Trade for a '03 Mach 1?
#11
That just means more better deals on fast cars for you and me!
I talked with a Toyota dealer principal and he orders all the Priuses he can and sells them over MSRP while laughing about them not making economic sense for 90% of the buyers.
I talked with a Toyota dealer principal and he orders all the Priuses he can and sells them over MSRP while laughing about them not making economic sense for 90% of the buyers.
#12
lol at the dealers
I go to dealers that have a lot of used cars too. They low balled me saying "We'll give you 500$" for the vehicle. I told them my rims are worth more than that. They try and say "I'll give you 1200"
I told them no because that is a horrible deal. A 1200 Mustang V6 that looks in almost perfect condition and has less than 69,000 miles...I can sell for at least 4 grand.
So I'm thinking about financing the Mach 1. I drove it around. It was amazing. This kind of power....the Mach 1 is modified, and definitely has a supercharger (I know it doesn't come stock)
But should I finance? What do you think? What's a reasonable down payment?
I go to dealers that have a lot of used cars too. They low balled me saying "We'll give you 500$" for the vehicle. I told them my rims are worth more than that. They try and say "I'll give you 1200"
I told them no because that is a horrible deal. A 1200 Mustang V6 that looks in almost perfect condition and has less than 69,000 miles...I can sell for at least 4 grand.
So I'm thinking about financing the Mach 1. I drove it around. It was amazing. This kind of power....the Mach 1 is modified, and definitely has a supercharger (I know it doesn't come stock)
But should I finance? What do you think? What's a reasonable down payment?
#13
#14
I would verify the build behind that Mach 1, like a complete parts list. The Mach 1 does not come with forged internals like the 03/04 Cobras did and they are prone to engine failure if too much boost is ran through them. In short the non forged 4V motors can take a maximum of 9 PSI (and that's really, really pushing it) through a centrifugal S/C, and around 5-7 PSI through a twin screw based S/C. Much more than that and the pistons go bye bye. I highly doubt the person put an 03/04 Cobra rotating assembly in the car unless it's an actual 03/04 motor. Which if that's the case the value of the car is ruined because it's no longer a "true Mach 1" it's a modified hybrid which ruins it's collectability.
As you can see, just too many questions that really need to be answered. Last thing you want to do is spend $11,000 on a paperweight or money pit.
I would honestly pass on the car or use the supercharger against the value of the car. In buying a boosted car that's not boosted normally you're taking on a lot of buyer risk. I could run fine, but it could also give problems.
As you can see, just too many questions that really need to be answered. Last thing you want to do is spend $11,000 on a paperweight or money pit.
I would honestly pass on the car or use the supercharger against the value of the car. In buying a boosted car that's not boosted normally you're taking on a lot of buyer risk. I could run fine, but it could also give problems.
Last edited by jthorn9; 05-25-2013 at 10:54 PM.
#16
Originally Posted by MCR
But should I finance? What do you think? What's a reasonable down payment?
Most banks won't finance a car more than 7 years old. Too much risk for them. If you find one that will, chances are you're looking at 13% interest or higher on the loan, and they'll want 20% down. (Those are just average numbers right now, your bank might be better/worse. Only way to find out is to call and ask.) Also remember on a loan / car like that you'll have to pay for full coverage insurance, and many banks will make you buy a 'gap' plan since you'll owe them more than the 'book value' that the insurance company will pay out in case of an accident/total type situation.
Saying this from both ends of a car buying deal. Most people interested in my Roush can't shell out the cash, and banks won't loan for it. I also just bought a used car with a loan. It worked out so the loan and insurance are more than offset each month by my fuel savings of driving the SVT vs the Roush daily. I actually pocket almost $50 extra at the end of the month driving the new car.
Last edited by LilRoush; 05-26-2013 at 07:59 AM.
#20
Things to think about:
Most banks won't finance a car more than 7 years old. Too much risk for them. If you find one that will, chances are you're looking at 13% interest or higher on the loan, and they'll want 20% down. (Those are just average numbers right now, your bank might be better/worse. Only way to find out is to call and ask.) Also remember on a loan / car like that you'll have to pay for full coverage insurance, and many banks will make you buy a 'gap' plan since you'll owe them more than the 'book value' that the insurance company will pay out in case of an accident/total type situation.
Saying this from both ends of a car buying deal. Most people interested in my Roush can't shell out the cash, and banks won't loan for it. I also just bought a used car with a loan. It worked out so the loan and insurance are more than offset each month by my fuel savings of driving the SVT vs the Roush daily. I actually pocket almost $50 extra at the end of the month driving the new car.
Most banks won't finance a car more than 7 years old. Too much risk for them. If you find one that will, chances are you're looking at 13% interest or higher on the loan, and they'll want 20% down. (Those are just average numbers right now, your bank might be better/worse. Only way to find out is to call and ask.) Also remember on a loan / car like that you'll have to pay for full coverage insurance, and many banks will make you buy a 'gap' plan since you'll owe them more than the 'book value' that the insurance company will pay out in case of an accident/total type situation.
Saying this from both ends of a car buying deal. Most people interested in my Roush can't shell out the cash, and banks won't loan for it. I also just bought a used car with a loan. It worked out so the loan and insurance are more than offset each month by my fuel savings of driving the SVT vs the Roush daily. I actually pocket almost $50 extra at the end of the month driving the new car.
True about full coverage vs just liability coverage on a financed car... but at loan time, if you ask for GAP coverage, it will cover (and pay for the difference) in what the car is worth and what you owe on it if something happens.
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