would this car be ok to buy??....

the 2005 mustang gt's are out of my price range but there is one for sale at a local car lot that it $19000, it was in a flood but he put a whole new engine, transmission, electrical system, and new interior. the only thing that is on it from the flood is the frame and body. the engine has 10,000 miles on and and the frame and body only have 2,000 miles on it. does this seem to risky to buy??

If it has absolutely no warranty, I'd say yes, to risky.

As a consumer basis alone, I would personally not buy the vehicle. Unless you can get work order and repair order slips documenting the stated repairs, this falls under doctrine of “Caveat Emptor” – “Let the Buyer Beware”. The car lot will state they were relying on the previous owners statements that the vehicle had the stated repairs done and obscond themselves from any liability should claim or suit arise.

If the replacement cost of the components equal or exceed 75% of the market vehicle value the title is “salvaged”. A whole new engine, transmission, electrical system, and new interior will be cutting it close. If it was T-boned and repaired, I would say fine, so long as the chassis was realigned and corrected.

With a flood damaged vehicle, you need to be fully aware that major mechanical and electrical issues are just lurking under the surface.

In the end it really depends on WHY you are looking into purchasing an S197 that will determine your final decision. Which factor is driving your purchasing decision: Looks or, Performance or both.

If it were I, I would do some online looking and try to find something like this:

http://www.classyauto.com/7521

$16,900 OBO

"1999 Ford Mustang Cobra convertible 5 speed manual. Power everything, A/C, ABS, cassette, CD keyless entry, alarm system, garaged, non-smoker, service records. Mach 460 stereo system, $3,000 in extras, won best of show in car show. 18" chrome Cobra R wheels, Kenny Brown springs, lowered 2" 4.10 gears, dynomax exhaust, K & N air filter, pristine condition, independent rear suspension traction control, financing available, warranty available, new Yokahama Z rated tires."




Or this - Lady owned and Driven 2000 GT. $13,747



$13,747.00

Very slick 2000 mustang GT for sale. Must go. All I am asking is my payoff which is 13,747. I am relocating to the east coast and need to get rid of it fast. Price maybe nogotiable. 5 speed, v8. Power seats and windows. cd player. rear spoiler and side and hood scoops. never smoked in. Please feel free to call anytime. Ask for Lysa.

I would RUN-not walk- away from that car, primarily for the same reasons that Jennifer has stated. There are just way too many unknowns. I am of the opinion that it already has a salvage title based on the absence of a warranty. I do think it would be interesting to run the VIN through CARFAX just to see what comes back.

IMHO, stay away from any flood damaged car. They are just basket cases waiting to happen. What you'll save now, you'll give away and then some over the next couple years between repairs and a lower trade-in/resale value down the road.

all the work was done by the guy selling the car. the guy that own the lot also has a performance shop and work only on mustangs and it is going to be a rebuit title.

If you keep looking you can find some GREAT deals. I purchased my 2005 Mustang GT with 8k miles, FRPP shorty headers, Pypes O/R H, and CnL intake w/ diablo predator tuner for 21,000, minus TT&L (my car isn't a premium edition, but what a deal!). It was an absolute steal but the deals are out there if you are just patient.

It sounds to me you have already made up your mind to buy it.

Flooded cars are nothing but problems no matter what was done to them. That is why most insurance companies want them destroyed.

I would say wait, I am sure you will find something better.

NEVER, NEVER, NEVER under any circumstances buy a flood damaged car.

Run away now, don't touch that wreck. There are just some things that cannot be repaired and flood damage is one of them. The only way to fix this properly would be a complete ground up restoration...and if that had been done they wouldn't be selling the car for $19K. I would go so far as to not trust any dealer that would even try to sell that type of car.

+1

Ditto, do not buy a flood car.

The Ford dealers around me have lots of 05 Mustang GTs with less than 10K miles on them. Asking prices are around $22K, but the are not selling (sitting on their lots for many, many months). You should be able to find a non flood, low mileage used GT for $20K.

well ive been lookin for about 6 months and every 05 gt i find is way high, like 24 to 25,000, ill prob just buy an 03-04 mach 1 if i cant find a cheap 05 gt soon

You should be able to get a new 2007 GT for $25,000 after rebate and especially if you can get an x plan number. (Which shouldn't be hard to do.)

Stay away. There are better deals available.
Not sure what part of the country you are in, but you can buy a new 07 GT in
Central Texas for $21,500

Definitely stay away from the flood car. I am also with Jenn on doing some searches.....

Unless you are specifically looking for a S197 style Mustang GT you can find plenty of 96-99 Ford Mustang Cobras for well under $20K and they all fairly similar in performance (all are 300hp+ stock), that are also well-cared for.

Jenn's first example of the 99 Cobra vert is a perfect example.

Have you tried to buy any of those 05 Mustangs and made the owner or dealer an offer?

There are many, many 05 GTs (coupes)sitting on dealer lots with $23K - $25K asking price. But they've been sitting there for many months and are not selling at those prices. One of the local Ford dealers has had an 05 GT with 10K miles sitting on their lot since last August. It started out @ $27K. 6 months later it's still sitting on their lot with an asking price of $24K.

I don't know why anyone in their right mind would pay $25K ffor a used 05 when you can buy a new leftover 06 for less than that or a new 07 for a few thousand more.

-----

Edit - I just checked pricing, under X plan with the current $1K rebate a new 2007GT Deluxe coupe would cost about $24K (no options). A fairly loaded GT Premium Coupe, 3.55 gears, comfort group, Sirius, 18" polished wheels, IUP, GT appearance pkg, premier trim package would go for $27,400.

So hang in there, used 05 prices are about to crash.

WHERE?!?!?!?!?!

May I give you a ride, run like the wind for a car deal like this.

Mak Haik Ford-Georgetown
MSRP-26,940
Rebate -1000
Mak Haik Disc -3941
Ford Loyaly -500
Total 21,499

I have purchased 6 vehicles from them. They make absolutely the best deal in the area. I confirmed with the salesman, he said come on down and get it.

I bought my 2007 V6 auto. for 16,000.