calibur45

iTrader: (1)

I have a 2000 Formula Firehawk (1 of 2 black hardtop hawks in 2000). It has 402ci LS2 block, cam, heads, lots more. 540rwhp

https://ls1tech.com/forums/vehicle-c...i-540rwhp.html

Not really getting the interest i had expected on a car that is this rare and this much work. It's currently posted on autotrader, cars, craigslist, and lots of smaller forums. Economy or what? NADA value on the hawk even without any work is 14k. What are your thoughts?

NC01TA

You really need to read about other modded cars here at LS1Tech and you would have your answer. I'll explain briefly but this has been noted many times.
The rarity is meaningless for any 'collector' type modern car that has been heavily modded, especially with a new engine. Too much mileage too. That rules out 'collectors' completely. Now ask yourself who would appreciate this modded Firehawk? I'm thinking younger males who might absolutely LOVE IT!! Which segment of the buyers market has the least amount of money? Yup, you guessed it, young males. Loans are next to impossible to obtain for this car as well. You also have the 'fear of abuse' factor working against you. Even if the car is near perfect how do you convince a young person to take that risk for $15,000? I would never recommend it to anyone unless I knew the car personally and knew the quality of the work done. That $15,000 could easily turn into a $20,000 money pit. Now what? There are endless factors on why the car is not selling but hopefully this starts to paint the picture a bit.
If you want a suggestion, be very patient as you could get lucky or lower the price (a lot) if you need to get rid of the car. Best of luck!

rob69zombie

iTrader: (7)

Now THAT ^ is some heavy truth.

calibur45

iTrader: (1)

There is some sense there. I am one of those young males (25 years old), and i was able to secure a loan without too much trouble when i bought the last 3 cars I've owned which were all 10 years or older. As far as price, even if you disregard the fact that it's a firehawk, the price seems close to other similar builds i've seen recently.

NC01TA

If those other builds are indeed selling at that $15,000 price level then just be patient. Asking prices are not selling prices though. I'm sure you already know this but for others reading this post, many owners make the mistake of seeing rather high prices on ebay or Autotrader and think that is what the cars are actually selling for. They are just asking prices or 'hoped for' 9 times out of 10. Everyone negotiates, and by thousands sometimes, not hundreds, unless talking about an ultra low mileage mint condition car. Every car I have sold in the past 10 or so years for myself and my car club members (I have to do it since they are older and not computer savvy) have rarely sold at the asking price. These are true collector cars too, not run of the mill used cars. My last car sold was just a 'used' car this past winter that I asked $15,600 for on Autotrader. I accepted $13,000. I was happy because a trade-in offer was $10,000. I allowed room for negotiation and the car sold within one week.
I still say it isn't easy to get a $15,000 loan for heavily modded 10+ year old car unless it is a home equity type loan or you have outstanding credit and history with a certain bank. Again, usually not the situation with younger males. I sure didn't have that money or option when I was under 25 years old. I doubt the times have changed that much, especially in this economy.

calibur45

iTrader: (1)

I agree, it's sometimes difficult. I got mine through a credit union which offered a good rate if i moved my bank account to them. Luckily i do have pretty good credit, so they were willing to work with me. Plus i had 2 previous loans with them which i paid off.