Last Saturday, Bill and I headed out to do the grocery shopping. It wasn't until we were both in the car that we realized that we were hungry.
It is a general rule that you shouldn't shop while hungry, or you'll buy all sorts of things that simply 'look yummy' to your hungry stomach. So, we decided to stop for lunch first before hitting the store. We were on our way to the store after lunch when it happened. I noticed a car in a sales lot as we passed by.
A convertible Mustang. For $11,900.
I started craning my neck to see it and made a comment to Bill that I sure would like to see that car up close and personal. Before you know it, Bill has pulled a U-turn and is headed back to the dealership!
Oooh! It was beautiful! I have wanted a convertible for a long time and a Mustang would be perfect! I am partial to Ford now in the aftermath of the auto industry bailouts. Did you know that Ford never took a bailout? I can really respect that, and I'd like to give Ford my business because of it.
When we got there we discovered that the dealership was closed for the day (it was a late lunch), but we did notice another convertible for sale...
A Honda S2000. You can tell from the picture that it has been at the dealership longer. This one was listed at $9,900. It is a bitty roadster! There are no back seats.
I was smitten! I decided that I needed to test drive these two cars and maybe even take the plunge a year early and go ahead with my plans to get another car. You see, we have known for a while that we will need another car next year. Helena will be graduating and plans to move away for school. We intend to send my Alero with her to college. It is a good reliable car with decent gas mileage and will be paid off by then. That would leave us with just the Expedition (which is acting up and will need significant work done on it soon) and three drivers in the house (Will is getting his permit sometime soon). No good.
When I got home on Saturday, I started researching those two cars, make, model, year, and mileage. I wanted to see if the prices on them were reasonable. They weren't, but not in the way you might think.
The Mustang was listed at about $4,000 LESS than NADA recommends. The Honda S2000? The retail value for that car ought to be at about $21,000! I KNOW!!!
$21,000?!? And they only want $9.900?
My initial thought was, 'what is wrong with this car?' Still, I know the owner of that dealership and trust him. I taught his children years ago and we bought the Expedition from him 10 years ago BELOW blue book and it has been a fantastic car for us. It isn't often you hear someone say they trust a used car salesman, but there you go... I trust this guy.
So I went back to the dealership yesterday afternoon. I took the kids with me because both of them thought the idea of test driving a convertible sounded cool. As it happens, I wasn't able to test drive the Mustang after all, because the key to it got left at the other owner's house (someone he knows borrowed it Friday night and returned the key to his house). So that left the S2000.
As it happens, another interested party walked in just after I did, also wanting to test drive the S2000. It was interesting that he tried to downplay that car to me, trying to convince me it wasn't the car for me, that the gas mileage on it was terrible, etc. But, I was there first, so I had first chance at the car. The other guy decided to go out to lunch and come back after I finished my test drive.
Here is where we find out about the secret of the deep discount on the cost of the car...
It has a salvage title.
I didn't know much about what that means, but after some research, here is a nutshell. When a car has been in an accident, the insurance adjuster will inspect to decide whether to have the car repaired, or 'junked' as a 'total loss'. Usually, if the cost of repair reaches anywhere between 50% and 75% of resale, it will be classified a 'total loss' and the insured will be issued a check instead of getting their car repaired. The 'totaled' car can be bought and rebuilt, but has to have a 'salvage' title to designate its history.
The dealership owner told me that when he bought the car, it looked like it had been 'pinballed'. In other words, the person driving it had lost control and spun out, damaging panels on every side. He had it rebuilt, but was disappointed in the level of finish work on it, hence the discounted price.
Most people will steer clear of a salvage title. You just never know if the frame has been compromised with metal fatigue unless you pay for an in-depth inspection. Banks and credit unions won't lend more than 50% retail value on a salvage title, and you will probably never be able to sell it yourself once you buy it.
Of course, the dealer only wants less than 50% retail on the car. Which means I probably could get a loan on it, if I wanted to.
I will admit, it was fun to drive! It is a manual transmission and my shifting skills are a bit rusty. Helena went with me on the first drive. Man! The inside of that car was claustrophobic! I mean REALLY tiny! The windows are super small, too. It took me a few minutes to finesse the clutch and find the 'sweet spot' where the gears connect. I will admit there was a bit of jerky performance at first (total operator error) that had Helena saying 'oh! I don't like this car at all!' But once I had the measure of the shifter, she started enjoying the ride and changed her tune. Not enough to actually want us to get the car, though. When we got back to the dealership, I popped the 'boot'. I know in America we call it the 'trunk', but this little car felt so much like a British roadster that I mentally thought of it as a 'boot'. Weird. Anyways. A pair of boots would be practically the only thing you'd carry back there. This thing had almost NO storage space at all.
When I took Will out in it, we took down the top.
OOOOH!!! I liked that! It opened up my sight line tremendously! The sun and the breeze were intoxicating! I would definitely need to keep sunscreen in the car.
So. I probably have you worried about me. You are probably screaming at your computer screen, "DON'T DO IT! DON'T DO IT! NOT A SALVAGE TITLE!"
Don't worry. I won't.
This is going to be the first car I buy that is all for me and only for me. I am going to do it right. That means no salvage title, and definitely some storage for groceries, at least!
So, what about the Mustang that first drew my eye?
It's a salvage title, too. And a v6 instead of a v8 (apparently we want more power). Harumph!
It was obviously not meant to be....
...yet.