Regret a Car Purchase? I Bought a Brand New Ford Mustang at 18

Posted by Mrs Money on January 4th, 2010

facebooktwitterpinterestfacebooktwitterpinterest

2002 Mustang

A few months after I turned 16, my parents bought me a 1993 red Ford F150. I was big into showing my horse and I always went trail riding so I needed something to pull my horse trailer. They bought it from my uncle for $7,000 and I thought that was a ton of money. I loved my truck and drove it for about a year and then was devastated the day that it decided to die. My dad told me we should go car shopping and that night I came home and told everyone my dad was buying me a new 2002 Mineral Gray Clearcoat Ford Mustang. Everyone scoffed at me, I was hurt and went and sulked on my own.

A few days later we went and picked it up. I very vividly remember driving it off the lot, with the odometer reading 6 miles. I felt like the princess I thought I was.   I made a deal with my dad that I would make payments to him for the car.

The next month I went out to Colorado to visit my best friend’s friend, ended up meeting Mr. Money, and the next month I moved out to Colorado.  I convinced my dad to fix my F150, and I left my month-old Ford Mustang at home, sitting in the driveway.  Yeah-crazy, I know.

To make a long story short, in the spring, my parents hauled the Mustang across country from Michigan to Colorado on my dad’s trailer.  My dad’s truck broke down in Denver (costing them money to get it fixed) and the fender of my dad’s trailer flew off on the express way and hit the side panel of the Mustang (costing even more money).  The day I ended up getting the Mustang back in Colorado was a day in April where it snowed 14 inches.  I couldn’t drive it anyway!

I think it’s totally ironic how I buy a brand new Mustang, move across country to a state where I can’t even drive it 50% of the year, and then choose to drive the old F150 instead.  I love the car and we still have it to this day (and plan on keeping it for quite some time!) but I’d have to say if I could do it again, I’d probably have picked a more practical car.

Have you ever bought a car you regretted later?

image from sauccari

Related Posts Plugin for WordPress, Blogger...facebooktwitterrssfacebooktwitterrss

If you enjoyed this post, make sure you
Subscribe to my RSS feed!

16 Responses to “Regret a Car Purchase? I Bought a Brand New Ford Mustang at 18”


  1. I just had to laugh because it wasn’t that long ago that you did that and now look at how economically minded and frugal you are! It’s funny how much we can change in just a few short years. :-) I was just about to say I don’t have any car purchase regrets, but I did buy one lemon once upon a time.

    [Reply]

    Mrs Money Reply:

    It’s funny- back then I was still semi frugal and saved money, but I was only thinking about the present then. Sometimes I wish I could be more like that than worrying about the future. At least we still have the car and it didn’t kill me financially! :)

    And I agree- I have grown up a lot in 8 years. ;)

    [Reply]

  2. Robert says:

    I see young people with “cool” cars all the time. Unfortunately, they’re usually shelling out about 1/2 or 3/4 of their monthly income on it PLUS the skyhigh insurance premium. Cool, yes, but I’d rather drive the old Ford F-150 and have enough money for lunch instead :)

    [Reply]

    Mrs Money Reply:

    Oh gosh, Robert! I was spending over $500 a month on insurance!! It was horrible. Thank God I married an old man (he was over 25) and our insurance premiums went down. Looking back I feel silly about buying the car, but I guess it all worked out okay. I just won’t buy a new car again!

    And I should have kept my F150! ;)

    [Reply]

  3. ummm yes the minivan we have now. If we would have just kept our old one instead of thinking we need a brand new one it would be paid off!

    [Reply]

    Mrs Money Reply:

    Oh bummer. Hopefully you will get this new one paid off pretty quickly!

    [Reply]

  4. Rob says:

    I have been through an almost opposite experience. At 29 years old (12 years ago now), I bought a brand new Mercedes E320. My wife thought I was psycho spending over $40,000 for a car. I bet her that over ten years, I’d spend less on car purchases and maintenance than her or any of our friends. Since the day I drove it off the lot, I have taken exquisite care of it. All of the oil changes, filters, brakes, rotors, etc are done by me – a $500-600 brake/rotor job costs me about $170 with true MBZ parts bought at the dealer. I still have the Benz with over 207,000 miles on it. I will likely drive it to 500,000 miles. In the meanwhile, most of my friends have flipped through 3-4 cars and spent tons more money. My registration and insurance are extremely low these days. My recommendation – buy a car that wil last a lonnnnnng time and drive it until it can’t get out of the driveway any more.

    [Reply]

    Mrs Money Reply:

    Rob, that is so great it worked out so well for you! I plan on driving this car the same way. People scoff because they think it should be in a garage and not driven, but I think that’s silly. I didn’t pay to have the car sit in a garage!

    [Reply]

  5. It’s funny because I can relate, somewhat. We bought a Mustang convertible about 3-1/2 years ago. How times change, indeed…

    Do I regret the decision? Financially, I know it was not the best idea. We could have done much better in terms of practicality and cost. If we were making the decision today, we would have never gotten the car.

    But part of me understands that buying the car was an important lesson to learn and I would have never been where I am today without that as part of my life.

    It was a “lifestyle decision” (like many of those who argue that buying a house is, too). Quite simply…it’s a blast to drive, and we plan to keep it for decades, not years. If our unborn son can drive it to school and impress the ladies when he’s 16, I will be satisfied.

    So, was it a stupid decision? Heck yeah. Do I regret it? Never. Sometimes in life, we just have to go with it…

    [Reply]

    Mrs Money Reply:

    I can’t say I regret doing it either. It has been a fantastic car and I really enjoy driving it. I kick myself sometimes because we bought it brand new, but other than that it has been a good experience. :)

    [Reply]

  6. Adam Cleaner says:

    i never regretted buying my tiny nissan micra until i started my green cleaning business, now i have litterally no room in the vehicle carrying 2 vacs, cloths, cleaning supplies, tools etc, and then 4 other staff members. I think it does well but i’d love a nice little fuel efficient van right about now. gives me somethnig to look forward i suppose

    [Reply]

    Mrs Money Reply:

    You should start a new van fund! That would be a good thing to work towards. We had to get another car to replace an SUV that we had and I wanted a Focus but we have two labs. They wouldn’t fit in that!

    [Reply]

  7. Jim777 says:

    I am 37 years old, I’ve never bought a Brand New Car from the dealer in my life and I never will.

    I have never in my life made a car payment and never will.

    I have always bought used cars from private sellers with CASH.

    The most I’ve ever paid for a car was $11,300. Yes I’m serious.

    I’ve owned Porsche, Mercedes, BMW, Subaru, Toyota, Honda, Lexus, Saab, Etc.

    All of the used cars I buy look Very Shiny and Clean and Run like New. There are a ton of beautiful condition used cars out there that people have taken care of but simply don’t need anymore.

    Many of the cars I’ve bought have had over 100,000 miles on them. If someone got to 100,000+ miles then the care MUST have been taken care of very well to reach that mileage. On modern cars that are reliable brands 100,000 is just getting warmed up.

    You’ll notice that if a New Car Dealership has someone trade in a Beautiful condition used car, they will IMMEDIATELY have it removed to another lot because they don’t want the suckers/customers who come on the lot looking at new cars to see a good used car for sale or it might make them think twice about spending a ton of money for a new car just to have it drop $5000 in value the second you drive off the lot.

    [Reply]


Trackbacks/Pingbacks

  1. Once Upon a Time I Bought a Lemon of a Car | Out of Debt Again 07 01 10
  2. Meet Mrs. Money from Ultimate Money Blog | Out of Debt Again 12 02 10
  3. True Confessions – We Bought AJ His First Car 19 04 10

Leave a Reply


  • Archives

  • Links

  • Find Us on Facebook!

  • Categories