The Ford Mustang has been one of America’s favorite cars since 1964. Now in its fifth generation, the Mustang is said to have been the inspiration behind the Toyota Celica and Ford Capri. The sales of the Mustang went up in 2012, and it is also a very popular car in the used car market. In this feature, we will examine the median price and insurance rate of the Mustang in the different states, to figure out the best and worst states to own a Ford Mustang. We will also factor in the insurance costs of owning the Mustang.
The median price of the mustang ranges from $15,999 in Montana to $26,877 in Vermont. The average annual yearly insurance for the Mustang in Maine is $1,054 (lowest in the U.S.), and in Georgia it is $4131 (highest in the U.S.).
The three best states to buy a used Mustang, considering both the median price and insurance average, are –
1. Ohio –
Ohio is the second least expensive state to buy a Mustang. The median price is $16,385 in Ohio, and average annual insurance is $1,166. The insurance rate is higher in Montana ($1,964), though the median price in lower. That is why Ohio is a better state to own and insure a Mustang.
2. Maine –
Maine has the lowest insurance rates. The higher median price here may pose a challenge to Mainers, but they could easily buy the Mustang from another state and have it shipped. Even accounting for transport charges, they should be able to save a huge chunk on the cost of the car. Also, their overall costs will be lower because of the low insurance rates in Maine.
3. Iowa –
The average annual insurance of the Mustang in Iowa is $1,131. This is merely 6% of the median price ($18,623).
On the other hand, the three worst states to own and insure a used Mustang in the United States are –
1. Georgia –
Usually states which have a higher insurance rate are the states which offer the car for a lower median price. However, in Georgia, you’ll pay through your nose for both the purchase as well as insurance of your car. The median price of the Mustang is $19,981, and the insurance average is a whopping $4,131, which is 20% of the median price.
2. Michigan –
The average annual insurance rate for a used Ford Mustang is $3,164 in Michigan, i.e., 17% of the median price.
3. Louisiana –
With a high median price ($19,995) and steep insurance average ($2,830), Louisiana is one of the worst states to buy a Mustang. If you live here, you might want to consider buying the car from Montana and having it shipped. You could lower your insurance costs by installing an anti-theft device on your car.