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Old 02-14-2014, 03:48 AM   #1
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208k 1999 Cobra Purchased, Need Advice!!

Hello everyone! I am brand new here and need some advice on a 1999 Mustang Cobra i just purchased for $4,000 here in California. He was desperate for money and originally wanted $5,500 but i convinced him to lower for various reasons.

So i will list details that were shared with me by the title holder...
Keep in mind i considered keeping the car at first but instead, at such high miles i plan on doing some maintenance before i sell it. Tune up being done by me tomorrow. The car will be registered under my wife for insurance purposes tomorrow at the DMV(Don't chop my balls off for that move Hahaha). Im just not too confident on owning it even though it had the rebuild done ....hence the advice needed. So lets get down to business...

Red 1999 Mustang Cobra 208,XXX miles

-Last registration fee paid was in 09/2013, been registered non-op (title holder had another car which was more fuel efficient so the cobra just sat there.

-Car was hardly, if not at all driven this past Year

-No check engine light (Drove it a lot today)

-Title Holder claims the engine was rebuilt 50k Miles (i believe it because it ran nice and strong on the 10 min test drive as well as the hour long drive home for a car that sat there a year)

-I am sure the clutch was replaced at some point but right now when i shift into reverse i hear this loud noise, cannot really describe it except that its loud and all the other gears make no such sound. Still reverses fine though.

-The title itself is already incorrectly filled out due to the current title holder making mistakes filling it out in the past. so it has a bill of sale attachment correcting the issue and that's how he has been able to register the car even though the title is under the previous owner who sold it to the Title-holder i just purchased the car from (sorry if this portion is confusing i tried to provide details)

-We wrote a contract stating our deal is no longer valid if i am unable to register the car for any reason, I have his contact info, license photo, and i know where he lives and can beat him to pulp if necessary.

-Has 6000k HID headlights, LED interior lighting, $3,500 Koni adjustable suspension package, spare tire, radio is stock

-The front seats were torn n worn out but are comfortable because of seat covers

-Rear seat are in excellent condition

-A/c is COLD heater is HOT

-no coolant leaks

-very small oil leak ( 2 drops over night usually but makes me think theres an issue with the head? maybe o-rings failing or maybe something needs to be tightened in the oil pan area?)

-ride straight as an arrow

-salvage title due to driver side rear panel body damage does not affect alignment

-no signs of welding any frame damage (seen this before when buying bmws in past)

I attached picture so hopefully some of you can let me know if
A) I got a good Deal
B) Should I consider keeping it? I work local less than 10 miles away.
C) Should I sell it and try to profit?

I really like the car a ton already but if i can profit, I'd rather look for an 01' cobra with lower miles.(already seen a 117k silver 01 cobra for $7500)

**Current bluebook value with 208,000 miles and fair condition was 7.3k i believe

Thanks in advance to those who give me their opinions and advice!

-Steve

Side Note: I have a friend who got me paper plates from a Car Dealership which is why i have been driving the car without any issues with police.
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Old 02-14-2014, 07:22 AM   #2
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I personally prefer the 01's myself. But the car doesn't sound too bad for 4 grand. The only issue is going to be selling it with the salvage title. I think you got a pretty good deal on the car, but i can't imagine it selling for more than $5,000. If you really want that 01, try to sell it off and make a profit. But you might be holding onto it for awhile. Or, you can spend a few thousand, get the engine rebuilt. Forge everything, and have yourself a reliable engine, ready for boost.
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Old 02-14-2014, 08:35 AM   #3
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I personally prefer the 01's myself. But the car doesn't sound too bad for 4 grand. The only issue is going to be selling it with the salvage title. I think you got a pretty good deal on the car, but i can't imagine it selling for more than $5,000. If you really want that 01, try to sell it off and make a profit. But you might be holding onto it for awhile. Or, you can spend a few thousand, get the engine rebuilt. Forge everything, and have yourself a reliable engine, ready for boost.
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Old 02-14-2014, 12:36 PM   #4
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KBB for it is $7.3k and you paid $4k for it with a Salvage Title? Dude took you for a ride. I'd part it out and try to get my $4k back.
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Old 02-14-2014, 11:39 PM   #5
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Naw.
I'd keep it for a couple of years and beat on it a bit...


And THEN try to sell it and get my money back.
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Old 02-15-2014, 12:23 AM   #6
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KBB for it is $7.3k and you paid $4k for it with a Salvage Title? Dude took you for a ride. I'd part it out and try to get my $4k back.

+1... Salvage title is a instant turn off for like 98% of people. On top of that 208k miles and a rebuilt motor. I'd say drive it, because it will be hard to get the money back out of the car.
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Old 02-15-2014, 12:45 AM   #7
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So are you fellas saying the OP got butt raped on the deal for 4k?????
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Old 02-15-2014, 08:16 AM   #8
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So are you fellas saying the OP got butt raped on the deal for 4k?????

Not sure. What I am saying is I wouldn't buy a 99 cobra with 208k miles on it for 7k. Plus this one has a salvage title so that drops the price a considerable amount also. It will be pretty hard to sell. Drive it an have fun is what I'd say.
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Old 02-15-2014, 09:15 PM   #9
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So are you fellas saying the OP got butt raped on the deal for 4k?????
Butt raped with a non lubed spiked war dildo is more like it.
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Old 02-15-2014, 09:38 PM   #10
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Butt raped with a non lubed spiked war dildo is more like it.

LOL
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Old 02-15-2014, 10:41 PM   #11
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Butt raped with a non lubed spiked war dildo is more like it.
Damnnnnnnn! Ouch. Can a brother get a reach around at least. Lmao
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Old 02-15-2014, 11:32 PM   #12
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Damnnnnnnn! Ouch. Can a brother get a reach around at least. Lmao
Paying $4k for a salvage title 208k mile Cobra I would assume one was included but some people don't have any common decency these days.
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Old 02-16-2014, 12:56 AM   #13
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Paying $4k for a salvage title 208k mile Cobra I would assume one was included but some people don't have any common decency these days.
Ain't that the truth bro. Lmfao
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Old 02-16-2014, 01:15 AM   #14
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Maybe I was being too harsh here... some ppl have decency still.

Re-read through it again, 208k, salvage, bad reverse synchro, no receipts for the engine etc... This car MIGHT make the money back by being parted... MIGHT. Biggest money makers are going to be the front bumper and rear tail lights, could probably get $1000 for both or close to it. After that... all the drivetrain has a ton of miles, the IRS is the least desirable year, trans is grinding etc... Also have to factor in how much his time is worth to rip it all apart, store the stuff, pay for tax/title etc...

Salvage title=take KBB and slice that number in half. With mehcanical issues and salvage title, it gets worse and with the mileage... Like I said if I got stuck with this I would either part it or I would buy a GT with a blown motor and good trans, swap everything and try to break even selling a good running 4V swapped GT and parting out the other Cobra parts like the front/rear bumper, airbags, brakes, IRS, small parts etc... But again, that is a LOT of work to try to make money back. It seems his intention is to flip it which is why I say he got fisted up the ***.
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Old 02-16-2014, 01:23 AM   #15
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Would it he worth it if he just rebuilt the motor himself and DD?


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Old 02-16-2014, 01:33 AM   #16
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I sold my 99 cobra for $8500. with a salvaged title. It did have a rebuilt engine with all the paper work though. It had a bad clunk in the rear and I had to replace the steering rack as well. It was clean but not worth the time,money or effort IMO. I told the buyer up front what he was dealing with and he didn't want to test drive it and didn't even pop the hood to see if it was a "real" Cobra with the 4V. He paid cash and drove on down the road.




He told me he was taking it to mexico so im sure he made more than enough off that car after selling it down there.
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Old 02-16-2014, 09:02 AM   #17
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I sold my 99 cobra for $8500. with a salvaged title. It did have a rebuilt engine with all the paper work though. It had a bad clunk in the rear and I had to replace the steering rack as well. It was clean but not worth the time,money or effort IMO. I told the buyer up front what he was dealing with and he didn't want to test drive it and didn't even pop the hood to see if it was a "real" Cobra with the 4V. He paid cash and drove on down the road.




He told me he was taking it to mexico so im sure he made more than enough off that car after selling it down there.
Well yeah once that thing crossed the border that was that... title doesn't mean **** anymore. And he paid way too much but that was a unique situation. I've seen higher mileage clean cobras with clean titles go for that price he paid.
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Old 02-16-2014, 09:40 AM   #18
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Yeah I would definitely take it to a shop to see if the engine rebuild was correctly done, especially if you're wanting to DD it. If it was done correctly and a shop gives you an OK thumbs up, take it and DD it. Have fun with it an save up for a GT.
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Old 02-26-2014, 11:21 PM   #19
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Hello everybody I have been on a hiatus since I began insuring the car, smogging it and registering it. So far everything was accomplished with no issues.
I ended up registering the car and had NO fees waiting for me once I registered the car. I also just noticed the title is clean NOT salvaged. The I got ripped off statements are personal opinions. Yeah the body is high mileage but besides the faded paint it doesn't show it. Running like a beast with no check engine lights plus I'm sitting on a rebuilt engine so I'm super chilling and enjoying my ride while the offers come in on craigslist thanks for all the advice and criticism. As of right now I'm riding around town turning heads. And the car is running stronger than my 2005 mustang gt (75k miles when wrecked) so I am way impressed. Plus the $3500 koni adjustable suspension is bada***!!
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Old 02-27-2014, 12:00 AM   #20
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Hello everybody I have been on a hiatus since I began insuring the car, smogging it and registering it. So far everything was accomplished with no issues.
I ended up registering the car and had NO fees waiting for me once I registered the car. I also just noticed the title is clean NOT salvaged. The I got ripped off statements are personal opinions. Yeah the body is high mileage but besides the faded paint it doesn't show it. Running like a beast with no check engine lights plus I'm sitting on a rebuilt engine so I'm super chilling and enjoying my ride while the offers come in on craigslist thanks for all the advice and criticism. As of right now I'm riding around town turning heads. And the car is running stronger than my 2005 mustang gt (75k miles when wrecked) so I am way impressed. Plus the $3500 koni adjustable suspension is bada***!!

Moar pix now!!!!!!


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Old 02-27-2014, 12:06 AM   #21
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I was mistaken

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KBB for it is $7.3k and you paid $4k for it with a Salvage Title? Dude took you for a ride. I'd part it out and try to get my $4k back.
i was actually mistaken, when i registered the car i noticed the title was CLEAN. i was looking at so many cobras and assumed my title was salvage
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Old 02-27-2014, 12:14 AM   #22
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Not a bad deal for that car then. Nice find.
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Old 02-27-2014, 12:14 AM   #23
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i was actually mistaken, when i registered the car i noticed the title was CLEAN. i was looking at so many cobras and assumed my title was salvage

Then I'm willing to say you got a little bit better deal. The salvage title really kills cars. Clean titles are awesome. Lol. And yes the cobra will smoke a 05-09 GT.
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Old 02-27-2014, 12:21 AM   #24
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Most definitely going to invest in a paint job if I do end up going the seller's route.
And believe it or not guys, she stopped leaking oil after my oil change. So I feel like now is the time for me to act and sell her. I am currently awaiting my new title to come in the mail and I am good to go! I love the car so much I will take what I earn off it and add what I need to for a 2001 Cobra in better condition instead.
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Old 02-27-2014, 12:41 PM   #25
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i was actually mistaken, when i registered the car i noticed the title was CLEAN. i was looking at so many cobras and assumed my title was salvage
Then you are lucky because you paid the amount you paid under the assumption that it was a salvage which is an epic buttrape. Kind of a big thing to miss lol.
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Old 02-27-2014, 12:43 PM   #26
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Then you are lucky because you paid the amount you paid under the assumption that it was a salvage which is an epic buttrape. Kind of a big thing to miss lol.
Oh, how the ole butt rape hurts but now the OP is in great shape. He is the man!
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Old 02-27-2014, 03:48 PM   #27
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Most definitely going to invest in a paint job if I do end up going the seller's route.
And believe it or not guys, she stopped leaking oil after my oil change. So I feel like now is the time for me to act and sell her. I am currently awaiting my new title to come in the mail and I am good to go! I love the car so much I will take what I earn off it and add what I need to for a 2001 Cobra in better condition instead.
Awesome! If it has a clean title you got it for a good price. Id put it up for sale and see if you can make a few dollars. I would just clean the paint up as best as you can. If you paint the entire car, you can kiss any profit, that there is to be made on the car, goodbye...
Let someone who wants to keep the car go through that expense.
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Old 02-28-2014, 10:01 AM   #28
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If the paint is serviceable in any way, claybar it, polish it up, put it up for sale. Get some touch up paint from paintscratch.com for any blems that need gone over.
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