Cost of Ownership?
 

I'll be buying a base C5 Corvette or S197 Mustang GT soon. I'm looking to hear from some owners who have experienced both or know the cost of ownership of both well. From a daily driver aspect (10k - 12k miles/per year) how much more a base 98-01 C5 Corvette will cost me over a 05-07 Mustang GT. It'll be either a 98-01 C5 Corvette with 80k-100k miles compared to a 05-07 Mustang GT with 50k-70k miles.

I understand the prior owner(s) has a lot to do with how well either car will last but I for this situation lets say both were treated / maintained well (as that's the only time I'll buy either car).

Here's what I know...

C5 Covette
- is cheaper to insure
- is better gas mileage by +-5 mpg
- more expensive tires
- more expensive repair costs (corvette tax??)
- more likely to have parts break due to being years older

Thanks for input looking forward to hearing some insight!

If you're anything like most people around here then just get whichever one excites/inspires you the most. The C5 is a pretty reliable vehicle in my opinion and gets good mpg while still being a Corvette (better than Mustang).:thumbs:

For what it's worth, mine hasn't had anything break (that wasn't my fault) in the 5 years I've owned it but in mods, upgrades and a vast array of waxes and polishes I am in at least half the initial cost of the vehicle or about 10k which works out to about $166 a month.

This seems to be a troll post more than anything because a Mustang fan would not consider a vette and a vette fan would not consider a mustang. They are night and day. A mustang is really not a sports car. Yes its a muscle car but its a sedan and not a comparison to a two seat sports car.

My opinion on things like this has always been, if I have to stretch my budget, or hurt myself or family to own something, it will stay where it is.

But that's just me.....:thumbs:

cost of ownership
 

If you want a car that has low maintenance, then by all means get a Honda Accord. Drive it like you are 80 and have the dealer do ALL the scheduled maintenance.

Your cost of ownership will mainly be dictated by your behavior behind the wheel, and what happens when the hood needs to come up. If you do work yourself, then neither a Corvette or a 'stang will be a maintenance burden, except for self inflicted wounds. There are tons of used parts out there and even a blown engine or trans can be repaired, and I submit that engine replacement (for example) in either car would be a wash.

If you are willing to do work yourself, there are some really good folks on this site that will help you with nearly any problem Some of them have "seen it all". You can beat the odds with their advice and save lots of $$$$ AND even learn something.

Corvette ownership is a cult and the wave is alive. Most 'vette owners will stop to help a crippled vette. Never have seen that with mustang owners. Is there a National Mustang Museum? An enthusiast's site as good as this one?

If you can't wrench you better get the stang.

I turn my own wrench on every project.

At this point I'm leaning towards to the C5 but what's preventing me fully commit is the lack of friends / family who have ever owned Corvette's so I've never had first hand knowledge of frequency of repairs / cost of repairs. I'd like to be as fiscally responsible as I can and I'm doing that by learning every angle of my next car BEFORE I buy.

Thanks for the comments so far.

Hey Hob, I gave you my answer back in the Mustang Forum (ironically owned I think by the same folks that own this site...LOL). I'm Vader GT on that forum.

Good luck in your decision & hope you get the C5. :thumbs:

Used cars are a toss up as I'm sure you know. Appartently this car will be a pleasure vehicle for you since they are vastly different other than being performance oriented? I doubt you would see major differences in repair bills if you take your car to a dealer facility, they are high on everything no matter the brand.

All that said, I bought my 99 FRC a little over 2 years ago with 49k on the odometer and 16k more miles later there have been no repair issues. I did have to buy new tires, got a deal, $700.00. Bought z06 wheels off craigslist for $300.00. Had to have mod red interior, $500.00, still waiting to snag the seats to match. $250.00 for a torch red bra, $40.00 foe a set of stainless GM lugnuts since the Z06 wheels have them exposed. $75.00 for an I-pod adapter and $30.00 for the steering wheel decal. I could have done without all of this except for the tires.

I think possibly luck does play a part in all this. I bought from a dealer, I did have a carfax to look at, but that was all the history I had available to me at the time of purchase. The car was driven 800 miles home without a hiccup and has been completely trouble free since I have owned it. Others have bought and suffered with problems from almost day one.

Truthfully, as others have said, the most important decision to make is which car do you really want. If I really wanted a Corvette, a Mustang just wouldn't cut it. Would I like to have a new Boss Mustang to go with my FRC, absolutely. Would I trade my FRC in on a new Boss, Absolutely not.

...guess I don't belong here as I have a couple of stangs and a C5. In town driving the MPG will not be that much different, Vette takes premium Stang takes regular, on & on the Stang has more parts availability due to more of them being made,

At the end of the day it's up to you and what you plan to do with the car, really is an apple and orange discussion, but what do I know!

:cool: Seems you have a good sense of responsibility. I've never owned a Vette before this one, but I did own 3 Trans-Am's. MY older brother is probably on his 6th Vette, a 2005-C6. He pushed me towards this Vette, he lives 2700 miles away :lol:, and knows Vettes pretty well. Dealing with him over the phone, on the computer, and on this forum, I've learned my way around it pretty good. So just come back and ask questions, guys here will give you a hand. :thumbs:

I've had things happen to my Vette, but it's mostly due to my driving and dogging it, I like running "spirited twisties," and that can be a lot of pressure on the car. Blew out the rear end in 07, blew out the tranny last year, some suspension replacements, but so far engine and mods are holding up well. Good luck....:thumbs:

Hey! Yes you were very helpful thank you. I'm leaning towards the C5 as I won't have kids for atleast a number of years and it won't hinder my daily life of driving to work, school, and errands. Currently driving an 04 Accord that will be around as well when I need to pack up family, friends, or coworkers.

Yes you are right this purchase will be a majority of a pleasure vehicle. Thanks for the input. My heart wants the Corvette, but my head says the Mustang GT is a cheaper buy. That's why I'm here trying to scrounge up information and from what I've gathered the Corvette will likely not cost much more (assuming it wasn't abused).

Ha, thanks for the information! I've been trying to grab info from anyone at work, school, or anywhere I go that know about these beautiful Vettes but they seem so far and few between, which makes me want one even more!

Not always... I have a 2012 Ford diesel pickup, Ford 4x4 Explorer, Ford Focus, 850 hp Ford drag race car, and also our Corvette C5. All vehicles do very good at what they do best. I did look at a 2011 Mustang GT, but found the 2002 C5 was a better sports car, as you stated. When I purchase a vehicle, I look for the best vehicle at the best price for what I want it to do.
I think the Corvette will cost more for maintenance, and mods than a mustang, but nothing beats the fun or smile factor of a s/c C5.

Best truck= Ford
Best 4x4 = Ford explorer
Best economy car "comfort" = Ford Focus
Best sports car = Corvette
Best race car = Anything American made.
1960 Ford Falcon with a 434ci Ford, 850 hp, not to shabby.

Avoid all mods and the cost of ownership remains very reasonable

Buy a low mileage C5 with a 6 spd tranny......you'll never regret it !!

This might help you decide...I am a Ford retiree...I never liked Mustangs until the 2013 Boss 302 which I drove and didn't like enough to switch, even with all the discounts I qualify for.

While still working I bought a C5 and drove it every day to my job in engineering the last 10 years of employment. All my engineering buddies loved the C5. Like others have stated, the vette is a true sports car, the Mustang is in the Camaro...Challenger arena of muscle cars. I am telling you to get the vette...once you go through the experience of vette ownership, you'll stay with it til you die.

The amazingly low cost of ownership of a basically stock C5 is a very well kept secret!!!

Of the five 'Vettes I have owned, my '84 needed nothing beyond gas and oil changes, my '91 needed ECM worked on in '98, my '90 vert needed a water pump in '02, my first '99 needed an external temp sensor in '04 (affected the AC operation), and my second '99 has needed nothing other than gas and oil change in 10 months and 8500 miles of operation. I may be very lucky, but I think my experiences fall more in line of the typical owner who uses their 'Vette as a daily driver. These cars absolutely love to be driven!!!!!

Not to say that catastrophic failures do not occur, as we all know that they can, and do occur. However, it has been my experience that all of my 'Vettes have been far and away the most reliable and economical of all the cars I have owned in my life, not to mention the most fun!!!!! None of my 'Vettes have ever left me stranded anywhere and that is not something I can say about many of my other cars.

Oh, by the way, I did own an '05 Mustang vert for about a year and it was about as exciting as slipping on a fresh pair of Depends (not that I would actually know what that feels like.......just imagining....)
DSTURBD

If you get a chance drive each car before you make your purchase. I think that's the only way to decide.

I seriously considered a Mustang GT last year before I bought the Vette. Drove 2 of them and liked both. But, the big drawback for me was, I didn't want to own a car that's very common. While the GT has slight trim differences from the base, six Mustang, it's not enough that the casual observer takes note. Only true car enthusiasts know the difference. But the Vette is a head turner and almost everyone knows you're driving something that's not common or similar to another model. Also, no way the base GT outperforms the Vette. But the GT does have a great sound.
I'd go with the Vette, but try to buy a lower mileage Vette if this is a daily driver.

If your family and friends don't have a Corvette , impress them by buying one and you will fall in love too. :thumbs: