Help! good or bad deal!?

Hey, this is kinda long, but i would really like all of your opinions on what i should do.

Ok, so recently my dad told me my cousins boyfriend was going to get rid of his truck since he couldnt fix all the mechanical problems. This is a 2000 chevy s10 Ls 4×4. My uncle tried to help him fix the truck, but since the guy was kinda lazy told him he wouldnt and said the truck doesnt have 3rd gear, and the head gaskets are probably blown. This doesn’t seem like a big deal to me since i can fix it, and the truck is worth around 4-5. I drove up to the guys house and took a look at the truck, there were a few rust spots but overall its a nice looking truck, i told the guy i would offer him 1200 for it and he accepted and said i could drive it home and we could exchange cash when he got the title in a few days.
So a few days later my cousin said i could come pick up the truck, but her boyfriend wasnt home. When i got there i filled it up with coolant, and it started dripping out of the radiator. So i decided to leave quickly.

On the way home i noticed both the front hub bearings are bad, and only about 5-6 miles from there house the heat gage starts to spike and i pull over and the truck is overheated and steaming and it is making a loud knock. So i call a tow truck company and as a wait for them i notice the third door doesnt work, there are no cables for the tailgate, and the center council actually lifts up.

I wouldnt mind keeping the truck, but after i was adding up all the costs for just parts i wouldnt even be making much of a profit and thats just what i know is wrong with it. I never took the truck for a test drive and was just basically going off what my uncle said and my dad said about the truck. I was just looking for something cheap i could fix up while im in college and im afraid i will be paying so much in parts i could buy one that has no problems.

Do you think i should:
A) stay with what i said and give him 1200
B) tell him i didnt realize some of the problems it had and pay him less and offer to tow it back for him if he doesn’t what to do it.
C) tow it back for him and forget it.

And if i do pay less for the truck what should i give him for it. thanks
Thanks for the input, not really what i was looking for.
I never signed a title, or gave him any money so i dont think i eneterd into a contract.

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4 Responses to Help! good or bad deal!?

  1. Otto September 28, 2010 at 2:22 pm #

    You agreed to pay him a specific amount. You based it on what you thought would be fair and intended to turn a profit. There is no "choice" here. You need to pay as agreed. You said you are a mechanic. Get busy and fix it. ADDED….You entered a verbal contract. The only reason you are wanting to back away from the deal is you won’t be making a bunch of money on the deal. Man up and do what you agreed to. Only a jerk would stiff the guy the way you are contemplating.

  2. Mightymite September 28, 2010 at 2:22 pm #

    choice: c
    if you are gonna go through with this the only thing worth doing is trying to sell it for parts. but seeing as so much is broken its not worth the hastle. find a better deal.

  3. f100_supersabre September 28, 2010 at 2:22 pm #

    You made a bad deal, BUT you took delivery.
    Legally, you are stuck with it IF you are of age.

  4. dick car guy September 28, 2010 at 2:22 pm #

    what ???? you were the one who thought 4 to 5 grand right? what did you think some guy was so lazy he would not fix a few problems?? and blaming your uncle, that’s classic kid stuff, you had some half baked, half assed plan to do twenty minutes worth of work and make your fortune, well son, welcome to the real world, I have looked at many piles of crap someone else told me about, you don’t make an offer having never checked out the vehicle, that’s complete stupidity. Almost everything you mentioned, is a series of 20 or 50 dollar parts, yes, there is many hours of labor, probably a few months of late nights where you pull apart one hub at a time and rebuild it, or as with that overheating problem a good used engine and radiator is in order, your first mistake is an s 10 is a piece of crap, and its not worth squat. drag the pile of crap back to the owner, you are not the man for that job good luck, next time take the truck to a mechanic for inspection before you buy it, this will solve you dragging home some beat to pee worn out old wreck .