Opinions on potential purchase

[Bluffing024]

I have the opportunity to buy a 1999 GT with 28k on it for $11,500. I know the original owner of the car (owned it for 22k) and he never drove it unless it was NICE out. It also has a lot of money into it. There isn't really any piece in the suspention that is stock. Not too many engine mods but a few like TB & Plenum, chip, intake, pulleys. It also has full exhaust, all SS. 18" Steeda ultra lites, 13" Brembos, all steel braided brake lines. But the majority of the money went into the suspention. The original owner sold it to a guy for 15k that is now in need of some money so he is selling it for 11.5k...so is it worth it? I will also have to travel back to the midwest to get it, but while I am there I can recieve a frsh paint job for free. So what do you think? Is it worth it?

 

[stangliter04]

man if he needs money you might be able to nab it for like 10K-10.5
I would try to get him to go a bit lower.

 

[Bluffing024]

It also has FRPP 3:73s. Yeah, I was thinking I would offer 10k or 10.5k. That car used to give me goose bumps when I heard it idle. But I don't wanna pay too much for it either.

 

[Bluffing024]

bump

 

[scupking]

Go for it. I paid $14,000 for my 2001 GT last october and it had 32k on it and no mods when I bought it.

 

[Bluffing024]

The only thing I am worried about right now is will the bank give me an 11k loan for a 99 GT? Will they factor in mods? At least ones that are for saftey like 13" Brembos. I am thinking that if they won't give me enough I may just have to get a personal line of credit.

 

[Crzyhrse]

If you've got good credit, the bank will throw any amount of cash you want at you. As long as your income can support it. A bank won't factor in mods. They are clueless and will assume it's stock.

 

[comatose]

Yeah, the bank does not care about mods.

The better your credit, the more they are willing to loan you against the value of the car (LTV).

I think that the price he is offering is awesome for that car. I would snap that up.

 

[Bluffing024]

Crzyhrse: The bank will loan me more money than the car is worth on an auto loan? I thought they had like loan values and stuff. ON a side note, I am a huge Steelers fan, that is also in Seattle. People around here are whiners huh?


So if the loan value was 9k the bank would still loan 10k or 11k on it as long as my credit it good(It is around 780-800)?

 

[streethorse]

My 99 was totaled in May and State Farm gave me a check for 9800.
The car had 108k on it. With only 28k that does sound good.

 

[Kilgore Trout]

Take the average of the private party sale value on www.nada.com and www.kbb.com then subtract 15% for not being stock.

I am guessing the value is about $8500 at the most...

 

[Crzyhrse]

Crzyhrse: The bank will loan me more money than the car is worth on an auto loan? I thought they had like loan values and stuff. ON a side note, I am a huge Steelers fan, that is also in Seattle. People around here are whiners huh?


So if the loan value was 9k the bank would still loan 10k or 11k on it as long as my credit it good(It is around 780-800)?

I was just saying if your credit is good, a bank will give you any amount you want for the kind of car you want to buy, as long as your income will support it. As far as asking for more of a car loan than the asking price of the car, I'm not sure about that. I've always just borrowed what I needed for the purchase. I've bought quite afew new or near brand new cars in the past years, so most of the time I got a better deal through the dealerships as far as lower percentage rates on the loans. STEELERS RULE!!!

 

[Bluffing024]

I called a couple of places and they will loan up to $11,700 on it. So I am going to try and get it for $10,000 and then my sales tax will be $910 then all those other fees, but it is an awesome car. If/when I get it we are keeping the 97 GT, the lady is gonna get rid of the Neon and drive a stang . I figure unless she catches the mod bug too I won't have to do the PI swap that way. Just have to teach her to drive a 5-Speed now.

 

[01Steeda]

where do you come up with these numbers killy? A car being modded has zero effect on resale, as a matter of fact every modded stang I have seen sell has gone for more that NADA...especially a blown car.

 

[squares98]

+1
A guy offer me $12,000 for my car on the spot a couple of weeks ago, he was serious too. I felt that was a tad low.

 

[DropTopPony]

+1
A guy offer me $12,000 for my car on the spot a couple of weeks ago, he was serious too. I felt that was a tad low.

i have that much in parts sitting on my dining room floor.
if you sold what would you buy? The newer they get the uglier they get