Is the 2024 Mustang Really More Expensive?

[krisk]

I keep seeing a lot of comments from people about how expensive the 2024 Mustang is with some questioning whether it is worth it. Even in some of the media reviews they have brought up how expensive the 2024 Mustang has become. After hearing these comments for months I decided to compare my 2019 Mustang GT MSRP to what an equivalent 2024 Mustang would cost. Here's my analysis:

2019 Mustang GT Premium - Base Price: $39,355
10 Speed Auto - $1,595
B&O Sound - $895
Premium Floor Liners - $120
GT Performance Package - $3,995
Voice-Act Touchscreen Nav - $795
Destination & Delivery - $1,095
Total MSRP - $47,850

2024 Mustang GT Premium - Base Price: $46,015
10 Speed Auto - $1,595
B&O Sound (w/ Co-Pilot360) - $1,295
Premium Floor Liners - $170
GT Performance Package - $4,995
Voice-Act Touchscreen Nav - Included
Destination & Delivery - $1,595
Total MSRP - $55,665

Total MSRP increase from 2019 - 2024 MY: $7,815 or 16.33% Increase

Now, if you look at the Social Security COLA for the last five years of 2.8%, 1.6%, 1.3%, 5.9% and 8.7%, that equates to a 21.79% increase over the last five years. This is a pretty fair indicator of US consumer inflation during this time span.

So, inflation over the last five years is 21.79% and the MSRP on the 2024 Mustang is up 16.33% over that same period. Using the SS COLA adjustment, that 2024 Mustang would be priced at $58,276 MSRP or $2.611 higher than Ford's current pricing. I understand that some dealers may not be offering the discounts they were five years ago, but that is really about the supply and demand which goes up and down. Simply looking at it from the MSRP, I don't see the basis for the price complaints.

Please explain how people are complaining about the price of the 2024 Mustang, when compared to the S550 pricing?

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[Crew4991]

I really do like your math you mapped out here, thank you for the information.

But I think the main reason folks are up in arms about the pricing is that back in 2019, NOBODY was buying a new car at MSRP. Everyone was selling new cars for much less than MSRP back then plus there were a lot more incentives available, so that 2019 loaded $47,850 MSRP car was actually selling for like $42k maybe?

Meanwhile in today's world folks are ordering the $55,665 MSRP car, but once the car is delivered at the dealer they get slapped with market adjustment and suddenly that car is actually being sold for $60k.

The math looks similar on paper, but the aggravation is coming from the reality of the world we live in now. That math can't really be compared as it isn't really on paper at all.
So $42k in 2019 vs $60k today is quite a jump and is definitely expensive.

 

[krisk]

I really do like your math you mapped out here, thank you for the information.

But I think the main reason folks are up in arms about the pricing is that back in 2019, NOBODY was buying a new car at MSRP. Everyone was selling new cars for much less than MSRP back then plus there were a lot more incentives available, so that 2019 loaded $47,850 MSRP car was actually selling for like $42k maybe?

Meanwhile in today's world folks are ordering the $55,665 MSRP car, but once the car is delivered at the dealer they get slapped with market adjustment and suddenly that car is actually being sold for $60k.

The math looks similar on paper, but the aggravation is coming from the reality of the world we live in now. That math can't really be compared as it isn't really on paper at all.
So $42k in 2019 vs $60k today is quite a jump and is definitely expensive.

I get what you are saying, but I think the $42k to $60k comparison is a stretch. Sure, you could get a $47,850 car for $42,000 in 2018/2019, but that was probably on the upper end of available discounts. Paying over MSRP for a 2024 GT is just nuts. You can find them all over for MSRP or lower. I think with the same amount of work it took to find a good deal on a 2019, you could find a 2024 for less than 21.79% of the 2019 price. At that difference, you're still ahead of where you would have been 5 years ago.

Plus, this doesn't take into account the extras you get with the 2024 over the 2019. Digital dash was only available with the 401a on the 2019; it's standard now. 2019 PP didn't include rear Brembo brakes. Plus there are a variety of other minor upgrades.

I'm just not seeing the justification for the argument of the 2024 pricing being unreasonable in comparison to the S550.

 

[Crew4991]

I get what you are saying, but I think the $42k to $60k comparison is a stretch. Sure, you could get a $47,850 car for $42,000 in 2018/2019, but that was probably on the upper end of available discounts. Paying over MSRP for a 2024 GT is just nuts. You can find them all over for MSRP or lower. I think with the same amount of work it took to find a good deal on a 2019, you could find a 2024 for less than 21.79% of the 2019 price. At that difference, you're still ahead of where you would have been 5 years ago.

Plus, this doesn't take into account the extras you get with the 2024 over the 2019. Digital dash was only available with the 401a on the 2019; it's standard now. 2019 PP didn't include rear Brembo brakes. Plus there are a variety of other minor upgrades.

I'm just not seeing the justification for the argument of the 2024 pricing being unreasonable in comparison to the S550.

I'm just trying to explain the frustrations many folks experience. It is really easy to lay out on paper the prices between now and 2019 and show that they look similar on paper but in reality they are not. Part of this reason is because many of the online car shopping sites such as Cargurus, Autotrader and Cars.com promote dealers LISTING their new mustangs online below MSRP to attract buyers and lure them into the dealership, but when it comes time to actually buy the vehicle it is a completely different story with all the added fees that add up well past that MSRP amount.

You don't have to believe me on this, but I strongly encourage you to find that new Mustang GT listed below MSRP online in a different area than you live in and pretend to buy it... you will quickly learn what I am referring to. Maybe you are getting lucky and your area is not overcharging, but for a lot of us the dealers are up charging wherever possible. Maybe Georgia is a good state to buy new cars in? I am not sure, but Colorado, California, Florida and parts of the upper mid west in the big cities are not. This is the frustration point that cannot be put on paper for an accurate comparison between now and in 2019/pre-pandemic.

This is why folks say the new mustangs are so expensive. Depending on your region and the local car market, that price you see listed online from the comfort of your own home is NOT actually the price you will buy the car for. It is just a marketing bait and switch to get you in the door. Unless you are a strong negotiator (most are not) or have a nice/good dealer, you will be lucky to get the car at MSRP right now. I think in a few years when the market corrects more, this will change. In the near future, new cars are incredibly expensive to buy.

I hope this helps you understand the frustrations why people say it is so expensive.

 

[dollybud]

I keep seeing a lot of comments from people about how expensive the 2024 Mustang is with some questioning whether it is worth it. Even in some of the media reviews they have brought up how expensive the 2024 Mustang has become. After hearing these comments for months I decided to compare my 2019 Mustang GT MSRP to what an equivalent 2024 Mustang would cost. Here's my analysis:

2019 Mustang GT Premium - Base Price: $39,355
10 Speed Auto - $1,595
B&O Sound - $895
Premium Floor Liners - $120
GT Performance Package - $3,995
Voice-Act Touchscreen Nav - $795
Destination & Delivery - $1,095
Total MSRP - $47,850

2024 Mustang GT Premium - Base Price: $46,015
10 Speed Auto - $1,595
B&O Sound (w/ Co-Pilot360) - $1,295
Premium Floor Liners - $170
GT Performance Package - $4,995
Voice-Act Touchscreen Nav - Included
Destination & Delivery - $1,595
Total MSRP - $55,665

Total MSRP increase from 2019 - 2024 MY: $7,815 or 16.33% Increase

Now, if you look at the Social Security COLA for the last five years of 2.8%, 1.6%, 1.3%, 5.9% and 8.7%, that equates to a 21.79% increase over the last five years. This is a pretty fair indicator of US consumer inflation during this time span.

So, inflation over the last five years is 21.79% and the MSRP on the 2024 Mustang is up 16.33% over that same period. Using the SS COLA adjustment, that 2024 Mustang would be priced at $58,276 MSRP or $2.611 higher than Ford's current pricing. I understand that some dealers may not be offering the discounts they were five years ago, but that is really about the supply and demand which goes up and down. Simply looking at it from the MSRP, I don't see the basis for the price complaints.

Please explain how people are complaining about the price of the 2024 Mustang, when compared to the S550 pricing?

 

[krisk]

I'm just trying to explain the frustrations many folks experience. It is really easy to lay out on paper the prices between now and 2019 and show that they look similar on paper but in reality they are not. Part of this reason is because many of the online car shopping sites such as Cargurus, Autotrader and Cars.com promote dealers LISTING their new mustangs online below MSRP to attract buyers and lure them into the dealership, but when it comes time to actually buy the vehicle it is a completely different story with all the added fees that add up well past that MSRP amount.

You don't have to believe me on this, but I strongly encourage you to find that new Mustang GT listed below MSRP online in a different area than you live in and pretend to buy it... you will quickly learn what I am referring to. Maybe you are getting lucky and your area is not overcharging, but for a lot of us the dealers are up charging wherever possible. Maybe Georgia is a good state to buy new cars in? I am not sure, but Colorado, California, Florida and parts of the upper mid west in the big cities are not. This is the frustration point that cannot be put on paper for an accurate comparison between now and in 2019/pre-pandemic.

This is why folks say the new mustangs are so expensive. Depending on your region and the local car market, that price you see listed online from the comfort of your own home is NOT actually the price you will buy the car for. It is just a marketing bait and switch to get you in the door. Unless you are a strong negotiator (most are not) or have a nice/good dealer, you will be lucky to get the car at MSRP right now. I think in a few years when the market corrects more, this will change. In the near future, new cars are incredibly expensive to buy.

I hope this helps you understand the frustrations why people say it is so expensive.

I get the fact every market is different. I did order a 2024 and picked it up September 1. Most dealers around here are charging MSRP on the GT. You can find a few who will sell below, but most would not on a custom order. There are some allowing X Plan pricing, which would be similar pre or post pandemic. I bought a 2019 Mustang GT and I bought a 2024 Mustang GT. Both were purchased from the same dealership. I got a better discount on the 2019, but I'm still ahead of inflation from my calculations. This is an apples to apples comparison; same car, same dealer.

That said, the market pricing is not a Mustang thing; it is a new car market thing. It's most every manufacturer and in demand model. Overall the new and used car market is very different than 5 years ago, which was, and still is, impacted by people choosing not to work. The overall market is more expensive now than it was then. The point I am making is the manufacturers are not overcharging based on MSRP; in fact they are behind inflation from my calculations.

 

[dollybud]

. My 24 Mustang GT 6 speed with only the active exhaust and yellow paint was $60,000. Canadian. This included almost $7,000. In tax, $800.00 for paint and $1,500 for active exhaust. I am happy with the cost, and being 75 know it will be the last vehicle I’ll ever buy. It puts me back to the 60,70,80 years when all makes were competing the horse power race.

 

[young at heart]

. My 24 Mustang GT 6 speed with only the active exhaust and yellow paint was $60,000. Canadian. This included almost $7,000. In tax, $800.00 for paint and $1,500 for active exhaust. I am happy with the cost, and being 75 know it will be the last vehicle I’ll ever buy. It puts me back to the 60,70,80 years when all makes were competing the horse power race.

Hey don’t say that!

I‘m “only” 74 but I’m sure hoping to buy a few more down the road!

But I sure agree about it taking me back in time, in my case to the ‘60s anyway. I was a GM guy so by 1971 compression was down and the fun was over.

 

[krisk]

. My 24 Mustang GT 6 speed with only the active exhaust and yellow paint was $60,000. Canadian. This included almost $7,000. In tax, $800.00 for paint and $1,500 for active exhaust. I am happy with the cost, and being 75 know it will be the last vehicle I’ll ever buy. It puts me back to the 60,70,80 years when all makes were competing the horse power race.

Hey don’t say that!

I‘m “only” 74 but I’m sure hoping to buy a few more down the road!

But I sure agree about it taking me back in time, in my case to the ‘60s anyway. I was a GM guy so by 1971 compression was down and the fun was over.

You guys are making me feel young!! I splurged on my first ever "unnecessary" car after I was already a grandpa. Up until a few years ago I only bought what made sense for the family. Buying the 2024 Mustang I now have three grandkids, and my granddaughter loves to ride in Papa's "race car" as she calls it. I'm a very young 45 years old. As a teenager, and for years after, I dreamed of owning a muscle car, specifically a 69 GTO, but it was never a possibility.

 

[IceGamer]

I think the GT is decently (over-)priced in the US. However, most people, myself included, see the Dark Horse and it's "features" and are shocked at how overpriced the so called GT350 successor is. The DH should've been the GT including the performance pack at GT pricing.
It gets worse from here on for everyone outside the US...

 

[LETHAL]

Use a 2023 401A car vs. a 2024 401a car as a more accurate comparison.

Most Premium 2023's I saw on the lots (as of this spring) were $53k MSRP. My 2024 401a was $55,400 MSRP.

$2-$3k from year to year is not unusual. Pay to play friends.

 

[Dave2013M3]

I have a feeling by summer we will see some easing on pricing. This car just came out.

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