01 cobra - deal or no

Discussion in 'SVT Tech Forum' started by 95 yellow 5 0, Mar 21, 2006.


  1. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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    01 black on black cobra vert 28700 miles.. they want 21000 i think i got them to 20k even. 7k trade in on my car.

    yes or no??
  2. BADSNAKE

    BADSNAKE New Member

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    hell no--- you can find way better than that
  3. Mustang00GT81

    Mustang00GT81 New Member

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    I would say no because there are still deals to be had on cobras. If SVT Cobra is truly a car of the past with the recent stories of SVT closing its doors then the cobras will be gaining value. Being that nothing is annouced officially you can still take advantage of deals. I bought my 01 Cobra in November for 13k. I would act quickly on finding one if you are interested in getting one. As soon as Ford makes it official I am sure the price will jump quick. I have seen the price jump at dealers but private sellers are still selling low.
  4. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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    there arent many 01's for sale in MA
  5. V6&V8SHO

    V6&V8SHO New Member

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    Private Seller all the way. I just picked mine up tonight from the original owner. 33k on the clock, stored winters, no rust on the underside. No cracks in the leather mint. I got all the SVT certifacates, brochures, and window sticker. The nicest people ever.

    My cars stats
    2001 Ford Mustang SVT Cobra
    Silver mettalic on black leather with grey suede insert
    #1653 of only 3867

    Unmodded and unmolested
  6. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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    how much did you pay? and where are you located?
    I see that cars cost the most in AZ, CA, and CT.

    The only thing sketchin me out with this 01 is that it has had many owners.
  7. Ernad

    Ernad celibate sans pants

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    Go to a different state :shrug:
  8. V6&V8SHO

    V6&V8SHO New Member

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    I tend to stay away from cars that has changed hands more than 2 times. I go for original owner vehicles or second owner if it was well maintained.

    As for what I paid, it was slightly under the KBB blue book value for a private party sale. The orginal owner and I both walked out of it at a fair deal. He got the correct amount of money for his 01 cobra for how mint it is, and I got a price on an 01 Cobra that is just fantastic. Thats what it is all about. Most SVT original owners are the best to buy from.
  9. BADSNAKE

    BADSNAKE New Member

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    So how much did you pay? seems like a great deal
  10. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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    i know right... how much $$ and miles?
  11. COBRA90GT

    COBRA90GT Mod Dude

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    Man, you're really beating yourself up over trying to fix your car and replace it with another one. :shrug:

    I'd just bite the bullet and repair your current cobra - it will be far cheaper and less of a hassle IMHO...
  12. V6&V8SHO

    V6&V8SHO New Member

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    16k with 33,900 miles
  13. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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  14. BADSNAKE

    BADSNAKE New Member

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    So you traded in the 99 and got the 01 vert?
  15. ShadowFist

    ShadowFist New Member

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    He has (had) a 98, so its a bit of a trade up.

    Is the car 22k including the 9k for your 98, or 22k before the trade in?

    Edit* Oh, and please post some pics :D
  16. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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  17. 1999SVTVert

    1999SVTVert New Member

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    I was under the impression that you still owed $13,500 or so on your old Cobra, not the $4,500 you used in your calculation.

    That would make it more like this:
    22k + taxes - 9k for your car + 13,500 (98 cobra loan balance) = $26,500 + taxes
    (putting $3,500 down payment on a credit card)

    So that means that you just financed $26,500 + taxes (loan + credit card) on a car that you would be lucky to sell to a private party tomorrow for $20,000 (even less on a trade in).

    Remember in the other thread where I gave you advice and warned that your line of thinking had you on a fast track to being bankrupt? You have now gone from a $4,500 upside-down position to a $7,500 upside-down loan (guessing on your sales tax and fees).

    Hope it works out for you.

    Adam
  18. V6&V8SHO

    V6&V8SHO New Member

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    You did read how much I paid for mine right?? There are so many mustangs out there, and there are SVT's out there. You should be able to find a better price than that.

    Use autotrader.com and use the advanced search. Thats how I found mine.
  19. 95 yellow 5 0

    95 yellow 5 0 Founding Member

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  20. 1999SVTVert

    1999SVTVert New Member

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    Here is something you need to think about-

    Yes, the 2001 Cobra is worth more, but it is also losing value at a much faster rate than your 1998 car is. Your goal needs to be getting out of your upside-down situation, not making it worse.

    For example, say that over the next two years, the 2001's value (to a private buyer) goes from $20,000 to 12,000. That would be depreciating $4K/yr. That means to get out of your upside down situation, you will have to make principle payments of at least $4,000, plus start chipping away at the difference between what you owe and it is worth.

    Now take your 1998 you currently own. Over the same two years, it may depreciate from $12,000 or so to $8000. A slower rate of depreciaton ($2K/yr). That puts you in a much better situation to cover your payments and start working to get rid of your upside down situation.

    Just something to think about. If it were me in your financial situation, I'd use that credit card you are planning on using for a down payment and use that credit for fixing your head issue. Putting a down payment on a credit card is one of the most common financial mistakes, and makes upside-down situations even worse.

    Best piece of advice I ever got was to use credit cards for convenience and emergencies, never for credit.

    Just trying to give you a little different perspective-

    Adam

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