Opinions on potential purchase

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Jul 30, 2006

#1

• Jul 30, 2006

• #1

I have the opportunity to buy a 1999 GT with 28k on it for $11,500. I know the original owner of the car (owned it for 22k) and he never drove it unless it was NICE out. It also has a lot of money into it. There isn't really any piece in the suspention that is stock. Not too many engine mods but a few like TB & Plenum, chip, intake, pulleys. It also has full exhaust, all SS. 18" Steeda ultra lites, 13" Brembos, all steel braided brake lines. But the majority of the money went into the suspention. The original owner sold it to a guy for 15k that is now in need of some money so he is selling it for 11.5k...so is it worth it? I will also have to travel back to the midwest to get it, but while I am there I can recieve a frsh paint job for free. So what do you think? Is it worth it?

 

stangliter04

New Member

Apr 4, 2005

185

0

0

Port St John, Florida

Jul 30, 2006

#2

• Jul 30, 2006

• #2

man if he needs money you might be able to nab it for like 10K-10.5
I would try to get him to go a bit lower.

 

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Jul 30, 2006

#3

• Jul 30, 2006

• #3

It also has FRPP 3:73s. Yeah, I was thinking I would offer 10k or 10.5k. That car used to give me goose bumps when I heard it idle. But I don't wanna pay too much for it either.

 

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Jul 30, 2006

#4

• Jul 30, 2006

• #4

bump

 

scupking

Active Member

Sep 18, 2005

1,186

1

36

Enfield, CT

Jul 31, 2006

#5

• Jul 31, 2006

• #5

Go for it. I paid $14,000 for my 2001 GT last october and it had 32k on it and no mods when I bought it.

 

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Jul 31, 2006

#6

• Jul 31, 2006

• #6

The only thing I am worried about right now is will the bank give me an 11k loan for a 99 GT? Will they factor in mods? At least ones that are for saftey like 13" Brembos. I am thinking that if they won't give me enough I may just have to get a personal line of credit.

 

Crzyhrse

Active Member

Dec 23, 2004

0

2

38

Seattle, WA

Jul 31, 2006

#7

• Jul 31, 2006

• #7

If you've got good credit, the bank will throw any amount of cash you want at you. As long as your income can support it. A bank won't factor in mods. They are clueless and will assume it's stock.

 

comatose

Member

Jul 24, 2005

57

0

6

Columbus, Ohio

Jul 31, 2006

#8

• Jul 31, 2006

• #8

Yeah, the bank does not care about mods.

The better your credit, the more they are willing to loan you against the value of the car (LTV).

I think that the price he is offering is awesome for that car. I would snap that up.

 

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Jul 31, 2006

#9

• Jul 31, 2006

• #9

Crzyhrse: The bank will loan me more money than the car is worth on an auto loan? I thought they had like loan values and stuff. ON a side note, I am a huge Steelers fan, that is also in Seattle. People around here are whiners huh?


So if the loan value was 9k the bank would still loan 10k or 11k on it as long as my credit it good(It is around 780-800)?

 

streethorse

15 Year Member

Oct 8, 2005

1,042

6

58

Dallas Texas

Jul 31, 2006

#10

• Jul 31, 2006

• #10

My 99 was totaled in May and State Farm gave me a check for 9800.
The car had 108k on it. With only 28k that does sound good.

 

K

Kilgore Trout

Fried or Broiled ?

10 Year Member

Mar 30, 2005

4,749

95

134

Jul 31, 2006

#11

• Jul 31, 2006

• #11

Take the average of the private party sale value on www.nada.com and www.kbb.com then subtract 15% for not being stock.

I am guessing the value is about $8500 at the most...

 

Crzyhrse

Active Member

Dec 23, 2004

0

2

38

Seattle, WA

Jul 31, 2006

#12

• Jul 31, 2006

• #12

97stang_guy said:

Crzyhrse: The bank will loan me more money than the car is worth on an auto loan? I thought they had like loan values and stuff. ON a side note, I am a huge Steelers fan, that is also in Seattle. People around here are whiners huh?


So if the loan value was 9k the bank would still loan 10k or 11k on it as long as my credit it good(It is around 780-800)?

Click to expand...

I was just saying if your credit is good, a bank will give you any amount you want for the kind of car you want to buy, as long as your income will support it. As far as asking for more of a car loan than the asking price of the car, I'm not sure about that. I've always just borrowed what I needed for the purchase. I've bought quite afew new or near brand new cars in the past years, so most of the time I got a better deal through the dealerships as far as lower percentage rates on the loans. STEELERS RULE!!!

 

Bluffing024

Active Member

Mar 15, 2006

0

2

48

Somewhere

Aug 1, 2006

#13

• Aug 1, 2006

• #13

I called a couple of places and they will loan up to $11,700 on it. So I am going to try and get it for $10,000 and then my sales tax will be $910 then all those other fees, but it is an awesome car. If/when I get it we are keeping the 97 GT, the lady is gonna get rid of the Neon and drive a stang . I figure unless she catches the mod bug too I won't have to do the PI swap that way. Just have to teach her to drive a 5-Speed now.

 

0

01Steeda

New Member

May 29, 2005

732

0

0

Baton Rouge, LA

Aug 1, 2006

#14

• Aug 1, 2006

• #14

where do you come up with these numbers killy? A car being modded has zero effect on resale, as a matter of fact every modded stang I have seen sell has gone for more that NADA...especially a blown car.

 

squares98

Member

Aug 20, 2004

852

0

17

Orange,ca

Aug 1, 2006

#15

• Aug 1, 2006

• #15

+1
A guy offer me $12,000 for my car on the spot a couple of weeks ago, he was serious too. I felt that was a tad low.

 

DropTopPony

Noob Slayer

Founding Member

Aug 13, 2002

2,570

3

48

south jersey

Aug 1, 2006

#16

• Aug 1, 2006

• #16

squares98 said:

+1
A guy offer me $12,000 for my car on the spot a couple of weeks ago, he was serious too. I felt that was a tad low.

Click to expand...

i have that much in parts sitting on my dining room floor.
if you sold what would you buy? The newer they get the uglier they get