Joe writes:
Last Christmas, my wife bought me a 2006 Saleen Mustang Convertible s281. As it was winter in Idaho and the last week of the year, what with Saleen Corp announcing that it would be filing for bankruptcy, the dealership was very eager to remove this very beautiful car from their showroom.
I would like to think that the Saleen could be a decent long-term investment. That being said, it is just an S281 model, no supercharger. So do I hope I made a good investment and keep the car as built? (Really sucks that a kid in a 300zx can keep up with me.)
To protect the car’s collectibility, should I upgrade the power with very expensive Saleen parts, or forget about long term resale and go with other superchargers that provide more bang for the buck?
Sajeev replies:
Unless you’re happy waiting 30 years, paying thousands a year to keep her pristine and putting fewer than 10,000 miles (3000 miles per year) on it, the Saleen Mustang Convertible s281’s collectibility factor is minimal. Even if you do, it’s a crap shoot. With or without superchargers. Want a good long term investment? Buy a condo in Miami in the next year or two . . . or something like that.
Please, stop thinking of this car as an investment: it’s a black hole. Only now are certain (i.e., low mile, fairly unique) Fox Body Saleens pulling out of their depreciation curve with a somewhat large number of followers. And I don’t see them fancy-Fairmonts reaching Barrett-Jackson boner-worthy BOSS 429 status any time soon. Or maybe ever.
That said, having fun while your money burns isn’t so bad. Upgrading your “pedigree” with a Saleen supercharger and the necessary upgrades to bump it to a higher-echelon package is a good idea. Saleen receipts and anything else “Saleen” (that you can get your hands on) accomplishes what you want: keeping kids in Z-cars away; and the period-correct upgrades stand the test of time.
But the Mustang’s beauty lies in its blizzard of performance options available from countless entrepreneurs: not just the guys with savvy marketing, cozy relationships with Ford and a turnkey solution to a problem. After speaking to Mr. Saleen and other famous names at press/enthusiast conferences, I’ve noticed their solution changes when a new answer makes them more money. While not always a bad thing, it kinda broke my heart when they’d marginalize past accomplishments at the altar of the almighty dollar.
And the Fox Body generation (once again) proved that the best Mustangs are wild and free: not show horses with pedigree-enhancing papers. I’m remembering the INCON twin turbo kit, TFS Twisted-Wedge heads, Griggs road-race suspension and Baer brakes: with zero support from the likes of Ford or Saleen. I spent my formative years reading tech articles of such manufacturers in MM&FF magazine, so Saleen never really excited me. (Or Roush, for that matter.)
But you are not me. (That’s a compliment . . . trust me.) And you already have a Saleen, a vehicle I’d never consider in the first place. So do whatever you think is right for your money’s future and be happy. Then wait for the right buyer to come along when you’re ready to sell.
[Send your technical queries to mehta@ttac.com]
Flip this car ASAP on eBay.
And I do mean ASAP.
Cars are not investments. Period. Don’t let Barrett-Jackson fool you. They’re toys, to be enjoyed while they last (which can be a long time). But investments? Nope. And especially not if you plan on driving it.
The statement about “my wife bought me…” probably makes selling it not an option. Maybe she’s an accountant and you can pull it off.
Otherwise once we admit you are in it for the long run – get the whole idea of looking at the car as an investment out of your head. If you consider plates, insurance, and maintenance for all those years, the chances of it ever making money for you is terrible.
So, the best way to make lemonade out of the situation is to enjoy every last drop of the car. It’s a 2006 so it’s probably out or close to out of warranty. Go hogwild. Just remember modding rules:
– Think about everything you’d like to do so you make choices that work together and save money in the long run on labor or buying kits of parts.
– Any mod you plan on paper will end up costing you 1.5-2x as much. Assume everyone quoting costs on internet forums is lying.
– You’ll be lucky to get 25% of the money spent on “upgrades” back at final sale, and may well be better off putting it back to stock and selling the parts loose.
And the most important rule of modding (imho) – don’t mod the car to the point where you ruin it. A car you no longer enjoy driving because of a bad ride, booming exhaust, or poor reliability isn’t exactly upgraded. You won’t hear a lot of guys admit it, but this is a very common mistake.
Your car has the wrong horse on the grill for it to be an investment. If you’re using straight bolt-on performance goodies, why not use whatever you want? If it can all be restored to stock relatively easy, there’s no harm in it. Just make sure you get stuff with a good reputation, not just some garbage out of the back of a magazine that promises to give you “10% more power for thousands less!”. Just do your homework and buy whatever you want for your car. I don’t think it’s going to lower your car’s value any more than it would go on its own. Unless you blow something up. But that’s another Piston Slap.
http://www.brenspeed.com/saleenstage1.html
Let ‘er rip.
Slare,
If it was bought new, it’s not nearly out of warranty. The warranty is based on the “in service date” (i.e. delivered), not the date the car was made.
Since it’s probably true that you’re not going to get rich on this car, modifying it makes sense. There’s nothing more maddening than wishing you had more power every time you drive the time. It turns the fun into disappointment.
So go for the power. That’s a given.
However, let’s think about what YOU’d be looking for if you were buying this car when it is 5 years old (or 5 years older, if you prefer).
One of the big concerns about buying a modded car (for me) is that you know that somebody just beat the hell out of it. That’s what the mods are all about. The more radical the mods, the more likely it was run hard – and maybe just maybe – put away wet.
Still, if it’s all show and no go, then it’s flash and no fun.
So, in 5 years which car would you be more likely to buy?
a. The nice looking but slow Saleen
b. The nice looking Saleen with factory upgrades
c. The Saleen that somebody ‘tuned up’ with radical engine upgrades.
Personally, I’d go for option b, since that gives the best balance of performance, resale, and collectility.
http://www.ststurbo.com/mustang_gt_twin_turbo
I assume since it is not boosted from the factory then the compression ratio is relatively high.
1) You absolutely should mod it. How can you do any less?
2) If you are going to force compressed air into the combustion chambers you should probably decide first how far you are going to go. 10psi > you can probably get away with the stock comp ratio and head gasket; 10psi < then you need to think about compression ratio, con rods, possibly getting a metal head gasket, etc.
3) Upgrade the brakes first, pads, rotors, and braided lines should suffice unless you track it often.
With an estimated 0-60 time of 5 seconds flat I wouldnt really consider this mustang slow, perhaps that kids 300zx is just really fast.
I personally leave it stock and enjoy has is, being that you live in idaho you will only drive it 6 months out the year anyway, if the car is ever going to be worth something it will be valuable regardless if it has 5000 miles on the odo or 50,000. But if you still feel compelled to modify it use saleen parts.
Drive it, enjoy it and don’t worry about keeping up with the Joneses in their 300zx’s. Feeding the more power monster in your skull with kilobucks of upgrades will never make the monster leave you alone. It always will scream for more, more, MORE!
Tricked out cars, factory authorized or not, rarely perform well as investments. Like Sajeev said, its a black hole for cash. You have a better shot at a return by gambling $10,000 on Ford stock than you do by throwing more money at the ‘stang.
I’m remembering the INCON twin turbo kit, TFS Twisted-Wedge heads, Griggs road-race suspension and Baer brakes: with zero support from the likes of Ford or Saleen.
Hmmmm…Sajeev…a bit of foreshadowing, perhaps?
Forget it as an investment. It is first and foremost transportation, fun transportation at that. Don’t aske me what type of supercharger to install, but I wouldn’t worry about keeping the car correct to its original build sheet specs. Think of it as a Mustang GT Fastback. It might someday fetch a price equal to its original plus inflation, but in the mean time, enjoy it.
There is a S281 in my neighborhood. Wakes me up ever morning when he leaves for work. All his car does is make noise. Can’t wait to be staged at a light with him and my C5Z.
doctorv8 : Hmmmm…Sajeev…a bit of foreshadowing, perhaps?
I didn’t mention Pony R wheels, Cobra ABS brakes, LSC buckets, Escort GT overhead consoles and T-56 transmissions…so no. Absolutely not.
Drive it hard and put it away dirty!
Cars are about fun not investments so relax and enjoy it the it was meant to – full throttle and sideways.
I would go for the mods as that really is the whole point of the Mustang. Shop around for a good SC solution – there are a few out there and the online forums should provide plenty of information.
Saleen parts or not – in a few years it will just be an old Mustang so don’t treat like a collectible but enjoy the rambunctious and unsubtle pleasures of may be the near last generation of American muscle cars.
carguy : …enjoy the rambunctious and unsubtle pleasures of may be the near last generation of American muscle cars.
People have been saying that since the 70s with OPEC. Or the 80s when the Mustang was threatened by the Probe. Or the 90s with SUV’s killing any other RWD American vehicle. The 2005 Mustang pretty much showed how one brand will never die.
Short of us running out of petrochemicals, I don’t see Muscle/Pony cars ever dying.
Sajeev – you are most probably right (and I hope you are) but if history is our guide then horsepower madness comes in cycles along with cheap gas. With ever increasing world demand I can’t see much cheap gas in our immediate future so I fear it could be an awful long wait until the next golden age of affordable horsepower madness.
That’s true, cheap gas and horsepower go hand in hand. The most hard core Stangbangers (or whatever) will must keep their ride during the “bad” times to keep their addiction alive.
Then again, I’ve seen some pretty impressive modifications to Mustang IIs…so anything is possible if you don’t mind dabbling in the aftermarket.
“That’s true, cheap gas and horsepower go hand in hand.”…
My only brand new personal car was a 57 Bel Air HT, 3278 lbs, V8 283, 185 HP BRAKE.
My 05 Accord Coupe, V6, 3124 lbs, V6 183, 240 HP SAE NET.
The Honda has brakes, suspension, ride, handling, reliability, mpg that weren’t dreamed of 1957.
You can’t go home again. Who would want to?
Thanks to all of and especially Sajeev for posting my question. I will probably keep this a while and go with a SC in the near future. For now this car is a whole lot of fun and I intend to enjoy it while I can afford to drive it and still look young enough to own it. The car does constantly bring a smile to my face and so very many compliments. The kid in the 2nd gen 300z was modified. (I do like the 2nd gen 300 Z’s by the way.) As far as the corvette comments against Mustangs, I bought this low enough to say dollar for dollar I am sure I got the better deal. I could put 8 or 9 k$ into this car and still be half the price, with equal or better performance. In the past we have been thru a couple of mustangs and they are an emotional attachment to the past and the great marrage I have.
Joe