GT 500 Questions
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GT 500 Questions - 6/17/2007 10:07:18 AM
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Zan186
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I am looking to purchase a new Mustang for pretty much a daily driver. Mostly due to the fact I just bought an 02 Viper for my thrills and frills. So I am looking to upgrade my daily driver which is currently a ford Escape to something sporty that gets decent gas milage. The choices really come down to a base model Ford GT Mustang Auto or Manual, or a GT 500. Cost really isn't a huge factor as that I can write the car off as a tax deduction. (aka Work Vehicle). What I don't like is dealerships jacking up the MSRP to gouge the consumer. So right now I have been watching and waiting to see how the release of the 08's will affect the price of the 07.
Doing some homework I have read that Mustang sales are not so good the last two months. This usually tells me the market is pretty saturated and that Ford made too many cars for the number of Mustang buyers. I am expecting some pretty hefty incentives in late July, early August to help dealers move these cars.
The markup's on the GT 500's has started to come down to about $5k to $10k. I am guessing when the 08 is released it will make it very hard to sell an 07 over msrp. I could be wrong, but economically if you have 40 GT 500's on lot's now that are not moving and Ford releases a few thousand more then more than likely the price has to drop dramatically in order to sell.
The other thing that is important is the Challenger and Camero that are looming on the horizon for 2009. Lot of people who would be leaning towards a GT 500 might go for a Challenger or Camero instead.
Anyone have some idea or predictions when the GT500 will be going for MSRP.
How many GT 500's are going to be produced in 08? I know 1000 are going to be King of the Road series, which will also cause the GT500 to decrease in price.
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RE: GT 500 Questions - 6/17/2007 1:39:25 PM
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Stkjock
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I dont think you'll find a GT 500 for anywhere near MSRP... local dealer in NY had one....sold 20K over in 3 or 4 days. maybe in 09 or 10 you could get one for sticker...but y wait...get a GT and a few mods and a lot less $$$ gets you close.
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RE: GT 500 Questions - 6/17/2007 2:22:12 PM
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LegallyTorchRED
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AS long as there is the "name SHELBY" officially documented on any MUSTANG, you will ALWAYS pay a PREMIUM..................... PERIOD.
Now, really, think about this,,,,, you said cost isn't a factor, so quit bellyachin' about the dealers' markup.
Your DD is an Escape ?, notta EB, or Limited ?, but you own a Viper, yet want upgrade to a GT500 DD ?
Something is missing here. JMO
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RE: GT 500 Questions - 6/17/2007 2:35:51 PM
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05gtdriver
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I don't think the ADM will drop severely on an '07 GT500, maybe $5-7.5K over MSRP, but I don't think these cars will ever be MSRP(unless gas goes to $5/gal). As soon as one is sold at MSRP, all us real working stiffs are gonna snatch them all up and cause the price to rise again as there's gonna be another shortage. Although a GT500 as a DD? I'd rather just get a GT and put some racing stripes and lower it a bit.
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RE: GT 500 Questions - 6/17/2007 2:57:21 PM
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LegallyTorchRED
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+1
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RE: GT 500 Questions - 6/17/2007 9:16:06 PM
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Zan186
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Lot of it is supply and demand. There are a bunch of GT 500's sitting on lot's right now and they are not moving at the asking price. If Ford releases another 3000 of these cars then yes they will be at MSRP.
Fact's are really simple, a few people will spend top dollar to buy something new or to be the first to own one. After that small segment of the population is satisfied then there are few buyers who are going to ante up and over pay for a car. Already most of the GT 500's are down into the mid 50k range. I bet my May 08 the GT500 will be as MSRP. The KR will be still above MSRP but the rest will drop.
As for a daily driver, well I am in a pretty good situation. I am buying the car primarily to drive to work which is highway for 30 miles. I can write off the vehicle as a tax deduction so buying a more expensive car equates to a larger write off. Plus the thought that the car may some day be worth something weighs into the equation too.
Why a GT 500? I kind of like the way the car looks slightly better than the GT. It already has the white racing stripes painted on (not a fan of Vinyl), and it has the exhaust upgrade as well. Yes I could go with a GT, and I might still go that route. Also you can park a GT500 and not draw a ton of attention to your car as most people just see it as a nice mustang. I can't take the Viper to the mall or anywhere I can't keep an eye on it.
It really come's down to asshole people. If someone key's a mustang you get pissed, someone keys a Viper and well you are looking for a gun!
Someone hits your car and dents the door in a Mustang you are looking at a few hundred bucks to replace it, parts are a plenty for Mustangs. Someone hits the Viper and you are talking thousands to replace and parts are not a plenty.
Don't get me wrong, I dont plan on abusing my mustang. A mustang is more like a 16 year old kid, you wanna know where it is and make sure it is safe but you can leave it alone a few hours and not worry about it. The Viper is more like a 2 year old toddler that get's into everything. You don't leave it anywhere out of sight for more than a few minutes.
The Escape I leased because I needed something ASAP that was reliable to get to my new part time job. It also double's as a second family vehicle, 2nd to the Wife Trailblazer EXT.
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RE: GT 500 Questions - 6/17/2007 9:36:31 PM
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05gtdriver
Posts: 1845
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From: Los Angeles Ca
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quote:
ORIGINAL: Zan186
Lot of it is supply and demand. There are a bunch of GT 500's sitting on lot's right now and they are not moving at the asking price. If Ford releases another 3000 of these cars then yes they will be at MSRP.
Fact's are really simple, a few people will spend top dollar to buy something new or to be the first to own one. After that small segment of the population is satisfied then there are few buyers who are going to ante up and over pay for a car. Already most of the GT 500's are down into the mid 50k range. I bet my May 08 the GT500 will be as MSRP. The KR will be still above MSRP but the rest will drop.
As for a daily driver, well I am in a pretty good situation. I am buying the car primarily to drive to work which is highway for 30 miles. I can write off the vehicle as a tax deduction so buying a more expensive car equates to a larger write off. Plus the thought that the car may some day be worth something weighs into the equation too.
Why a GT 500? I kind of like the way the car looks slightly better than the GT. It already has the white racing stripes painted on (not a fan of Vinyl), and it has the exhaust upgrade as well. Yes I could go with a GT, and I might still go that route. Also you can park a GT500 and not draw a ton of attention to your car as most people just see it as a nice mustang. I can't take the Viper to the mall or anywhere I can't keep an eye on it.
It really come's down to asshole people. If someone key's a mustang you get pissed, someone keys a Viper and well you are looking for a gun!
Someone hits your car and dents the door in a Mustang you are looking at a few hundred bucks to replace it, parts are a plenty for Mustangs. Someone hits the Viper and you are talking thousands to replace and parts are not a plenty.
Don't get me wrong, I dont plan on abusing my mustang. A mustang is more like a 16 year old kid, you wanna know where it is and make sure it is safe but you can leave it alone a few hours and not worry about it. The Viper is more like a 2 year old toddler that get's into everything. You don't leave it anywhere out of sight for more than a few minutes.
The Escape I leased because I needed something ASAP that was reliable to get to my new part time job. It also double's as a second family vehicle, 2nd to the Wife Trailblazer EXT.
Sorry to tell you, the stripes on the GT500 are vinyl, not paint. An '02 Viper has about the same value(currently) as a new GT500, as for leaving anywhere, I'd never do that to a GT500(or drive 30 mile each way to work everyday!). I'm sure in 20-30 years that GT500 will be worth more than an '02 Viper(too many Vipers made overall since 1992). The original Shelby Cobra(260/289/427 and yes some had 428s) where just over 1000 cars in total. The current GT500 won't probably reach 15,000 units in total, a number surpassed by the Viper since it's introduction. If I were you, I'd sell the Viper and wait for a GT500KR and put it in the garage for special occassions and get a convertible GT for a DD(with painted stripes ). Of course, you sound like a Dodge man, so why aren't you waiting for the new Challenger??????
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RE: GT 500 Questions - 6/17/2007 10:35:47 PM
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redcobrasc
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JMO. 1st year runs will always have a higher resale value,(1964 1/2 mustang) you can also get the 40th ann. for the 2007 model only. And if you have any spare change you could get the SSpkg. You need to drive a GT500 then tell me its just another mustang. Get the shelby and make the viper your DD
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RE: GT 500 Questions - 6/17/2007 10:48:37 PM
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05gtdriver
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From: Los Angeles Ca
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quote:
ORIGINAL: redcobrasc
JMO. 1st year runs will always have a higher resale value,(1964 1/2 mustang) you can also get the 40th ann. for the 2007 model only. And if you have any spare change you could get the SSpkg. You need to drive a GT500 then tell me its just another mustang. Get the shelby and make the viper your DD
+1 very true redcobrasc, and yes, I saw that red package GT500(black w/red stripes) and it looks awesome! I am working extra side jobs and saving all my pennies(and keeping my GT's mileage down) to have enough to get a GT500 in a few years. Loved your car when I saw it last weekend at the cruise.
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RE: GT 500 Questions - 6/18/2007 2:23:16 AM
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07AlloyGT
Posts: 722
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i wish i could write off an $80k vehicle as needing it for work.
lol
"yes, i need a 500hp supercharged V8 sports car to get me to work. now, write it off."
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RE: GT 500 Questions - 6/18/2007 6:48:02 AM
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Zan186
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A dodge man? No I don't have a particular preference between Ford, GM or Chrysler/Dodge. I just buy american cars. GT500 value is going to do what every car does as soon as it rolls of the lot (depreciate). As for value of an 02 Viper vs a GT 500 in 20 years is comical. There was only 11,412 Gen II vipers made. The gen II's will depreciate till about 10 years then they will go up in price. You are also comparing a newly released vehicle to a 5 year old car. In 30 years a Gen II Viper will be worth way more than a GT 500. Not to mention that my particular Viper their was only 350 made (Final Edition), so if your argument is that their are fewer GT500's then you are dead wrong. For collectibiility your way off base.
Not to mention that you can buy a base GT and make it look like a GT500 if you chose too. Can't really do that to a base Viper cause their really is not base Viper. lol but hey you can believe what ever you want. When I go to a car show and I park near the GT500's people don't even know it is anything but a Mustang. I almost feel bad for the two guys here that own them.
As for a daily driver, you betcha it would be a mustang. The parts are a hell of a lot cheaper to replace on a stang than on a Viper. With the exception of the hood and front fascia, most of the GT 500 body panels are the same as the GT.
Also a Viper stands out way way more than a GT500 does. Most people wouldn't even recognize a GT500 as being anything other than another mustang.
I think a lot of Mustang people are believing that the GT 500 is going to become a vehicle like the Boss 302. It is possible that it may have some collectability. I just don't think so.
Writing off a car is not such an uncommon thing if you fit the criteria. And the Ford GT500 is actually selling now for $55k, and its blue book value is $45k. The only people paying $80k are the idiots who have to have something right now. Go to Autotrader and you will find at least 30+ GT500's for sale on dealers lots. There are 2 or 3 priced at 70k and they will sit there until the price comes down closer to msrp. There are some still in the 60k region as well, and they are gonna sit there as well. At 55k they are selling very slowly. I have seen a handful sell on ebay, but then again ebay is not always legit as sometimes dealers bid up auctions as well. What is going to happen in 2 months when Ford makes another 3000 GT 500's? and another 1000 KR series? Yeah the GT 500 will hit MSRP because the demand will be saturated. MSRP is very important because that is what Ford wants to sell them for. If they are selling for above MSRP then Ford will make more to appease the demand.
< Message edited by Zan186 -- 6/18/2007 6:56:05 AM >
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RE: GT 500 Questions - 6/18/2007 9:07:33 AM
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armour845
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 Is it just my imagination or aren't you the same guy that has been looking to buy a GT500, what going on 3 month's now. It seems like, if I remember right, you just bought a Viper too. Hmm, this all sounds fishy to me.
Smells like a troll to me, or better yet a kiddy with a vivid imagination.
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Printable Version
I am not sure on how much you can deduct per year for the vehicle but I am writing off my entire lease on a 2005 Escape. Whatever I spend on it that year I write off. I think I put $3500 down and the monthly payments are roughly $251 a month. So the first year I roughly wrote off vehicle expense as $4500 and some change (bought it in June). In order to write the vehicle off I have to use it from work place to work place. You can't just buy a vehicle for getting to work, however if you have a vehicle that you take from one place of buisness to another that is tax deductible. If you take that vehicle to get supplies for your office it is also deductible. Since I have a home based private practice I am stretching the rules a bit, but I have it documented so it flies. 
