Looking for opinions on the value of this 1996 Mustang Cobra

[ZMan]

So a couple weeks ago my Brother-in-law bought a '03 Terminator Cobra. He's had this 1996 a few years and offered it to me and my wife. I'm looking for opinions on the value of it. I have it for an extended test drive, and am seriously considering buying it from my brother in law. I was able to get it on my buddies lift the other night and go over it. All repairs and paint will be performed by me, and with the help of friends on the mechanical things. He's willing to sell to me for $5500. I think it's an ok deal knowing what he has in it, but would like the groups opinion.

155k miles

The good:
Kenne Bell Supercharger, bought used 3 years ago.
New fuel pump (assuming stock)
New wheels and tires (Toyo r888)
New brake rotors and rebuilt calipers
New koni shocks/struts and front lowering springs
New Flowmaster muffler-back exhaust (tailpipes rub the rearend)
MGW shifter
03 Mach 1 seats, interior overall is in good condition.
Rust free, just has some surface rust on the underside of the car.

The bad:
Paint
Clutch
Steering rack
Right lower balljoint
Oil pan (has very small pinhole forming towards the front)
Needs A/C diagnosed and repaired
Needs rearend rebuilt (he installed 3.73s last year, but it is howling)
Burns oil, not sure how quickly as I haven't discussed it with him yet, I had to add a quart+.
Throttle cable needs work, throttle actually stuck open on me a little bit the other day.
RPMs surge when cruise control is set
Trip meter doesn't work
Looks like some previous owners used the core support as a jacking point

 

[85_Ranger4x4]

$5.5k sounds high to me.

Good luck finding a halfway decent body guy to paint it too...

 

[Fast Eddie]

You're not comfortable so you're out here asking us. That could be your first clue. Pass on it and remain friends?

 

[1990RangerinSK]

Low retail is $6275 (1996 Ford Mustang Cobra 2 Door Coupe Prices, Values & Mustang Cobra 2 Door Coupe Price Specs | NADAguides ). You're planning to do most of the work yourself, but you will still need parts, which, given the extensive list, is not going to be cheap. Maybe $2,000.00, maybe as much as $3,000 to $4,000.

If I wanted to be a jerk, I'd offer him $2,500.00. If I wanted to be generous, I'd go $4,500, $5,000.00 tops. Where do I get that price from? $2500 is low retail - the cost of parts for all of the parts I need to replace, based on $4,000 cost for parts.. $5,000 is low retail - HALF the parts cost.

OK, fine. It's a rare car. It retailed new for $23,000.00. The price I quoted above already takes that into account. Then I'm deducting money from that for the extensive list of parts that need to be bought and installed. It has special parts? Don't care. They don't affect the value of the car.

Look, the way I see it, the bottom price on Nadaguides ($6275 in this case) is DRIVEABLE. This Mustang, in my opinion, ISN'T. Clutch, rear end, engine. He's knocked some off, sure. But not really enough to account for all of the parts that it would need replaced. Not to mention the body work.

 

[ZMan]

Good luck finding a halfway decent body guy to paint it too...

Is this some kind of joke?

 

[85_Ranger4x4]

Is this some kind of joke?

 

[ZMan]

You're not comfortable so you're out here asking us. That could be your first clue. Pass on it and remain friends?

I'm not uncomfortable, I'm just looking for opinions on the value. I've already been pricing parts and it's not all that bad. Everything this car needs, I've done to one of the vehicles I already own in the last year. Not surprisingly the parts are a little cheaper for this mustang than my subaru and Honda, and it looks a little bit easier to work on as well.
Edit: I should also add I'm not buying this car to flip it. Just something fun to drive that we can take the kids out in since they don't fit in my Rangers.

 

[ZMan]

Low retail is $6275 (1996 Ford Mustang Cobra 2 Door Coupe Prices, Values & Mustang Cobra 2 Door Coupe Price Specs | NADAguides ). You're planning to do most of the work yourself, but you will still need parts, which, given the extensive list, is not going to be cheap. Maybe $2,000.00, maybe as much as $3,000 to $4,000.

If I wanted to be a jerk, I'd offer him $2,500.00. If I wanted to be generous, I'd go $4,500, $5,000.00 tops. Where do I get that price from? $2500 is low retail - the cost of parts for all of the parts I need to replace, based on $4,000 cost for parts.. $5,000 is low retail - HALF the parts cost.

OK, fine. It's a rare car. It retailed new for $23,000.00. The price I quoted above already takes that into account. Then I'm deducting money from that for the extensive list of parts that need to be bought and installed. It has special parts? Don't care. They don't affect the value of the car.

Look, the way I see it, the bottom price on Nadaguides ($6275 in this case) is DRIVEABLE. This Mustang, in my opinion, ISN'T. Clutch, rear end, engine. He's knocked some off, sure. But not really enough to account for all of the parts that it would need replaced. Not to mention the body work.

Thank you. My parts list doesn't look THAT bad price wise. We've put about 200 miles on the car getting aquainted with it. He had given me a list of what he thought was wrong with the car, and i found more stuff so I definitely have leverage and will shoot lower.

 

[Roert42]

For what it is, I would be willing to pay about $3000. Like others have said, not really a drivable car, and every major component needs rebuild.

The $3000 is for the not rusted out body and the Cobra name.

Big place for rust on this body style is the base of the shock towers, where the shock tower meets the frame rail. Check this place for rust! It rusts from the inside out and isn't obvious until it's really bad.

 

[Uncle Gump]

I'm really not a mustang guy...

That's a pretty extensive list of bad... and personally I would be over it at "needs paint". I'm thinking it would be a hard sell in the open market for that price.

But I think the asking price is high also. If you could have the asking price into it after all the repairs... the car looks way better.

 

[Uncle Gump]

I wanted to add this above...

Not being a mustang guy... is a 1996 Cobra rare... more collectible? I mean the collector value is in it being original after all.

 

[Blmpkn]

4k tops, and that's if your super in love with it.

I'm not a Mustang guy... a 71 mach 1 would be nice.. i like the new bodystyle too.. but those 90s ones... my God are they ugly.

They seem to be driven around here almost exclusively by assorted bits of white trash lol

 

[85_Ranger4x4]

My neighbor (wyatt) did just irs swap his cobra for a poosible alternative to rebuilding the diff.

 

[Ranger850]

What is a 1996 Cobra worth?


1996 Ford Mustang SVT Cobra Value - $1,626-$4,137 | Edmunds.

 

[85_Ranger4x4]

4k tops, and that's if your super in love with it.

I'm not a Mustang guy... a 71 mach 1 would be nice.. i like the new bodystyle too.. but those 90s ones... my God are they ugly.

They seem to be driven around here almost exclusively by assorted bits of white trash lol

They are coming out of cheap quick beater status... like every mustang generation before it.