Prospective Owner... The Second Time Around

[patrickt]

Originally Posted by loxx

So now the decision has to be do I want to wait and know I'm getting exactly what I want, or try and find one used with most of what I want.

At 28, it's hard to wait for what you want. But, if you get something that has "most of what you want," and this little game we all play turns out to be your lifelong hobby, then you'll eventually sell it and have to do it all over again, because the car just doesn't have everything you want. OTOH, if you can manage to hold out for a year, then the car you have built will have every little bolt, adjustment, tweak, and option designed just for you, and you will likely keep that car for the rest of your life. I had roughly 25 years to think about how I wanted ERA-732 to look, feel, and what special options I needed and wanted. If I had to go back and change something on the build, I wouldn't change a single thing.

[1SwtRide]

You're a great son for doing this for your father. Major props to you.

While it appears you have narrowed your selections somewhat (and to great choices), before closing that door completely I highly recommend you give Jay at Vintage Motorsports (Backdraft Racing) a call to run through your goals - 888.427.1965 | Welcome to VINTAGE Motorsports. VMS really prides themselves on being the "Singer" of Cobras. Heck, the worst that can happen is you connect with another diehard Cobra fanatic

For sh!ts and giggles, check out my ongoing build thread to see the type of care VMS takes with their builds - Let me introduce BDR 1591 aka VMS Mayhem . As you'll see, VMS will do just about anything you want.

Best of luck!

John

[Mark IV]

We have a couple of finance sources for new or used Superformance cars. Walk into a regular bank and ask for financing and you will get the "deer in the headlamps" look as they have no book to value the cars and therefor place no collateral value to the car. Our sources understand the cars and know the values as they follow the sales of these cars.

We can steer you to these sources if contact us.

You are looking at some very nice options in ERA and Kirkham and would not be disappointed in them. The SPF will be less investment, but will also hold a very good resale number so long as you take care of it. Nome of them are worth much after being wrapped around a tree.......

[RodKnock]

Originally Posted by patrickt

If I had to go back and change something on the build, I wouldn't change a single thing.

The rest of us would have painted it an actual color, not "B2 stealth bomber" beige.

[patrickt]

Yeah, yeah, yeah... what do you think the rate would be on an $80k 10yr loan on a Cobra, assuming you could get it. 8%... higher?

[RodKnock]

Originally Posted by patrickt

Yeah, yeah, yeah... what do you think the rate would be on an $80k 10yr loan on a Cobra, assuming you could get it. 8%... higher?

Assuming you can find a specialized loan, that's fixed. I'd speculate that a borrower would be lucky to see 10-year loan and 8%. And that $80,000 Cobra is now about $100,000 Cobra including interest.

If the OP had a HELOC, around 4%-ish, then maybe I'd finance a Cobra. Makes it easier to sell the car and cheaper with tax deductible interest.

I just think the whole process of selling a car with a specialized loan would be off-putting for any potential buyer.

"Ya, sure, you pay off my loan and the title will be in the mail to you in a few weeks from Podunk, USA."

Or maybe contact Toyota and see if they can extend their 0% financing to Cobras.

[rodneym]

I'll loan the kid money.
I'll be the first on a hard money loan.
Rate TBD.

[patrickt]

Originally Posted by rodneym

I'll loan the kid money.
I'll be the first on a hard money loan.
Rate TBD.

OK, but none of that kneecap smashing stuff like last time....

[rodneym]

Originally Posted by patrickt

OK, but none of that kneecap smashing stuff like last time....

My associate, Vinny Patela, takes exception to that.

[Mark IV]

Originally Posted by RodKnock

I just think the whole process of selling a car with a specialized loan would be off-putting for any potential buyer.

"Ya, sure, you pay off my loan and the title will be in the mail to you in a few weeks from Podunk, USA."

"That's not how this works, that's not how any of this works"

[RodKnock]

Originally Posted by Mark IV

"That's not how this works, that's not how any of this works"

Well, thank you for your well-thought out rebuttal (or alternative facts) without any sort of evidence to support it. Typical Muck.

I have actually purchased a car or two from private citizens and that's how the deals work(ed) or were going to work. Bank holds title. Seller has car. Loan is paid off by buyer/seller. Bank has to send title to Buyer, all the while, cash has been withdrawn from buyer's bank. Seller's bank hopefully sends title to new owner. There's a lot of trust in the process.

[Tim7139]

Originally Posted by RodKnock

Well, thank you for your well-thought out rebuttal (or alternative facts) without any sort of evidence to support it. Typical Muck.

I have actually purchased a car or two from private citizens and that's how the deals work(ed) or were going to work. Bank holds title. Seller has car. Loan is paid off by buyer/seller. Bank has to send title to Buyer, all the while, cash has been withdrawn from buyer's bank. Seller's bank hopefully sends title to new owner. There's a lot of trust in the process.

No there isn't...it is the way the law works, and typically the exact same as a new car from a dealer. In point of fact, in most states, you do, in fact get your title with a listed lien holder.