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.