Car question

[jmiller676]

I am getting ready to buy my first car. It's a 2001 Mustang GT with 77000 on it, mineral gray and gray leather. 4.6L V8,AT with all the standard features. I am not worried about making the payments because they are well within what I can afford. There are a few minor cosmetic defects with it i.e.: bubble on hood which you cant see but can feel, rocker panel on driver side needs a re fit and the doors need sprayed to stop the minor rust. On KBB its listed at 9175, Edmunds and MotorTrend are close to 9100 also. It is listed at 9500 what do you think is a reasonable starting price. I am looking to pay 8700 for it but not sure if its reasonable. Any help would be great.

 

[ljadayton]

Is it at a lot or a private sale? Does that KBB value account for the cosmetic damage, ie not the value for a pristine car? If so, $9500 seems high to me. Start at $9K maybe, for that reason. You're going to have to sink money into it to take care of the rust

 

[jmiller676]

Is it at a lot or a private sale? Does that KBB value account for the cosmetic damage, ie not the value for a pristine car? If so, $9500 seems high to me. Start at $9K maybe, for that reason. You're going to have to sink money into it to take care of the rust

It's at a dealership and I figured since it wasn't in excellent it would be down to 8500 then with the fix ups and usual negotiating down to 8k.

 

[CountryBoy19]

Yes, tell us what type of listing (lot or private party) and what KBB value were you looking at (wholesale, private party or retail)?

Those make a big difference.

IMHO, unless it is near the whole-sale price I won't buy a car. But I'm so tight that I squeak when I walk. And I'm patient enough to wait for the deal that I want, on my terms.

My Buick was purchased at 53% of the KBB retail value at the time. It was still less than wholesale value. That has been the best car I've bought, I'm still driving it 7 years and 90k miles later.

 

[jmiller676]

Yes, tell us what type of listing (lot or private party) and what KBB value were you looking at (wholesale, private party or retail)?

Those make a big difference.

IMHO, unless it is near the whole-sale price I won't buy a car. But I'm so tight that I squeak when I walk. And I'm patient enough to wait for the deal that I want, on my terms.

My Buick was purchased at 53% of the KBB retail value at the time. It was still less than wholesale value. That has been the best car I've bought, I'm still driving it 7 years and 90k miles later.

The KBB was at dealer retail.

 

[silverspoon]

Start out really really low somewhere in the neighbor hood of 3 or 4 grand. Ya never know what might happen but you can always come up if need be but it's really difficult when you begin high to talk your way back down. Plus the time it takes to negotiate gives you more time to decide if you really want the car or not.

 

[jmiller676]

Start out really really low somewhere in the neighbor hood of 3 or 4 grand. Ya never know what might happen but you can always come up if need be but it's really difficult when you begin high to talk your way back down. Plus the time it takes to negotiate gives you more time to decide if you really want the car or not.

That makes sense. I am also able to put 3500 down does that help?

 

[CountryBoy19]

The KBB was at dealer retail.

Assuming that it was the condition level that accurately represents the car, then I would absolutely pay no more than $8900. Remember, KBB is giving you the average sale price of a car in that category. So that means for every car that sold higher than that price, there was one that sold lower as well. You can almost always walk off the lot for a minimum of 10% less than retail price if you're willing to haggle with them.

If they aren't willing to deal with you, and by "deal with you" I mean, really drop the price, then I would walk. There are much better deals out there if you are patient. Keep your eye out in the classifieds papers etc.

Just an example: 2000 Buick LeSabre Limited (yup, I drive a granny car), that's the loaded one, the next best car is the Park Avenue. KBB retail on the car was $9600, I paid $5,000 for it. I realize that is the "exception" to most car deals, but if you're patient, you can likely find a car private party that still fits your needs/desires and it will be much cheaper.


ETA, not trying to sway your decision. If you're sure this is what you want then it's probably worth a little more to you. I would just hate to see somebody get a case of buyer's remorse on a purchase as large as a car when they come across a really great deal on a similar car 2 weeks later.

 

[ATOMonkey]

Fitment issues and some rust with 77k for an '01 GT?

I think that car is overpriced.

What is KBB for that car in poor condition?

 

[jmiller676]

Fitment issues and some rust with 77k for an '01 GT?

I think that car is overpriced.

What is KBB for that car in poor condition?

Couldn't find it. I looked all over and all KBB gave was "excellent"

 

[ATOMonkey]

I'd offer 7 and tell him why.

Replacing doors and hood is relatively easy in the grand scheme of things, but it's still going to cost you.

I know you can afford the payments, but I'm going to caution you against getting a loan for this car anyway.

Can you afford a $2500 repair bill on top of your payments if the trans or engine takes a dump?

 

[jmiller676]

I'd offer 7 and tell him why.

Replacing doors and hood is relatively easy in the grand scheme of things, but it's still going to cost you.

I know you can afford the payments, but I'm going to caution you against getting a loan for this car anyway.

Can you afford a $2500 repair bill on top of your payments if the trans or engine takes a dump?

No, and thats why I figure offering a lot under because I know hes going to go up from there. I love the car and have always wanted one but spending top dollar on a car thats not it top shape is stupid. My max is 8700 that I'm willing to spend on it. To me thats the high end of what that car should be worth in that condition.

 

[cbseniour]

KKB is a wish book for dealers, that is why you see and hear ads all the time offering cars for thousands under blue book. Check out NADA's consumer sight for a more realistic opinion.
The bubbles and rust you speak of are in all likelyhood more serious than you think and will cost more to repair than you can imagine unless you are qualified to do the work yourself.
My experience has been that cars like Mustang GT'and Camaros etc that don't present well have probably been rode hard and put up wet and need a lot more work than you would expect.
Before you buy the car at least take it to an experienced mechanic for a good look over.

 

[ATOMonkey]

Unless you're just in love with it, I wouldn't even say it's worth 8700.

From '95-'04 the GT skated by on its name alone. 260 HP is nice, but it doesn't exactly set your hair on fire in a 4,000 lb car.

 

[femurphy77]

That's the older body style isn't it? Name your price, make it fair but don't give him anything. Play on the old vs. new style, he want's to sell cars not park them on the lot. If he won't play take your money to a different playground, check for individual sellers, don't get in a hurry and don't forget about insurance payments on that beast. Remember to an insurance company you're going to take that 10000hp street destroyer out and terrorize whole countries with it!

 

[jmiller676]

KKB is a wish book for dealers, that is why you see and hear ads all the time offering cars for thousands under blue book. Check out NADA's consumer sight for a more realistic opinion.
The bubbles and rust you speak of are in all likelyhood more serious than you think and will cost more to repair than you can imagine unless you are qualified to do the work yourself.
My experience has been that cars like Mustang GT'and Camaros etc that don't present well have probably been rode hard and put up wet and need a lot more work than you would expect.
Before you buy the car at least take it to an experienced mechanic for a good look over.

Yeah I would have 3 days to take it on "trial" also my uncle does body work but, Im not telling them that.

Unless you're just in love with it, I wouldn't even say it's worth 8700.

From '95-'04 the GT skated by on its name alone. 260 HP is nice, but it doesn't exactly set your hair on fire in a 4,000 lb car.

Yeah but if I have anything more I might get in to much trouble.

 

[bassplayrguy]

Selling cars at a dealership, I can tell you the car is overpriced. That car with the rust it has, I would not buy. Better cars out there for that money. I bought a 98 Mustang GT with the same engine and it looks like they just made it for 6500 dollars. If you have to have this car I would drop 3000 below what the sticker says and STAY there!!

 

[bassplayrguy]

My mustang had less than 70,000 on it when I got it this past summer.

 

[drgnrobo]

I would ask if it has a rebuilt title ,the rust concerns me.I had a escort that was involved in a accident & all the parts that were replaced rusted & faded alot faster than the rest of the car. I have a 2002 mustang & other than a few chips the body is in good shape but I take great care when I wash it(under the wheel wells ,underbody etc.) offer low ($3000)is my advice ,its a older body style & if its a rebuild go lower

 

[jmiller676]

That's the older body style isn't it? Name your price, make it fair but don't give him anything. Play on the old vs. new style, he want's to sell cars not park them on the lot. If he won't play take your money to a different playground, check for individual sellers, don't get in a hurry and don't forget about insurance payments on that beast. Remember to an insurance company you're going to take that 10000hp street destroyer out and terrorize whole countries with it!

Already talked to Insurance I am a "part time" driver 900 a year for me on the car. That was one deciding factor.

Selling cars at a dealership, I can tell you the car is overpriced. That car with the rust it has, I would not buy. Better cars out there for that money. I bought a 98 Mustang GT with the same engine and it looks like they just made it for 6500 dollars. If you have to have this car I would drop 3000 below what the sticker says and STAY there!!

Good point, he also got it in in a trade about 1 1/2 months ago.

I would ask if it has a rebuilt title ,the rust concerns me.I had a escort that was involved in a accident & all the parts that were replaced rusted & faded alot faster than the rest of the car. I have a 2002 mustang & other than a few chips the body is in good shape but I take great care when I wash it(under the wheel wells ,underbody etc.) offer low ($3000)is my advice ,its a older body style & if its a rebuild go lower

He said it has never had body work done to it. Looks like someone did do body work but paid cash for it? I'll definitely be playing it up.




The problem is my other car is toast and I have always liked this style of car. Kinda need a new car but also don't want to pay out the A$$ for a car that isn't worth what the market value is saying. I'll probably offer him 6K to start with 3500 down.