Im thinking about buying a Mustang.... need help!

[gatlin04]

I really have no interest in driving this mustang, i just want to buy it and then resell it. It is a repo at a Local Bank and it is a sealed bid, so i only have one shot. They havent had many people bid on it but it does have a reserve.

Here is what it is
2004
Mustang
Coupe 2D
40th year Anniversary Package
40,000 miles
Sunroof
PL, PW
3.8L V6
6 CD Changer
Automatic
Motor is on pretty good shape with no leaks. Runs and dives pretty good.

But here are the problems and expected prices
CD player broken --->$200
Fender Dented up, plus paint +trunk lid and one door needs painted ---> aprox $1100
Floor Mats are gone --->$50
Passenger Window off track ---> Do it myself
Burn holes in back seat (aprox 4 from a cigarette)---> nothing i can do
Grill Broken ---> $50
Emblem on fender gone ---> $20
Tires ---> $700 new
Plus its very dirty.... the previous owners did not keep it clean.....

So basically if i fixed everything it would run about $2120
Im thinking that i could just fix the window, clean it, put tires on it and get some floor mats....

Around here it KBB private sell in good condition for about $7300
The bank is having an insurance adjuster come out and they are going to get paid for the damage on the car.... but not fix it... so im naturally thinking that they will lower their reserve.

My question is how much do i do on my Sealed bid? I only get one shot and the lady cant tell me what the reserve is. My cousin just bought a 2005 Malibu, loaded, 60K miles and in perfect shape for only $3500...... So im thinking it wont take much to get it.....

Im in a small town so i dont think that there is much competition....

Im thinking about offering them about $2600, put around $1500 into it and then sell it quick for $6500 or so....

What do you guys think?

I have bought and sold many vehicles, so i know the game, but i usually buy junkers for alot less....

 

[1988broncoll]

Thats a hard one I would say the most id pay for it would be 2500 because it sounds like the body needs a nice bit of work and if you dont fix it then its going to steer alot of buyers away from it. I would say your best bet would be if you get it just worry about fixen the body damage getting it painted and fix the door window and sell it needing tires. and the little stuff that it needs. so if you put the 1500 into the body work and then what ever else you can fit in there. Its be easier to sell it plus look at it as you will 4grand into it if you can get it for 2500 then put 1500 into it so if you take 5.5-6 for it your still maken a decent profit.

 

[85_Ranger4x4]

I would find some used or cheap new tires. $700 is a lot for something you wouldn't really get to use.

 

[1988broncoll]

If i remember right they came through with 17's on them its hard to find a cheap set of 17's

 

[gatlin04]

well, i called walmart and they were the ones who told me $700... they also said that the 2004 come with 16"s and 17"s

There are some discount places around that i can pick some up for cheaper.

I think that tires are close to a must... one is completely blown and the others are on the verge of showing metal....

 

[gatlin04]

i found these also.... so i could put these on there for half the price!
http://kansascity.craigslist.org/pts/989265515.html

 

[1988broncoll]

id say go for it submit a bid and see what happens I would say put those tires on it and get most if not all the body work done and slap a big ol forsale sign on here

 

[ryan]

i'd hate to try and flip anything with how bad the economy is. i dont know if kbb has really caught up to how much prices have dropped

 

[gatlin04]

i'd hate to try and flip anything with how bad the economy is. i dont know if kbb has really caught up to how much prices have dropped

I agree.... Im just trying to make a quick buck. NADA actually prices the car a little higher than KBB. If things get bad, then i will just dump it for what ive got in it. Im not going to sell it for market price. I will pass my savings onto another person, plus money in my pocket!!

If i get it i will post some pictures!

Ive got a few responses on how much i should pay, anyone else have a price suggestion?

 

[gatlin04]

I submitted a bid for about how much you said 1988broncoII.... I kept it open and sat in front of her so that she would see it.... and she basically told me that ive got the HIGH bid!!!! Hells yeah! Im pretty pumped. I think that there is only a handfull of bids because of bad advertising.... plus she is going to get paid by the insurance company, so she doesnt need to get as much from the sale! Keep your fingers crossed for me!

 

[85_Ranger4x4]

i found these also.... so i could put these on there for half the price!
http://kansascity.craigslist.org/pts/989265515.html

There are a set of GT alloys with 3 new tires on 1 fair up here for $250, if you are going to resell it, used is by far the way to go... heck I buy used for my own stuff.

Good luck on the Stang, I wouldn't mind getting one some day.

 

[gatlin04]

There are a set of GT alloys with 3 new tires on 1 fair up here for $250, if you are going to resell it, used is by far the way to go... heck I buy used for my own stuff.

Good luck on the Stang, I wouldn't mind getting one some day.

I have no problem buying used and that will more than likely be the route i will go!

I may have on for sale soon and i will cut you one hell of a deal! lol

 

[gatlin04]

some idiot went in there and bid about 6500 for the car... what an idiot.... Im not that upset that i lost the bid, but obviously this guy was an idiot. He will have to dump $2500 into the car to get it looking and operating correctly.
Pff.... screw him...

 

[93STX]

Yeah... he's a dumbass.

 

[Evan]

some idiot went in there and bid about 6500 for the car... what an idiot.... Im not that upset that i lost the bid, but obviously this guy was an idiot. He will have to dump $2500 into the car to get it looking and operating correctly.
Pff.... screw him...

You didn't want the 3.8L V6 anyway. That engine is without balls.