03 GT vs 01 Cobra

Discussion in 'OT Driven' started by IslanderOffRoad, Nov 29, 2005.

  1. IslanderOffRoad

    IslanderOffRoad Do you even lift kit? OT Supporter

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    [FONT=verdana, arial, helvetica]and no, I'm not talking racing because I know I'll get smoked [​IMG]

    I love my car, but like everyone want more power. I've also got a bit of the automatic blues and am wishing for a stick shift.

    Lately I've been looking at 99/01 Cobras and Mach 1's.

    Right now I pay $269 a month on my GT. I have roughly 3 years left on the loan. I've been offered a trade-in value of $13900 for it at Power Ford. I owe about 9600 on it, and the car has 42k miles.

    Power has an 01 Cobra for sale, Dark Red with Tan Interior, 15k miles. Their asking price is $19991. Through nothing more than a phone conversation I got it down to $18400.

    At that price trading my car in, financed through my work at the employee rate I'd pay $302.18 for 60 months. Of course I'm going to try to talk them down more... at 17,500 I'd be paying 283.37 for 60 months. Insurance would go up $200 a year.

    Its a longer term but it gets me a car with a few more years life left in it, an extra 60hp right off the bat, a 5 speed, IRS, and theoretically a Stang that will hold its value better. Red however isnt exactly my 1st choice.

    I could pull all the mods except the 01 Bumper, Suspension, catback, and 4.10's off the GT, and use a majority of them on the Cobra, or sell them.

    Financially this seems like its right on the line of making sense/not making sense.. it could go either way. Obviously its cheaper to keep the GT, but this Cobra isnt out of my reach.

    What do you guys think? BTW... I haven't driven the Cobra yet, because I know if I do, I'm going to want it even more.
    [/FONT]
     
  2. Possum Stomper

    Possum Stomper The Great Bird of the Galaxy

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    i know its tempting as hell, but i would say pay off the GT, car payments are such a bitch

    save up for a used 03 cobra?
     
  3. Williamsctt8

    Williamsctt8 Res. Architectural Philosopher

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    i agree with him
     
  4. IslanderOffRoad

    IslanderOffRoad Do you even lift kit? OT Supporter

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    an 03 is too much cash here... they still go for 26-30k here in Ca. Not to mention insurance.
     
  5. Ivy Mike

    Ivy Mike New Member

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    By getting out of the GT, you'll be going with a loser of a deal.

    It would be cheaper to just buy a manual and swap it in.
     
  6. Coozone

    Coozone Dat my city

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    for the insurance and the fact that you put a lot of money into your car already. just stick with what you have, and keep building it. you will save money in the end and will have a car that can compete with the best of them when it started out as much of nothing. when you do a "rags to riches" type deal on a car, it makes it that much better.

    Built, not bought!
     
  7. IslanderOffRoad

    IslanderOffRoad Do you even lift kit? OT Supporter

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    explain
     
  8. Camaro > rice

    Camaro > rice New Member

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    :werd: take the difference you would spend on the cobra, and spend it on mods, it will probably be faster
     
  9. St. Anky's

    St. Anky's www.ZBoardShop.com OT Supporter

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    if you can talk the cobra down to 15k (or get a trade in of 15 instead of 13,900, then it might be worth considering.

    as for the 03 cobra, they will DRAMATICALLY drop in value/price when the 07 gt500 hits the streets, as there will now be sumn with much more power and a much better car for 40k NEW. id say wait and save up for that. you will not be satisfied with the power of an '01 cobra, i guarantee you, esp for that price.
     
  10. St. Anky's

    St. Anky's www.ZBoardShop.com OT Supporter

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    shit, wait and save for a used '05 or '06 gt in a couple years...they are faster and much better all around cars than the '01 cobra
     
  11. AcidAngel_5.0

    AcidAngel_5.0 Pure 0wnage

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    stay with what you have.. an 01 cobra isnt that much more of a power improvement then what you have.. instead of trading and oweing another 8k or so.. just blow your car and then u will be leaps and bounds ahead of where u would of been with a trade

    i think the 01 cobras are rated at 320 hp? not quite positive off the top of my head but i know its no higher then that
     
  12. IslanderOffRoad

    IslanderOffRoad Do you even lift kit? OT Supporter

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    I went and drove it and liked it alot. However I have this problem now:

    Originally their appraisal of my car stated that it was worth between 11 and 14k, mods stripped.

    When looking at the car they asked me if it had been in an accident. I said no, becuase it has not. The front fender looked repainted to them. I said it hasnt been in one since I owned the car.

    So they ran the CarFax. On 5/22/03 the car was inspected for frame damage at 350 miles! Frame damage was found and reported.

    Here's the kicker. I bought it 1/17/04 with 6300 miles. I had a CarFax run at that time. I still have that CarFax in my posession. This frame damage report is not on there.

    Power is stating that my car is worth 7k due to the frame damage :( That ass raping hurts alot.

    Anyone ever had this happen before? I've already contacted CarFax and the dealer I purchased the car at, awaiting a reply. What should I do?

    Right now I've lost my faith in CarFax. Its a double edged sword IMO.
     
  13. 396Hawk

    396Hawk Active Member

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    I never put a lot of faith in Carfax for accident info. I had a '93 Mustang that was hit 3 times and when I sold it, Carfax gave ti a clean bill of health.
     
  14. Oman4x4

    Oman4x4 OT Supporter

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    Have your car inspected and make sure any repair work had been done correctly... i.e. it is safe and handles properly.

    Then continue modding it and to hell with the resale. It sounds like the Cobra has become out of reach now if they won't give you a decent trade in..

    I don't know what course of action you have with the person you bought it from if the damage wasn't reported...
     
  15. IslanderOffRoad

    IslanderOffRoad Do you even lift kit? OT Supporter

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    I've heard this advice from a few people.

    If I couldn't afford to "mod the hell out of it" before, what changed now? :mamoru:
     

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