response to the era's energy
crisis—ultimately proved unfavorable with collectors. However, Cobra II and King Cobra
hatchbacks do offer collectible appeal. As with most cars from the '70s, rust can be an
issue. The Fox Body generation Mustang brought performance and form back to the model. Thanks to
robust original sales, Fox Body units remain reasonably plentiful and affordable for
both collector and racer. The availability of quality aftermarket parts makes Fox Body
modifications easy. This generation has a reputation for body flex, so carefully inspect
any prospective purchase for this issue. Bulging or cracking along the windshield
pillars or hatch are tell-tale signs of a problem. While running on an improved Fox Body platform, this Mustang version bridges the gap between
the model's origins and modernity. Horsepower numbers continued to improve, including a
385HP Cobra R. Other special editions from this timeframe can make for an affordable
collectible. As of this writing, online sites are showing several 1999 35th Anniversary
GT convertibles with less than 100,000 miles for well under $15,000. Broken and worn-out
interior components are common problems with this generation, as is leaking from various
seals. Using an all-new platform, Ford went retro with this generation. A squared-off design and
single headlights paid homage to the original Mustang. This popular series, reports
Automobile Magazine, is the inspiration for the return of the Chevrolet Camaro and Dodge
Challenger. Except for some high-priced collectible versions, like the Shelby GT500,
buyers for this era Mustang will benefit from depreciation over desirability. Decent
5th-generation GTs are typically priced around $10,000 for 3-valve models and in the low to mid-$20,000
range for models with the Coyote V8. Parts for performance
modifications are readily available as well. Known issues include problems with the
catalytic converter and transmission in MT82-equipped cars. For many car buyers, purchasing a current model car that's a few years old is a savvy move.
Someone else has taken the depreciation hit while a purchaser saves thousands over a new
car. Modification-minded buyers can use these savings towards aftermarket upgrades. This
generation Mustang benefits from impressive performance numbers ranging from a base V6
with 300HP to the GT500 offering a neck-snapping 760HP. Online sites show
numerous 2017 EcoBoost Mustangs, with Ford warranty, for under $20,000. With a budget and some models in mind, it's time to start the search for your used Mustang.
Your quest will likely begin online with results directing you to a car dealer or a
private seller. Keep in mind that your choice of sellers may be limited if you have
particular car preferences. Let's uncover some differences between buying from a
licensed car dealer versus a private seller. Later on, we'll also talk about virtual car
shopping. Car dealers come in two flavors, a franchised new car dealer for a manufacturer, such as
Ford, and an independent dealer that only sells pre-owned vehicles. Most new car dealers
also sell used cars of any brand. Independent dealers can range from a small,
privately-owned car lot to mega dealers like CarMax (although CarMax does own a couple
of new car dealerships). Many states require sales staff at dealerships to be licensed.
Most reputable car dealers: At the same time, you are likely to pay more for the same used car at a dealer than you would
from a private seller — the dealer has to pay for overhead and other expenses. While
some dealers, like CarMax, offer a
no-haggle buying process, other dealers expect purchasers to negotiate. It never hurts
to ask for a better price. Lastly, if you consider a later model Mustang, look for a
certified pre-owned (CPO) vehicle. Official Ford CPO cars are sold only through Ford
dealers and offer a Ford-back extended warranty (and may include a portion of the
original warranty). You will pay more for a CPO car, but the extra piece-of-mind can be
worth it. Importantly, watch out for non-Ford dealers highlighting "certified" used
Mustangs. At best, it's a meaningless term. At worst, it's a scam. Buying your used Mustang through a private seller can save you money compared to a dealer but
will require extra work. A private seller can be: The additional steps involved with a private sale include: Be sure to read on as we highlight the importance of a vehicle history report and a
pre-purchase inspection. These steps are essential when buying from a private seller.
If you've found the perfect used Mustang but it's far away, you can still consider buying
this car thanks to remote options that are available today. After a careful review of
the vehicle's history report, consider these services to help you. The most important thing you can do before buying any used car is obtaining a vehicle history
report. Keep in mind that reports are usually not available for vehicles made before
1981. If a dealer refuses to provide a free report when one is available, you may want
to take your business elsewhere. For a private sale, you may have to purchase a report
on your own. CarFax and AutoCheck are the big players here. CarFax reports uniquely include available
maintenance and service information. AutoCheck information can consist of auto auction
results and a unique vehicle score (like a credit score) that rates the prospective car
compared to similar vehicles. Be on the alert for cars with an accident or water-damage
history or salvage title. A newer scam, called VIN cloning, copies the vehicle
identification number from a defect-free car onto a problem car. For example, an older
vehicle with only recent history information can be an alert that there's an issue. A pre-purchase inspection (PPI) is among the most important tools a prospective buyer has
when considering a used Mustang, along with a vehicle history report. Except for buying
a super cheap clunker or extreme project car, a $100-$200 investment can save you from
potential headaches later on. Find a reputable local mechanic that is independent of the
seller. Be sure to tell the mechanic about any known issues with the car and ask if the
inspection will include checking for rust and any hidden body or frame damage. Some
inspectors use a paint meter to check for repainted body panels. Remote PPI services can
be a convenient way of coordinating an inspection with a private seller but may not
provide as thorough a review as a garage-based mechanic. Recognize the differences
between these two types of PPI services. Any dealer or private seller unwilling to accommodate a PPI should be a cause for concern.
However, like Carvana, some dealers don't allow for a PPI and instead offer a vehicle
return period. Buyers then use this time frame, usually 5-7 days, to have the car
inspected. Be sure to thoroughly understand the conditions, limitations, and
requirements of any car return option. Research the cost of insuring your prospective Mustang before buying. This is especially
helpful if you are deciding between two cars. You can also use this opportunity to shop
for the best rate among different insurance carriers. Be sure to have the VIN
information and equipment list, if possible. Source: MustangSpecs, Automobile Mag, DMV Best Places To Buy Used Mustang Parts Beginners Guide To Modifying Your S550 Mustang How To Change Your Mustang Oil & Filter How To Buy A Used Mustang
Why Are You Buying A Used Mustang?
Setting A Budget For A Used Car
Which Generation Of Mustang To Consider?
1964-1973: 1st Generation Mustang
1974-1978: 2nd Generation Mustang
1979-1993: 3rd Generation Mustang [Fox Body]
1994-2004: 4th Generation Mustang [SN95 / New Edge]
2005-2014: 5th Generation Mustang [S197]
2015-Current: 6th Generation Mustang [S550]
Let The Shopping Begin: Dealer vs Private Party
Licensed Car Dealer
Private Seller
Virtual Shopping For A Used Mustang
Vehicle History Reports
Pre-Purchase Inspection
Insuring Your Used Mustang
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