01 cobra - deal or no

95 yellow 5 0

Founding Member

Feb 16, 2002

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CT

Mar 21, 2006

#1

• Mar 21, 2006

• #1

01 black on black cobra vert 28700 miles.. they want 21000 i think i got them to 20k even. 7k trade in on my car.

yes or no??

 

BADSNAKE

New Member

Jan 28, 2006

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Mar 21, 2006

#2

• Mar 21, 2006

• #2

hell no--- you can find way better than that

 

M

Mustang00GT81

New Member

Oct 7, 2004

14

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Parma,Ohio

Mar 21, 2006

#3

• Mar 21, 2006

• #3

I would say no because there are still deals to be had on cobras. If SVT Cobra is truly a car of the past with the recent stories of SVT closing its doors then the cobras will be gaining value. Being that nothing is annouced officially you can still take advantage of deals. I bought my 01 Cobra in November for 13k. I would act quickly on finding one if you are interested in getting one. As soon as Ford makes it official I am sure the price will jump quick. I have seen the price jump at dealers but private sellers are still selling low.

 

95 yellow 5 0

Founding Member

Feb 16, 2002

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CT

Mar 22, 2006

#4

• Mar 22, 2006

• #4

there arent many 01's for sale in MA

 

V

V6&V8SHO

New Member

Jan 20, 2006

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Mar 22, 2006

#5

• Mar 22, 2006

• #5

Private Seller all the way. I just picked mine up tonight from the original owner. 33k on the clock, stored winters, no rust on the underside. No cracks in the leather mint. I got all the SVT certifacates, brochures, and window sticker. The nicest people ever.

My cars stats
2001 Ford Mustang SVT Cobra
Silver mettalic on black leather with grey suede insert
#1653 of only 3867

Unmodded and unmolested

 

95 yellow 5 0

Founding Member

Feb 16, 2002

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CT

Mar 22, 2006

#6

• Mar 22, 2006

• #6

how much did you pay? and where are you located?
I see that cars cost the most in AZ, CA, and CT.

The only thing sketchin me out with this 01 is that it has had many owners.

 

Ernad

celibate sans pants

Apr 2, 2004

0

1

0

Grand Rapids, MI

Mar 22, 2006

#7

• Mar 22, 2006

• #7

Go to a different state

 

V

V6&V8SHO

New Member

Jan 20, 2006

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Mar 22, 2006

#8

• Mar 22, 2006

• #8

95 yellow 5 0 said:

how much did you pay? and where are you located?
I see that cars cost the most in AZ, CA, and CT.

The only thing sketchin me out with this 01 is that it has had 5 owners.

Click to expand...

I tend to stay away from cars that has changed hands more than 2 times. I go for original owner vehicles or second owner if it was well maintained.

As for what I paid, it was slightly under the KBB blue book value for a private party sale. The orginal owner and I both walked out of it at a fair deal. He got the correct amount of money for his 01 cobra for how mint it is, and I got a price on an 01 Cobra that is just fantastic. Thats what it is all about. Most SVT original owners are the best to buy from.

 

BADSNAKE

New Member

Jan 28, 2006

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Mar 22, 2006

#9

• Mar 22, 2006

• #9

V6&V8SHO said:

As for what I paid, it was slightly under the KBB blue book value for a private party sale. The orginal owner and I both walked out of it at a fair deal. He got the correct amount of money for his 01 cobra for how mint it is, and I got a price on an 01 Cobra that is just fantastic. Thats what it is all about. Most SVT original owners are the best to buy from.

Click to expand...

So how much did you pay? seems like a great deal

 

95 yellow 5 0

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Mar 22, 2006

#10

• Mar 22, 2006

• #10

i know right... how much $$ and miles?

 

COBRA90GT

Mustang Master

Sep 22, 2001

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87

HOCKEYTOWN ® , MI

Mar 22, 2006

#11

• Mar 22, 2006

• #11

Man, you're really beating yourself up over trying to fix your car and replace it with another one.

I'd just bite the bullet and repair your current cobra - it will be far cheaper and less of a hassle IMHO...

 

V

V6&V8SHO

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Jan 20, 2006

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Mar 22, 2006

#12

• Mar 22, 2006

• #12

16k with 33,900 miles

 

95 yellow 5 0

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Feb 16, 2002

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Mar 22, 2006

#13

• Mar 22, 2006

• #13

**

 

BADSNAKE

New Member

Jan 28, 2006

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Mar 22, 2006

#14

• Mar 22, 2006

• #14

So you traded in the 99 and got the 01 vert?

 

ShadowFist

New Member

Dec 1, 2005

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Old Miltia

Mar 22, 2006

#15

• Mar 22, 2006

• #15

He has (had) a 98, so its a bit of a trade up.

Is the car 22k including the 9k for your 98, or 22k before the trade in?

Edit* Oh, and please post some pics

 

95 yellow 5 0

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Feb 16, 2002

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CT

Mar 22, 2006

#16

• Mar 22, 2006

• #16

___

 

1999SVTVert

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Nov 2, 2003

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Gainesville, FL

Mar 22, 2006

#17

• Mar 22, 2006

• #17

I was under the impression that you still owed $13,500 or so on your old Cobra, not the $4,500 you used in your calculation.

That would make it more like this:
22k + taxes - 9k for your car + 13,500 (98 cobra loan balance) = $26,500 + taxes
(putting $3,500 down payment on a credit card)

So that means that you just financed $26,500 + taxes (loan + credit card) on a car that you would be lucky to sell to a private party tomorrow for $20,000 (even less on a trade in).

Remember in the other thread where I gave you advice and warned that your line of thinking had you on a fast track to being bankrupt? You have now gone from a $4,500 upside-down position to a $7,500 upside-down loan (guessing on your sales tax and fees).

Hope it works out for you.

Adam

 

V

V6&V8SHO

New Member

Jan 20, 2006

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Mar 23, 2006

#18

• Mar 23, 2006

• #18

You did read how much I paid for mine right?? There are so many mustangs out there, and there are SVT's out there. You should be able to find a better price than that.

Use autotrader.com and use the advanced search. Thats how I found mine.

 

95 yellow 5 0

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Mar 23, 2006

#19

• Mar 23, 2006

• #19

_____

 

1999SVTVert

New Member

Nov 2, 2003

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Gainesville, FL

Mar 23, 2006

#20

• Mar 23, 2006

• #20

Here is something you need to think about-

Yes, the 2001 Cobra is worth more, but it is also losing value at a much faster rate than your 1998 car is. Your goal needs to be getting out of your upside-down situation, not making it worse.

For example, say that over the next two years, the 2001's value (to a private buyer) goes from $20,000 to 12,000. That would be depreciating $4K/yr. That means to get out of your upside down situation, you will have to make principle payments of at least $4,000, plus start chipping away at the difference between what you owe and it is worth.

Now take your 1998 you currently own. Over the same two years, it may depreciate from $12,000 or so to $8000. A slower rate of depreciaton ($2K/yr). That puts you in a much better situation to cover your payments and start working to get rid of your upside down situation.

Just something to think about. If it were me in your financial situation, I'd use that credit card you are planning on using for a down payment and use that credit for fixing your head issue. Putting a down payment on a credit card is one of the most common financial mistakes, and makes upside-down situations even worse.

Best piece of advice I ever got was to use credit cards for convenience and emergencies, never for credit.

Just trying to give you a little different perspective-

Adam