No but seriously, whats it werfff??

[BLOWN 5.0 FOX]

Im about to get myself into the 30yr debt club (aka mortgage).

I have devised a backup plan incase I find a place a little over my budget...and it invloves selling my stang :-(

At any rate, Do to the many years of labor and part swaps, I cant really put a list together of total investment. I realize I will not make money on the car, but I sure as hell know its worth a good amount. Please spare me the smarta$$ comments , I would just like input from fellow stangers, which is most likely my general market since the rareness of my car combined with the mods and overall cond will be the main selling points.

88 GT with factory TTOPS
Fresh 302 new bearings/moly rings etc
vortech v2sq 2.95 pulley 10-12psi Air to Air intercooled/atmosphere vented BOV
UPR powerpipe
gt40x303 heads 1.6 ford motorsport rockers hardened pushrods
F303 cam
trick flow U/L
42# FMS injectors with SN95 fuel rail
pro-m 75mm MAF
prof products 75mm TB
255 walbro pump
full exhaust: bbk headers/ bbk hi flo h pipe with cats/mac flowpaths
3 row alum radiator black magic fan
MSD 6btm ignition

exterior:
fresh paint - body has 145k no rust on any body panels
black with metallic blue pearl base clear (6k paint job)
stalker front, saleen skirts , cobra rear bumper and wing
y2k hood

misc:
turbo coupe rear end 3.73
ford racing cobra r's with new nitto 555s 255 R 245 F
3g alternator, taylor rear batt relocate, moroso shutoff
MM 6 pt cage
kenny brown super sub frame connectors
PLX wideband
alum driveshaft
kyb adjustables all around
granatelli U/L control arms
hotchkis CC plates
world class T5 1000 miles
king cobra clutch , bbk cable/FWA/quadrant
recaro seats w/ 3 point harnesses

Ill post a few pics for anyone who doesnt already know the car. AGAIN: this is for reference only. I dont want to dump the car , I just need to get a round number that I can use to crunch numbers. My price range for a new house/condo is 200-275. But If I stumble on a nice setup for over 300k, I need to make some sacrifices. Wife says I can keep the car no problem, but I would love to have a nice crib. I can always get another car and start fresh, besides Id love a coupe!!

 

[BLOWN 5.0 FOX]

 

[BLOWN 5.0 FOX]

 

[Mr. Rustypwnz]

to be competely honest wit cha, im saying about $15k its not near what ya got into it, but its the truth!!

 

[Ozz]

That's the first number that popped into my head. BUT to find the buyer would likely be a bitch. But who knows!

Anyway - time to be a freidn

If possible I'd rather take it upon myself to talk you into busting ass w/extra work or whatever else possible to make up a few extra grand over the course of time to save you from selling the car.

Or consider this:

$10K or so on top of a decent down payment doesn't make *that* much of a difference on a monthly mortgage - if you can handle swinging the extra $$ each month. If you can't though then that could be a problem. All depends on the plans for payment and such, of course. I was saving and saving so I could put as much as possible down on a house, then played w/some calculators and realized that by putting another 10-15K DOWN, I'd only save myself about $150-200 a month. Obviously I'm not going to put myself into a situation where $200/mo. will bury me, so it will be more than readily available when the time comes. Just for instance. IMO that's not worth the saving of all the money over time, or mostly the sale of your car to obtain it. So myself, I took out a nice withdrawal and bought my G35 as a treat I'll still save, but at least I can enjoy myself every day with the new ride too and now feel bad about it.

Point I'm getting at again is that 10-15K extra over your down payment (if you're already able to put down a nice-sized %) won't really save TOO much aggravation. Not worth selling the car over or saving for a year or two or three to save another 10-15K, at least IMO.

At least that was w/the calculators, mortgages and rates, and down payments I was playing with. I'd urge you try the same and see what the difference would be with an extra 15K or so that you'd get from the car. $200 more on the mortgage each month isn't much if you can save yourself nearly 20 grand at the beginning.

Some people HAVE to sell their car to get the ONLY cash they'll be able to put down on a house. THAT is a bad situation and I'm glad you may not be in it yourself

 

[BLOWN 5.0 FOX]

yea i apreciate the info Dave, I basically am apposed to PMI , which is the result if you dont throw down 20% on the deposit end. My mother is a realtor so she is our rep and will give us her half of the 5% realtor fees. (on a 300k home that 15k... 7500 being our cut = super sweet)

I always pictured my house having a garage with my stang in it. But now after seeing what you get for your money, thats a tough dream to fix. I do see how the extra 200 bucks a month does not justify the selling of my baby, but as a last resort, I do have the option if I needed to front a bunch of cash to get the house with the nice potential to build my own shop so I can build me another one!! Time and oppurtunity will tell.

 

[mackey]

I hear ya with the gotta have a house TJ.

I think the best thing would be to put the motor back stock and part all the parts off of it. Leave the body the way it is because it looks great and will still sell for a good amount of money.

Where you looking at houses/condos?

200-250k barely gets a house, nevermind a garage around here.

You have to think, who would spend 10k on a fox around here.
I've been thinking about the same thing with my car.

I'd say take 12.5k or best offer. Will put a small dent in the mortgage, but it will none the less.

 

[BLOWN 5.0 FOX]

250kish is condo , 300+ is single fam range. The market is going to plummet by spring of next year, which is when I will be buying. By then hopefully I can score a nice place for 275-300k when the market is right.

Car wouldnt be for sale until next spring if at all.

 

[SVT32VDOHC]

Your car has all the right parts and is very nice. Don't let idiotic comments about your "high" miles get your upset. I have about that on my notch, but it has a lot of new parts and paint just like yours.

I would start at 14-15K like stated. You prolly have double or triple that in it, but that's the beauty about modified Mustangs.

What square footage can you get with that price tag?? In Michigan, 275-300K would get you about 2500-4000 sq. feet depending on the city/county. Although, the salary/housing ratio might work out to be the same thing, because people aren't making what they used to in Michigans booming economy with Gov. Granmole!! I am single so my 1080 square foot home is more than enough for me. This is my first home, and I will upgrade in 5-8 years.

 

[tunedin302]

yea i apreciate the info Dave, I basically am apposed to PMI , which is the result if you dont throw down 20% on the deposit end. My mother is a realtor so she is our rep and will give us her half of the 5% realtor fees. (on a 300k home that 15k... 7500 being our cut = super sweet)

I'm a Realtor and a lawyer and let me give some advice. If your Mom is willing to give her commission to you then have it applied as a "buyers credit" towards closing costs. Also, you can avoid PMI very easily if you look at doing a different type of mortgage. For instance, take you first mortgage at 80% and then do a second mortgage at either 10% or 20%. This will avoid you having to pay PMI. Additionally, your 2nd mortgage will be at a slightly higher interest rate but you apply additional funds to the principal and pay it off sooner. My point is that there are too many options for you to have to sell your car. And honestly, 15K is not going to do THAT much for your monthly payment to justify dumping your car. Remember, every 5K financed = about $40 extra per month. So, by selling your car you COULD save a grand total of $120 per month. Is that worth it? You obviously must decide. Most people have trouble coming up with the money for closing but you aren't necessarily in that same situation if you have your moms commission credited to your closing costs. Good luck.

 

[TheUser]

you can also pay your PMI up front. It's $1250 on a $100,000 mortgage (prices are MUCH cheaper here), so I'd assume around $3700-4000 or so should take care of your PMI if you want to pay it up front. Try to negotiate the sellers into paying the closing costs for you or maybe split it or something.

I'm looking for a house too. I really don't understand how you guys afford those $300,000 places unless you're really banking pretty well. $300,000 here will buy you a Nice 3000 sq ft house w/ a 3 car garage and a 40x40 shop on 20 acres or more.

 

[Ozz]

And honestly, 15K is not going to do THAT much for your monthly payment to justify dumping your car. Remember, every 5K financed = about $40 extra per month. So, by selling your car you COULD save a grand total of $120 per month. Is that worth it?

told ya! and he definitely knows what he's talking about vs. me playing with calculators Good to know I didn't miss a number somewhere and screw myself over


It's weird in MA. Some areas, nice ones even, you can get a great house for let's say $250K. In another area (sometimes worse areas) a comparable house could be 350K+. Then again some people like to be in those big ol' city areas and sometimes the high prices are outside of them too. I'm sure all states are like that though.

 

[BLOWN 5.0 FOX]

yea my main focus is a fixer upper with room for a would be shop/garage. I can get a lift and start working off my mortgage payments!!! Thanks for the input, Im happy with the numbers, about what Id expect. I guess in a worst case scenerio, I can rely on a round number of 10-12k from ebay, if not more. One case is certain, I will most likely be selling my 03 tahoe with 22's and tv's, apparently pimpin aint easy haha but I will prob drop down to a 00-04 GT for a DD.

 

[Ozz]

Oh man, I'd definitely drop that before the Stang. You can pick up another one of those any day. You can't replace your Fox quite as easily.

 

[RsStanG1987]

Im also onna be the first to say ull be lucky to find someone willing to pay 10k for it..

 

[BLOWN 5.0 FOX]

well I guess you have to really know about mustangs to know how rare this car is. Its basically the Eleanor of fox bodies, if you will.
As an update. I snapped out of it. I am keeping her!! When I picture my dream house, it includes a dream garage with my dream car inside , so she stays!. Once I get situated and payments figured out.
For now, I might get the polished 2.2 kenne bell I found for 1500 (SCORE) and keep it in my closet. For a future project car (When I have the extra cash not to mention the garage to store another stang in)

I realized I am due for a raise at work , that should give me the extra cash I need to keep the toys and afford the bigger payments.

Thanks for all of your help guys, false alarm I suppose!!