How much does a new car affect your insurance?

It depends on what coverages you currently have and what coverages you want for the vehicle you are purchasing. If you do not currently have Collision or Comprehensive coverage and do not want it for the 2002 Mustang, then no it won't go up much because the other coverages on your ICBC policy aren't affected much by the type of vehicle being insured (Discount level and vehicle use affect your rate way more). However if you add Collision and/or Comprehensive coverage then your policy can increase, however you would be better off speaking with your Autoplan Broker and asking them what the difference would be.

Jewelle is right--a newer, more expensive car will increase your premiums, espcially since you'll probably have to carry comp and collision on it. How much it will increase only your agent can tell you. You don't mention your age, but if you're under 25 or so, it will be worse. Before you commit to buying, be sure to work with your insurance agent or company to be sure you can afford it. "An older model but newly built..." How will you work that?