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Old 07-17-2014, 06:11 PM   #1
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Trying to decide, need help

Update: Went with the 2011 V6 in black, thanks for all the insight and advice, really put into perspective the difference between the two cars, first time mustang owner 7/20/14 woot!


Hey everyone, first time here but I am about to buy my first Mustang, Ill introduce myself and then explain my debacle.

I am 25, Insurance Adjustor in Miami making decent money. I have owned a 2002 corolla, 1998 explorer, and recently a 2009 altima 2.5. My altima was in a total loss in 2013 and burned to the ground because of an electrical problem with my aftermarket headlights. The insurance paid just what was left of the loan and I have been stuck without a car since October of last year.

My dad had a 2007 Zo6 corvette and recently last year bought a 2014 grand sport and i have had fair use of it as well. I also owned a motorcycle, Suzuki GS500 for about a year and had to sell it due to being unemployed and needing rent and food money.

So I got approved for a loan up to $16,000 with capitalone and am ready to decide on what I have been wanting for a long, long time - a mustang.

I had the choice of getting an older body mustang GT but the loan terms are only newer than 7 years and less than 70k miles so that really limited me in this price range. I also decided that I would be willing to sacrifice an older GT interior for a V6 newer interior even if the car doesn't have as much torque as the older GT's.

I came to 2 great cars I am going to seriously consider and here they are:

Car 1:

2011 Mustang V6 Manual transmission with 1 owner, no accidents and 35k miles. Stock for stock, no pony package, base model, no extras. $15,000

Car 2:

2012 Mustang V6 Automatic transmission with 2 previous owners, 1 accident involving front end damage and airbag deployment. Comes with flowmasters, pinstripe, black rims, and has 18k miles. The car was fully repaired. $15,000

Both cars are the same price, $15,000 each.

Here is my dilemma: I want to buy the car that will have some resellability as I test drove the 5.0 2011 mustang and I love it, but I dont want to over extend myself so i want to save and wait. I am leaning towards the manual because after driving the automatic, I liked having the control of the car especially since the power band with the v6's comes in above 3k RPM from what I noticed. I test drove the 2012 v6 automatic and it is fun, obviously nothing compared to a corvette but for me, it makes me happy and if i can just add an offroad pipe to it, im all set, no major modding.

Which one of the two will have better resellability/enjoyment? Granted the newer year and lower mileage automatic should have more resellability normally, but with the accident on the carfax and that I will be selling it as the 3rd owner, does it even out compared to the other one?

I don't go into the city much and from my apartment to work is less than 5 miles away.

What would you guys recommend? I normally can make this decision on my own but you guys probably know more and can give me an informed decision. I plan to buy one of the two on Sunday, 07/20/2014 and both cars have a deposit on them until I can decide.

Thanks guys!
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Old 07-17-2014, 06:18 PM   #2
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Automatics always have better resale value.


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Old 07-17-2014, 06:50 PM   #3
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Automatics always have better resale value.


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+1, Your average Joe is too lazy for a manual. It's really only even an option because of enthusiasts and die-hard Manual folks. Manuals as a whole are a dying technology.

The 2nd car sketches me out tremendously. 2 previous owner and an airbag deployment? That's a pretty decent hit. Obviously, who knows who caused the accident but that tells me at least one of the owners may not be too responsible.

My vote would be the first car, especially if you intend to buy a 5.0 later down the line.
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Old 07-17-2014, 06:51 PM   #4
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Its hard to give input without knowing the prices of the two cars as that will be a big driver in which one as there basically the same car with different transmissions and slightly different mileage.

But from judging by the sticker price on car 1 if your going to pay anywhere near that price I would seriously check out local ford dealerships. With the 15's coming out there are major incentives on the 14's so you can get a base model for around 22 out the door. And although its you only got approved for 16 through Capital one there is a chance Ford would get you financed on a new car. Although although the price is higher generally on new cars the interest rate is lower so there may not be as big of a different in your actual payment if you buy new. Just something to consider right now.
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Old 07-17-2014, 06:52 PM   #5
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Its hard to give input without knowing the prices of the two cars as that will be a big driver in which one as there basically the same car with different transmissions and slightly different mileage.

But from judging by the sticker price on car 1 if your going to pay anywhere near that price I would seriously check out local ford dealerships. With the 15's coming out there are major incentives on the 14's so you can get a base model for around 22 out the door. And although its you only got approved for 16 through Capital one there is a chance Ford would get you financed on a new car. Although although the price is higher generally on new cars the interest rate is lower so there may not be as big of a different in your actual payment if you buy new. Just something to consider right now.
Both cars are the same price 15k each, I would wait and save a little more, but I start school again the end of this month and frankly, i am tired of having to depend on friends to get to work. Going to use this opportunity to build my credit more as I have a paid charge off on my line affecting anything higher than 16k loan absurd money a month in payments.
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Old 07-17-2014, 07:06 PM   #6
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As someone else here already stated I'd stay away from the vehicle that was in
the accident only because its in the Carfax, and it will hurt your resale later on. I have a 2011 V6 Manual coupe which I bought used in 2013 from from a dealer, a one owner and I paid ~15K for it with 9700 miles. You should be able to get a better price on the black car than $15k seeing as how its 4 yrs. old now and the 2015's are soon to be out.
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Old 07-17-2014, 07:24 PM   #7
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As someone else here already stated I'd stay away from the vehicle that was in
the accident only because its in the Carfax, and it will hurt your resale later on. I have a 2011 V6 Manual coupe which I bought used in 2013 from from a dealer, a one owner and I paid ~15K for it with 9700 miles. You should be able to get a better price on the black car than $15k seeing as how its 4 yrs. old now and the 2015's are soon to be out.
Just checked KBB and the good condition with one owner at that mileage is showing around 17k, doubt i can haggle lower than 15k

http://www.kbb.com/ford/mustang/2011...icetype=retail
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Old 07-17-2014, 08:00 PM   #8
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I say the first one as it was not in an accident.
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Old 07-17-2014, 08:03 PM   #9
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I say the first one also, or keep looking.

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Old 07-17-2014, 08:14 PM   #10
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I think i am going to go with my gut and pick the black one in manual, just bought the insurance and sending the financing information tomorrow, glad on my decision and glad to be a part of the community for real now, thanks everyone!
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Old 07-17-2014, 08:53 PM   #11
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I may sound like the "bad" guy, but if your financial situation is shaky why not get something less expensive until you are on a more solid financial footing. A ford focus, fusion, and other sedans could be had for 10k in great shape. It would get you from A-B, be very cheap to insure, and get great gas mileage. Then, once you save a bit, build credit and are in a better financial spot, grab the 5.0.
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Old 07-17-2014, 09:06 PM   #12
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Not "bad guy" at all, the thought has crossed my mind a lot since I have not had a car payment for 9 months; instead of going from v6 to 5.0, better to go all out and drop down on the 5.0 GT premium.

As a part time investor I would have preferred doing this also (nicer to have a lower payment and money to enjoy other things)...but then again every car I have initially wanted was swayed by family members or others opinions on something different. ie. wanted an old mustang, bought a 98 explorer; bought a 2002 corolla; bought a 2009 altima sedan because it was a good deal at the time. I don't have a problem with what I always got, but at the end of the day, I never got to make a full decision on my own with respect to buying something I am paying for. So even though I could get a less expensive car now and grin and bear it until I have more money saved up, I would rather go with something I always wanted and be happy I did it myself instead of rationalizing between others decisions of what they think is best for me. Getting the 300hp V6 for the price I am getting it at is very reasonable to me for transportation and only will cut about 30% of my take home pay each check. Ive made good money this year so I plan to use my 2015 income tax to refinance this loan in March and then depending on other factors, keep the v6 for some more time, or trade it in for an (newer 11-13) older 5.0 since the new 2015's will drop the older models to a decent price I can afford with a fixed credit.
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Old 07-17-2014, 09:32 PM   #13
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Not "bad guy" at all, the thought has crossed my mind a lot since I have not had a car payment for 9 months; instead of going from v6 to 5.0, better to go all out and drop down on the 5.0 GT premium.

As a part time investor I would have preferred doing this also (nicer to have a lower payment and money to enjoy other things)...but then again every car I have initially wanted was swayed by family members or others opinions on something different. ie. wanted an old mustang, bought a 98 explorer; bought a 2002 corolla; bought a 2009 altima sedan because it was a good deal at the time. I don't have a problem with what I always got, but at the end of the day, I never got to make a full decision on my own with respect to buying something I am paying for. So even though I could get a less expensive car now and grin and bear it until I have more money saved up, I would rather go with something I always wanted and be happy I did it myself instead of rationalizing between others decisions of what they think is best for me. Getting the 300hp V6 for the price I am getting it at is very reasonable to me for transportation and only will cut about 30% of my take home pay each check. Ive made good money this year so I plan to use my 2015 income tax to refinance this loan in March and then depending on other factors, keep the v6 for some more time, or trade it in for an (newer 11-13) older 5.0 since the new 2015's will drop the older models to a decent price I can afford with a fixed credit.
Another plus is, I don't know your credit situation is but making payments now on a traditional loan will definitely help your later situation when you go for a 5.0 to get the best deal. (Just make your payments on time and pay more than the minimum)
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Old 07-17-2014, 09:53 PM   #14
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Another plus is, I don't know your credit situation is but making payments now on a traditional loan will definitely help your later situation when you go for a 5.0 to get the best deal. (Just make your payments on time and pay more than the minimum)
Well I know for sure I got the approval to buy the car with capitalone..but its at a ridiculously steep interest rate (20%). My equifax is 525 but my transunion and experian are at 650; there was an error on my equifax report so I am going to negotiatie with the dealer on sunday and see if they can honor a better rate. Worst case scenario, ill take the deal and do the refinancing in a few months which I estimate to be around 4-8% (credit was at 647 with equifax when I did the 2009 altima loan and the rate was 4.8%)
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Old 07-17-2014, 11:07 PM   #15
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Well I know for sure I got the approval to buy the car with capitalone..but its at a ridiculously steep interest rate (20%). My equifax is 525 but my transunion and experian are at 650; there was an error on my equifax report so I am going to negotiatie with the dealer on sunday and see if they can honor a better rate. Worst case scenario, ill take the deal and do the refinancing in a few months which I estimate to be around 4-8% (credit was at 647 with equifax when I did the 2009 altima loan and the rate was 4.8%)
Okay bro, if youre going to pay 20% what is your monthly/biweekly payment going to be? You're getting arse fcked here, no joke! I'm more than certain you can qualify for ford credit, with a much lower interest rate on a new mustang - $19k for a base if you're a good haggler.

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Old 07-17-2014, 11:17 PM   #16
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Your guesstimating that your will get down to 4-8%. 20% is a HUGE chunk of interest to be paying. I would just entertain the idea of a '14 base and see what ford credit comes up with. Your payments would be about the same. That's about 4 grand in interest alone.
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Old 07-17-2014, 11:23 PM   #17
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That's so much interest.... Why would you ever pay that much.... Or even think of paying that much.... 20% interest just to be in a mustang now instead of in a year? Man that can kill you financially. Not to sound rude but come on, you literally have to be ________ to finance something at 20%. Did you learn nothing in school?


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Old 07-17-2014, 11:48 PM   #18
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Okay I just did a quick calculation for you (screen shots attached)

Scenario 1) 16000 @20% over 7 years

Biweekly payment: $166
Total interest you'd pay on your loan over 7 years: $13,750!!!!!!!!!!!!!

Scenario 2) Ford credit : $21k (including taxes 0 down), @ 6% (could be less based on your region but thats what ford Canada shows on their website) over 7 years:

Biweekly payment: " $146 "
Total interest over 7 years on your loan: " $4750 "

Not only you're going to save tons of money by going with ford credit and lower interest rate, you're going to get a brand new car!! Heck my dealer didn't even put my SIN number in when they applied on my behalf to get financed (online, from a local bank). I got approved right away for $28k for 96 months @ 5.99%

It was an impulse buy in my case since I was a first time buyer. Had it waited for another couple months, I'd have gotten at least 3k in rebates.

I didn't have any loans prior to that, just credit cards to make credit history.

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Old 07-17-2014, 11:49 PM   #19
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Scenario 2

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Old 07-17-2014, 11:51 PM   #20
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Okay I just did a quick calculation for you (screen shots attached)

Scenario 1) 16000 @20% over 7 years

Biweekly payment: $166
Total interest you'd pay on your loan over 7 years: $13,750!!!!!!!!!!!!!

Scenario 2) Ford credit : $21k (including taxes 0 down), @ 6% (could be less based on your region but thats what ford Canada shows on their website) over 7 years:

Biweekly payment: " $146 "
Total interest over 7 years on your loan: " $4750 "

Not only you're going to save tons of money by going with ford credit and lower interest rate, you're going to get a brand new car!! Heck my dealer didn't even put my SIN number in when they applied on my behalf to get financed (online, from a local bank). I got approved right away for $28k for 96 months @ 5.99%

It was an impulse buy in my case since I was a first time buyer. Had it waited for another couple months, I'd have gotten at least 3k in rebates.

I didn't have any loans prior to that, just credit cards to make credit history.

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He would basically be paying for another mustang in interest.... that's insane....
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Old 07-18-2014, 08:47 AM   #21
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You guys make a great point and yeah the interest really sucks, I just don't know with my credit if I will get approved for only $1000 down on a brand new v6 base, I will find out more when I go to the dealer tomorrow and see both options. I don't want that crazy *** interest on me even when I will refinance but I don't honestly think the deal will go through I will post more information on what I finally did as I am actually going tomorrow on Saturday to get the car instead of Sunday. Good points everyone
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Old 07-18-2014, 11:36 AM   #22
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You guys make a great point and yeah the interest really sucks, I just don't know with my credit if I will get approved for only $1000 down on a brand new v6 base, I will find out more when I go to the dealer tomorrow and see both options. I don't want that crazy *** interest on me even when I will refinance but I don't honestly think the deal will go through I will post more information on what I finally did as I am actually going tomorrow on Saturday to get the car instead of Sunday. Good points everyone
You gotta be blunt with your dealer. Be like I am here to buy a car, this is the rate I want (ask around how much others are paying for a new stang), can you do it? And if you can't, I'm more than happy to go take my business to some dealership cuz someone else will!!

These fcukers are there to squeeze every single penny out of your pocket, stay firm on what you can afford and don't get bullied into their sugar coated talk. I'm sure they're gonna say - oh none of the banks were willing to finance you, we have tried our best to get a you a deal (with a much higher interest rate).

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Old 07-18-2014, 02:16 PM   #23
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OP, congrats on your first Mustang!! You're gonna love it!
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Old 07-18-2014, 05:53 PM   #24
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OP, congrats on your first Mustang!! You're gonna love it!
Thanks man! Can't wait for tomorrow, I see a 2014 mustang right across the dealer at 23k with a 3k rebate, if I can get the interest rate reduced I might opt for the newer mustang v6 as long as payments stay manageable, will post details by tomorrow with the final outcome
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Old 07-18-2014, 05:55 PM   #25
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Thanks man! Can't wait for tomorrow, I see a 2014 mustang right across the dealer at 23k with a 3k rebate, if I can get the interest rate reduced I might opt for the newer mustang v6 as long as payments stay manageable, will post details by tomorrow with the final outcome
It better be a premium model if their asking price is 23k. I don't know if it has any add ons, but you should be able to get it for 21.5k as it is.. just gotta be a good haggler!

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Old 07-19-2014, 11:55 AM   #26
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Yeah, as others have said 20% is insane. You'd be better off buying an older car straight cash until you get your credit situation under control first.

Hopefully Ford will work with you and get you a good deal. You can try going to several dealers and have them compete for your business. Online is a decent way of doing that, like Autotrader or Edmunds, you can e-mail their sales reps and when they reply you can counter-offer that the other dealerships are giving you a better deal.

Online is usually much less stressful because they don't have the home-court advantage as it were.
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Old 07-19-2014, 11:12 PM   #27
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I have news, I bought the 2014 mustang V6 manual brand spanking new at 11% interest through ford, best they could have done for me and I am so happy i opted for the newer stang, excellent car, woot! Going to Refinance after a year of payments to a lower rate but its official, car's outside my apartment, thank you for all the help you guys geared me towards, if I didn't come here, I would have probably gone with the black car at 18% interest and ended up paying the same each month for an older stang. Glad to be here for real now
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Old 07-19-2014, 11:14 PM   #28
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I have news, I bought the 2014 mustang V6 manual brand spanking new at 11% interest through ford, best they could have done for me and I am so happy i opted for the newer stang, excellent car, woot! Going to Refinance after a year of payments to a lower rate but its official, car's outside my apartment, thank you for all the help you guys geared me towards, if I didn't come here, I would have probably gone with the black car at 18% interest and ended up paying the same each month for an older stang. Glad to be here for real now
Good for you, glad you took the advice and made the smarter financial decision! You will love the car man. What color did you go with? And you get a BRAND NEW car, best feeling in the world. Make sure you get that interest rate down by next year so you have mod money .
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Old 07-19-2014, 11:22 PM   #29
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I'm going to be a bit counter to the others here in that I'd say get new. Talk to your bank and see if they can push it another $2K or so. Or spend the difference/get your dad to help/whatever. Get a 2014 base model with nothing on it. Your bank might also give you a slightly better interest rate on new vs used as well, and there's NO history issues.

Truecar for Palm Beach, Florida - Base V6 with nothing on it. $19,030 You typically see dealer ads for loss leaders as well in the 18-19K range. It makes no sense not to buy new not that they are blowing them out to make room for the 15s.

EDIT - you replied while I was typing this. Good job - you did exactly that. And there's nobody's DNA on it. And it's only $2K more than a Civic or Corolla. Can't help but keep from grinning at that.
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Old 07-19-2014, 11:24 PM   #30
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Good for you, glad you took the advice and made the smarter financial decision! You will love the car man. What color did you go with? And you get a BRAND NEW car, best feeling in the world. Make sure you get that interest rate down by next year so you have mod money .
I got it in charcoal Gray, here is the pic I have from the dealer, it was too dark to get shots by the time I drove home with it but I will add some later in the week:



---------- Post added at 12:24 AM ---------- Previous post was at 12:23 AM ----------

Yup, went with the previous advice and just got it new, posted a pic above
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Old 07-20-2014, 11:37 AM   #31
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Congrats. Its always good to ask for advice and wait rather than trying to do it all on your own. Enjoy the new stang.
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Old 07-20-2014, 03:51 PM   #32
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Good for you man, new car looks amazing !
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Old 07-20-2014, 11:59 PM   #33
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Now for the next most important step. Buy this as soon as possible if you park the car outdoors.

1: Covercraft car cover. The UV shield model. Sunlight is the real killer of paint, and this is a great car cover. Trust me when I say that it works. Just wash it every two weeks. Note that it will stick to your car if it gets below freezing, but you can slowly and carefully peel it off. This should run about $300.

2: Go to the local auto store and buy 2 packs of the small microfiber towels and two of the larger microfiber drying ones. No need to get silly - just the basic blue ones and the pack of normal ones. Also pick up a box of heavy duty black or blue neoprene shop gloves. My local parts store has 100 for about $15.

3: Get some good wax. I use Sonax. Due to my car's color (Green Envy/Gotta Have it Green), the nano-particle Carnuba works best. For lighter paint, the glow of Carnuba is fantastic. For your darker paint, I'd go with the polymer based synthetic wax as it'll make it look more glossy and wet looking. Autogeek.net has superb deals. Yes, it;s a bit of money, but washing and waxing the car every two weeks will result in a car that looks as good as the day you bought it, even 2-3 years from now.

And, yes, every two weeks. I once was sick, then out of town and not able to deal with the car care for a month. The paint felt like sandpaper and I had to use a little paint cleaner to bring it back to smooth and ready to wax. Now, I live in So Cal where it literally rains crud out of the sky, so YMMV. But certainly no longer than a month between waxings.
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Old 07-21-2014, 06:22 PM   #34
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Quote:
Originally Posted by JOberlander View Post
Now for the next most important step. Buy this as soon as possible if you park the car outdoors.

1: Covercraft car cover. The UV shield model. Sunlight is the real killer of paint, and this is a great car cover. Trust me when I say that it works. Just wash it every two weeks. Note that it will stick to your car if it gets below freezing, but you can slowly and carefully peel it off. This should run about $300.

2: Go to the local auto store and buy 2 packs of the small microfiber towels and two of the larger microfiber drying ones. No need to get silly - just the basic blue ones and the pack of normal ones. Also pick up a box of heavy duty black or blue neoprene shop gloves. My local parts store has 100 for about $15.

3: Get some good wax. I use Sonax. Due to my car's color (Green Envy/Gotta Have it Green), the nano-particle Carnuba works best. For lighter paint, the glow of Carnuba is fantastic. For your darker paint, I'd go with the polymer based synthetic wax as it'll make it look more glossy and wet looking. Autogeek.net has superb deals. Yes, it;s a bit of money, but washing and waxing the car every two weeks will result in a car that looks as good as the day you bought it, even 2-3 years from now.

And, yes, every two weeks. I once was sick, then out of town and not able to deal with the car care for a month. The paint felt like sandpaper and I had to use a little paint cleaner to bring it back to smooth and ready to wax. Now, I live in So Cal where it literally rains crud out of the sky, so YMMV. But certainly no longer than a month between waxings.
Where I work, we don't have a garage, just a massive parking lot with some trees to park under but really no shade, and in Miami, its usually sunny and very hot. When I go home, the car is in a driveway so also exposed but left out overnight. I think the best option to protect the interior is to have one of those foil like windshield covers as bringing a cover to work and putting it on and off is going to get old really fast.

As mentioned, I never had a new car before so I definitely want to take care of it so washing the car at least twice a month is not an issue with the wax, Ill go out and buy some when I get paid again.
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