28HopUp

I am serisouly looking at buying a used 2005/2006 Mustang with 4.0L/5spd. There are several in my area - mostly at car lots. My top pick is a private-party seller, whom I will be meeting tomorrow to inspect the car.

Assuming the car is fine and we agree on a price (he has the title free & clear), what is the best method to pay for the car and transfer ownership/title? I could go with cash and pay for it on the spot (with some protection, cuz that's a bunch of cash to be carrying). Or I could pay him a small deposit (say $1K), and come back with a certified check. Or give him a check for the whole car and wait for it to clear (would I take the car and he hold the title?). I am confident in my ability to inspect the car myself, but should I try to get a CARFAX report as well? He said he's selling cuz he wants a GT.

I've gotten conflicting advice from friends/family. Thought I'd thow it out to the forum.

TIA!

Bill Jr.
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hunter306

I bought my slightly used 2005 - 6500 miles on it v6, GT appearance package, among other things for 16,000

Paid in cash --- Once I saw the clear title, I handed over the cash (actually a cashiers check, but same as cash, cuz you can't stop payment), we signed the title and I drove away with my new Pony...

Great setup, had it for about 3 months! Good luck, buying used ain't bad at all.

grabberorange1

take both, cash and a cashiers/bank check made out to cash, or your name then all you have to do is endorse the back and give to the guy. Get the check for 2-3 grand less than he is asking, take the rest in cash. Then you can negotiate a price with the seller with your remaining cash in hand.

clearym

I got a steal (IMO)on mine at the ford dealer CPO(certified pre-owned). I found it on the ford CPO internet site and was for sure there was something wrong with the car so when I looked at it, I went over it with a microscope, got the carfax report (clean). It had the original tires from what I could tell with no signigficant wear. Except for a paint chip on the door edge, everything else was mint.

2006 GT deluxe with interior upgrade package w/10k miles. I got it for $22k (plus T,T&LP) minus $1,500 trade in on my 99' taurus with 101k miles.

I could not be happier with the purchase. The same car for 2007 would have cost me at least $6k more with 0 miles. The only things I would have gotten if I had a choice are the 18" wheels and the shaker 1000.

I've put about 1500 miles on it with 0 issues.

Tri C

Would definitely recommend running a Carfax (spend the extra five bucks and get unlimited service for 30 days).

There are two ways to complete the transaction:

1) Leave a cash deposit, get a receipt, and return with a bank check for the balance once he's properly executed an assignment of title

or

2) Head to your bank with him in tow and complete the deal there where staff can notarize his title and convey the funds in whatever form the seller desires.

Orion_240

Having been burned several times buying used cars (ok, it was mostly expected cause they cost under $2000) I would be pretty hesitant to buy a used car from a private party. I'd check the dealer or try CarMax.
The good thing is even a 2005 is still under factory warranty... assuming Ford hasn't gone completely belly up!

28HopUp

UPDATE

So I took the family for a ride to look at that Mustang - an 06 4.0L/5spd with Pony Package, etc. He had a couple of other mods that I would have done, so that was cool. We agreed on a price after he called his dad (who has the title), shook hands, and agreed to make payment next week. I offered to leave him a deposit, but he declined. I called him yesterday to ask a question about the car, and he called back and said his dad needs to get $400 more than we agreed upon! I said "I'll get back to you".

I had already printed up sheets through AutoTrader on various Stangs in my general area, so I pulled the sheet on my second choice (for sale through a dealer this time). This one is nicer, 7K fewer miles, all stock, with CarFAX, and is optioned exactly the same way other than this one having no rocker stripes. I got it for the same price that junior's dad wanted, but I'm getting a nicer kept car. Junior sounded disappointed when I told him. Guess he should have taken that deposit when I offered.

I'll post pics next week - I pick it up on Monday.

Bill Jr.
28HopUp

timothyrw

Good man!!

A man's handshake is his word when it comes to buying and selling. That's BS he tried to raise the price. I wouldn't have bought it on principle alone and if they are gonna be shady like that, who knows about the car...

mlcrycc

+1.....Sounds to me like Junior wanted an extra 400 bucks for something, not Dad....Kudos to you. Hopefully Dad will kick Juniors *** for letting a done deal go south, in the name of greed.....

Things have a way of working themselves out......

Mike