thoughts on purchasing reposessed s550

[thumper]

[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).

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 in supposed savings over new.

i have the vin. it comes up clear on carfax. the dealer showed me a copy of the paperwork from ford finance showing it is now lien free, but i forgot to check who shows as the owner on the pink slip.

i haven't had the time to go to the nearest 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.

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?

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[wildcatgoal]

Probably fine. Manager/friends probably line locked a few times but probably no real harm done. Faster you get off those Pirelli tires the better, anyway.

Check for driveline clunking and transmission/syncro/gear noise (which is normal, but more present in some cars). Also check if you like the seating position, which is high.

 

[Zelek]

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 and 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?

I'd compare it against the blue book value of the car. Not to mention it has signs of being driven hard on purpose and with that kind of low mileage, probably not the best way to be driving a fresh engine. I personally would pass on this as 7k off MSRP is not enough in my opinion.

I typically don't favor these kind of cars used because it's hard to believe a GT was driven lightly. Of course there are used ones that the owners meticulously kept, but I would expect those to have a fair amount more miles on them.

 

[wildcatgoal]

I drive every new engine just like I'd drive it any other time. If it's gonna break, it'll break. Break in requires compression and heat. It probably has had plenty of it. Broke in my Harley after a Stage III big bore build I did at a drag strip, not a single drop of oil disappeared after that and it ran like a top every day.

 

[VinnAY]

Too many unknowns for me, I wouldn't touch it.

 

[DANA44]

If your buying used, in this case you know the history another used car may just have a BS story attached to it. What's the difference .

 

[Joe 5.0]

I mean, how much "damage" could have been done in those few miles?

If anything, all that money you save off of the MSRP, you can boost the car and upgrade the suspension.

 

[wildcatgoal]

It's got 1K miles. I bought mine with about 8 miles on it and have had problems with the clunk-box garbage MT-82 and my A/C seems to rob 100 hp from the car when on.

If this used one is rolling around like butter on your test drive... my bet is it's fine.

It's okay to get on it in a Mustang from time to time. It's a sports car.

 

[Bill-O]

Check the Edmunds values, Blue Book values and Black Book values and I would venture a guess that the 7 grand off MSRP is not enough. Most of the used car dealers in my area price their cars around 5 grand over their cost and will usually take a lot less. Good luck.

 

[ForTehNguyen]

people got 5k off MSRP for brand new. Being that its a used 15 car it needs to be even more discounted than that.

 

[SneakySteed]

7k off MSRP on a car with questionable history and ownership? The tires suggest it was rode hard and put away wet. Run, don't walk.

I paid 36k for a loaded 2016 GT Premium PP with a sticker of 41k.

 

[CB]

Wouldn't it still be covered under full factory warranty?

 

[PJR202]

Regardless of the back story, they aren't gonna price that thing much, if any better than a comparable vehicle on the used market. What I don't get is how someone only put 500 on a car before letting it go? I had that on mine in less than a week.

You've got a full warranty for the most part. Settle on a price, get a carfax and a thorough once-over and go for it.

 

[Fatty]

I also got 5k off of sticker price of my 2016. 7k off is not enough for a used 2015. It may be a good car but don't let them take you for a ride.

 

[CB]

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

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