How much should I pay at the most for a 1996 Cobra, Salvage title, very clean interior, straight body few scratches here and there, rebuilt motor 1500 miles ago. Hes an old friend of mine. Hes filing for bankruptcy so he is selling it. Hes asking 5500 for it...
I generally just lurk around, taking in information as I formulate my plan for my completely stock (and slow) 95 GT.
That being said, I would be VERY careful in considering buying a car from a "friend" that is about to declare bankruptcy. A bankruptcy trustee can "undo" certain transactions that occur between "insiders" in the time period leading up to a bankruptcy filing.