2015 Ford Mustang GT: With Heavy Heart, We Sell to CarMax
by Matt Jones, Senior Editor on February 19, 2016
We really enjoyed out time with the 2015 Ford Mustang GT. It was more refined than in years past. Our CEO did a burnout in it. One of our editors even proclaimed it his favorite car in the fleet. We kept it two months over schedule because it was so hard to part with.
But, the world can be a cold place. And although we really liked the 'Stang, the used car market just isn't as enamored with it as we are. We paid $45,490 for the Competition Orange hardtop back in December of 2014.
Fourteen months and 21,568 miles later, CarMax offered us a paltry $27,000. That's nearly 41 percent depreciation, and that's before you consider the cost of the modifications we added. The Mustang's TMV is 28,339.
To get a second opinion of the Mustang's value, I drove it back to the dealer we bought it from, Galpin Ford in North Hills, to give see if they would pony up (ha) more money for the Mustang than CarMax. I didn't tell Galpin about the CarMax quote.
We thought this a valuable exercise for two reasons: We'd get a second pricing opinion, and more importantly, we'd get a second pricing opinion from a dealership that sells a lot of used Mustangs and also a lot of upgraded cars, thanks to its Galpin Auto Sports performance shop.
We hoped the exhaust, suspension, and short shifter upgrades would net us a few extra bucks from a dealer that could appreciate such things. After all, these are upgrades that would cost the next owner several thousand dollars in parts and installation.
And Galpin did indeed offer more for the Mustang than CarMax did, to the sum of $250. Since both Galpin and CarMax came in at essentially the same number, we knew that the CarMax number wasn't a one-off. The car was really only worth about $27,000.
Although we were disappointed in the low evaluation of the Mustang, we weren't really surprised. Our last long term Mustang was hit pretty hard, too. It's just never easy to hear that the car you love isn't worth as much as you'd hoped. There just isn't a huge market for slightly used Mustangs, it seems.
Logistically, it was easier to sell to CarMax based on proximity to our office, so that's where it ended up. I hope it finds a good home. And a buyer who appreciates its upgrades.
Matt Jones, Senior Editor @ 21,568 miles