How desperate are car dealers to move the metal?

When Galpin Ford in North Hills found a great wholesale deal on a fleet of 2008 Mustangs, the dealer decided to sell them to customers at about a one-third discount.

The cars carry a manufacturer’s suggested retail price of $28,160. Galpin put them on the market for $18,995, but that includes a $2,500 rebate.

“It’s a loss for the dealer, but it gets the volume up, which is great,” said Terry Miller, general manager.

Why would a dealership sell cars at a loss? It’s for the buzz, the company’s public relations agent acknowledged, and there’s value in that.

The cars come in only two colors white and blue. But buyers are already tricking out the GT V8 coupes with fancy rims and trim, Miller said.

Of course, one setback is the style is destined to get old quickly. A redesign of the car will hit showrooms in March, and Miller said the approach of the 2010 Mustang was partly a factor in the sale.

But if you want one, you may be out of luck. The Mustangs went on sale Friday, Dec. 5, and over that first weekend the dealership sold 22 of them. By Dec. 10, less than 10 remained on the lot.

Galpin is the world’s largest volume Ford dealer, so it has an answer for buyers who arrive too late for the deal.

“We have a huge inventory of Mustangs once these are gone,” Miller said. But those won’t be sold at a loss.