If you’re looking to buy a used Ford Mustang, it’s important to go beyond just the purchase price to find the total cost of owning the car. Factors like maintenance, insurance, and fuel economy should be compiled to give you a true picture of the cost of ownership.
How Much is a Used Ford Mustang?
The selling price of a used Ford Mustang depends on its condition as well as the model year. On average, base models of the Ford Mustang between the 2012 and 2016 model year will cost between $13,000 and $19,000. GT models of a similar model year range will usually be in the low to mid $20,000s. Older Mustang models will be trendless in price until you get to classic models and then the price goes higher. Used Ford Mustangs in perfect condition and with low miles will obviously tend to cost more than high-mileage vehicles with some repair needs.
Expected Maintenance Costs of a Used Ford Mustang
The average yearly maintenance cost of a Ford Mustang is roughly $709 on average. The average vehicle costs around $650 to maintain over a one-year period, so that makes the Mustang only slightly more expensive than average. The Mustang scores better than the industry average when it comes to the frequency of repairs. The industry average is 1.3 major repairs every three years and the Mustang’s score is at .60.
There are many other factors that impact maintenance costs, including driving conditions, driving region, regular maintenance, and the exact mechanical details of the vehicle. For example, a manual transmission may last longer than an automatic transmission, but you may have to replace the clutch sooner than a major repair on an automatic.
Insurance Costs of a Used Ford Mustang
Similar to maintenance costs, insurance costs definitely vary depending on where you’re located, your driving record, age group, marital status, and even your credit score. Insurance costs will also depend on whether your Mustang is financed and the age of the Mustang. For example, the average liability cost on a 2017 Ford Mustang is $470 vs. $510 on a 2014 Ford Mustang. However, comprehensive numbers are in the reverse. The 2017 model has an average cost of $308 and the 2014 model has an average cost of $270.Why are Mustangs often expensive to insure? There are a few reasons. One is the high horsepower of many models, another reason is that theft is quite common with sports cars.
Fuel Costs of a Used Ford Mustang
The fuel economy of the Ford Mustang is another ownership cost to consider. A V8 Mustang gets roughly 18 MPG combined. Four-cylinder Mustangs fare better at about 23 MPG combined. V6 models are somewhat in the middle at about 21 MPG combined. Remember, as your Mustang racks up more miles, your fuel economy is likely to go down. Your exact fuel costs will vary depending on gas prices in your area and how much you drive. Finding a great deal on a used Ford Mustang is only the start of your ownership journey.’
Make sure to calculate other costs to avoid surprises later