CarCalc
Want to know how much it costs to own and run a 2022 Ford Mustang GT FN? Thanks to CarCalc, we can tell you.
CarCalc have developed the world's most comprehensive Total Cost of Ownership (TCO) calculation engine for cars. Every calculation referenced in this article was generated using Carcalc.
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Ford Mustang: Where to begin?
The Ford Mustang is for many, a motoring icon. First released in 1964, the Mustang has seen various iterations leading to its present form more than 50 years later.
Since its introduction into Australia in 2015, the current model has become a popular choice for buyers wanting a new, rear-wheel drive, 8 cylinder performance car on a budget. One could argue, in today's market, it's in a class of one.
As Internal Combustion Engine (ICE) vehicles are phased out and the automotive world goes largely electric, the V8 Ford Mustang offers new car buyers the chance to enjoy sounds and emotions which will soon pass into history.
Before that time arrives, we've prepared this detailed Car Affordability Review on the latest Mustang. It will take you through all aspects of purchase, finance and ownership, based on the specifications and usage of our prospective buyer, Craig.
What's in this review?
Brief facts and specifications
Unless otherwise stated, specifications listed below are sourced from the manufacturer's website.
Motor: 5.0 litre, 8 cylinders
Power: 339kW @ 7000rpm
Torque: 556Nm @ 4600rpm
Drive: Rear-wheel drive
Fuel consumption (urban): 19.3 litres per 100kms
Safety: ANCAP 3 star
Country of origin: United States of America
2021 sales: 2827
Website: ford.com.au/performance/mustang/
Who's looking at the Mustang?
Craig, 47 years old
Electrician
As a former V8 owner, Craig has been looking forward to enjoying the experience once again.
When the current generation of Mustang arrived in Australia around 2015, Craig knew this was the car he wanted.
With his children having left school, Craig has decided it's time to look into the cost of buying and owning a new Mustang.
Budgeting $2,500 per month for 4 years
Craig's budget
Craig has set a Monthly budget of $2,500 to cover his Total Cost of Ownership. He's made an allowance for an additional $100 per month should the Mustang require a little bit of "extra care".
CarCalc Settings
Ownership
Craig is looking to buy the Mustang around 01/11/2022. He plans to keep the car for at least 48 months (4 years), depending on his ownership experience as well as his circumstances at the time.
CarCalc Settings
Trade-In
As Craig is buying the Mustang to enjoy mostly on weekends and short getaways, he will not be trading in another vehicle.
CarCalc Settings
What's realistic mileage for a 'weekender'?
Craig has a dedicated work vehicle and his wife has a small SUV. He plans to drive the Mustang on weekends and after work during the warmer months.
Given his 6 day a week work schedule, his estimated 8,000 kilometres per year is likely to be a little generous. However, he also knows it might be a difficult to resist driving it a little more.
CarCalc Settings
CarCalc Facts & Figures
32000
21
Warranties & Roadside Assistance
The Ford Mustang comes with a 60 month unlimited kilometre warranty. Based on Craig's 8,000 estimated annual kilometres and 48 month ownership period, the Mustang is covered throughout his ownership, with a year remaining should Craig decide to sell his car at this time.
The Ford comes with a standard 1 year unlimited kilometre roadside assistance package. On first appearance, a little short of what you might expect.
Thankfully, Ford extend roadside assistance by 1 year for each standard dealer service, at no extra cost.
As Craig intends to service the Mustang only with a Ford Franchise Dealer, he will be covered by the factory roadside assistance program for his entire ownership period. This is certainly the peace of mind he is looking for.
CarCalc Facts & Figures - Factory Warranty
0
0
'Drive-Away' Price
Getting the right specification
Craig is looking at ordering his Mustang in Carbonized Grey at a price of $650 being a non-standard paint. He has also decided to specify MagnaRide Suspension for $2,750. These selected Factory Options total $3,400.
The addition of Tinted Windows for $473 and a Paint Protection treatment at $557 at the dealer brings the Total Dealer Options value to $1,030.
The dealer delivery fee for the Mustang is estimated to be $2,300. This takes the price before GST and LCT to $68,811.82.
GST at 10% adds $6,881.18 putting the Mustang above the 2022/23 LCT threshold of $71,849 at $75,693. LCT on the Mustang is estimated at $1,153.20 leaving a price before "on-road" costs of $76,846.20.
As a new car, the 'drive-away' price includes the first year's registration at a cost of $312.20. Craig has opted for a set of slimline number plates at a cost of $150.00.
Craig's registration postcode of 3108 places the Mustang's registration in the TAC 'High Risk' zone, with CTP estimated at $552.20 with a first time registration Transfer Fee of $21.40.
With co2 emissions of 290 grams per kilometre, the Mustang does not qualify for the Victorian Government's lower stamp duty rate for 'green cars' (of less than 120 grams per kilometre). You can learn more at the State Revenue Office Victoria website. This results in a Stamp Duty estimate of $4,004.00 and a 'drive-away' price of $81,886.00.
Let's have a look at what the Tax Invoice might look like.
Estimated Tax Invoice
Postcode
List Price
$62,081.82
Factory Options Total
$3,400.00
Dealer Options Total
$1,030.00
Dealer Delivery Fee
$2,300.00
Price pre-discount(s)
$68,811.82
Total Discounts
$0.00
Price ex GST ex LCT
$68,811.82
GST
$6,881.18
Price ex LCT
$75,693.00
LCT
$1,153.20
Price excluding 'on-roads'
$76,846.20
Registration
$312.20
Number Plate
Number Plate Fee
$150.00
CTP Fee
$552.20
Transfer Fee
$21.40
Stamp Duty
$4,004.00
'Drive-Away' Price
$81,886.00
To finance or not to finance?
Craig has decided to finance the Mustang using a finance option that offers the flexibility of a balloon payment, reducing his monthly repayments. After assessing his options, Craig has opted for a Chattel Mortgage and included a deposit of $5,000.
With a residual of 40% selected, Craig will be required to pay $30,754.40 at the conclusion of his finance term (and expected ownership).
CarCalc Facts & Figures
Selections
Calculations
Finance Option
Chattel Mortgage
Amount Financed
$76,886.00
Term
48 months
First Payment
$1,428.56
Interest Rate
4.26%
Regular Payment
$1,156.16
Loan Establishment Fee
$265.00
Interest Paid
$9,364.08
PPSR Fee
$7.40
Total Paid
$86,522.48
Deposit
$5,000
Residual Total
$30,754.40
Price Increases
As ownership costs such as fuel, insurance, servicing and tyres are susceptible to price increases, factoring in price increases into a Total Cost of Ownership estimate is sensible according to Craig.
On that basis, he has included price increases based on the June 2022 CPI inflation rate of 6.1% into his ownership cost calculations, where applicable.
How much does the Mustang cost to run?
As an 8 cylinder car with an urban fuel consumption of 19.3 litres per 100 kilometres, the Mustang is not expected to be 'cheap' on fuel. Despite being used infrequently, with fuel prices on the rise, Craig is conscious of how affordable enjoying the Mustang could be.
He intends to service the car with his local Ford dealer as per the service schedule, deeming the service costs for the Mustang as reasonable. Despite approaching 50 years of age and being a Rating 1 driver, the price of insurance has been a little more expensive than he expected, but not enough to defer the purchase.
When it comes to tyres though, he's under no illusions. As he intends to "enjoy" the car, the tyre replacement intervals will be more frequent, adding to the Total Cost of Ownership.
Registration
Registration costs for the Mustang over Craig's expected 48 months ownership are estimated to be $2,922.63. This excludes the Registration & CTP costs included in the 'drive-away' price (for Year 1).
Should Craig decide to sell the Mustang after 4 years, he will most likely pay an additional year's registration at the time, but is comfortable with not including this in his estimated Registration costs.
The table below shows the registration components by ownership (or registration) year.
CarCalc Cashflows
| Date | Year | Odometer | Registration Fee | CTP Fee | Road Usage Charge |
|---|---|---|---|---|---|
| 01/11/2023 | 2 | 8036 | $331.24 | $585.88 | $0.00 |
| 01/11/2024 | 3 | 16036 | $351.45 | $621.62 | $0.00 |
| 01/11/2025 | 4 | 24036 | $372.89 | $659.55 | $0.00 |
How costly is Fuel for the Mustang?
According to the manufacturer, the Mustang has a combined fuel consumption rating of 12.7 litres per 100 kilometres and an urban rating of 19.3 litres per 100 kilometres. Put simply, if you drive mostly in urban areas, the cost of refuelling the Mustang looks like it will be considerably higher.
Based on his estimated distance, Craig decided to examine the fuel cost estimates for both the combined and urban fuel consumption ratings. Better to calculate both and be sure it remains within his budget.
The calculations assume the following:
- Craig uses only Premium (Unleaded) fuel with a 98 RON rating
- a starting fuel price of $2.220 per litre
- the 61 litre fuel tank is Half full when he acquires the car; and
- an annual inflation rate of 6.1%
'Combined' Fuel Consumption - 12.7 litres per 100 kilometres
Using the combined figure of 12.7 litres per 100 kilometres and travelling his estimated 8,000 kilometres per year, Total Fuel Costs come in at $10,244.87, with the Mustang requiring 67 refills, using 4,059.15 litres of Premium Unleaded fuel throughout Craig's ownership. This equates to $152.91 per refill and $0.32 cents per kilometre.
'Urban' Fuel Consumption - 19.3 litres per 100 kilometres
The picture using the urban fuel consumption of 19.3 litres per 100 kilometres looks a little different.
Total Fuel Costs are an estimated $15,428.31. This is $5,183.44 higher than using the combined fuel consumption and uses a total 6,180.85 litres - an additional 2121.7 litres of Premium Unleaded. The Mustang requires 101 refills (versus 67), increasing the cost per kilometre to $0.48.
Fuel Consumption 'decision' - 23.0 litres per 100 kilometres
After looking at the calculations, Craig feels neither fuel consumption ultimately reflect his driving style. To be more realistic, he has nominated a fuel consumption estimate of 23.0 litres per 100 kilometres. He intends to 'enjoy' the Mustang so knowing it's affordable based on his estimate is critical.
The result is unsurprising. Total Fuel Costs are estimated to be a hefty $18,495.43 or $0.58 per kilometre. Full details of the final fuel estimates are located below.
CarCalc Settings
CarCalc Facts & Figures
$18,495.43
$12.66
$0.58
$152.85
121
7360.0
CarCalc Cashflows
| Year | Kilometres | Cumulative Fuel Refills | Cumulative Fuel Cost | Cumulative Fuel Usage (litres) |
|---|---|---|---|---|
| 1 | 8000 | 30 | $4,189.27 | 1840 |
| 2 | 16000 | 60 | $8,626.00 | 3680 |
| 3 | 24000 | 90 | $13,330.70 | 5520 |
| 4 | 32000 | 121 | $18,495.43 | 7360 |
How affordable is servicing the Mustang?
Craig has decided to have the car serviced at his local Ford dealer as per the manufacturer's service schedule.
The service interval for the Mustang is every 12 months or 15,000 kilometres. Based on an estimated annual distance of 8,000 kilometres, a service falls due on the first day of each ownership year.
The Mustang will be serviced 3 times throughout Craig's ownership at an estimated total cost of $897.00.
Based on his usage, a service will be due the day after Craig's estimated ownership term ends. It is most likely he will go ahead with this service, but is comfortable budgeting without this service cost.
CarCalc Facts & Figures
$897.00
3
365
8007
$299.00
$0.61
CarCalc Cashflows
| Date | Service Provider | Service Id | Service Month | Service Kilometres | Service Cost | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 01/11/2023 | Ford Franchise Dealer | 1 | 12 | 15000 | $299.00 | |||||
| 01/11/2024 | Ford Franchise Dealer | 2 | 24 | 30000 | $299.00 | |||||
| 01/11/2025 | Ford Franchise Dealer | 3 | 36 | 45000 | $299.00 |
Insurance
The Mustang will be covered by a fully comprehensive insurance policy. As a Rating 1 driver with a clean driving record, Craig's estimated premium is $1,500.00 paid Annually. The premium is subject to annual inflation of 6.1%.
Craig has decided to be conservative and budget for 1 insurance claim during his ownership. The policy has a $900.00 excess.
Total Insurance Costs for the Mustang are estimated at $7,471.67 over the total ownership period.
Craig's insurance premium payments are scheduled to be paid on the first day of each ownership year, while his budgeted insurance claim is scheduled at the halfway point of his ownership.
CarCalc Settings
CarCalc Facts & Figures
1
$6,571.67
$900.00
$7,471.67
$5.11
$0.23
CarCalc Cashflows
| Date | Day | Odometer | Cumulative Claims | Excess | Cumulative Excess | Premium | Cumulative Premium | Premium Count |
|---|---|---|---|---|---|---|---|---|
| 01/11/2022 | 1 | 14 | 0 | $0.00 | $0.00 | $1,500.00 | $1,500.00 | 1 |
| 01/11/2023 | 366 | 8014 | 0 | $0.00 | $0.00 | $1,591.50 | $3,091.50 | 2 |
| 30/10/2024 | 730 | 15970 | 1 | $900.00 | $900.00 | $0.00 | $3,091.50 | 2 |
| 01/11/2024 | 732 | 16014 | 1 | $0.00 | $900.00 | $1,688.58 | $4,780.08 | 3 |
| 01/11/2025 | 1097 | 24014 | 1 | $0.00 | $900.00 | $1,791.59 | $6,571.67 | 4 |
The choices and costs of Tyre Replacement and Repairs
The Mustang is equipped with 19 inch wheels as standard. These come fitted with 255/40 R19 100Y tyres on the front and 275/40 R19 105Y on the rear. Thankfully, there are many replacement options which vary in price.
Tyre Replacement
After increasing his fuel consumption, Craig decided to set a similar, more aggressive tyre replacement strategy. He arrived at tyre replacement intervals of 18,000 kilometres for the front tyres and 12,000 kilometres for the rear.
For his tyre choice, Craig selected the Bridgestone Potenza Sport as his replacement tyres. The front tyre replacement has an estimated price of $433.33 while the rear is $531.48. The price includes fitting and balancing and the tyre prices are subject to annual inflation at a rate of 6.1%.
Over the course of his ownership, the Mustang will have a total of 6 tyres replaced (2 front and 4 rear), with a total tyre replacement cost of $3,388.81.
CarCalc Settings
CarCalc Facts & Figures
$3,388.81
6
$564.80
$2.32
CarCalc Cashflows
| Date | Odometer | Position | Replaced | Cost | Total Replaced | Total Cost |
|---|---|---|---|---|---|---|
| 01/05/2024 | 12014 | Rear | 2 | $1,162.00 | 2 | $1,162.00 |
| 30/01/2025 | 18009 | Front | 2 | $975.63 | 4 | $2,137.63 |
| 31/10/2025 | 24014 | Rear | 2 | $1,251.18 | 6 | $3,388.81 |
Tyre Repairs
To cover the possibility of punctures, Craig has included an estimate of 2 tyre repairs per year throughout his ownership. The budgeted cost is $33.00 per repair (before inflation).
Over the 4 years, the Mustang will cost $293.52 in tyre repairs across the 8 repairs performed, including annual inflation of 6.1%.
CarCalc Settings
CarCalc Facts & Figures
$293.52
8
$36.69
$0.20
CarCalc Cashflows
| Date | Odometer | Repair Cost | Repair Count | Total Cost |
|---|---|---|---|---|
| 30/01/2023 | 2009 | $33.00 | 1 | $33.00 |
| 31/07/2023 | 5998 | $34.00 | 2 | $67.00 |
| 30/01/2024 | 10003 | $35.01 | 3 | $102.01 |
| 30/07/2024 | 13981 | $36.08 | 4 | $138.09 |
| 30/01/2025 | 18009 | $37.15 | 5 | $175.24 |
| 31/07/2025 | 21998 | $38.27 | 6 | $213.51 |
| 30/01/2026 | 26009 | $39.41 | 7 | $252.92 |
| 31/07/2026 | 29998 | $40.60 | 8 | $293.52 |
Tolls
Craig does not expect to be driving on Toll roads during his ownership and has decided not to budget for any Toll related costs.
Fines
Craig is comfortable excluding any costs for traffic or parking fines from his Mustang budget.
A monthly car wash for the Mustang
The Mustang will be treated to a Monthly car wash at the nearby hand car wash. The cost is estimated at $85.00 per wash. After applying inflation at 6.1%, car wash costs of $4,570.50 for the estimated 48 car washes.
CarCalc Settings
Parking
As a pleasure car, Craig is not expecting to incur any parking costs during his ownership.
Motoring Association
With the Mustang covered by a roadside assistance package for the duration of Craig's ownership, additional Motoring Association membership is not necessary.
Adding a little bit extra for anything unexpected
Craig has budgeted a "little extra" by including $50 on a Monthly basis to cover any unexpected costs. Over the course of 4 years (and considering inflation), the result is an estimated $2,688.24 of additional 'unexpected' costs. A wise move in the circumstances.
CarCalc Settings
And the Total Cost of Ownership is?
Given Craig's estimated usage and specific settings, the estimated Monthly Total Cost of Ownership for the Ford Mustang comes in at $2,114.50. The result is $385.50 within his preferred budget. Comfortably affordable.
CarCalc Cashflows
| Year | Finance | Insurance | Service | Fuel/Electricity | Tyres | Registration | Other | Annual Total | Total |
|---|---|---|---|---|---|---|---|---|---|
| 1 | $19,146.32 | $1,500.00 | $0.00 | $4,189.27 | $67.00 | $0.00 | $1,656.90 | $26,559.49 | $26,559.49 |
| 2 | $13,873.92 | $2,491.50 | $299.00 | $4,436.73 | $1,233.09 | $917.12 | $1,757.88 | $25,009.24 | $51,568.73 |
| 3 | $13,873.92 | $1,688.58 | $299.00 | $4,704.70 | $2,302.23 | $973.07 | $1,865.10 | $25,706.60 | $77,275.33 |
| 4 | $44,628.32 | $1,791.59 | $299.00 | $5,164.73 | $80.01 | $1,032.44 | $1,978.86 | $54,974.95 | $132,250.28 |
Ranking Craig's estimated cashflows for the Mustang presents an interesting picture.
1. Finance: $91,522.48
2. Fuel: $18,495.43
3. Insurance: $7,471.67
4. Car Wash: $4,570.50 * included in 'Other' cashflows in the table above
5. Tyres: $3,682.33
6. Registration & CTP: $2,922.63
7. Other: $2,688.24 * included in 'Other' cashflows in the table above
8. Service: $897.00
Total: $132,250.28
Finance clearly represents the most significant cost for Craig's Mustang.
Fuel is easily in second place due to a couple of key factors. A very high personal fuel consumption setting of 23.0 litres per 100 kilometres, and a very high starting fuel price of $2.220 per litre. This despite a relatively modest 8,000 kilometres per year.
Insurance is unsurprisingly the next most expensive item, followed by Car Wash. Keeping the Mustang clean adds up.
The remaining costs are as Craig expected. He was especially pleased the cost of Servicing was the least expensive running cost. Fantastic value for a performance car.
Summary
Working through each aspect of his purchase and ownership has given Craig significant peace of mind, knowing he can comfortably afford the Mustang.
The inclusion of additional 'other' costs which may not materialise, together with the selection of more expensive tyres, mean there is plenty of 'wiggle room' should Craig feel the need to cut down on his costs. Given his estimated fuel consumption and resulting fuel costs, Craig knows he can reduce his ownership costs if needed.
The Mustang is sure to bring Craig plenty of joy, despite its limited usage. The decision is easy. Finding a car could be more challenging.
A final word on fuel costs
If you're curious about how changing some fuel inputs might impact affordability of the Mustang, we have something more for you.
We've written a car expense review How does fuel price, fuel consumption and free fuel impact affordability?. This review runs through a number of fuel scenarios in CarCalc, and analyses the impact on total fuel costs, Total Cost of Ownership, and affordability of the Mustang.
Reading it might help you to put a 2022 Ford Mustang in your garage.
One Final Question: Where do I find a Mustang?
If you're looking to buy a Ford Mustang today, especially one in Carbonized Grey, get in touch with Courtney & Patterson Ford, Alphington today. At the time of writing, this particular car was sitting on the showroom floor, waiting for its first owner.
Otherwise, get in touch with your local Ford dealer today.