The Ford Mustang has always been known as an affordable sports car, one that offers up impressive performance for the money. However, like pretty much everything else in life, the venerable pony car has seen its prices increase dramatically amid historic inflation, and that’s true of both used and new examples, for the most part. Things have gotten so bad, in fact, that the Ford Mustang made the cut as one of the top used cars that are no longer affordable, according to iSeeCars’ latest Car Affordability Index – joining the Ford Edge in that regard.
In August 2019, the average price for a used Ford Mustang was $21,516, but that number has risen dramatically over the past three years, reaching $33,500 in August of 2022 – a difference of $11,984, or 56 percent. It’s also far higher than the average used vehicle, which has increased by a much more modest amount, going from $22,906 in 2019 to $25,542 this year, a difference of $2,636 or 11.5 percent.
To come up with these numbers, iSeeCars calculated the pricing threshold for affordable cars and analyzed three-year-old used cars that had been affordable between April and December 2019 but were no longer affordable from January to August 2022. It derived this data from its Car Affordability Index, which is the ratio between median household income and an idealized income for car payments, based on new cars’ and three-year-old used cars’ pricing.
“The rise in new and used car prices has led to a drop in vehicle affordability for consumers,” said iSeeCars Executive Analyst Karl Brauer. “That means it’s more important than ever for shoppers to choose vehicles that fit their budget. And while it may be tempting to take out a longer loan to minimize monthly payments, or to make a smaller down payment, buyers will end up paying even more for these higher-priced cars in the long run.”