Almost bought (well still might) an 'o1 Cobra

[Superhereaux]

Mineral Grey 'o1 Cobra, black leather interior with grey suede inserts, 39k miles, Gorgeous

cost for similar car is $18k

asking $14.5k. went to go look at it today after work. car is absolutely immaculate, i thought my 'o1 gt with 39k was clean but this one is SUPER clean as it's obviously not a daily driver and it's bone stock down to the mufflers and the air snorkel. never been in an accident and sits in a garage under a cover

owner is a younger guy (late 20's) who bought it from an older friend of his dads (more on that later). says this is his 7th mustang and he seemed like a genuine mustang guy and had lots of knowledge to back it up, not just car specs you read online, the kinda stuff we'd know. we go for a ride and the car is smooth, brand new michelin tires, new ford brakes. CLEAN car


here's the catch of course, title says flood salvage

story goes he had one of his old gt's and wanted to buy this car from his dad's friend but he'd never wanted to sell it (i understand why)

sometime later car gets flooded up to mid rim for 2hrs (so he says), they total it (or however the hell they figure flood damage) and he finally gets the chance to buy it. he buys it, changes the oil, trans and rear end fliud and installed the new brakes an tires. he's driven it 7k miles since and doesn't drive it much since he has a truck and a bike (gsxr1000). i asked if its had electrical problems since and he says no, which would make sense if he's being honest. he was pretty up front about it and didn't try to hide anything

now i know what most of you will say "forget that one, find a nice one on ebay/autotrader" well i'd say the same
i've looked, trust me. i checked ebay, autotrader, stangnet classifieds, corral, locally, no dice. to tell you the truth i've been passivley looking for this exact same car for 3 yrs.

i'm going to offer him $10k and go from there. keep in mind this car is immaculate and drives smooth



Advice?

 

[CobraRed_96_GT]

Will this be your only car? If not, then what the hell -buy it. Proly wont see that kind of deal again, i mean if it really was 1/2 up the rim......

 

[BennyBlown2v]

That's not such a great deal... I found a 99 cobra for $14,400 and it only had 14,700miles when I was shopping for my GT a couple years ago.

 

[Superhereaux]

yes this will be my daily driver, i'm not into collecting cars or keeping the miles low, i buy a car to drive it and cobras are a little smoother everyday than gt's (IRS i guess)

normally i'd pass on it if it were ANY other color but dammit i've wanted that EXACT car for years now


here's what she looks like:

pics aren't that great but in person it'll make a half chub. car is CLEAN inside and out

 

[65fastback2+2]

if he seems legit, id buy it...thats a clean car and a fair price...Id offer $13,500 so he bites and i get a good deal

 

[tjmaxx]

Cobra's are awesome I would pick it up

 

[Kilgore Trout]

Well... If you are going to keep it forever then buy it if it passes inspection. However, once you own it you will have a very hard time selling it due to the history of the vehicle.

 

[007]

Why would the ins company total a car that wasnt seriously damaged? Sounds like he's saying it wasnt damaged at all...? Doesnt add up. Nice car though.

 

[65fastback2+2]

Why would the ins company total a car that wasnt seriously damaged? Sounds like he's saying it wasnt damaged at all...? Doesnt add up. Nice car though.

insurance companies are weird...a buddy of mine bought a 03 ram sport quad cab that had been water damaged...insurance totaled it....truck was PERFECT....the rear gear whined, but i dont think that was from water.

 

[Superhereaux]

i'm not in the buying/selling business so if i pick it up it's with me for the long haul

and the car didn't escape totally unscathed. it needed pads and rotors all the way around, new tires and the trans and rear end flush, but yeah i don't know if that's enough to brand it "flood damage"


i'll hand him the $10k or maybe $5K cash and ask if i can keep the car for day (kinda like a security deposit, would you trust a total stranger?) so i can have time to throw it up on the lift (i'm a volvo tech) and check it out completely. the guy encouraged me to go through it and check it out 1000% so i guess i'll do just that


keep the advice and opinions coming, every little bit helps

 

[007]

Make him an offer with the understanding that he drives it to your house and you check it out on the lift for an hour or two before you pay-up and do the deal.

I'd low ball on the offer big time and just go on about the salvage title. Thats what everyone else will say, and what he's expecting. He already knows its going to scare off 90% of possible buyers and it really should push the price WAY down. If the car is as good as you say, they maybe you'll get a steal...

Good luck.

 

[CobraRed_96_GT]

Make him an offer with the understanding that he drives it to your house and you check it out on the lift for an hour or two before you pay-up and do the deal.

I'd low ball on the offer big time and just go on about the salvage title. Thats what everyone else will say, and what he's expecting. He already knows its going to scare off 90% of possible buyers and it really should push the price WAY down. If the car is as good as you say, they maybe you'll get a steal...

Good luck.

+1

 

[trock]

I wouldn't low ball too much to where he thinks you are just being an ass and wont work with you anymore on it.

 

[Superhereaux]

I wouldn't low ball too much to where he thinks you are just being an ass and wont work with you anymore on it.

yeah, that's what i was thinking. the guy isn't desperate for money and he's in no real hurry to sell it. i'm sure he's also very aware that there is some 18yr old kid out there willing to pay asking price on the spot (did i mention the car is immaculate?)


i talked with the used car manager at work and he says the car is worth half market value which is $18K, which for you slow ones is $9k so i think my offer of $10k is more than fair


on a seperate note i looked up the production specs wondering why i haven't come across a car like this before or why i never see them on the road. it's probably because there's only 514 of them

 

[007]

Sounds good. Good luck brother.

 

[Superhereaux]

UPDATE:

well i get a chance to check the car out again today


i pull up, garage door was open and there she was sitting there gorgeous as ever under the orange glow of the lights but now i'm on a mission with $10k cash in hand and my mind on the title (flood title)

it's already dark so i bring my LED converted maglite (it's bright) and start looking. i go under the pass. side under the dash and peel back the carpet as far as i could, looks like my car. no rust on the metal brackets under the dash. i look under the spare, clean and dry and don't know if i mentioned but no smell at all, mold, fragrance or otherwise (flood title)

i check underneath the car, i start out back, the diff is as clean as mine and i check the boots on the half-shafts for signs of rot, they're clean (not brand new). go up front and check it out. the k-member is as clean as mine and check the boots on the steering rack, clean, not new. (flood title)

ok, i got the cash, let's go for a drive, keys are in the ignition. i slip into the leather seats (my car has cloth) and fire her up, god that sound. idle drops and she purrs as i adjust the seats a little and lower the wheel down a click. never driven a cobra. take her around the block and i'm really digging the black interior, mach 460 helps, gauges look sweet at night and she seems alot smoother. pins you back in 1st and climbs smoothly in 2nd. (flood title)


offer the cash, no dice


i drive home in my frumpy 'ol base model gt, more disappointed than anything and DAMN my car is slow

 

[trock]

Did the owner counter offer any lower than the original asking price?

 

[Superhereaux]

13.5k

 

[CobraRed_96_GT]

well cutting it down that much was a gamble man, you gotta wheel and deal...both of ya

 

[007]

Wait a week. He'll probably call you with a better offer. Car sounds good huh.