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Old 09-14-2011, 11:55 PM   #1
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How much is this salvage title 2003 GT?

03 mustang gt 65k miles

So I found this car and am pretty interested in it. I talked to the guy and he said the car was taken into a ditch. His brother works at a body shop so they fixed it up very nice. They took it to a frame shop and other than the radiator support just bent a hair it's in very good condition. They sprayed the new bumper and blended in the fenders. Interior is an 8.5/10 and the exterior is also very clean. He said the frame shop said everything else was in good shape. My buddy told me $7000 for a salvage title was a little too much. I have no idea how much a salvage title 2003 GT would go for so that why I'm posting this.

What do you guys think the car is worth? Thanks!
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Old 09-15-2011, 12:04 AM   #2
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yea $7000 is too much.The salvage title really kills the value. You can get one without a salvage title for that much if you look around some more
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Old 09-15-2011, 12:04 AM   #3
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i'd offer 2 grand and he'd have to fill the tank. its been bent, wrecked and who knows what else. you can find new edge GTs in more prestine condition for the same price.
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Old 09-15-2011, 12:10 AM   #4
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What price would you say would be a "good" price for that car? I'm going to call my bank tomorrow to see how the process of buying a salvage title goes.

The salvage title doesn't scare me. I would take it to a frame shop before I bought just to verify it was all straight.
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Old 09-15-2011, 12:56 AM   #5
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well just keep in mind that some people can hardly give away a car with a salvage title. so resale value would be minimal. if you offered $4000 he would probably jump on it. the fun you might get out of it is probably worth that much. just make sure it doesnt need any more additional work and repairs
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Old 09-15-2011, 06:16 AM   #6
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Banks for the most part will not loan money on a salvage title. That should tell you right there about the value of the car. 7000 is way to high rule of thumb is 3 to 4k off of blue book.
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Old 09-15-2011, 08:52 AM   #7
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If you are going to make it a drag/road race car = Sure

DD = Absolutely not
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Old 09-15-2011, 11:01 AM   #8
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Quote:
Originally Posted by filthy1 View Post
If you are going to make it a drag/road race car = Sure

DD = Absolutely not
Well I'm going to call my bank this morning and ask them how much they would even give to me for the car. If they give me something I could take to the guy I will take it to a frame shop and have them look at it so I can be sure the frame isn't bent.

If nothing is bent I don't see why the car wouldn't be a solid DD car. If would be no different then buying a car that someone put a Cobra bumper on and had it sprayed and blended in along the fenders.
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Old 09-15-2011, 11:14 AM   #9
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I think the biggest thing with a salvage title car is the "unknown", it was totaled for a season. If someone buys a salvage car to fix and resale, how much "love and care" do you think thier going to put in the car to make it right? Most of the time "thats close enought" and a bigger washer will hide that is the mind set going into the repair.

I'm not trying to a smartass or anything like that, there are good quailty salvage title cars out there but they are few and far apart. Like sonic said banks are even leary of these cars. Bottom line, its your call and your money. I look at it like this, you should'nt have to take a car to a frame shop before you buy it.

Good Luck!
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Old 09-15-2011, 11:31 AM   #10
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I understand what you guys are saying 100%. I know I need to be hesitant about buying this car. But my thinking is if I take it to the frame shop, yes it sucks to have to take a car to the frame shop before buying, and they look at it and say everything's fine, nothing bent. I would think I would be getting a great deal on a car. Right now I am just going on what the guy told me over the phone about the quality of the repairs. I could go look at it in person and it could look like crap. He said all the body panels were all straight and the wheels were centered in the fenderwells.

I just got off the phone with the bank and they will give me 50% of the market value. According to NADA it's $10950 x .50% = $5475.

This is tough. I obviously wouldn't offer him the whole $5475. I'm thinking maybe calling him and tell him the bank will only give me $4500 and see what happens.
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Old 09-15-2011, 12:18 PM   #11
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Well I just got off the phone with the seller. I told him the bank will only give my $5000 and he said that's too low. He said someone offered him $6000 and he turned it down. He's looking to break even at $6200. I told him good luck with that.

Guess I will keep my eyes open for some other good deal.
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Old 09-15-2011, 04:59 PM   #12
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yea man hes trying to screw you big time. good decision by walking away from this one. i have a hard time believing he turned down $6000 and i also have a hard time believing someone offered him that much for it. youll probably get a call from him within the next few days, but i wouldnt answer it
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Old 09-15-2011, 05:32 PM   #13
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Ya it wasn't hard to walk away from this one. To be honest though it sounded like the car was put back together pretty well by the way he talked about it after I told him I could only over him so much.

Either way no big deal. It's easier to pass on cars now especially with winter approaching plus the fact that the only track within 2.5 hours in completely flooded and destroyed. So it's not like I could take it to the track for some enjoyment before winter anyway.

Thanks for the help/advice guys!
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Old 09-15-2011, 05:32 PM   #14
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I was going to say no more than 5k and thats only if it's in awesome shape everywhere else. I wouldn't sweat it though like others have said there all over for around that price with good titles.
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