Estate Sale, 2007 GT500 Price Question

Yonco · 06-19-2008, 06:27 PM

My dad has been looking around for his final performance car now that hes hit 60 and wants something. In the past hes had " investments" he bought from auctions/estate sales, drove them for a month or 2, then sold them, making 1 1/2 or more of what he paid for it. To the point, he likes my car and found an auction tomarrow with a 2007 Shelby GT500 cobra. The only info he has got is " 2007 GT500 cobra ,700HP, 1100 Miles) And he cant look at the particular car till 1 hour before the auction. What would a car like this be worth, Or what would be a good lowball price just so i can see compared to him. He has bought/sold things in the past via prices on KBB. On Kbb this car is $60,000 and i dont want him to buy it for 50000$ thinking he can make it back easy. I know he knows what hes taking about but i dont see them going for that expensive online. Not much info on the car besides its garage kept in prestine condition from what the auctioneer told him. Whats it worth? an estimate. -Jon

cheftjpeck · 06-19-2008, 07:12 PM

Quote:

ORIGINAL: Yonco

My dad has been looking around for his final performance car now that hes hit 60 and wants something. In the past hes had " investments" he bought from auctions/estate sales, drove them for a month or 2, then sold them, making 1 1/2 or more of what he paid for it. To the point, he likes my car and found an auction tomarrow with a 2007 Shelby GT500 cobra. The only info he has got is " 2007 GT500 cobra ,700HP, 1100 Miles) And he cant look at the particular car till 1 hour before the auction. What would a car like this be worth, Or what would be a good lowball price just so i can see compared to him. He has bought/sold things in the past via prices on KBB. On Kbb this car is $60,000 and i dont want him to buy it for 50000$ thinking he can make it back easy. I know he knows what hes taking about but i dont see them going for that expensive online. Not much info on the car besides its garage kept in prestine condition from what the auctioneer told him. Whats it worth? an estimate. -Jon

ok: if it is a 700hp GT500 it is modded obviously or it might have been sent out to shelby for the supersnake upgrade. a modded car is all in the eyes of the beholder: If it is NOT a supersnake and its a modded gt500 then IN MY OPINION it has already LOST resale value. lets take it as a modded gt500:The fact KBB has a retail sale price of $60,000 for a 07 gt500 with 1100 miles is because they are taking into account the adjusted retail market, which as of late has dropped on the gt500. theywere avg. gt500 at 20k over msrp: now allot (Inc myself) have got them at msrp and under msrp: So to say is the car worth $60k: I could honestly say I would not buy it at such. thats just me...bottom line its a modded gt500 (again unless it is a supersnake which I do not think it would be, otherwise they would advertise as such) so what has been done to get it to 700 hp: What type of mods...how was it driven...personally I think it would do better stock...but thats just me ..again unless you find the RIGHT buyer....so what price would that car be worth to me...without knowing the details, I would not offer more than $45k......but that could go up a little or down allot depending on the mods and condition.....

JOHNNY · 06-19-2008, 07:13 PM

Imo, any thing below 42,000.00 would be good. need more info for a better est.

airforceus · 06-19-2008, 09:26 PM

I agree. I would not pay anything over 45K. Mods will hurt resale on these cars unless it just happens to be someone that wants a gt500 with a kenne bell.

Yonco · 06-19-2008, 09:37 PM

My dad contacted the Auctioneer who had more info this time. It is nowhere near stock and has well over 15k$ in mods added including a KB blower and beefed trans, alu driveshaft, 2 spare sets of tires, was all he knew. The guy was also including all of the stock parts such as the supercharger and all that was taken off. the auctioneer said the reserve will be set at $$70,000. that to me is overkill( way overkill), and my dad thinks the same. But does know that they dont always stick to reserves and sometimes take the offer if its a single bid. Thanks for the help. He said hes still gonna go check it out and throw a lowball offer at it, or see if theres intrest and just to check out that parts that are going with it and to take some pictures for me. -Jon

cheftjpeck · 06-20-2008, 09:19 AM

Quote:

ORIGINAL: Yonco

My dad contacted the Auctioneer who had more info this time. It is nowhere near stock and has well over 15k$ in mods added including a KB blower and beefed trans, alu driveshaft, 2 spare sets of tires, was all he knew. The guy was also including all of the stock parts such as the supercharger and all that was taken off. the auctioneer said the reserve will be set at $$70,000. that to me is overkill( way overkill), and my dad thinks the same. But does know that they dont always stick to reserves and sometimes take the offer if its a single bid. Thanks for the help. He said hes still gonna go check it out and throw a lowball offer at it, or see if theres intrest and just to check out that parts that are going with it and to take some pictures for me. -Jon

WOW..70k (insane) .it truly will depend on the mod installs...etc....lets say he does have over $15k in mods....still that on top of a gt500 at MSRP of 47k is still well below his reserve of 70k.....take into account used car and that mods are only worth something to someone looking to buy a car with specific mods...I still could not see more than 50k...I am sure your dad is aware, but mods COULD cause a vehicle to lose value,. not gain..at the very least you cant expect to get what you put out in mods on your vehicle...case and point...I spent over 30k on my 05 gt in car price and mods and sold mine for 26k....and I feel i got really luck recovering that much...tell your dad to go ahead and low ball the bid...and see what happens...but go no where near the 70k reserve....if your dad is willing to pay that..tell him to find one at msrp and have it sent to shelby for the supersnake upgrade....good luck

MELLOWYELLOW06 · 06-20-2008, 01:31 PM

I could see 50, 55k max as the reserve, but this is an auction, and people like to believe because of circumstances and buying structure/nature, you'd be getting a better deal. In this case, you're buying blind and at a higher price. I'm sure pops knows what he's doing and will offer a good low price that he's comfortable with. And I wish him the best of luck in winning it as well.