This is topic Do Cobras hold their value?? in forum General Talk at Northern California Ford Owners  .


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Posted by Muskank (Member # 2351) on :
 
I owe a ton of money (around 15k) on my Cobra. It has 93000 miles on it and the blue book is 6k for it. Has anyone sold theirs recently or seen 98 Cobras selling for more than 6k?? I want to try to get the most for it since I will be paying off the neg equity and that alot of equity by KBB pricing. The bank actually made me get gap insurance since it was depreciating.

Someone was looking at a 93 Cobra here for 10k so I am just wondering what the fair market value is. I see alot of Cobras in Granite Bay Ca.
 

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Posted by 1FAST89GT (Member # 5071) on :
 
u should be able to get more than 6k
 

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Posted by boostin1.8 (Member # 868) on :
 
you can easly get 12k for a nice 98 cobra
 

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Posted by Muskank (Member # 2351) on :
 
Gap insurance only covers the car if it is totalled. They pay the neg equity on the car. The thing is that if KBB says it's worth 6k then a finance company will only finance that amount so unlesss someone has 12k and is willing to pay that much then I am kinda screwed. It seems like it's depreciating quickly for a Cobra.
 

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Posted by 84GT5.0 (Member # 5227) on :
 
i must be stupid, because i dont know what "gap insurance is" ????? Can someone enlighten me?
 

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Posted by RixSikCobra (Member # 5058) on :
 
A well taken care of Cobra should hold it's value a bit better than, say, a GT. A Cobra is considered a "specialty" car due to it's exclusiveness(only about 3-7k produced annually in the US), and that the motors are hand built. The '03 and up Cobras are really gonna hold there value if they're taken care of and have reasonable miles. I'm not saying that you're gonna make money, but should hold value better than most mustangs.
 

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Posted by RixSikCobra (Member # 5058) on :
 

quote:

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Originally posted by 84GT5.0:
i must be stupid, because i dont know what "gap insurance is" ????? Can someone enlighten me?

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If the car is totalled or stolen, etc, the difference between actual value of the car and what you owe is paid by the "insurance".
 

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Posted by t top freak (Member # 6269) on :
 
cobras dont really hold their value very well unless its cherry. i had one hell of a time trying to sell my old one
 

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Posted by 03SVTPower (Member # 518) on :
 

quote:

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Originally posted by RixSikCobra:
A well taken care of Cobra should hold it's value a bit better than, say, a GT. A Cobra is considered a "specialty" car due to it's exclusiveness(only about 3-7k produced annually in the US), and that the motors are hand built. The '03 and up Cobras are really gonna hold there value if they're taken care of and have reasonable miles. I'm not saying that you're gonna make money, but should hold value better than most mustangs.

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You should talk to Pat, he made out pretty well i think, but when i saw the car, i didnt even try to jew him down, i thought it was well worth what i paid for, atleast he made his money back on his rims and a few of his mods that were already done.
 

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Posted by Apexmotorsports (Member # 5307) on :
 
Look at the milage and price on this one

http://www.performanceautosport.com/detail.asp?car=5761
 

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Posted by outlawd94cobra (Member # 265) on :
 

quote:

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Originally posted by t top freak:
cobras dont really hold their value very well unless its cherry. i had one hell of a time trying to sell my old one

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quote:

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Originally posted by outlawd94cobra:

quote:

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Originally posted by t top freak:
cobras dont really hold their value very well unless its cherry. i had one hell of a time trying to sell my old one

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In the end, Cobra or not, they're still FORDS.

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quote:

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Originally posted by RixSikCobra:

quote:

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Originally posted by 84GT5.0:
i must be stupid, because i dont know what "gap insurance is" ????? Can someone enlighten me?

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If the car is totalled or stolen, etc, the difference between actual value of the car and what you owe is paid by the "insurance".

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thats a good think to have then!!!! well i own mine , but when i but my 04 cobra in a few months ill need that!!!!!
 

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Posted by SEMPERFI510 (Member # 627) on :
 
yeah Saleen's hold their value better than most Ford's but they are also pretty expensive. I want this S351 though

 

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Posted by outlawd94cobra (Member # 265) on :
 

quote:

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Originally posted by t top freak:

quote:

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Originally posted by outlawd94cobra:

quote:

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Originally posted by t top freak:
cobras dont really hold their value very well unless its cherry. i had one hell of a time trying to sell my old one

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In the end, Cobra or not, they're still FORDS.

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i made that argument once and got yelled at on here

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lol, whomever can yell & argue all they want. The truth always hurts. For now, the 03 on up Cobra's seem to be holding well, but it's only been 2-3 years. Check on them in another... say 3.

They're still fun cars though, and I'd still rather purchase a Cobra or GT instead of a gas-saver.
 

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Posted by Fostang (Member # 3752) on :
 
I'll give you 6 for it.
 

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Posted by sf89lx (Member # 3965) on :
 
wasnt this cobra, somebody;'s on this board???
http://www.craigslist.org/sby/car/129897540.html
 

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Posted by CLEAN 93GT (Member # 5946) on :
 
if you have gap insurance just fuckin get it stolen..... leave it unlocked with the keys in it.. someone is bound to take it for you...LOL
 

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Posted by Cobra5.0Jeep (Member # 1482) on :
 
My dad's 98 only has 15K miles on it
 

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Posted by cobraracer46 (Member # 1142) on :
 
This thread is a classic example of why one should never finance or buy a new car because for starters, any vehicle will significantly go down the toilet in value and if you finance a rapidly depreciating asset like a car, you will always end up upside down on it and owe more than it is worth before the loan is paid off. As an example, if you go out and buy a 06 GT and finance it, 4 years later, it will loose over 60% of it's value. The only way to protect your self financially and not loose a shit load of money from depreciating vehicles and negative equity is to purchase a used car with cash that is at least 2 years old.
 

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Posted by hidnn.o.s. (Member # 1219) on :
 

quote:

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Originally posted by cobraracer46:
This thread is a classic example of why one should never finance or buy a new car

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Posted by boostin1.8 (Member # 868) on :
 

quote:

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Originally posted by cobraracer46:
This thread is a classic example of why one should never finance or buy a new car because for starters, any vehicle will significantly go down the toilet in value and if you finance a rapidly depreciating asset like a car, you will always end up upside down on it and owe more than it is worth before the loan is paid off. As an example, if you go out and buy a 06 GT and finance it, 4 years later, it will loose over 60% of it's value. The only way to protect your self financially and not loose a shit load of money from depreciating vehicles and negative equity is to purchase a used car with cash that is at least 2 years old.

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ya because we all have 20k just laying around the house right

I do agree with the financing a new vihicle, but if you are planing on keeping that car for a long time then by the time it is payed off you wouldnt have to worry about paying negative equity.
 

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Posted by outlawd94cobra (Member # 265) on :
 

quote:

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Originally posted by cobraracer46:
This thread is a classic example of why one should never finance or buy a new car because for starters, any vehicle will significantly go down the toilet in value and if you finance a rapidly depreciating asset like a car, you will always end up upside down on it and owe more than it is worth before the loan is paid off. As an example, if you go out and buy a 06 GT and finance it, 4 years later, it will loose over 60% of it's value. The only way to protect your self financially and not loose a shit load of money from depreciating vehicles and negative equity is to purchase a used car with cash that is at least 2 years old.

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This guy again? So explain to me how paying for a 14K car in cash up front is helping your credit status again? Also, what is so different from dropping 12K on that same car, financing the other 2 and having 2K worth of positive payment history on your credit report.

Haha, I remember those topics of conversations
 

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Posted by NavidR (Member # 3164) on :
 
I would have to say KBB doesn't mean anything when it comes to mustangs. As you see like 88-93 mustangs going way over blue book. So I quess its just worth what someone is going to pay for it. Inregards to the 93 cobra, That is a rare car and They will always sell for good price.
 

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Posted by siri95 (Member # 2840) on :
 

quote:

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Originally posted by sf89lx:
wasnt this cobra, somebody;'s on this board???
http://www.craigslist.org/sby/car/129897540.html

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quote:

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Originally posted by outlawd94cobra:
This guy again? So explain to me how paying for a 14K car in cash up front is helping your credit status again? Also, what is so different from dropping 12K on that same car, financing the other 2 and having 2K worth of positive payment history on your credit report.

Haha, I remember those topics of conversations [/QB]

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You are absolutely right,If you pay cash for cars or any other purchase, It will not help your credit, but since a credit score only measures how much and how often one pays debt, "building" a credit score is a dumb goal to have. A smart person concentrates on "building" investments and savings instead of credit. I personally do not owe a dime to any body and I don't give a fuck what my credit score is
As for the guy who started this thread: If I were you, I would get rid of that Cobra and take out a loan for the difference once you sell the car to make up the amount between the sale and what you owe so you are only in the hole for 7 or 8 grand instead of 15 grand.
 

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Posted by 50Reasons (Member # 6452) on :
 
NOT REALY IM IN THE CAR BIZ IT DEPENDS ON BUYER AND MILES AND YEAR FOX BODIES HOLD THERE OWN
 

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Posted by Jmir018 (Member # 1414) on :
 

quote:

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Originally posted by cobraracer46:
[QUOTE] I personally do not owe a dime to any body and I don't give a fuck what my credit score is

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i have to agree with that.. not owing money to anyone is the best. ofcourse.. no credit card bills.. no car payments etc etc is the best feeling in the world.
ofcourse there are some things that noone can escape from like cell , hosing, food(could always go on a diet ) cable, although i've lived without cable when i was saving money for my prior car for over two years,not bad when you think i saved over 1k in cable bills, and other basic necessities.

[ February 02, 2006, 01:27 PM: Message edited by: Jmir018 ]
 

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Posted by t top freak (Member # 6269) on :
 

quote:

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Originally posted by outlawd94cobra:

quote:

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Originally posted by t top freak:

quote:

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Originally posted by outlawd94cobra:

quote:

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Originally posted by t top freak:
cobras dont really hold their value very well unless its cherry. i had one hell of a time trying to sell my old one

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In the end, Cobra or not, they're still FORDS.

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i made that argument once and got yelled at on here

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lol, whomever can yell & argue all they want. The truth always hurts. For now, the 03 on up Cobra's seem to be holding well, but it's only been 2-3 years. Check on them in another... say 3.

They're still fun cars though, and I'd still rather purchase a Cobra or GT instead of a gas-saver.

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yeah they are fun. i will own another 94 very soon. i miss my old car
im searching for the right one, id like a crystal white with black leather one
 

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Posted by WHYT LIE (Member # 5925) on :
 

quote:

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Originally posted by cobraracer46:
This thread is a classic example of why one should never finance or buy a new car because for starters, any vehicle will significantly go down the toilet in value and if you finance a rapidly depreciating asset like a car, you will always end up upside down on it and owe more than it is worth before the loan is paid off. As an example, if you go out and buy a 06 GT and finance it, 4 years later, it will loose over 60% of it's value. The only way to protect your self financially and not loose a shit load of money from depreciating vehicles and negative equity is to purchase a used car with cash that is at least 2 years old.

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quote:

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Originally posted by WHYT LIE:

quote:

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Originally posted by cobraracer46:
This thread is a classic example of why one should never finance or buy a new car because for starters, any vehicle will significantly go down the toilet in value and if you finance a rapidly depreciating asset like a car, you will always end up upside down on it and owe more than it is worth before the loan is paid off. As an example, if you go out and buy a 06 GT and finance it, 4 years later, it will loose over 60% of it's value. The only way to protect your self financially and not loose a shit load of money from depreciating vehicles and negative equity is to purchase a used car with cash that is at least 2 years old.

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Hmm, in April of '03 I bought my '02 GMC 2500HD 4x4 from a dealer. I put $3,000 down and got a loan for $30,000 or $33,000 or some odd amount like that. (Tax, registration, warranty, etc.)

Now, nearly 3 years later, I owe about $1,000-$1,500 less then the vehicle is "worth" according to KBB. This is just ONE example of how you are wrong.

As for credit scores and not giving a crap... Only good if you plan to never own a house or make enough to pay cash for a house... OR don't mind paying high interest rates on a house.

Credit can be your friend, just don't abuse it.

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Posted by 5.0#4 87 T-Top GT (Member # 1534) on :
 
If you want values of nice or collectable cars use www.nada.com Keep in mind once you start modding your cobras they lose value unless they are simple bolt ons.
 

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Posted by Lilghoust (Member # 20) on :
 
For most people, cars in general are the worst investment. They will never hold value. Over time every car will depreciate. Unless you can find a buyer who truly appreciates the vehicle and the mods that are done to it, its always a losing deal.
 

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Posted by 5.0#4 87 T-Top GT (Member # 1534) on :
 
Depends on how long you plan on keeping the car and what kind of car it is. A 00 cobra R for example will drop value a little and then start climbing again. same with all limited production cars. Bullitt mustangs have dropped a lot but in 10 years they will start climbing. My 73 camaro is constantly increasing in value just cause its old, back in 79 it was probably worth shit.
 

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Posted by cobraracer46 (Member # 1142) on :
 

quote:

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Originally posted by WHYT LIE:
Hmm, in April of '03 I bought my '02 GMC 2500HD 4x4 from a dealer. I put $3,000 down and got a loan for $30,000 or $33,000 or some odd amount like that. (Tax, registration, warranty, etc.)

Now, nearly 3 years later, I owe about $1,000-$1,500 less then the vehicle is "worth" according to KBB. This is just ONE example of how you are wrong.

As for credit scores and not giving a crap... Only good if you plan to never own a house or make enough to pay cash for a house... OR don't mind paying high interest rates on a house.

Credit can be your friend, just don't abuse it. [/QB]

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I don't mean to pick on you, but you are wrong. First off, that truck you financed for 33+K is now worth substantially less than 33k because it had depreciated for 4 long years and on top of that, it has tanked in value faster than a car because market for trucks and SUVs fallen due to high gas prices. There is no way that you are coming out ahead financially with your truck if you have to sell it today.
Second of all, You DO NOT need a credit score to get a mortgage at a nice rate if you go with a home Leander that manually underwrites mortgages. In other words, If you have a professional instead of some retard that only looks at a FICO score and that same professional now looks at the details of your life and sees that you have no debt, have a good income, a stable job, and a sizable down payment for a mortgage then yes, you can get a mortgage at a very good rate so the concept that you need to do something stupid like "build" credit and get into debt just so you can get a house is false. Like I said, I don't mean to pick on you so don't take my comments personally.
Here is some food for thought: concentrate on building wealth instead of credit. Fuck credit
 

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