I found this Mustang for about $3,999(I don't know the year or mileage). It's one of the newer models(not the NEWEST but before the new model *'95 or higher model*) If I choose to get it I will be putting down $1,000. I can't wait and pay it cash because I start school next monday and I need it to get to school and work. What do you guys think about it?
2006-08-07 10:46:52 · 16 answers · asked by Chris M 1 in Cars & Transportation ➔ Buying & Selling
The car is being sold by a dealer. It's not a private party. I just really need a car so i'm looking at this one.
2006-08-07 10:54:23 · update #1
I just need something quick and reliable. If this car could do it, I rather look no further. I don't really want to pay much on payments and rather get done paying it faster.
2006-08-07 10:57:23 · update #2
ok i found out its a '94 and has 150k miles on it. our honda accord has 150-160k miles on it right now.
2006-08-07 11:29:30 · update #3
It's less than 10 years old and only going for $3,999? Something fishy about the car. Make sure you check it out with a mechanic before you agree to buy or give any money for the car.
If everything is ok with the car, putting a $1k down is not bad. Your monthly payments will be low after that.
2006-08-07 10:51:41 · answer #1 · answered by heshootshescores3 4 · 1⤊ 0⤋
Your question is somewhat ambiguous. The $1000 down, I am assuming, is required by the dealer...since you are in school I imagine you haven't established a credit rating yet, so in that case 25% down is fair. This car was a trade-in no doubt, so they probably don't even have $1000 in it most likely...thus your down payment will cover them pretty well. You will have fairly decent payments as well...so I'd say, assuming the car is dependable and has been checked over by a mechanic, it's an OK deal given your situation. Just be sure to check out the car as best you can before buying... this will no doubt be an AS IS sale, so once you sign on the line, it's yours, no matter what breaks or fails. As long as you understand that going in, I'd say it's ok.
Good Luck.
2006-08-07 18:28:00 · answer #2 · answered by answerman63 5 · 0⤊ 0⤋
You're buying a car and don't even know the model year? I think you need some serious help from a friend or family member who has bought cars and dealt with car dealers before! Since you haven't provided the year, mileage or equipment it's impossible to say if it's a good deal or a terrible one.
Get a CarFax report on it. It will cost you about $20.00 but is worth every penny.
You're not an informed buyer. You need to get smart on the process before you start spending your money! Car dealers LOVE people like you. They'll happily take you to the cleaners and you'll never know it.
OK, you've added the year and mileage. In average condition, it's barely worth $3,000.00. So, at $3,999.00, it's a lousy deal.
2006-08-07 18:27:27 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Why would you put a down payment on something you don't know the year of or the mileage? I own a 95 Mustang with 135K. If you look on Kbb.com, you'll see that a car like mine in EXCELLENT condition will only fetch $3000. You can find a better deal. Keep looking. You can get a brand new car for a good price since you're willing to put down $1K. Keep looking and good luck. Oh, try craigslist.org.
2006-08-07 17:55:57 · answer #4 · answered by chinky95 2 · 0⤊ 0⤋
sounds like you are more excited about the down payment than the car. Look around before you buy, there is a glut of used cars on the market, some for as cheap as $1000.00 Look on Ebay Motors before you buy, there may be a deal right in your own neighbourhood. check it out first, anyone asking for a down payment on a used mustang may just want to dump it, when something goes wrong they get the car back plus your $1000, go somewhere else first. Ebay motors.
2006-08-07 17:55:19 · answer #5 · answered by Mr. PDQ 4 · 0⤊ 0⤋
I think for a car that low in price, you should pay cash.
If you must get financing, make the best down payment that you can. Find a lender with good terms. Don't overpay for a car. Check the value at kbb.com
Always know the milage and year. $4000 is a lot of money to a lot of people.
2006-08-07 17:52:26 · answer #6 · answered by I like pizza 3 · 0⤊ 0⤋
That's a 25% down payment, and a very good start.
If you can, make sure the car is worth it, get a mechanic to check it out, if you aren't able too.
Also check out, how the other payments need to be made.
How much a month, how much interest etc. See what the final cost will be for you.
If you are happy with what you see and learn, then go for it.
2006-08-07 17:53:00 · answer #7 · answered by johnb693 7 · 0⤊ 0⤋
It totally up to you. I try to put as much $$ down as possible and finance vehicles very short term. If you are going to school, I don't think a Mustang is the car you want. Stick to the reliability of a Civic or a Toyota.
2006-08-07 17:55:27 · answer #8 · answered by Mike Hunt 5 · 0⤊ 0⤋
it sounds OK,,that is the typical amount on a vehicle in that price range,,the higher you go in a used car,,usually the higher the down payment is,,and also on a used car of that age the bank usually wont carry a large amount of money against it,,but if it is what you want ,,and it seems like a good car,,then id say your getting a pretty good deal on it,,just check it out good before you buy it,,and make sure it is exactly what you want to buy,,good luck with it.
2006-08-07 17:54:26 · answer #9 · answered by dodge man 7 · 0⤊ 0⤋
This will be great.. $1000 down payment is a lot for a $4K car.
Think of it like that : You are paying 1/3 the price cash on signing.. nobody does that .
2006-08-07 17:52:40 · answer #10 · answered by guy_from_there 3 · 0⤊ 0⤋