I'm wondering what my options might be in trading or selling my 2008 GT while still owing $21k. My goal in this process is to be lucky enough to get behind the wheel of an '03-'04 Cobra. Would it be best to throw $2-4k into my current note and try to sell it out right around $19k and then try and find a Cobra in that range? I'm not sure I'd have luck with a trade, but would the dealership work with me on something like this?
I think you would take too much of a beating if you sold or traded to a dealer now. You simply don't have enough equity in the car to be ahead, you still owe too much. If you traded, you would have to trade on something in the 30's to get more than 21 for your car. If your car is worth 19 or 20, you could get the payoff to that figure and sell it outright to break even. Just remember, when you sell your car and payoff the loan, you will have zero dollars to buy another one with. You would have to take out another loan for the Cobra...I'm sure you know this already though..
You'll be negative on a trade with your 08. Also remember if you do plan on financing a 03-04 model car, you won't get a very low finance rate based upon it's age. A credit union will be your best bet, but with the way times are, they might be reluctant to give you 60-72 month financing on a 5-6 year old car. Is your payment too high with your 08? If the payment is too high, the term you'll get with the 03-04 will likely be 24-48 months, high rate, leaving you in the same boat. Keep us posted on what you decide to do.
Thanks guys I realize my options are nil, thus I'm leaning towards swapping the 4.6 for the 32-valve Termi. Now my question turns into: has/can this be done with effective results?
You've got a really nice car! Check around and even visit the other forums regarding just what you can do with a 4.6. My Roush puts out 435HP at the crank and that's stock with the same motor as your car! I would think that a supercharger or turbo would give you the power you need without the hassle or expense of swapping motors. And that's only the beginning. There are CAI and pulley options, not to mention exhaust and header options, all boosting the HP's.. Keep us posted during your endeavors..
Hey thanks man, I do love my GT and I just may get to keep it The Mustang Gods may have smiled upon me! Ran into a guy today who worked at an autoparts store who is trying to move an '03 Screaming Yellow Cobra. He just wants someone to take over payments. Says he owes 18-19K and payments are $480/mo. I'm so elated to have this situation fall into my lap, but it all depends on whether or not he's able to get another car next week. Not sure what all mods he has or the mechanical shape it's in, but there's a slightly faded dial in still on the passenger window that reads 10.91 (!) Here are some pics
Your car is waaay nicer than that Yellow (which IMO is a crap colour to begin with) Cobra.....especially with those ugly FR500 replicas all the way around on it. I'd say stick with what you've got and if you want to add some jam to it, look into adding one of the half dozen or so popular blower choices on the market to your 3V. No matter how you slice it at this point, you're going to lose out trading down to a 4 or 5 year older Cobra....no matter how much more power they may make. I'd say do yourself a favour and take one for a ride first. Ignore the power and the blower whine for a moment and concentrate how inferior the the car itself is to your S197. From there, the choice should be simple.
I once was told by someone that any person that would buy a yellow mustang is full of them self .hahahaha I kind of like yellow . If you dislike the color yellow but would like to keep the original paint you could get a vinyl full body wrap for around $800 . and you could get a cool pattern for a little more . I don't know if putting 5k along with your 08 would be worth it to you but a lot of people do things like that to get out from under large payments . $500 a month x 10 months = $5k but if you wait 10 months you will probably need more to attract buyers . Depreciation is a bummer .
You'll definitely be upside down if you trade in with $21k left. I've been semi-trying to sell mine and I've only been offered $17k for mine as a trade in with 11k miles. I don't really have mods, and usually when you do dealers offer less. I see them listed for $20-$22k private party around here, but no idea what they sell at. My thoughts on your situation are why throw away more money to buy an old, "crappy" (comparing the interiors) car that doesn't have a warranty? If the warranty doesn't matter to you, I'd use the money you would throw into your loan to go towards a supercharger and then you're better off than a 2003-04 Cobra anyways. Or, get a roushcharger and keep your warranty ;-)
Thanks for the additional perspectives, it helped change my mind Clinster: I still say that only ***holes drive yellow cars I won't be parting with my S197 anytime soon. Too much emotional and money invested. The Cobra was sooo tempting because of that block and the blower, but whomever mentioned the shoddiness of the interior was 100% dead on. It just felt 'cheap'. I'll be scoping blowers out for the next several months now. Thanks!
