thoughts on purchasing reposessed s550

[PJR202]

Get the V.I.N. and go to a Ford dealer for an Oasis report.

I don't know what that is, but it sounds like a fine idea OP..

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[cop on my back]

Sounds like my deal. Bought used at a Ford dealer after it had been repoed. It had 6,400 kms (approx. 4000 miles) on it. Price was too good to pass up. Sticker was $51000 and I got it for $38500. Keep in mind, Canada prices boys.

Rears were pretty worn but other than that, factory warranty and the car is great.

 

[SDEcoBoost]

Your concern over the tire wear versus the miles on the odometer is valid. You may also consider taking it to a dealer (or a reputable garage you know) and paying for a complete inspection of the car. . My main concern would be the previous owner, when he knew it was being repossessed, simply drove it into the ground on purpose, every time he took it out.

Ask the seller for a Carfax report. He should pay for it, not you. This should list all reported servicing of the car as well as any reported accidents.

 

[Maggneto]

Personally I would pass. Wait for the 16s to go on sale this summer and leverage Ford's 0% financing or buy a leftover 15. That shaves off at least 2k in interest and a healthy discount off MSRP. You can pick the color/ options you want and your Ford salesman will find it. That is the route I took and saved approximately 7k between the discount and financing.

 

[CB]

An oasis report is if a Ford vehicle is serviced at any Ford dealership it will be known with an oasis. You just need the VIN.

 

[thumper]

i've done the math wrong for the new price.

currency listed below are in canadian unless noted otherwise...

using the online builder, brand new msrp was actually $54,949. add $1700 in fees (includes freight, pdi, etc. but not including DOC fees from dealer) and it becomes $56,649 before taxes.

the advertised price as it is now is $44,900 (before taxes and $495 doc fee), which amounts to a $11,749 difference? that's a little over $9100usd.

i have the vin, and it comes up clear on carfax. the used car dealer showed me a copy of the paperwork from ford finance showing it is now lien free, but i forgot to check the ownership status on the pink slip.

i haven't had the time to go to the nearest ford dealership and ask them about oasis.

the reason for my haste is because i want to trade in my 2011 while it has some value left. the local used market is seeing a dive in prices for older mustangs of my vintage because there has been an oversaturation of them, and i'm worried i won't have a chance to trade up at this rate.

 

[Spartan]

i want to ask members here for their opinions on whether buying a repossessed s550 is a good idea?

it's a 2015 GT PP that was voluntarily given up back to the dealer. it went to dealer auction where a broker picked it up and flipped it to a local used car dealership where i saw it. it has less than 1000mi on the odo and other than straight pipes, it's stock.

i took it out for a test drive and didn't notice anything abnormal. rear tires are more worn that i would like for the mileage (it gained another 500mi because it spent time as the manager's personal demo). the asking price is roughly $7k below msrp, and i would be trading in my old s197 GT PP for it, which i had bought new back in the day.

anyone have concerns? i've been warned by others that repos are generally abused because the owners know it will be taken away... will a dealer prepurchase inspection help dispel any worries?

See if you can get it taken in and have it Ford Certified. I almost bought a '16 a few weeks back on a trade in but the dealer wouldn't certify it so I was like no way. It had less then 2500 on it but they had already modded a few things so I wasn't going to take the rest.

 

[1crazymach]

I got my 16 for about 5k off just like everybody else on the form. 7K off for a used 15 would not sway me to buy used and 1 year+ old. Now if Ford verifies everything on the car is great and no issues and you're closer to 8 or 9 off that would sway me. I'll pay 2 Grand more to unwrap a brand new car myself

 

[thumper]

See if you can get it taken in and have it Ford Certified. I almost bought a '16 a few weeks back on a trade in but the dealer wouldn't certify it so I was like no way. It had less then 2500 on it but they had already modded a few things so I wasn't going to take the rest.

sorry in advance because i don't know enough about this, but how does getting it ford certified work, if it isn't a ford dealership that is selling it?

unfortunately, there are little to no discounts for new/old stock 2015's in my area for a GT PP because they are very rare and are not a common dealer order (i live in the northwest). zero discounts on 2016 models. but the more i look eastward across the country, the discounts on leftover 2015's start to go up to as much as $8500usd on the east coast. if anything, it would be a year end thing around september where ford does their employee pricing discounts which is something like $3900usd at most. and then there is the ford/costco discount (~$780usd), which should be all year round.

 

[Spartan]

sorry in advance because i don't know enough about this, but how does getting it ford certified work, if it isn't a ford dealership that is selling it?

unfortunately, there are little to no discounts for new/old stock 2015's in my area for a GT PP because they are very rare and are not a common dealer order (i live in the northwest). zero discounts on 2016 models. but the more i look eastward across the country, the discounts on leftover 2015's start to go up to as much as $8500usd on the east coast. if anything, it would be a year end thing around september where ford does their employee pricing discounts which is something like $3900usd at most. and then there is the ford/costco discount (~$780usd), which should be all year round.

My understanding is if it's not being sold by a Ford dealer then you cannot get the "official" certified which Ford would back...BUT you can always take it to a Ford dealer/service and ask them to basically do the same checks that they do for the certification and pay them for it and you'd have peace of mind that at least the car checks out. Was going to do that for the one I almost bought but in the end there were a few packages/options I didn't want so I didn't go ahead with it but when I called the dealer they said they'd do the certification just it wouldn't be official because it wasn't their car.

 

[wildcatgoal]

It's under warranty... isn't it? Does it have to be certified for it to retain its warranties?

 

[thumper]

It's under warranty... isn't it? Does it have to be certified for it to retain its warranties?

it would have it's standard manufacturer's warranty regardless whether it's certified or not i think.

the in-service date was 7 months ago.

 

[Maggneto]

i've done the math wrong for the new price.

currency listed below are in canadian unless noted otherwise...

using the online builder, brand new msrp was actually $54,949. add $1700 in fees (includes freight, pdi, etc. but not including DOC fees from dealer) and it becomes $56,649 before taxes.

the advertised price as it is now is $44,900 (before taxes and $495 doc fee), which amounts to a $11,749 difference? that's a little over $9100usd.

i have the vin, and it comes up clear on carfax. the used car dealer showed me a copy of the paperwork from ford finance showing it is now lien free, but i forgot to check the ownership status on the pink slip.

i haven't had the time to go to the nearest ford dealership and ask them about oasis.

the reason for my haste is because i want to trade in my 2011 while it has some value left. the local used market is seeing a dive in prices for older mustangs of my vintage because there has been an oversaturation of them, and i'm worried i won't have a chance to trade up at this rate.

They really know how to bend you over the desk in Canada Eh? A Base GT with PP can be had for around 32k in the states which is about 42k Canadian so offer them 42k.

 

[thumper]

They really know how to bend you over the desk in Canada Eh? A Base GT with PP can be had for around 32k in the states which is about 42k Canadian so offer them 42k.

yeah pretty much. as many canadians will tell you, it's not a simple exchange rate conversion as to how car manufacturers price their cars here. it also dosen't help that i'm about as far as one can be from flat rock michigan without ending up in the pacific so the freight costs from the plant is astronomical... did i forget to mention there are 12% in taxes on top?

what i quoted was for an optioned out GT PP, leather w/recaros, but this one has the standard stereo/nav unit and only has parking sensors. it's winterized so it also comes with stuff like a block heater, etc. from ford. it also has tricoat yellow paint, which is also extra.

here is an example of a brand new one with almost every option checked off, and this is will a price adjustment:

http://inventoryfoc.ford.ca/dealer/...=Car&inventoryType=extended&ownerPACode=B7003

 

[Chameleon]

[EDITED]

i want to ask members here for their opinions on whether buying a repossessed s550 is a good idea?

it's a 2015 GT PP that was voluntarily given up back to the dealer. it went to dealer auction where a broker picked it up and flipped it to a local used car dealership where i saw it. it has less than 1000mi on the odo and other than straight pipes, it's stock.

i took it out for a test drive and didn't notice anything abnormal. rear tires are more worn that i would like for the mileage (it gained another 500mi because it spent time as the manager's personal demo).

In my opinion, Pass.

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