I can tell you last January (2024) when I got my car, you could have gotten a ‘22 vert premium with 10k miles for $36,600. I looked at that car but didn’t really want a vert.My first thought was bondo or a filler material.
The quality of the repair and the lack of any accident report lends to a self repair or friend who did a patch job. Or, maybe it didn't involve another vehicle or no one filed a claim. I can imagine with all the vehicles, accidents and reports, CarFax and other services are not 100% accurate. IDK.
I'm aware some will use a ghost primer coat to show high and low areas while sanding, but the objective is to ultimately remove all that so you're left with one, thin layer of filler. The overall appearance ties back to the lack of quality of the underlying metal repair.
Maybe use a paint depth gauge to confirm the size of the repair area?
I'd also thoroughly review the suspension, drivetrain and rims, for any tells of greater damage.
Edit,
You do seem to be at a seasonal disadvantage, with respect to buying a vert. I haven't shopped around, but I wonder what the market would look like right after the Holidays, in January.
Absolutely. I don't know if Carfax is inept or that insurance claims don't make it to them or the possibility that people fixed the car damage on their own without claiming insurance on it (which would result in a "clean Carfax report"). My son bought a used car with a clean Carfax report only to find out later that the right rear had been damaged where we found body filler around the rear wheel well that began separating from the sheet metal. To me, the best way is to inspect the car carefully looking for signs of damage not merely externally on the body but on the undercarriage and supporting structures around the cradle, etc. The external body panels are relatively easy to find by using those rubberized magnets (so you won't scratch the paint) to see if body filler was used anywhere. Of course it won't work on the front fenders and hood of current Mustangs since they're aluminum.Sounds about right. That seems to be their "go to" when things go wrong too. "We just rely on the carfax" or "Well the carfax was clean".