Thoughts on buying a repossessed Mustang.

[scregan]

Just what the title says Thoughts on buying a repossessed Mustang.

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[NJMike]

why? why not a used or new? Whats the advantage?

 

[scregan]

why? why not a used or new? Whats the advantage?

I'm looking at new and used also. Just a nice looking car at a decent price.

 

[NJMike]

for me - too many unknown variables with a repo. Could be the person just fell on bad times and was a responsible owner. Could also be a complete dirtbag that beat the piss out of the car. Suppose you could also get that with a used vehicle, but the repo part (if a dirtbag owned it) I wouldnt expect it to be well maintained.

 

[ORRadtech]

Personally I don't think I'd treat it much differently than any other used car.
What's it's condition, milage,carfax, the usual stuff. Is it still under a factory warranty? Is it eligible for an extended warranty or a good aftermarket warranty? How is it priced? Can you use it's history to your advantage when negotiating price? Is it's price low enough for you to self insure replacement of an engine, transmission or big electronics issue?

Keep in mind this is a enthusiast fourm and many can't get on board with anything less than brand new with less than 10 miles. Much less used, modded, off lease/rental, rebuilt or repossessed...

 

[Dave2013M3]

this

 

[f00man]

Like it's been said...it's no different than buying any used car. The previous owner could have responsibly enjoyed it until repo, or went crazy knowing they were gonna lose the car eventually. Then again, a non-repo is the same thing...some people buy a car to enjoy for a year or two, abuse it and sell it. Others plan to keep a car, treat it well and just suddenly decide to sell it.

The question is...what can be done to increase your chances of best knowing one or the other.

Good luck!

 

[Cobra Jet]

Does "repossession" show up in a VIN/CarFax type of report??

Titles are NOT branded with a Repo status - so as others have said, it's just another used car in the sea of used cars.

Now if the title was salvage, then that's a complete different discussion.

 

[scregan]

Does "repossession" show up in a VIN/CarFax type of report??

Titles are NOT branded with a Repo status - so as others have said, it's just another used car in the sea of used cars.

Now if the title was salvage, then that's a complete different discussion.

Yes, repo shows up on a Carfax. Don't think it shows up on a title.

 

[wynand32]

I swear, when I first read this post's headline, I saw "Thoughts on buying a POSSESSED Mustang."

My initial thought was, no freaking way. Being married is hell enough!

 

[CarlsbadCO]

it's a bit of a stereotype or bias - but [some] people with crappy credit tend to take worse care of things. I used to rent a condo - and no doubt - 800+ credit people were awesome renters - 100% reliable. Lots of horror stories about people renting places with marginal credit and not taking care of places. Of course a car is not a condo/house, but the sentiment stands. I would pay more for a car that was not repossessed. If you get a used car, you want the seller to be super anal about taking pristine care of the vehicle. Someone w/ poor credit or a repo - safe bet that may not be the case.

 

[daSNAK3]

When I was a kid, I bit off more than I could chew and ended up losing my job, so I lost my Mustang at the time. I took care of it good, it was my baby.. so you really never know.

 

[Led_footed4]

The dealer I bought my GT from bought it at auction after being reposed by the credit union the previous owner financed it from. It was 5 years old with 25,000 miles on it. Only issue so far is that the a/c doesn't work.

 

[DopamineQuest]

HARD pass. Someone in the position of getting their car repossessed is much more likely to take shitty care of their car, imo.

 

[Stangomydreams]

Like any used car you really never know. Car fax , ford oasis report, mechanic inspection, leaks and rust underneath and mods, test drive. It all tells a partial story where you can look for red flags but still some risk even if that checks out. When shopping I figured new wasn't that much over used (Ford had some serious discounts and low rates in early 21) but the market has changed drastically in the last couple years. For me I'd be looking for a new leftover 22 or 23 first.

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