woodywoody

I AM SO TORN! So here is the deal. This might be a long post. So I have a 06 GT Vert but I kind of rushed into getting it and wish I didn’t. It just doesn’t do for me what my 00 GT Vert did when I got it. I mean in terms of feeling good about my buy and not regretting paying monthly for it.

So, for the past month or so, I have been looking at other cars. I have settled on a Cobra Mustang 03 or 04. I thought about just putting a S/C on my car because hell, it would basically be the same as an older Cobra and I would only have to spend like $5,000. However I then thought about running into the limitations of my 06 engine being in stock form. With that Cobra, I could buy a kit for almost a grand and get that mother to almost 500HP with the stock engine. And, the stock engine could handle even more then that. If I wanted to go that route with my 06 GT engine, I would have to make some serious modifications to the internals because I would blow it otherwise. It would take many, many thousands of dollars to accomplish this.

Then the draw back is that I don’t have that new mustang look. Both inside and out which I do like, but not enough to keep me from getting rid of my car. I LOVE the look of the 03-04 Cobras. The inside, like my old 00 GT could be a little better but otherwise, it’s awesome.

I just want to be able to deck out the engine without having to put a lot of money into the internals. I don’t have to do that with the Cobra. I will be out the $6,000 I got for my 00 GT trade but that’s just something I have to take since I jumped the gun and got my new 06. Life lesson I guess.

So here is the real reason for my post. I want you alls advice on what I should do. There are two Cobras I am looking at and I am so torn at which one to get.

Option #1: From a Ford Dealership. 2003 Cobra Vert Silver with 30,144 miles on it going for $28,900. This car is certified pre-owned and has a 6 year 75,000 mile warranty. With this car, I could get a 4.9% used car loan from Ford for a max of 72 months. I could not however go through my credit union, like I could like to, because the NADA value they use to base their loans on is about $1,500 lower then the asking price. So they will not give me a loan. Well they will but I have to pay the difference. Unless I can talk them down on the price or get more for my trade. I don’t mind the silver but I LOVE black cars and want a Black one really bad. Plus the 30k on the car already, even though it has a 75 mile warranty is what concerns me.

Option #2 from a used car dealership: 2003 Cobra Vert Black with only 7,144 miles on it going for 29,900. So, the good news is it’s black like I want and it only has a crazy low 7,144 miles. Problem is that it’s not certified pre owned and only has about 8 months left under warranty. I could however, keep my credit union on this loan because it’s valued about $1,500 over what NADA says. However, I would like to keep my payments as low as possible and I can only get a 60 month loan max from the credit union. However, I would be done a year earlier then I would be with a 72 month loan. Now I know I could get a 60 month loan from Ford but I would LIKE to keep my monthly payment as low as possible.

Option One:
Pros- Extended warranty, 150 miles closer to my home, possible 4.9% for 72 months.
Con- Not black, 30K+ miles, cant go through my credit union like I want to.

Option Two:
Pros- Black and only has 7,144 miles can go through my bank and would be finished with the loan a year earlier.
Cons- Higher interest rate then option one, 200 miles away (just to look and test drive the car for starters), no warranty past 8 months.

So, would it be better to get the first option and just get it painted if it meant that much to me and have a warranty for another 3 years while having lower payments for 6 years? Or go with higher payments but having a basically brand new Cobra?

What would you all do? I am so torn but I am going to buy tomorrow or Friday.

-W

XxphantomsnypzxX

go with the black one IMO, seems better. I know whatcha mean about the warranty, but your gonna mod the car and some mods if the dealer can say that it caused the brakeage, will not fix. If you have 600hp your gonna blow the IRS possibly, I dont know if Ford would cover that.

Car_Ramrod

option two sounds like a better idea to me.

Niteryder

I hate loans. I will never take out one to get a vehicle. However, not all of us have $30k just sittin around to spend on a car.

What will you be doing with your current car? You may have trouble breaking even on it. Also, I noticed that you seemed to be concerned about a warranty. If you plan on doing modifications, you may have trouble getting a dealership to honnor a warranty after your mods. Just a thought..

Option 2 seems better, but no one can tell what WILL happen to a vehicle in the future. Ever consider that you can keep looking till you find exactly what your looking for? Since you rushed into your current Stang, perhaps your rushing into the 03 Cobra..

woodywoody

Yea, you all make a really good point about the warranty. Whats the point of one if i am going to be moding it up. I have been looking at other cars for over a month now. I have taken my time and waited. The Black Cobra is PERFECT and exactly what I want. However, i was thinking about the warranty and the fact that i could always paint the silver one if i wanted to. I mean you can't beat a 2003 Cobra with only 7,144 miles on it. Unless the one owner of the car raced it for 7,000 miles... hehe. Well, I will know tomorrow. I am going to go check it out and maybe even drive home with it. I can't wait. I hope it's in perfect condition. Thanks for the advice.

-W

Car_Ramrod

good luck man. ive got my money on you falling in love.

Dan04COBRA

#2.

Low miles is a HUGE plus. It was probably driven like a baby. Buy an extended warranty if you want....

Whatever you do, don't paint the car. The value will continue to slowly slide for a while, but eventually, since they are documented & numbered and this combination was only ran for 2 years before SVT called it quits, it'll have some value later in life.

mustangman02232

umm i dont know about every one else on here but SN-95 > S-197

boss281

if you wanna keep your payments low then go for the silver one its cheaper and 72months so you would have a low monthy payment and you can always pay more than the minimun. but if the black one is exacly what you want then do it and dont look back, you only live once