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Prices Paid: Buying & Leasing Experiences Toyota Camry Prices Paid and Buying Experience
6554 messages, Last post on Jul 23, 2008 at 10:20 AM
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Replying to: 3150lsd (Mar 10, 2008 8:33 am) Thanks.
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Replying to: mikec (Mar 10, 2008 8:21 am) So, they are not selling well enough to command MSRP or even close to it. It's still early in 2008 and the 2009s offer zero new features, so not much reason to get a 2009 at this point.
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Replying to: jaxs1 (Mar 10, 2008 9:31 am) Not sure what part of the country you are in. Int he West, 2008 Camry Hybrids are in shorter supply - only certain colors available. (I guess it depends on your price elasticity related to color; I have a hard time coughing up almost $30K for a color I am not thrilled about.) The price for 2008 vs 2009 is essentially only the rebate (1,000) and maybe, the couple hundred bucks. At least that's what I've seen from Western US dealers. For resale it's better to have a 2009 than a 2008, even with the rebate. If you can get a really good price, this may change. 3,000 off MSRP is pretty much normal for the TCH; as I said, I'm seeing 28-29K for the loaded version.
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Replying to: mikec (Mar 10, 2008 9:58 am) Resale will not be much different because if you buy a 2009 this early in the year and resell it within a few years the mileage will be very high for it's model year and will be deducted from the value. Many people bought 2007 Camrys in March 2006 are selling their "1 year old" car this year with 2 years worth of mileage since it is really is 2 years old. Mileage that is normal for one model year is excessive mileage for a year newer car. If you keep it for several years, the difference between a 2008 and 2009 won't be much at that point. So either way not a big resale advantage for cars purchased now.
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I live in the Boston area, which is affluent but also has a lot of Toyota dealers (i.e. lost of competition). I emailed about 10 local dealers for quotes on a fully loaded 2009 Camry hybrid and a 2008 Cambry hybrid. Several have emailed back offering to sell the 2009 Camry for invoice and the 2008 for $1,000 less than invoice (reflecting the rebate). Basically, they are all willing to sell the car and invoice and keep the $500 holdback as their profit. My questions: Has anyone bought a Camry hybrid in the Boston area recently? What did you pay? Also, do dealers typically insist on keeping all of the holdback or is that negotiable? Thanks!
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Replying to: jaxs1 (Mar 10, 2008 10:07 am) As far as resale, it's true that mileage is a key factor...but so is model year. Example: Let's take a similar high demand car: Prius (same options/config). I'll use Edmund' numbers for trade-in, even though they are not perfect. Used 2006 Prius - 100 miles (basically "new") - ~16,900 Used 2006 Prius - 10000 miles - ~$16,700 Used 2006 Prius - 20000 miles - ~$16,250 Used 2006 Prius - 30000 miles - ~15,900 Used 2007 Prius - 100 miles (basically "new") - ~17,450 Used 2007 Prius - 10000 miles - ~$16,950 Used 2007 Prius - 20000 miles - ~$16,400 Used 2007 Prius - 30000 miles - ~$15,900 The difference looks small...only a few hundred bucks. But let's take both cars with 30,000 miles - is a private party, given the choice between the two, going to take a 2006 (regardless of release date). No, they will take the "newer" one. This translate to a high price. Human nature is to expect to pay more for the "newer" car. Mileage is less a factor today - these car run like champs for 100,000+ miles - compared to 20-30 years ago.
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Replying to: billw1 (Mar 10, 2008 11:08 am) I think the fact Camry Hybrid sales in January 2008 were 34% higher than 2007 (second to only the Prius's 37% for the same period) make it hard to get a "good" deal. |
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Replying to: mikec (Mar 10, 2008 11:31 am) People do care about mileage and would rather have a 2006 with 25,000 miles than a 2007 with 30,000 miles. Most people will want the one with the most warranty remaining whether that be time or mileage. There are people who are racking up miles on 2009s from a month ago and there are some 2008s that won't even be sold for a couple months. If they were both bought on the same date (because the dealers had both model years on their lots at the date of purchase like has been the case the last couple of months) no warranty benefit to the new buyer will be realized on the 2009 at resale. If they both have same mileage they may want the newer year, but your own numbers show that to be of limited value. Certainly way less than the $1000 rebate you get on a 2008 today. Sometimes there are at least minor improvements made on the newer year that will make it a better car to buy, but between a 2008 and 2009 Camry, there are no improvements. That would be different if it was a 2006 vs 2007 Camry or even a 2009 vs the updated 2010 coming next year. It's pretty dumb that a "2009" model was even released in January 2008 when they made no changes whatsoever.
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I recently leased a 2009 Camry LE. When I got to the dealership to sign all the papers, the numbers were exactly as the dealer and I agreed over the phone. However, the way the numbers were calculated was convoluted. For example: There were certain fees I wanted pay upfront (bank fee, GAP, others), and I did pay them at the signing. But on the lease contract, the dealer added these fees to the gross capitalized cost of the car and then subtracted them as a capitalized cost reduction. So the net effect was zero, but it makes it look as though the price I agreed to was much higher than it actually was. Here in Massachusetts (and probably in other states) we pay sales tax on a capitalized cost reduction. In my case there was no real capitalized cost reduction - just numbers - so the dealer had to do re-allocate part of what I paid at signing as tax on a capitalized cost reduction that never took place. Once again, the net effect was zero: The amount due at signing did not change, just the way the amount was categorized. Why would a dealer do this? I was thinking perhaps there's some incentive to show a higher gross price for the car?
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