Would You Do This Deal?

[utemachine]

I am talking to a guy a state over from me on what I think despite the issues I will lay out could be a good deal. 92 GT, supercharged and a ton of upgrades including dual piston breaks, gears, exhaust, radiator, electric fans, I mean a ton of speed upgrades and leather interior. Now the bad... It has a rebuilt title as it was hit in the passenger rear. There is a little rust under the spoiler but I would get the car repainted regardless. The rack and pinion is leaking, needs new ac compressor, airbag light is flashing. The guy was asking 6k and it has been his daily driver for three years.

Then I did a vin check and to both of our dismay found that the odometer had been rolled over ànd he bought it 3 years ago with 100k more miles than disclosed. It now has an estimated 215k miles. The guy was floored. I am going to slowly bring the car to like new and keep for many many years. Would you stay away from this deal or is 4k a good price? I eventually would want to add most of those mods and I'm sure the mod cost is over 10k.

 

[mikestang63]

rebuilt title? I would pass

However, know that many states and/or insurance companies won't insure a rebuilt title car. At a minimum I would take 50% off the price and would not buy the car without inspecting it first. If you do buy it, plan on owning it for life.

 

[84Ttop]

Rebuilt/Salvage title is the bigger deal than the mileage discrepancy. I agree that the price should be half or more and you should never have plans to sell the car if you do wind up picking it up. Granted if the drivetrain is solid you could always swap to a 4cyl car?

 

[Boosted92LX]

Just my opinion, but the only aspect of a rebuilt title to be concerned over with a car that age is resale value. I.e. People's perception of the car and it's value due to it's status.. Which is really moot if the repairs were decent, and also keep in mind these cars are so old most wear items have or will be changed or upgraded. So, as stated if you plan on keeping it, no worries.

 

[CarMichael Angelo]

Think about it.

How much of a whack would it take for an insurance company to total a 23 year old car?

A bent door? Crumpled front sheet metal?A tweeked quarter?

When an insurance company determines that one of theses cars are only worth 4 k, and the repair to fix exceeds that, it makes sense that anybody that tries to save what is completely salvageable is gonna have to acquire a salvage title to put Humpty Dumpty together again.

The red car had a salvage title, and it still sold for $12,500.00. Depending on what the damage was that totaled it, I wouldn't hesitate to buy one unless the guy was claiming it was pristine.

Water damage would be my only stalling point if I planned to buy a driver, but I never buy a driver. knowing what I do to a car, water damage has absolutely no impact when you intend to replace every single electronic circuit in the car.

 

[utemachine]

I am so on the fence. Just knowing it has a rebuilt title (it was salvaged in California and rebuilt) is bothering me even though I would most likely never sell it. This input is very helpful, what an awesome site.

 

[MustangIIMatt]

My '87 GT was declared a total loss in 2005 because some chucklehead creased the left quarter panel in a parking lot. Value of the car destroyed, $2000 worth of damage to a car that booked at $3000 for his insurance company, and I kept the car, took their check, didn't even fix it, and still sold the car for $3000 later that year. "Salvage" and "Total loss" don't mean much on an older car. That car is still running around town and has had three more owners since I sold it. Its not as big a deal as some are making it out to be. I hate to say it like this, but its a Mustang, some idiot will still buy it later no matter what.