taste

[Diddy]

Hi All! This is my first post so go easy on me! Regardless, I trust that the expertise and wisdom available here will make it a worthwhile one.

By way of explanation, my younger brother (20 y.o.) is wanting to take the plunge and spend a considerable amount of his life savings and become indebted (literally) so he can purchase a '64 Mustang for around $25k. NB: even though he works very hard, he's only a part-timer and has a full time study load. As his older brother, I see some serious perils and pitfalls in such a decision, which I believe he is too stubborn and naieve to see.

I hope that you might give your opinion on the following matters in the hope that it might allow him to see the potential downsides of such a purchase.

1. Storage
- Our current living arrangement is such that the car would spend the majority of its life visibly parked on a major road outside the front of our house. This would render it victim to the elements and thieves/trouble makers.

2. Use
- My brother has two part-time jobs- one at a major shopping centre and the other at a nightclub (in addition to studying). Would you recommend leaving your $25k investment for prolonged periods at either a shopping centre, inner CBD streets or uni carparks? This severely limits the effective use of the vehicle which most people would accept. However, the alternative is leaving it unattended at home on the major road.

3. Expense
- As an older car, I would 'assume' that running costs are going to be more than his current early 90s Toyota Corolla? What would you budget for annual maintenance? Can a 20y.o. part-timer afford rego, insurance, & running costs as well as loan repayments?

What are everyone's thoughts on such a decision? I'm not against him owning a Mustang, however, at this time of his life, I don't think it's a smart proposition. At the end of the day, it's his own decision and he'd happily buy the car despite my objections, however I know he'll read this, and can hopefully see the light!

[Skulls]

At least your brother has taste !

please read this article taken from Mustang Monthly ----------
 
We’re amazed at the misconceptions ahoof about those early classic Mustangs; those classified ads worded "For Sale--1964 Mustang. . ." or enthusiasts boasting about their super-rare ’64-1/2. Truth is, there has never been a ’64 Mustang, ever. And honestly, whom are you kidding? The ’64-1/2 Mustang isn’t any more rare than one of its ’65 counterparts. In fact, there are no ’64-1/2 Mustangs at all; that title was coined by enthusiasts. The ’64-1/2 Mustang is simply an early-production unit without the refinements that came later. And another thing, Ford never built a production ’64-1/2 Mustang fastback.

Truth is, the ’64-1/2 Mustang lacks some of the nice engineering refinements and features those post-July ’64 steeds have, such as an alternator charging system, a better engine-to-bellhousing marriage, an adjustable passenger seat, and a host of other items.


A World of Difference

So what’s the difference between a ’64-1/2 and a ’65 Mustang? Not much and yet everything. From 50 feet away, they look the same; close up, they host quite a number of differences. The ’64-1/2 Mustangs have always been ’65 Mustangs--always. As enthusiasts, we call them "’64-1/2" because it’s easier to say, but it’s also a cult thing. Early ’65 Mustangs have the distinction of being the first block of Ponies ever produced. They were an integral part of the Mustang madness that swept the world in 1964. And if you have a "’64-1/2" built at Dearborn, that makes it even more significant in the relative scheme of things, because it was born in the motherland.

When the Mustang entered production early in March 1964, it didn’t have many of the refinements it would have later on; call it a reskinned Falcon with bucket seats. To be a ’64-1/2 at all, a Mustang has to be factory-equipped with a generator charging system, a 170ci six (U-code), a 260 2V (F-code), or a 289 4V (D-code) low-compression, large horns mounted down on the frame behind the radiator, a brake light pressure switch on the master cylinder, a center "off" heater fan switch, and a generator charge light, just to name the basics. These are features exclusive to Mustangs built between early March and July 31, 1964 (scheduled build date code only).

now bugger off you nerdy Toyota spruiker

[Diddy]

Thank you for that wonderful history lesson! Unfortunately it seems you've missed the point somewhat? Let's assume that it's any classic Mustang that he's looking at buying...

[HEVEN67]

:wDont do it! They do attract alot of attention and it seems a waste!  If it were a sunday driver YES but not a daily driver NO! But you got to admitt "THE BOY HAS TASTE":p

[Diddy]

Originally posted by HEVEN67
:wDont do it! They do attract alot of attention and it seems a waste!  If it were a sunday driver YES but not a daily driver NO! But you got to admitt "THE BOY HAS TASTE":p

Thanks for that... If it were to be used as a Sunday driver, you would want to have it garaged when not in use I would have thought? Does anyone here leave their restored Mustangs out on the road all week?

As for taste, I'm not disputing that - they're a lovely car...

[shelby_mustro]

Go for it! :(
I started off restoring my mustang when I first turned 16 for a first car. I’ve driven it to work taken it to shopping centres and never had a problem with it as a daily driver.
Thanks Ryan,

[Skulls]

Originally posted by Diddy
Thank you for that wonderful history lesson! Unfortunately it seems you've missed the point somewhat? Let's assume that it's any classic Mustang that he's looking at buying...

It is you that has missed the point my friend - A purchaser of a classic mustang does so because of the following


[list=1]
Style
Nostalgia
Passion
 [/list=1]
they do not weigh up the following when deciding to purchase ---------- And if they do please post so i can stand corrected.

[list=1]
Running costs
fuel economy
Theft potential
 [/list=1]


Maybe it is you that needs a Classic Mustang in your life.

BTW - I owned an Original XBGT Coupe that i converted to a 429 cobra jet at age 17, I owned it for the next 20years only sold it last year to buy my R code CS.

:-:-:-:-:-:-:-

[Diddy]

Originally posted by Skulls
It is you that has missed the point my friend - A purchaser of a classic mustang does so because of the following
[list=1]
Style
Nostalgia
Passion
[/list=1]

- I agree with the points that you've listed, but given that you posted an extract about the history of the 1964 Mustang, I don't really see the correlation.

Originally posted by Skulls
they do not weigh up the following when deciding to purchase ---------- And if they do please post so i can stand corrected.

[list=1]
Running costs
fuel economy
Theft potential
[/list=1]

- I appreciate your insight on the matter, but IMO, people would be foolish to ignore the above, particularly at such a young age. The last thing you want is the car being driven around uninsured or left out to rot in the elements.

To go out and part with $25k (part of which isn't even your money) based solely on the image or style of something sounds rather short-sighted and naieve.

As for me having a Mustang, I'd happily have one if I knew my lifestyle could support it (I too am a student).

[ThunderKiss]

Originally posted by Diddy
To go out and part with $25k (part of which isn't even your money) based solely on the image or style of something sounds rather short-sighted and naieve.

How short-sighted and naive is borrowing (or spending your own) $25k on a newer car that will be worth $7k once the loan is repaid?

What do you think a run-down Mustang will be worth in five years?

I used my Mustang as a daily driver for quite some time and never had a problem.  Insurance is cheap, it's economical to run and simple to work on.  Parts are easy to get and don't cost an arm and leg.  I think you brother is a very smart person.

[Diddy]

Originally posted by ThunderKiss
How short-sighted and naive is borrowing (or spending your own) $25k on a newer car that will be worth $7k once the loan is repaid?

What do you think a run-down Mustang will be worth in five years?

- A fair comment, but I still don't see how anyone can recommend that a young student earning part-time money should become indebted for any car. Maybe it's because I've spent time working in the debt collection/legal industry and have seen the realities...

[HEVEN67]

Hi Diddy
Its quite simple its your money and thats the end if it, buy what you want! if you are looking for a reason NOT to get one Thers lots.
Cheers paull

[Stangman]

The mustang is an investment and will increase in value considerably over the next five to ten years. Your brother may not want to pay the increased price down the track as opposed to the price he can purchase one now for.

 As for parking! being a young student his living and parking arrangements may change.

at the end of the loan he should have a classic car and a credit rating.

where as most students would spend their money on girls,alcohol and drugs

as long as he is prepared to commit to the responsibility of paying a debt

[Macka]

Yep. I agree..if it's his passion, go for it..

[HEVEN67]

where as most students would spend their money on girls,alcohol and drugs
Yea and?

[FST68]

You might want to get your brother to talk to his financial institute before going any further with his dream of owning a mustang.

For if he is a student and only works parttime he may not be able to even get the finance he requires to purchase a mustang.

Banks and finance companies wont give loan to people if the can't aford the repayments.

And by the way ur never to young to own a mustang, as there is alwas a way of getting what you want.
I am an example of this I was a full time student working part time and was in the same position as your brother, now I work full time and study part time and I am now considering buying my second mustang.

So please stay out of your brother way let him do what he wants to do.

[64half]

I bet you are glad you asked!

He will love it! The chicks will love it! Everyone will love it! .......well almost eveyone.
You only live once and if it all goes pear shaped he can sell it.

If he is only cruising around town, running costs won't be expensive.
Enjoy.

[mistermustang]

this whole thread is kind of pointless.  why?  simple:

the mustang is not a car. its a toy.  so stop evaluating it like its a car, and start evaluating it like its a toy

a car is efficient, is used for transport from A to B needs to be reliable, needs to be cost-effective from an insurance and registration perspective etc etc etc.  and it will depreciate like a dog.

a mustang is about enjoying the sight, the smell and the sound of classic american muscle.  its about getting some wind in your hair and causing bystanders to get a cric in their neck when you drive past.  its about having an investment that you can actually sit in, drive and enjoy with your family and friends.

can't get that in a corolla.

BrianE. :o

[R_Beckhaus]

Hey, Diddy,
All the above, both pro and con, have some good points but when it's all said and done there are two things your brother really needs;_

1. A mustang to ride

2. A brother to give him support and help when or if the wheels fall off.
Be there for him and all will be well.
Enjoy the ride

[FMACHI]

Support his dreams dude. The young generation these days don't have the same goals we had. And I'm only thirtie. I wanted to buy a house and pay it off by the time I was 30 and am not even close yet. What I have and enjoy most at the moment is my Stang and my rice burner Lancer.
At the age of 20 your brother is prepared to sacrifice a large portion of his social life to work, and pay of his dream. Would you rather he bums around all the time.
As it's been said before, be there for the ride. I only wish I'd bought my Mustang at 21 instead of 29.