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Old 03-21-2003, 05:53   #1 (permalink)
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fools who bought Mustang Cobras last year

Run-out sales


Vehicle Details

Vehicle 2002 FORD MUSTANG Cobra
Price $55,990
Kilometres 90
Body 2 door Coupe
Colour RED
Transmission 5 speed Manual
Engine 8 cylinder Petrol Multi-point injected 4.6L (4601cc)
Reg Plate 113506
VIN 1FAFP47V02F118263
Stock # 113506
Comments NEW VEHICLE GST INCLUSIVE PLUS $1495 DEALER DELIVERY, PLUS GOV AND STAT CHARGES
Dealer Details
Licence # xxxx
Location Victoria


I spent $79,000 for a Cobra convertable last September. About 250 others bought them for prices between $75,000coupe and $85,000conv last year and the year before.
People like me had faith in FORD....

Imagine having finance on a car that depreciated $30,000 in about 6 months.
If I write the car off in the second year I get about $60,000 market value and still owe another $25,000 on finance..
I can't sell it, re-finance it !!! rock and a hard place.

Ford tells me that the rrp is $89,000 for a convertible and
assures me that the sell out will have minimal impact on the value of my car ...
Can't figure that ??? they must think I'm stupid !!!

Ford are offering up to $20,000 dollars as incentives for the dealers to get rid of these classic cars.. and then the dealer can offer some their margin on top of that..

I feel ripped off, fool be me for supporting Ford... I love Ford but they have badly cheated me and 250 other Ford supporters.

Those who have bought new performance Fords just prior to BA (including T's) are going to feel ill as they read the car classifieds.
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Old 03-21-2003, 08:08   #2 (permalink)
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Sorry, but if you really feel that purchasing a car is an investment then you are sadly mistaken.

Cars are not an investment tool. You are going to lose period no matter what you buy. The moment that you took it off the lot you lost value on it. You could have tried to sell it same day, but since it is technically used you are now stuck like chuck on the loss that is dealt out when purchasing a car.

As far as Ford shafting you, they hardly did that. It is all part of the whole scheme of buying cars mate. you can hardly expect the car to retain the 79k you spent for it. Just for the record a vert in the states costs...36k for a 03 model. You paid just 10k above that in AU. Considering that you have transport fee's and conversion to RHD and the other things that have to be done to the car that 10k mark up is fair. Another thing to consider is that they were originally marketing them in the mid 90's far more than what you paid for them. SO feel for those that paid 90's for them and reflect that your purchase was for a car not for a short term investment. If it was purchased as a short term investment then I haveto say that I have an 03 that I will sell you for 90k and I will ship that bad boy over.

Slagging Ford for your mistake or should I say your lack of investigation really is not going to do you any good. Purchasing a car is a big investment. An investment that 90% of the time will not garner you a good market return atleast not in the first year. that is what impulse buying will do to you.
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Old 03-21-2003, 15:45   #3 (permalink)
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Sorry champ but just want to know just how you worked out a $20k price drop from what you have spent. As you have quoted the sale price of a Mustang coupe is now $54,990. plus GST and $1495 Dealer Delivery and on road costs. I will tally that up for you...

$54,990: vehicle price
$ 5,499: GST
$ 1495: Dealer Delivery
$ 3100: Stamp Duty
$ 535: Registration
$65,619: Total on the Road.

You spent $79,000 on the road. It is now $13,000 less. So I suppose $20,000 does exaggerate your senario just a tad doesn't it.
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Old 03-21-2003, 18:34   #4 (permalink)
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And u equate those drops in value by Gadget's post to the price range of the car. A cheaper car will probably lose the same % of price over a year. While again, pay $250,000 for a new BMW or Merc and u will lose close to $100,000 in 2 years. Depends on the price range of the vehicle
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Old 03-21-2003, 18:51   #5 (permalink)
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Ford are only discounting a small number of Mustang Cobra's which should only marginally impact on resale values overall.
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Old 03-21-2003, 18:57   #6 (permalink)
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well well ... thanks for that guys

I did not buy the Cobra as an investment and it was not an impulse purchase ...
the exact same car is now being sold by Ford 30% cheaper after 6 months... the original price was what I expected to pay for the US car, get it to Australia and have Tickford do a great conversion job..... the $55k is even less than in the USA !!!!

gadgeman, the ticket price for mine was $79k and then on top of that the s/d and on roads; the ad in my original post indicates that the GST is included ....so no I didn't exaggerate the scenario...

I'm just really disappointed, the whole family is into Fords and we love them .... we got the Cobra because it was a great Classic car and that Ford had gone to the effort to get them to Australia ...
and TO KICK BACK AND SHOW THE REAR FORD BADGE TO THE MONARO DRIVERS ... for the six months it was probabaly worth it for that alone.

Please don't get me wrong ... it is not the money (I'm lucky I could do it) but I think it "bad" that Ford is actively going about to devalue the top of their range (and yes the Cobra still is as they are so called still for sale for $89k rrp)....

The Cobra and I (and the dog) are going to enjoy ourselves.
I agree with LunaticSVT that you get the car for the car's sake and not the investment, BUT reality kicks when in six months you are 30% down. In a year 50% ???

Thanks for the therapy guys ... hope you can offer me some more in days to come as I'm still feeling a little betrayed.

Oh ... the XR6T ute is greatest work car I've ever owned .... what a massive improvement ... only 117km old and humming like a bird ...


One last thought ... I hope the small grey import companies of Mustangs survive this Ford onslaught on their businesses....
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Old 03-21-2003, 20:36   #7 (permalink)
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Oh yes the cost I am listing is for the 03 not an 01/02

They were far more discounted than what the 03's are running for. Mind you had less HP than the 03 as well.

Verts were 54k AUD new in US for the 01's. I say 01's because the 03 was technically sold in the US during all of 02 or should I say most of 02. It was marketed as an 03 even though it was ordered in Feb 02. The 01's were sold as 02's even though they were 01's. Also you have to look at some other things. As of right now they are cheaper due to a stronger AU$. Back when they were imported the USD was stronger.
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Old 03-22-2003, 02:12   #8 (permalink)
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It depends on how long you plan to keep it as to how much you will loose.
If you plan to own a mustang and sell it within 3 years then I guess that sucks but you lost out.
In the long run Mustangs normally retain good resale value. Perfect car for a middle aged bloke to buy and keep till retirement. I guess thats who those cars were aimed at.
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Old 03-22-2003, 03:01   #9 (permalink)
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SVTANG,

I'm with you on this one, there is an important principle here!

It's based on "don't bite the hand/s that feed you" - The hands being Ford Customers. We bought a "T" Series - $70k+, the full premium deal

In the rush to win the ratings war Ford have soon forgotten that customers shelled out hard won cash to buy these premium products; there not Falcon Forte Taxis.

The BA appears to be a good car, Ford listened to the feedback. But don't bury last years model, to try and boost the new model.
You don't see the top Euro car makers or HSV doing this, pitch your product against your competitors.

And yes just wait until the BB GT comes out with all the lightweight gear and 320kW, are we going to see the same treatment to the BA FPV Buyers.

Its not so much the discount, dealers have to move stock to survive, it's the way they go about it!

If nothing else, I can take the satisfaction that our T3 (as I'm sure your Stang will be) a heck of a lot more unique than the new model based on numbers alone, and with or without the starter button still brings a smile when you fire it up.

Cheers
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Old 03-22-2003, 04:13   #10 (permalink)
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The Cobra is a great car. The only reason I didn't buy one last year is that I am over 6ft tall and the clutch is a bastard with the conversion i.e. I hit my knee on every gear change.
There was a GT show today up here and a new Cobra was on display and available for test drives. It stole the show.... well it and the new XR8 in Acid.
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