Is this car worth it?

[Scorcher2005]

Ok, well to start off im looking to sell my STI i just got this past december. Its just not what i want. The AWD holds it back some after you get off the line and mods for it are way too expensive. For example, a turbo-back exhaust is over $1000 for the cheapest quality one ive seen and a computer tuner is also around $1000. Way too much. Then there is the price of the car, $585/month (35k after tax, title, and interest) and when i want to drive it its $480/month for insurance. Then there is the cost of premium gas it uses and it only gets about 13 mpg. I want to go back to the mustang world.


I have been looking at 2001 cobras. They seem to go for 18-20k and insurance is only $350/month. So i found this 01 cobra in a classified mag. I call him up and he tells me it was originally an 01 v6 and he started modding it for more power but wasnt really getting anywhere. So he called up a buddy that worked at a speed shop. In the end he ended up w/ a cobra motor, gt 5 sp trans w/ pro 5.0 shifter, 8.8 solid rear w/ 3.73s, long tubes, mac procamber w/ dumps, some suspension work, 10.5" red chrome cobra rims, and 03/04 cobra hood, front and rear bumber. Now heres the amazing part, the car makes 457rwhp around 6k rpm and around 475 rwtq at 3000 some rpm and it pretty much stays flat from there on out. He's asking $15,000 for pretty much an unpgraded 03/04 cobra (plus id only be paying for an 01 v6 mustang insurance). I want to jump on it soon as i sell the sti. Does this sound like a great deal? Please comment.
Thanks,
Alex

 

[Kilgore Trout]

It is worth about $7500.

 

[1fast03pony]

keep the STI or get an 03/04 cobra...

youre asking for trouble with that thing, IMO

 

[jefferz]

Its all about what the car is worth to you. If you are worried about resale value, then no. because it is not worth 15,000 no matter what. the other problem is that this car might not be very reliable. There is no warranty probably on any part, and it if decided to stop working theres not much you can do.

You might be better off just getting a GT or early (99,01) Cobra.

 

[GT12207]

It's not worth it. I know the insurance sounds good, but what if something happens down the road and you get in an accident; the insurance company will only give you like $7,000 to buy another V-6. I think it'll only be worth it if you could get that fake cobra for $10,000+/-

 

[Pennywise2]

Keep your STI are you kidding.

 

[Scorcher2005]

Keep your STI are you kidding.

You apparently dont understand that i want to get rid of the STI because it costs to much money to own, insure, and mod. And even once modded mildly, its still not that fast. I talked to one guy who put down 473 awhp (and spent mucho doing it) and only expected to run high 11s/low 12s.

Back to the subject at hand...As far as reliability its his daily driver. And he even went on a trip to maryland not too long ago. Thats a few hours driving one way trip. The mods (engine and drivetrain, etc) only have 19,000 on them. The cobra motor was torn apart, the heads were milled due to a gouge in one from sliding across a truck bed, new stock internals were put in. The rear was swapped w/ a rebuilt 8.8. It has the newer t-5 in it opposed to whatever 5 sp came in v6s along w/ an aluminum driveshaft. What reliability issues would i possibly run into? (besides the fact that if it gets wrecked then im screwd by the insurance co). And how you all say get it for 10 +/- thats what others offer him too. One guy offered 11,600 but he obviously said no. The most he's been offered was 16,500 but he didnt want to drive it to chicago which is 800 mi away.

Back to insurance, would i be able to insure it as a GT if i told them it was converted to GT specs? Or at least insure it for what its worth?


And i dont want to get an 03/04 cobra because thats the same problem as the STI. To much to own and insure (although the mods are a bit cheaper). And i dont want The 01 gt/cobra because that what be about 13k for a gt and 20k for a cobra plus another 10k on top of that to make it as fast. And then if that got wrecked id still lose the insurance money that i invested in the car.

 

[Dusstbuster]

Technically I believe you could inform the company of the modifications you feel would be worth insuring. In turn they would raise your rates in order to supposedly cover it, but in the end they'd probably find some way to screw you out of getting that part anyways if it was damaged. Lets say you have a GT and put a KB on it, you can tell them "hey i want my KB covered so if it is detroyed in an accident you will replace it" and they'll say "sure, but your monthly premium goes from (random number: 100) a month to 140 a month...

 

[Pennywise2]

You apparently dont understand that i want to get rid of the STI because it costs to much money to own, insure, and mod. And even once modded mildly, its still not that fast. I talked to one guy who put down 473 awhp (and spent mucho doing it) and only expected to run high 11s/low 12s.

Back to the subject at hand...As far as reliability its his daily driver. And he even went on a trip to maryland not too long ago. Thats a few hours driving one way trip. The mods (engine and drivetrain, etc) only have 19,000 on them. The cobra motor was torn apart, the heads were milled due to a gouge in one from sliding across a truck bed, new stock internals were put in. The rear was swapped w/ a rebuilt 8.8. It has the newer t-5 in it opposed to whatever 5 sp came in v6s along w/ an aluminum driveshaft. What reliability issues would i possibly run into? (besides the fact that if it gets wrecked then im screwd by the insurance co). And how you all say get it for 10 +/- thats what others offer him too. One guy offered 11,600 but he obviously said no. The most he's been offered was 16,500 but he didnt want to drive it to chicago which is 800 mi away.

Back to insurance, would i be able to insure it as a GT if i told them it was converted to GT specs? Or at least insure it for what its worth?


And i dont want to get an 03/04 cobra because thats the same problem as the STI. To much to own and insure (although the mods are a bit cheaper). And i dont want The 01 gt/cobra because that what be about 13k for a gt and 20k for a cobra plus another 10k on top of that to make it as fast. And then if that got wrecked id still lose the insurance money that i invested in the car.

I have been researching suby cars for years.I own a 04 WRX as my daily driver and it is a great car for the money plus it gets alot better MPG than
my stang.I agree that they are expensive car to mod and keep.I only have
a Borla "Hush" catback exhaust and a drop K/N air filter as mods because it
is my daily driver.What you don't understand is that with a mustang you have
to spend mucho money also to get it fast.You should do some research on your STI honestly how cares what the next guy does to his car.Little do you
know that you could do a Cobb catback exhaust and new maps stage 2 and
be running high 12's with just spending 1000-1200 on your STI.

 

[Scorcher2005]

my sti definately doesnt get good mileage. its rated at something like 16/24. I usually only get 13-14 mpg. And when i cant really afford the car payments, insurance, gas, my bills, things i want/need, it doesnt make sense to keep it.

 

[Pennywise2]

What year is your STI? I am sure their are lots of people how
have the money and would love to buy your car.
www.ebaymotors.com
www.autotrader.com

 

[BaXTeR3221]

You can buy a 99/01 cobra for 15000, no need to buy a car that has been pieced together. Your better off buying a car that is closer to stock than buying one that has been completely modified.

 

[alsyr44]

I would probably get a fairly stock mustang GT...maybe a 2003.

 

[Craiger77]

I say you need to see, for yourself, if the car is as mechanically sound as the guy claims it is. Have it taken to a trustworthy mechanic and have it inspected THROUGHLY. Then it may pay to go see it, where ever it may be, to test drive and see if you really like it.

I dont see the above being the biggest hurdle you have to face. I think the toughest part will be convincing your bank to finance a used v6 for 15K. Banks will usually only fiance to the value of NADA listed retail value on a car. Any above that you will have to cover in cash. Even then they may still have a issue financing it if they know the circumstances. I'm sure your thinking, "I told you it had a transplanted v8!" The bank doesn't car what was done to the car. The VIN says its a v6 and you cant change that.
The bank only cares about what they will probably get for the car in the chance that you default and the car is reposessed and sold at auction.

But lets say you pay cash or.......own a bank You could get a 'gap' insurance clause, either through your insurance company or bank, to cover the amount over what the car is worth. This may solve the insurance issue you are worried about.

I think everybody will agree that the value of the car is, what it is, ...a used v6 mustang. It is worth more apart than it is together. Heck! If the engine is what he says it is, it is probably worth more than the car itself!!!

We dont want to be spoilers, but all of this seems to be fishy??? Why does this guy want to get rid of this "incredible" car? Nobody puts this much money into a car then turns around and sells it for a fraction of that amount.

Be careful and re-evaluate why your getting rid of the STI. You may be putting your self OUT of the boiling pot, and jumping INTO the frying pan!!! (that is worth a whole lot less)

 

[Scorcher2005]

i already have seen the car. It looks good: body, paint, interior, etc. The only thing i dont like about it is that it has the cobra rear bumper which has the exhaust notches in the bumber and he has dumps on it. Doesnt look right to me. But that is easily fixed. He took me for a drive in it and it easily roasted the 305 BF Goodrich T/A tires it has on it. He says hes getting rid of it beacause he's joining the coast gaurd and will be stationed on the west coast and does not look forward to the drive. He said he made the car once, he can do it again. And selling it for $15k pretty much gives him back what he put into it. I know for sure i want to sell the STI. The question is what to get next. And i really do like the 03/04 cobra's, but thats the same dialemma as the STI, to much to own and insure. So getting a clone for 1/2 price and paying much less for insurance sounds like a hell of a deal to me.

And about the bank only paying for a v6...What if i got a personal loan for 15k. Would that work?

 

[squares98]

"He says hes getting rid of it beacause he's joining the coast gaurd and will be stationed on the west coast and does not look forward to the drive. He said he made the car once, he can do it again"

Thats some real stinky

 

[Craiger77]

I'm not trying to persuade you either way. I say, if the car seems it's perfect for you and it isnt going to be another money pit, go for it!

As you can see I dont make many posts, but I've been a member for long while. I feel strongly about your decision. I just don't want to see another member put himself in a bad situation.

Just know going in, the car isn't ever going to be worth what you think it should be worth because of where it started.

On the finance side, A personal loan may work, but the interest rates are going to be significantly higher than a converntional car loan.
At the amount you want, they may want the loan secured with some type on collateral. Best advice I can give is just be honest with your bank and explain the situation. Banks make money by by giving loans so they may work something out. However, banks DO NOT (usually) loan money recklessly and without reasonably good knowledge of the investment. If we find your situation questionable they probably will too.

But, I'm not a banker, its out of my expertise.

GOOD LUCK. I really do hope it works out for you.

 

[DocG]

You would have to take a personal loan because most banks will only finance the blue book value plus maybe 15% or so. Personal loan interest rates...usually like 9-10% OUCH!


And why the hell are you paying 350 a month on insurance for your STi? OUCH AGAIN!

Did this guy swap everything in the V-6? My guess is the drivetrain is not the only difference between an 03/04 Cobra and v6. I know the suspension is way different! Did he add the IRS? 20k for an 01 Cobra is a rip. I can buy an 04 with 15k miles for 25k around here. Much better car for only 5k more. Anyways, you're not on here looking for someone like me to tell you what to do. But I would not pay 15k for what is basically a modded V6.

And insurance-wise...you can get a policy that covers a stated value of the car. Might pay more for it that way...but at least you'll get the value if something happened.

Good luck, and keep in mind that if you're willing to buy a modded car like that for 15k....you probably got a bunch of other options in the mustang world with similar power and similar price. I've seen 02-03 GT's with power adders going for similar.

 

[Scorcher2005]

You would have to take a personal loan because most banks will only finance the blue book value plus maybe 15% or so. Personal loan interest rates...usually like 9-10% OUCH!


And why the hell are you paying 350 a month on insurance for your STi? OUCH AGAIN!

Did this guy swap everything in the V-6? My guess is the drivetrain is not the only difference between an 03/04 Cobra and v6. I know the suspension is way different! Did he add the IRS? 20k for an 01 Cobra is a rip. I can buy an 04 with 15k miles for 25k around here. Much better car for only 5k more. Anyways, you're not on here looking for someone like me to tell you what to do. But I would not pay 15k for what is basically a modded V6.

And insurance-wise...you can get a policy that covers a stated value of the car. Might pay more for it that way...but at least you'll get the value if something happened.

Good luck, and keep in mind that if you're willing to buy a modded car like that for 15k....you probably got a bunch of other options in the mustang world with similar power and similar price. I've seen 02-03 GT's with power adders going for similar.

I wish i only paid $350/month for insurance on the STI...its more like $500/month. Im 19, its a $30,000+ turbo car. The $350 is what i would pay for an 01 GT. Thats cheaper than my friend pays for his 01 GT and he has a perfect record (i dont) and he has many more cars on his policy than mine. He has Geiko, i have State Farm.

Its not an 01 Cobra, its more of a modded 03/04 Cobra w/ an 01 v6 interior. It has 03/04 cobra engine (smaller pulley, tune, 457rwhp), centerforce dual friction clutch, v8 t5 tranny (pro 5.0 shifter), alum driveshaft, 8.8 rear w/ 3.73 gears, solid axle, 10.5" rims. It has some suspension work, from what i can remember eibach springs and control arms, it may have more. Full length headers, mac prochamber w/ dumps. Aftermaket CD player, 460 amps removed, new speakers. I may be missing some things, but thats the jist of it.

I wish i could find a GT w/ 450+ rwhp around these parts (ive been lookin where im at now and my hometown) and noone has anything reasonable. Some guy has a supercharged 01 bullit and wants 23k. Another guy has a 01 gt roush stg2 supercharged (DSS built block w/ forged internals) and wants 26k. Besides for other GTs w/ misc mods (boltons: gears, shifter, cai, underdrive pullies, etc) thats bout all ive come across.

 

[BurningRubber]

It sounds like the car has been ragged on, and with that power I imagine it would have been.

It has a T-5 tranny... They are called the glass tranny for a reason, even in stock 5.0 form. I see that being the weak link in the drivetrain.

What I want to know is, how the hell do you make that much money at your age!?!? Your like a year older than me, and I thought I was doing good owning a GT, paying gas and insurance, and having a small amount of money left over for mods and repairs or whatnot.

If I were you, i'd buy an older Cobra (96-98) and mod it with the leftover money you would have spent on the ex-six-turned-Cobra. You could even find a good deal on a 99-01 Cobra if you look... or you could land a nice 99-03 GT for 15k or wayyy less (7800 for my 00) and mod the chit out of it.