Should I put money into this car or just save it towards a different one? - Mustang Evolution

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Old 12-22-2011, 01:45 AM   #1
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Should I put money into this car or just save it towards a different one?

I currently own a 2002 Mustang V6. It's a really nice car, it's in great condition and I love it but I'd like to get something else in the near future (ideally a Cobra but if not at least a GT).

I'm debating whether I should put money into this car, appearance and performance wise, or if I should just put that away toward my next Mustang.

I don't have a lot of spare money to throw around at the moment and I'm not sure if that will change any time soon. I plan on moving back in with my parents to save some money after I graduate (in April). After I get my degree, I might have a higher paying job than the one I have now or I might be unemployed. I'm hoping the former.

What do you guys think? Put money into this one or just save it up?
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Old 12-22-2011, 02:36 AM   #2
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Should I put money into this car or just save it towards a different one?

A V6 Mustang(with the exception of the 2011 models with the new 3.7L) is not going to be a good performance machine or a good investment. It would cost many times more to get a V6 to have the same performance as a V8 or even approach a V8's performance and V6 Mustangs don't hold their value. They're fun and sporty but not worth dumping much money into.
If what you really want is a V8 Mustang then keep up the maintenance on your current ride and save up for a GT. A Cobra will cost a lot more than a GT(at least a couple grand or more in the same condition) and if you don't make a lot of money now and you don't know what you'll be making in the future you have to plan for your worst case scenario, not the best that's possible.
After you save a couple grand you can then sell your V6 and take that money and buy what you really want. You generally never get back what you put into a car but you lose even more on a V6. At least a V8 will have a lot more value if you sink money into it.
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Old 12-22-2011, 02:46 AM   #3
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Should I put money into this car or just save it towards a different one?

Keep it and just stay up on keeping it in good condition. You said yourself that you dont know whats going to happen with your career and your moving back in with your parents. Why saddle yourself with a payment. Save the money, drive the car dont sink money into body kits or stuff like that and but keep it working correctly.
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