Looking At A 2001 Svt Cobra

[coogrrr94]

I saw a listing at a small used dealer for a 2001 SVT Cobra convertible near me, around $10k with 64,000 miles. I'm looking for a fun weekend car.

Are there any red flags I should keep an eye out for? I was thinking about asking if I could take it to a mechanic or at least hire one of those mobile mechanics to go out to the lot to check it out. I've also requested a carfax report.

I pretty much always buy used, but more in the 2 to 3 year old range so this one 15 years old will be a new experience for me.

Any and all advice from those more experienced than me will be welcomed.

1st post, Thanks

 

[84Ttop]

A low mileage car is always a better bet that a higher mileage car so long as it isn't abused. Look for modifications that have been made to the car, such as a programmer or aftermarket power adder (nitrous/turbo/supercharger) as all of these will likely lead to the car being abused at one time. You will also want to look at the rear wheel wells to see if there is a copious amount of rubber in them. My biggest concern is abuse with one of these cars. Also being a convertible, is the top original? Having had a vert before I can tell you that a 15 year old top is not ideal and will likely cost 1,500$ to replace. Have you compared the KBB pricing to what the dealer has the car listed for?

 

[coogrrr94]

KBB says fair market range is $8,771 - $10,670, and the fair market price is $9,760. So this one is in line with the fair market price.

As far as after market power adds, is this something I would see as far as additional guages and such near the dash or more so stuff under the hood?

No rain today so I won't be able to check for leaks in the top. I could ask them to wash the car while I sit inside : )

Carfax show no accidents, losses or damages.

It had 5 owners:
1st owned 1 year 10 months
2nd - 10 months
3rd - 1 year 7 months
4th - 4 months
5th - 8 years 4 months (4/07 to 9/2015, mileage went from 57k to 64k only around 1k per year) Either it was their weekend car too or it was always broken down?

The car was sold at auction in November of 2015, then again sold at auction in February of this year.

 

[84Ttop]

KBB says fair market range is $8,771 - $10,670, and the fair market price is $9,760. So this one is in line with the fair market price.

As far as after market power adds, is this something I would see as far as additional guages and such near the dash or more so stuff under the hood?

No rain today so I won't be able to check for leaks in the top. I could ask them to wash the car while I sit inside : )

Carfax show no accidents, losses or damages.

It had 5 owners:
1st owned 1 year 10 months
2nd - 10 months
3rd - 1 year 7 months
4th - 4 months
5th - 8 years 4 months (4/07 to 9/2015, mileage went from 57k to 64k only around 1k per year)

The car was sold at auction in November of 2015, then again sold at auction in February of this year.

I'm curious as to why the car has had so many owners? That always makes me suspicious, did they have problem with the car? Why was there so much turn around in ownership..
Soaking the car with the hose isn't a bad idea, you'll want to check the trunk and spare tire areas as this is where water usually starts to collect or the cars will rust when the back window leaks. The back window is usually the first place the top fails aside from any obvious damage. Modifications should be fairly obvious if they were done, look for parts that don't seem original under the hood or in the rear suspension of the car. Does it have aftermarket wheels and tires? Is there any type of security system or aftermarket electronics installed? My concern would be that they are installed correctly if that is the case.

 

[coogrrr94]

Here are some pics. Rear lights look aftermarket.

 

[84Ttop]

My initial impression:
The wheels and tires are tasteful and do not really detract from the car. The OEM cobra wheels would have helped retain more value though
The interior looks to be stained on the floor pretty good? Is this water leaking or just carlessness from a previous owner? How worn is the drivers seat? Is it what you would expect from a 64k mile car?
The engine looks clean as a whistle and what I would expect on a low mileage car.
The aftermarket lights really are my biggest hang up, they do detract from the value and in my opinion in a significant way. The OEM tail lights specifically were only produced 1999-2001 and model specific for the Cobra, used replacements if you can find them (there are no reproductions of the Cobra tail lights) can be 300$ for a broken set and I've seen them sell for as much as 500$ a side for NOS take off's. The head lights are not as big of a deal but OEM style lights will still set you back a few hundred bucks if that is a concern. Personally I would look for their pricing to be at the bottom of that KBB range to even entertain it. Granted I am exceptionally particular when it comes to my Mustangs

 

[coogrrr94]

Great information thanks. Knowing the headlights, taillights and wheels are aftermarket could put me in a good negotiation position, thinking $1,000 less.

You're absolutely spot on about the taillights, $500 on ebay.

Not sure the best way to decipher the stains on the floor?

 

[84Ttop]

Great information thanks. Knowing the headlights, taillights and wheels are aftermarket could put me in a good negotiation position, thinking $1,000 less.

You're absolutely spot on about the taillights, $500 on ebay.

Not sure the best way to decipher the stains on the floor?

Usually a used car dealer does a good job and cleaning the interior, since these stains remain I would imagine you would be stuck with them. It would be prudent to look under the car in that area for rust or water damage from a leaking top

 

[Special20]

I have a 2003 GT Vert and this is my first convertible. I don't know if you ever owned a convertible before but this is a whole system that you need to worry about. If you are not comfortable with working on cars, it can get very expensive. This system includes pumps, relays, hydrolic fluid, hydrolic cylinders, and hydrolic lines. Make sure the top goes up and down evenly and going thru a car wash is not the best way to test if the top leaks. I think all tops will leak in a car wash. I love my convertible BUT parts alone are expensive.

 

[coogrrr94]

Thanks for your help 84top. I decided not to go look at the 01 pictured above. I decided it was probably a little to old for my liking, had too may owners, and knew I wouldn't be happy with all the carpet stains and stuff. Plus the guy from the dealer never emailed me back when i asked him if I could have a mechanic look at it.

After lunch with my wife, I decided to go by a used car dealership in my area to test drive a car, any car. I figured I would just settle on test driving cars for the time being and maybe that would satisfy my urge to get a new car. It would be a lot cheaper too.

The 15 WRX I wanted to test drive was sold so instead, we took a look at a bright green 2013 Mustang Convertible. The color was too much for us, plus it hadn't been that taken care of. Then we found the 08 Mustang GT Premium (44k miles) pictured below with the Ambient Lighting, GT Appearance Packages, and Interior Upgrade Package and we fell in love. We closed the deal last night, we're very pleased with the price, we got it just under the low end spectrum of the KBB fair price range. Don't have it yet as they're prepping it. 1st time Mustang owner now. Can't wait to drive it home. Love the hood scoop!