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Ford Mustang '64-'67 in Retirement or 2019 Insight?
Old 07-05-2018, 06:08 AM   #1
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Ford Mustang '64-'67 in Retirement or 2019 Insight?

Hi! A la' Your Money or Your Life, I've been looking at monthly transportation (car) costs as I get ready for retirement, and am "down arrowing" my current $550 a month. That figure includes gas, repairs and maintenance, insurance on a Honda Insight 2011 plus a monthly slush fund deposit for purchasing a replacement car.

The Insight is a cheap ride, which is great. It has almost 100K miles. Ultra reliable car. It has the hatchback that I wanted, and it's no trouble at all.

There just isn't a lot of satisfaction in the ride. The car is a boring grey, stripped down version that I purchased certified pre-owned with cash for about $12K 6 years ago. It's not very heavy, and it's not very comfortable over the long 8-hour car ride from my house to my Mom's house or anywhere in between, really. In fact, it's only worth about $5K as a trade in now. It hasn't retained much value.

Options now:

Keep the 2011 Insight and drive it into the ground while I stockpile more cash every month for my next car purchase yet to be determined. (I have 10K earmarked, could use another $10K). That will still cost me $2K at some point to replace the batteries. And I will still have the $550 a month in transportation costs for the rest of my life, it seems.

Keep the 2011 Insight for a couple more years and trade it in on a certified pre-owned 2019 Honda Insight that has a lot more comfortable bells and whistles, according to reviews. That will require putting away an extra $300 a month for the next year -- potentially pushing back my retirement date.
I will also be depleting my account by $2K to purchase new batteries to keep the Insight running. Plus, I will still have the $550 a month in car costs for the rest of my life.

Purchase a 1964-1967 Ford Mustang for about $13-15K (that includes air and auto transmission). If I can get one that is good condition, it's a lot more fun to drive, a more comfortable ride, and actually easier to maintain. And these cars are retaining their value. I would still need a sinking fund to keep up tires, oil, etc., and gas would be more expensive. But if I have to pay $550 a month for car transport in general, it seems like I could do it and get a lot more satisfaction out of it.

Thoughts? Ideas? Have a 1964 and a half Mustang for sale LOL
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Old 07-05-2018, 06:26 AM   #2
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Right after I fired I dumped my 3 year old Mazda because I didn’t need a commuter, just needed something to run around town so I picked up a ‘72 el Camino, drove it for 5 years and sold it for $1000 more than I paid for it. kinda looking around for a ‘68-‘72 Corvette, I feel the need for another classic.
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Old 07-05-2018, 06:33 AM   #3
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Imho, using a 50 year old car as a daily driver would be a mistake. Your milage may vary. :-)
However, it could be a very nice weekend/fair weather ride along with the insight. (I have 3 older Porches I'd categorize as garage queen's. They need constant love and attention to stay in drivable shape).
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Old 07-05-2018, 06:38 AM   #4
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"The Insight is a cheap ride, which is great. It has almost 100K miles. Ultra reliable car. It has the hatchback that I wanted, and it's no trouble at all."

I owned a 1965 Ford Mustang which was a great car in it's day- but now is not it's day. Your statement I quoted above does not describe a 1964-1967 Mustang. It will be costly to maintain the mechanics and body of this vehicle. It will not compare to your current vehicle. That is fine, if you know that going into the decision and allot more money to keep up with the maintenance. I found the uniqueness wears off rather quickly when the vehicle is not reliable.

Good luck on your decision,

VW
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Old 07-05-2018, 06:38 AM   #5
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Originally Posted by Mykle57 View Post
Imho, using a 50 year old car as a daily driver would be a mistake. Your milage may vary. :-)
However, it could be a very nice weekend/fair weather ride along with the insight. (I have 3 older Porches I'd categorize as garage queen's. They need constant love and attention to stay in drivable shape).
Same. I have a 1966 all original numbers matching 289 fastback as well as a 2006 Shelby GT500. Both are mostly garage queens. The shelby has modern tech and is reliable to drive daily, but I don't. The 66, while fully restored, seems to always need something done to it. Generally speaking, it's about a 50/50 shot if it's going to start when I give it a try. Part of that is because it sits most of the time, but still no way I'd rely on it to be my only mode of transportation.
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Old 07-05-2018, 06:42 AM   #6
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In retirement, I don't want frustrations with automobiles. I have chosen cars that are of the most reliable and relatively low depreciating.

We went with a 2018 Camry Hybrid--an all new generation car. Thru 18k miles, it has been great getting 47.5 mpg on the open highway and 52 mpg in town. It has all the comfort of a regular gas Camry with superior, silent performance.

If you keep your Insight, all new battery packs are not required. There may be 50 batteries in the pack, but only 4-5 bad batteries. There are battery rebuilding businesses that can replace 4-5 batteries and put you back on the road for far less than a whole new battery pack.
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Old 07-05-2018, 06:43 AM   #7
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There are a lot of other options in between, to get a comfortable and reliable car. If you really want an old Mustang, get one, but I have my doubts that it'd be a good choice for an 8 hour drive. Let's not overlook the safety devices built into newer cars either. I don't know why you are considering another Insight if you're bored and unhappy with yours. I suspect you want to compare it to your dream Mustang? How much would it cost to get a ~5 year old Mustang?
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Old 07-05-2018, 06:46 AM   #8
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Originally Posted by Mykle57 View Post
Imho, using a 50 year old car as a daily driver would be a mistake. Your milage may vary. :-)
However, it could be a very nice weekend/fair weather ride along with the insight. (I have 3 older Porches I'd categorize as garage queen's. They need constant love and attention to stay in drivable shape).
What the hell is a Porches, a Mustang is no Porsche. I have had both, A early Mustang is a very simple car and easy to maintain. Just change over to electronic ignition and you have a very dependable car.Now the older Porsche can be a nightmare plus parts and labor is expensive.
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Old 07-05-2018, 07:28 AM   #9
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Just about any mid 60's car is NOT a good idea for a daily driver. (70's cars are actually worse IMO) I "had" several mid 60's cars and they were all very well restored but maintenance is still "much, much" higher than most any modem car. They are great "car hobby toys" if you are mechanically inclined and like to work on cars, have access to spare parts and don't mind some break down's on the road.


Now the good side is you can fix a lot of things with basic hand tools on pre-computer/electronics cars.


I think Jay Leno once said, all's you need is a hammer for these (60's) cars. Not far off, IMO.
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Old 07-05-2018, 07:33 AM   #10
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To me a 60's mustang or similar is a great second car for those who can afford it but not a reasonable option as a primary vehicle. If you can afford to get the Mustang and still be able to afford a nearly new hybrid in a few years then that would be the way to go. If not, I would pass on the Mustang and get the more practicle vehicle.
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Old 07-05-2018, 07:49 AM   #11
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Mykle57, What Porsches do you own, and which is the most satisfying to own?
I've owned multiple air-cooled VWs, and I have a passion for them. They struggle to keep up with modern traffic in stock form, so they are not very practical vehicles.

I started to consider a 69 912, or possibly a 911SC. The prices have gotten out of hand on both of these models, so that most likely won't happen.
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Old 07-05-2018, 08:40 AM   #12
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I had a 65 Mustang back in the early 80's. I don't recall it being very fun to drive versus any other vehicle. It also required lots of attention in the maintenance department, and burned gas quick. It was the first car in which I ran out of gas on the highway. When that needle touched the E-line, the engine quit.
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Old 07-05-2018, 11:16 AM   #13
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Get the Mustang. And figure how to get a cheap vehicle to use when it wouldn't be prudent to take the mustang out.
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Old 07-05-2018, 11:39 AM   #14
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Yeah easy to maintain. None of those pesky air bags, disk or anti-locks brakes to worry about. What could possibly go wrong.

I w*rked with a guy who does restorations of old mustangs. His are all garage queens.
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Old 07-05-2018, 11:52 AM   #15
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Yeah easy to maintain. None of those pesky air bags, disk or anti-locks brakes to worry about. What could possibly go wrong.

I w*rked with a guy who does restorations of old mustangs. His are all garage queens.
I restored a 1971 VW Beetle last year (I've had older Mustangs and Corvettes in the past). Driving the '71 around these busy streets and freeways was downright scary. Rather than it becoming a garage queen, as I have one already, I sold it.

I view air bags and crumple zones as important in daily driving these days. Keeping a garage queen for the occasional Sunday afternoon cruise is fine.

My recommendation; keep the gutless, but fairly safe Honda and buy the Mustang but use it for occasional fun rides.
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Old 07-05-2018, 12:23 PM   #16
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I’m still trying to figure out where a early 60’s Mustang is going to come from for $13 to $15K. If I could get one for that kind of money that wasn’t a rust bucket and actually ran, I might get me one of those. Unfortunately, I’m a GM guy and I’d rather have a Z/28 for $15 grand.
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Old 07-05-2018, 02:03 PM   #17
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I have a 65 mustang that I drive occasionally. I would be concerned about safety driving one all of the time. You will not win in any collision plus youd need much of the car to be recently rebuilt to even be remotely safe. I feel very vulnerable in my stang, tho it is a pleasure to drive.
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Old 07-05-2018, 03:00 PM   #18
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Im still trying to figure out where a early 60s Mustang is going to come from for $13 to $15K. If I could get one for that kind of money that wasnt a rust bucket and actually ran, I might get me one of those. Unfortunately, Im a GM guy and Id rather have a Z/28 for $15 grand.
Here's a 1966 ocurrently on Bring A Trailer and the bid now is at $7500. It's not a numbers matching version, but is pretty nice driver quality. These's time left to bid so we can see where this will end.

https://bringatrailer.com/listing/1966-ford-mustang-65/
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Old 07-05-2018, 03:05 PM   #19
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I have a 65 mustang that I drive occasionally. I would be concerned about safety driving one all of the time. You will not win in any collision plus you’d need much of the car to be recently rebuilt to even be remotely safe. I feel very vulnerable in my stang, tho it is a pleasure to drive.

The occupants in those old cars, even the bigger ones, don't do well when hit by modern cars.
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IIHS: 2009 Malibu vs 1959 Bel Air
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Old 07-05-2018, 03:32 PM   #20
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Just for grins , earlier this year I went to a Mustang car show at one of our dealerships . The dealership was running a special on 2018 Mustangs ( basic / manual transmission painted wheels V 6 18880.00 . I didn't think that was bad . Well anyhow I bought a used 2002 Mustang last weekend 77,000 miles original owner . 2500.00 . Not a classic but still a nice little car . As far as the ride and such . It is a sports car you have to accept a poor ride .


Isn't it funny Mustangs are going to be all 4Cyl and V8 going forward . The people with the 4Cyl say they will fly.


Joined the local Mustang club so I will have lots of things to do with the Mustang
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