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Old 05-14-2014, 11:41 PM   #1
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Help! I need advice

Ok so right now my car is getting repainted. I have 2 different decisions I could take when I get the car back.

1.Keep the car and mod it and probably never sell it or...

2. Sell my 00gt it has 161k miles, cold air intake, brand new paint, shorty antenna, cobra front bumper, flow master exhaust, new brakes rotors and calipers, and tuner included. Also interior is in decent shape.

The reason why I would sell it is so I can get at least 5k so I can put down for 03/04 cobra that I found for 17.5 k and the rest I would get a bank loan.

I also have 4.10 gears that I haven't installed if I do get a cobra would it fit? And also how much do you guys think I could get for my car.

So what should I do?
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Old 05-14-2014, 11:48 PM   #2
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Oh or a Mach 1..
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Old 05-15-2014, 07:46 PM   #3
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so your asking is it a good idea to upgrade to a 03 cobra for $12,500
seeing as you assume 5k for your car and the cobra is 17.5k ...
or could look at it as breaking even on your car and buying a cobra for 12.5k
..
if you can afford the payments then sure, why not?
but personally I would never do it!.. If I was going to spend that much money I would probably just spend more and go rite for a 2011 5.0
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Old 05-15-2014, 07:48 PM   #4
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so your asking is it a good idea to upgrade to a 03 cobra for $12,500
seeing as you assume 5k for your car and the cobra is 17.5k ...
or could look at it as breaking even on your car and buying a cobra for 12.5k
..
if you can afford the payments then sure, why not?
but personally I would never do it!.. If I was going to spend that much money I would probably just spend more and go rite for a 2011 5.0

Well yea I'm 20 and this would be my first car through a dealership... What I was thinking was that if I get a 11 gt , the insurance would be really high
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Old 05-15-2014, 08:02 PM   #5
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I doubt you will save much on a convertible cobra tbh
and 17.5 at a dealership turns into over 20k easy after all the taxes and fee's .. and then you have the interest on the loan from the bank... calculate it all and see how much that 17.5 car really costs.
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Old 05-15-2014, 08:03 PM   #6
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so your asking is it a good idea to upgrade to a 03 cobra for $12,500
seeing as you assume 5k for your car and the cobra is 17.5k ...
or could look at it as breaking even on your car and buying a cobra for 12.5k
..
if you can afford the payments then sure, why not?
but personally I would never do it!.. If I was going to spend that much money I would probably just spend more and go rite for a 2011 5.0

Well yea I'm 20 and this would be my first car through a dealership... What I was thinking was that if I get a 11 gt , the insurance would be really high
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Old 05-15-2014, 10:43 PM   #7
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If you sold your car wit 161k miles on it for $5k I will bow down to you. Honestly it will depend on where you live but I don't see you getting near that. I love the new edge so it would take a lot to get into a new car. Go for a terminator!
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Old 05-16-2014, 11:38 AM   #8
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Help! I need advice

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Originally Posted by Tangtang2.0 View Post
Well yea I'm 20 and this would be my first car through a dealership... What I was thinking was that if I get a 11 gt , the insurance would be really high

Yeah first off... Prolly 4k ish for your car.

Second off, do you have a stable/good job at 20? I am 21 and was freaking out on getting a 3k loan for my GT... Because "what if"

If you are comfortable, make sure to see the loan value for the termi. Your 5k may not bring it down to loan value when taxes and fees are done.

Do you wanna go in debt for a old car or new? I wanted new.. But couldn't imagine myself with 15k car debt. Again, I was freaking out over 3k... I have commitment issues. Lol

Termi is sweet.. But for a little more you can get a coyote which is amazing..

Anything with a snake on it will make you a temporary resident of rape city with any insurance company. I honestly bet that the GT would be less.. If not they are prolly pretty close.
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Old 05-16-2014, 11:46 AM   #9
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Yeah first off... Prolly 4k ish for your car.

Second off, do you have a stable/good job at 20? I am 21 and was freaking out on getting a 3k loan for my GT... Because "what if"

If you are comfortable, make sure to see the loan value for the termi. Your 5k may not bring it down to loan value when taxes and fees are done.

Do you wanna go in debt for a old car or new? I wanted new.. But couldn't imagine myself with 15k car debt. Again, I was freaking out over 3k... I have commitment issues. Lol

Termi is sweet.. But for a little more you can get a coyote which is amazing..

Anything with a snake on it will make you a temporary resident of rape city with any insurance company. I honestly bet that the GT would be less.. If not they are prolly pretty close.
I was 21 when I bought my cobra vert. Insurance went up $10/month over my 02 v6 coupe...

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Old 05-16-2014, 11:51 AM   #10
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I was 21 when I bought my cobra vert. Insurance went up $10/month over my 02 v6 coupe...

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How much did you pay for your car? And that's why I also was leaning toward a Mach 1 but I know if I get a Mach 1 I'm gonna regret not getting the cobra
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Old 05-16-2014, 11:57 AM   #11
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How much did you pay for your car? And that's why I also was leaning toward a Mach 1 but I know if I get a Mach 1 I'm gonna regret not getting the cobra
Bought it in 2007 for 26 or 27. 24k miles.

It has never been my dd and there is no telling how much i've spent on it since then. Currently has 40k miles.

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Old 05-16-2014, 12:27 PM   #12
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Hopefully I can get a decent amount for the down payment .. Do you guys recommend getting a loan from the bank or dealership?
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Old 05-16-2014, 01:27 PM   #13
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Actually now that I think about it again...
Go for The Termi bro!.. Wild car and if your only 20.. you will have a sick cobra
paid off in a couple years... And more then likely if you keep the car in great shape your return will be higher then the purchase price.. if you ever were to sell it...
I myself would never want a car payment when I already pay for Gas and Insurance. ... Then again if I was 20 and lived at home and didn't pay for rent, food, cable, internet ect.. I would gladly throw all my money on a cobra
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Old 05-16-2014, 01:54 PM   #14
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Hopefully I can get a decent amount for the down payment .. Do you guys recommend getting a loan from the bank or dealership?

Dealership finance can **** you without you knowing, but banks are harder to get a loan from.

Dealerships can make it where your interest doubles in 2-3 years.. Can basically do anything if they are snakes. You won't read the contract.

You have to meet the full loan value with banks and have a good credit score for them to give you a good loan. Dealerships just wanna sell the car.

Example... Dealership I went to a for dealership when I was looking for a 11 v6... They wanted to do everything to sell me that car. Nothing down, and it was a 18k car lol. My bank wanted 1-2k down payment for a 15k 11 v6... I was going to get it but thank god they took it to the auction or I'd be deep in car loan debt lol. Just shows the difference.
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Old 05-16-2014, 05:48 PM   #15
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sorry for the reality check, but a 2000 GT with 161k miles is gonna get you $2500 on trade, tops.... even if its in great shape. Also, all your mods make it worth less to the dealer. They like them stock. The dealer is gonna see it as a 14 year old car with 161k miles and they will simply take it to auction....they dont want that car.

As far as bank loans.... My Credit union gives over 9% interest on a car like you are looking at, and I have outstanding credit (~830). You can probably get closer to 5% going through the dealer.
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Old 05-16-2014, 05:51 PM   #16
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oh, I see you want to sell it outright.. Sry, I missed that. I dont think you will get 5k for it. maybe 4k... if its really clean.
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Old 05-16-2014, 05:54 PM   #17
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sorry for the reality check, but a 2000 GT with 161k miles is gonna get you $2500 on trade, tops.... even if its in great shape. Also, all your mods make it worth less to the dealer. They like them stock. The dealer is gonna see it as a 14 year old car with 161k miles and they will simply take it to auction....they dont want that car.

As far as bank loans.... My Credit union gives over 9% interest on a car like you are looking at, and I have outstanding credit (~830). You can probably get closer to 5% going through the dealer.

You need a new bank. I got 8% on my 03 GT.. With good credit, not outstanding. I also had no financing history. Lol
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Old 05-16-2014, 07:37 PM   #18
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Ha. thats their going rate for anything older than a 2006, IIRC, regardless of credit score.. Anyway, I wouldnt pay that much. They gave me 2.49% on my USED 2012 Mustang. I was just posting it as an example.
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Old 05-16-2014, 07:52 PM   #19
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Originally Posted by Tangtang2.0 View Post
Ok so right now my car is getting repainted. I have 2 different decisions I could take when I get the car back.

1.Keep the car and mod it and probably never sell it or...

2. Sell my 00gt it has 161k miles, cold air intake, brand new paint, shorty antenna, cobra front bumper, flow master exhaust, new brakes rotors and calipers, and tuner included. Also interior is in decent shape.

The reason why I would sell it is so I can get at least 5k so I can put down for 03/04 cobra that I found for 17.5 k and the rest I would get a bank loan.

I also have 4.10 gears that I haven't installed if I do get a cobra would it fit? And also how much do you guys think I could get for my car.

So what should I do?
I doubt any bank will give you that much money on a car that is 11-12 years old. If they did and they wont, the interest rate will be through the ceiling. Keep your current car and save your money for a couple of years.
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Old 05-16-2014, 08:14 PM   #20
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Yep.. I had to put half the car down to get my 03 GT lol
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Old 05-17-2014, 01:14 PM   #21
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My credit union has me at 2.3% for a 12 year old car lol. Not,my Mustang obviously. Just have to find a good one and stay away from the big banks. I have Navy Federal.

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