trade in? Oh noes!

M

mrfuzz

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Hi guys,


Im in a situation at the moment with myself, and not quite sure what to do. Maybe some more opinions will help me change my mind etc.


Here it is...


I found an 2003 Mustang Mach 1. 5 speed.

They want $14,900 for it, And it has 49K miles on it... Mint. Here is the link:

http://www.autotrader.com/fyc/vdp.j...50&doors=&transmission=&max_price=&cardist=19

I have already called on it, And it's still there. Call insurance.. Insurance will be $20 more a month.


Currently have a 2000 Lincoln LS sport package with 84k and change on the ticker . I love the car. However there are things I do not like. Simply being, It is a PITA to work on, and it has its problems as all LS's have.



Also, Current car Has damage on it that has yet to get fixed from when my tire blew out. Its $500 to get it fixed with my deductible.

So its either swap in the LS for the stang. Or keep the LS, Fix it up and put some money into it


Side note, still owe 10k on LS.

Opinions?

Going to test drive tomorrow. and try to bid down since its been sitting.
 
You'll probably get 5k for the your LS if you're lucky which now makes the Mach a $20k car, putting you even further upside-down. That's just the sad reality of the LS's resale value.
 
The biggest thing here is that you still owe. I myself would never trade in a car but I for sure would never trade in a car I still owe on. How does that work anyway?


Keep the LS, fix it the right way the first time around and you should end up happy with it.


Good luck!!
 
Yeah, I know I will go upside down no doubt... Thats why I figure get rid of it now, Or lose out even more as the mileage adds up on the car.


Im working closer to home now.. like 2 miles from house. Rather than 60 miles a day. Thats what racked up all the miles on the car.

Id be happy to get 5-6K for the car, and just roll over the rest onto new car and possibly get better interest rate.


Basically, Keep it or lose it deal yah know? But ugh, Love the car.. Love hate relationship. Anyone else feel that way?
 
You better pre-qualify because it is now more difficult to get credit at a reasonable rate.
 
any other opinions


tomorrow going to go test drive the car, Just to get it out of my head. See what they have to say.
 
the mach 1's have a problem like the lincoln ls.... coils go bad regularly, the transissions are :q:q:q:q... tr3650 2nd and 3rd gear grind.... trust me i owned one the only trans that works in that car with no issues is the steeda fr500 t56 6 speed....


its a great car but dont think your out of the woods with repairs by getting a mach 1 over the lincoln ls!
 
yea... 10k owed on the LS plus 15k for the stang and with damage and nearing the 100k mark in miles.. you might be lucky for 5 grand in trade in.. so you're looking at total debt of 20k+
you keep the LS, you're looking at total 10k of debt assuming you get $0 trade in.
and with the way banks are right now, yea... loans aren't as easy to come by.
if money's the only issue you're weighing then the LS is the obvious choice. the mach 1 is gonna be less of fuel efficient and less practical and cost $240 a year more in insurance,
but if you're asking about what to BUY? the mustang is definately assloads of fun....
 
the mach 1 gets the same gas mileage as the lincoln ls..... trust me....

keep the lincoln and buy the mach 1 best bet

see what carmaxx will give you for first though
 
You can check this price and that price but bottom line when you get the car to them they will knock off 100 bucks for every little smudge. Thats the way it works.


I say keep the LS and just put what ever you have planned for a new car into it.


If you can keep the mileage low like by car pooling or use of a secondary vehicle if you are that lucky. Then after you have some more repairs done clean it up nice with some detailing all around and take it in,... but in the mean time the most important thing is to keep that mileage down!


It is a real shame. I have seen 98 Lexus LS400's go for around $12,000+ with high mileage, that really is a kick in the ass!!!
 
I myself would never trade in a car but I for sure would never trade in a car I still owe on. How does that work anyway?
Click to expand...
Right now, it doesn't.

Good luck trading in a car you still owe money on and getting a loan to cover the remainder plus the new car. Ain't gonna happen to easy these days.

If you give the LS a few more years, once it hits 100k it will stop depreciating so fast, even if you pack on the miles. Might only be worth $2500 at that point, but that probably wont change for several years either.

You'd be better off to hold on to it and pay off the loan.
 
i got offered 3500 on my 00 LS. this was from two different places and my car is in very good shape. you owe three times more than they will offer you so keepthe ls and enjoy it and wait afew more months and the mach should lower in price as well
 
Thanks for your input guys.

Late last night I did the math, Figured with loan and interest Id be up to over $20k for the mach 1. Just because I owe so damn much on the car =/

just sucks, with the milage on the car, having the damage, and also the amount owed. Then knowing the typical problems the car will have after 100k mark.

Mileage of the LS should be able to keep it down a little lower now because of new job closer to home. However... Whats the since of having a car if you dont drive it eh? lol


Anyways, test drove the Mach 1 today. Wow, it was fun. The girl that was working with me went for the ride, she was hanging on when i launched it =). She was telling me how she loves mustangs, but never drove a stick before because she is too scared of it stalling out, or breaking something lol. It was all fun tonight though, took it for a cruise.

As for the ride, it drives the same as the LS, maybe a little stiffer. And the gas mileage is the same,but yet has the extra power.


In the end, as you guys stated, and as I figured. Just going to keep my car. Get the damage repaired first of November. And going to install intake and new plugs.

One of these days, or possible next year about this time I can find another mustang, one with decent mileage. See what happens!
 
dude i read that you owe 10k on the lincoln.

all i could say was "Ho-ho-HOLY CHRIST"

with 500$ damage your lucky to see 3000$ for it trade in value.

mustangs are cool and all, but i dunno. the Ls rides nicer and the V8's can be pretty quick! a stock mach 1 and a Ls with intake exhaust and tune prolly run close to the same times.

EDIT: i still cant get over the fact you owe 10k on it. i thought id never get out from under mine, but jesus! sorry to rub it in, BUT DAMN
 
Yea depreciation on our cars is crappy, which is probably why I bought it in the first place, seemed really cheap at the time. I think I still owe $17,000 on my 03 LS8 with 50k, and that seems like alot to me.

I'm not too sure an LS with intake and tune is going to be as quick as a Mach 1 but eh...

Don't worry as fast as they punch out Mustangs at the factory, There will be plenty around for you to choose from later on. :)
 
trilkb said:
dude i read that you owe 10k on the lincoln.

all i could say was "Ho-ho-HOLY CHRIST"

with 500$ damage your lucky to see 3000$ for it trade in value.

mustangs are cool and all, but i dunno. the Ls rides nicer and the V8's can be pretty quick! a stock mach 1 and a Ls with intake exhaust and tune prolly run close to the same times.

EDIT: i still cant get over the fact you owe 10k on it. i thought id never get out from under mine, but jesus! sorry to rub it in, BUT DAMN
Click to expand...

hahahahahaha mach 1 stock will RAPE a lincoln ls with tune exhaust and intake.... the mach 1 runs 13.5 STOCK.... i haven't seen a lincoln ls run that unless it was on the bottle LOL!
 
oh, i figured the mach 1 was like everyother n/a 4.6L mustang out there and ran a mid 14
 
If I got the mach 1, Was going to do a JLT Intake with SCT tune.


Anyways, For my LS. I owe a good deal on it still. have had it for over a year now. However, At time of purchase it was $9,800. With the loan @ 9.5 percent, It added quite a bit onto the car ;)


6 months, I will be down to what the car was worth on the lot.
 
You can easily make your LS faster and better handling than the Mustang for less than the net cost of a trade. And you'll have an LS instead of a belly button---(And I like Mustangs.)
KS
 
Thanks cam,

NO doubt the first gen LS is pretty quick. After I get the D/R damage repaired. Tossing a KKM filter with fabbed shield, and an SCT tune. Although, Not sure how the car will take with the tune, being since the high mileage?
 
Good luck!!!! Went thru same crap. i owe alot on mine and they wouldn't give me crap for it as a trade and i only have 64,000 on a 2000 ls sport v8.
The dealers are too worried with dealing with and selling a v8 nowadays so they don't want them cause they can't move them off their lots. Another thing as mentioned...financing! The banks won't touch you no matter how good your credit is. You owe way too much....more than i do and they wouldn't touch me even on a brand new car. The economy blows right now and these banks aren't helping either...they are the ones destroying the auto industry. All they want is more money and take take take and get bailed out while the consumer gets blamed and turned away and stiff the auto industry too. Vicious cycle and i hope something gets done about it or we will all have no choice but to drive what we have until forever. BTW my car is in excellent shape inside and out!
I am gonna keep her and wait till things settle down,probably by then i probably will still keep her and pay her off since i don't have too much longer to go anyway. I've been lucky so far as problems go. Had passenger valve cover replaced under warranty 2nd month after i bought it on my 3rd drivers side window regulator and my most costly is now...lower ball joint passenger side and i need 4 new tires(245/45/17) and rear rotors and shoes! I guess only putting 5000 miles on her in 2 years doesn't hurt either.
Good luck!!! I feel your pain!
 
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