Financing a Fbody
#21
I was in the same situation as you. I found a very rare 02 B4C M6 with 19k that was absolutely pristine. The 65 year old man had a crate ls6 put in as well as a GMMG catback. I had to have the car to say the least... The credit union told me if I bought a car from a dealer with under 100k miles I could finance it for 7 years regardless of the year. If I bought a car from a individual it couldn't be more than 3 years old and I could finance it for 3 years. Makes zero sense; but I had a friend with a dealer license buy the car and sell it to me. We looked at all sources (KBB,Edmunds,NADA ect." and showed them the highest value and they accepted.
#22
TECH Enthusiast
$16K is a fair price for the car the OP has presented. I'd put a 2002 SS with 8K to 15K miles in the $15K to $17K price range. SLP options and sweeter condition can push it to the top of that range. This one being essentially 100% stock down to the orig tires and air intake is a sweet ride. Figure you're going to spend another $600 somewhat soon to replace those 13 year old tires.
What's ironic is that a thrashed 100K mile SS will have a fairly accurate book value which you can then get a loan on. Unfortunately, that car will be far less reliable and have numerous issues down the road unless they've already been addressed by previous owners. The book values are typically thousands of dollars low on any 4th Gen LS-1 F body with <50K miles. And it gets worse the lower the miles go. I figure every 10,000 miles under 50K and down to 10K is another $1K in value. The best value in an F Body is either an original and well kept 10K to 60K mile car, or a higher mileage car where an enthusiast already went through and fixed numerous issues and updated/overhauled most of the drive train.
What's ironic is that a thrashed 100K mile SS will have a fairly accurate book value which you can then get a loan on. Unfortunately, that car will be far less reliable and have numerous issues down the road unless they've already been addressed by previous owners. The book values are typically thousands of dollars low on any 4th Gen LS-1 F body with <50K miles. And it gets worse the lower the miles go. I figure every 10,000 miles under 50K and down to 10K is another $1K in value. The best value in an F Body is either an original and well kept 10K to 60K mile car, or a higher mileage car where an enthusiast already went through and fixed numerous issues and updated/overhauled most of the drive train.
Last edited by Firebrian; 09-24-2014 at 08:40 PM.
#23
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Wow that is a pretty nice price. I'm going to have to start looking at the classified on here more often. lol.
I looked at the car I was thinking about previously, and I must of turn that dealer onto the idea of raising the price of that car as they added another granded to the price they had it at when I was trying to buy it, but they have it listed it as "REDUCED." It's only been on sell since the end of August. Those stealership are a trip sometimes.
Here's the car I was looking at.
http://www.autotrader.com/cars-for-s...80808255&Log=0
I looked at the car I was thinking about previously, and I must of turn that dealer onto the idea of raising the price of that car as they added another granded to the price they had it at when I was trying to buy it, but they have it listed it as "REDUCED." It's only been on sell since the end of August. Those stealership are a trip sometimes.
Here's the car I was looking at.
http://www.autotrader.com/cars-for-s...80808255&Log=0
Still using this 2002 ss as an example, for 5 grand more you could find a 5th gen ss, im not starting a 5th gen debate im just speaking in money terms, a bank will finance a 5th gen without a second of thought compared to financing a 4th gen.