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Okay, so here's my situation. My parents have told me that if I get a scholarship to college, they will give me the money which they have put away for my education. That sum of money is approxiamtely $12,000. In addition to that money, I would have about $6000 to spend as well. So I'm talking about being able to spend about $18,000. Now, my question is: would it be a mistake for me to spend that money on a very old car?

I would be looking for something probably from '69-'70; more likely than not it would be a hardtop. I guess I also should ask if I'd be able to find one in this price range. I would want some luxuries, like power braking and air conditioning. Also, I want a big engine :biggrin:, preferably a 351 or larger (428 CJ would be ideal :jawdrop:). I'm just a bit concerned about reliabilty. I haven't worked on cars before; I just simply LOVE the Mustang body style, as well as the performance aspect of the car. I don't really find many of the modern cars very intriguing; there's just something about the 1960's cars that interest me to no end.

So what do you think? It would be my daily driver, and it couldn't be a project.

Thanks a lot,
Frank
 

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buy a nice $6,000 car and save that money for a down payment on a house, grad school, some kind of investment, etc.
 

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I would say NO if it is your primary transportation. No air bags, old technology brakes, etc. Especially if you are not inclined to mechincal work (and may live in an apartment so you can't work on it anyway).
 

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That kind of money would easily my a nice, restored Stang. But 4+ years of student parking lots will trash it pretty bad. Take the money, get a dependable beater and save/invest the money for more important things later on. I know it's not what you want to hear right now but you will thank us later on.
 

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Well my first car and my current car is a 67 mustang, im seventeen and have driven it daily for over a year with very small issues. the biggets problem ive had with the car was the points and coil going bad, its been very reliable, and i know its gonna start everytime i go out into the garage. IMO you can have an vintage mustang as a first car, i knew quite a bit about cars before i got into mine, but im sure you could frind some freinds that are willing to help you out. I bought mine for 6000, and since them have spent about 12000, on unneded mods, like paint job, wheels, stereo etc, but i think its very feasible.. hope this helps.
 

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I know it isn't what you want to hear but I would suggest a decent used car, bank about half the money ---leave it till after school, marriage,house, kids, ---try to get established in life then take that money and more and buy your "toy" ---a restored mustang would not be a good first and only car in my opinion----I have looked back and wished I would have made some better choices and listened to others more but the bottom line is it is your choice, make the best of however you choose and good luck either way!
 

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The big issue I would see with taking a classic to college is campus parking is hell on earth. I cannot even begin to tell you how many times I saw broken out windows and keyed cars because someone was drunk, jealous and stupid.
 

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I tried to talk my son out of a vintage mustang as his first car (unsuccessfully).

Cons:
They are not as reliable as a newer car.
They are not as economical as a newer car.
They are not as comfortable as a newer car.
They are not as safe as a newer car.
They are not as practical as a newer car.
They are not as easy to drive as a newer car.
Insurance can be problematic (big engine, establishing replacement value).
You will be upset when it is keyed, gets door dings, or dented.
You will need to be mechanically inclined, own tools, and have alternate transportation.

Pros:
They are more fun than a newer car.
You will not see 20 of them in every parking lot.
They attract attention.
They will not depreciate as much as a newer car.

In the end he persisted and we have spent 2 years restoring a car for him. It has taken longer and cost more than (he) expected (grin).

He loves his car and will probably not do anything too stupid since he has so much invested in it.

We have a "beater" car he borrows when necessary.

I have a feeling he will be devastated if his car is crashed/stolen/vandalized.

Good luck,
Rory
 

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Have you ever heard of a Roth IRA? I suggest you educate yourself on these if you want to retire with some wealth.
This from an old Geezer that knows.
 

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Plus it snows in Maryland right? It's no fun driving a nice, fast, rear-wheel drive car in the snow.

I'd get a front wheel drive car for as cheeply as you can...insurance will be cheaper...and you wont be afraid to park it anywhere. Like everyone else...bank that money and once you get out of college, go get your mustang.
 

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I agree with much of what has been said so far.Here's the deal,,today versus 26 years ago when i got my license,,EVERYBODY WANTS A 69 MUSTANG!!!,,,in 1982,,they were still "just another car".I can't imagine someone sitting a nice car like a 69 Mach or fastback in a college parking lot thesedays. Better have all new disk brakes,,electronic ignition,new carb,great heater,all new weatherstriping,snow tires in the trunk,snow chains,(remember,,Mustangs are rear wheel drive,and they DON"T go in the deep snow) like a modern front wheel drive car does.Oh,,and if you live in the rust belt areas,,which is just about anywhere East of Oklahoma,,the car has a shelf life of three (yes,,3) years max till is is eaten up with salt.Ready for all of that?? For your 15K investment?? I have to agree with the guy about the Roth IRA,,bank it,,buy a beater Mercedes,(yes,,they CAN be had for cheap,,very cheap cars),or Toyota,or square volvo,,and when you get on your feet with a PAID-OFF House with a nice garage,,then buy the hot Musclecar and have fun with it in the spring,summer and fall.
 

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In 4-5 years, what would the mustang that you want today sell for? It most likely will be higher than todays prices. I say go for it, I did and never had any regrets!
::
 

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I just wrote a long response to you but my computer froze so here it is in short:
My first car was a 66 mustang drove it for 2 years and i ended up having to get a newer car for reliability purposes (3 hr drive to school). My idea was maybe you can get a cheaper reliable car(5000) and also get a decent daily driver mustang(6000) that you can work on in time. I rent a house at college and it has a garage so its perfect for me to work on my mustang whenever i want. Its great having a jeep to haul all my stuff around and also have the mustang to cruise in.
As for not knowing much about cars, If you want a classic mustang your going to have to learn. When i got mine 1999 i didnt know much about cars. and two semesters ago i converted an auto to a stick in my college house driveway. Its a great learning experience and its so much more rewarding when you do it yourself.
Its just another option that you can think about.
I agree with the others i dont think you should get a restored classic as your first driver, especially if you will be taking it to college and dont have good mechanical knowledge to fix anyhting that goes wrong.
~Jeff
 

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My first car was my 66 Fastback, bought it in 96. I drove it until it got to be too much to maintain and now it's sitting in the garage undergoing a slow restoration. As far as the cool factor, you can't compare an old Mustang to the new "bellybuttons" (everybody's got one) that are on the road now, but any 40 year old car is going to have issues, so from a reliability standpoint, a new car will generally be better. Heck, that's the reason I parked my 66 in 2001 and bought my 97.
 

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Would a restored Mustang make a decent first car?
Absolutely. If you're talking about a restored 1990 or newer 5.0. That's the year they got air bags. Old mustangs aren't crashworthy by today's standards. My nephew pinwheeled a Neon through a field with 17 seperate impacts and only spent one night in the hospital. In a vintage mustang it would have been a closed casket funeral.

Why did he crash? Because he used poor judgement and only had marginal skills. Better to have a safer car until the hormone levels drop and you have a few thousand hours behind the wheel.

Phil
 

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Question: Would a restored Mustang make a decent first car?
Answer:...no...
And now a mom's point of view:

Mom type questions....

Do you know that you have the scholarship? What does it take to get it?

Will you commute from home or live in a dorm(ick) or apartment? If you are in a dorm count on stolen stereos and door dings...maybe stolen tires and rims....I have kids in college. They have shared horror stories.

Are you ok with driving it in the snow? (MD)

Are your friends idiots, who will want to borrow your "Stang? and will you let them?

Can you sleep at night knowing that your baby is out in the lot with crazy people?

ok...enough of that....if any of this makes you feel sick...wait to get your dream car...

Maybe use a bit of the money to buy a "taurus" or a small car for now and put the rest of the money in an account that will get you some interest.

Toward the end of your time at college, buy the dream car.
TA DA !! you get your car...and no horror stories.

Don't feel intimidated because you have not worked on cars.
I didn't know anything about cars...except where to put the gas...
I bought my '67 and learned...sometimes the hard way (burned a $160.00 firewall to alternator wiring harnes) mostly just by reading and asking questions....I am learning...and it feels good.

One more thought.....read...read...read...learn all you can both in your future job field, and about cars...
never be afraid to ask questions...never be afraid to say "I don't understand, tell me again."

Let me know what happens....It's a "mom" thing ;)

Good luck!!
Robin
 
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