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Toyota Corolla, Car Buying, Sedan
#1625 of 2208 New 2008 Toyota Corolla LE 4 Speed Auto Trans
Aug 26, 2007 (11:51 pm)
Needed to replace my 2004 Toyota Corolla LE purchased in September 2003.
Reviewed car ads from the Saturday Los Angeles Times and Orange County Register. As for the L.A. Times, we purchased two of the same day editions, but from different areas, as I've learned that different ads are placed depending upon the zone. That was the case for this transaction. Not all the same car ads were in each edition.
Saw an ad from West Covina Toyota for a 2008 Corolla LE, with automatic for $13,988 including a $500 rebate. After reviewing the ad several times to insure what I was reading was not a mistake, I said to myself that this has to be for a 2007 and not a 2008. It just the week prior that I saw the first ad car for a 2008 Corolla CE.
In southern California, it's unusual to see any car ads for the Corolla LE, slightly more for the Corolla S and frequently for the Corolla CE.
I was also skeptical because the car had a rebate. But, I thought if this was for a 2007, not a bad price. But, I reviewed my notes and there was a $1000 current rebate for the 2007 Corolla. So, to me, this ad was not adding up, or so I thought.
Now, in California, the law is strict in that if a dealer advertises a new car, the dealer must list the actual number of cars at that price and the corresponding vin and stock number for each vehicle. I've read that the DMV has cited dealers for selling the ad car before the scheduled publication date of the ad, and from what I understand the DMV had advised dealers who are going to run ad cars to pull the ad car from inventory until the date of publication of the ad.
I called the dealer, and much to my surprise at 5:00 p.m. in the afternoon, they had 3 left, they were 2008 models, they were all LE's with automatic. I was shocked that by this time of the day that they were not all sold out.
On the other hand, the 2008 is an exact carry-over of my 2004, with some very minor changes. but th car itself is the same. So far a car that's getting long in the tooth, and in it's 6th year, it made sense to purchase the 2008 over 2007 if for anything the resale value is already higher than a comparably equipped 2007.
Arrived at the dealer and he still had 3 2008 Corolla LE's available. For fun, I test drove a 2007 Matrix with automatic and the car seemed sluggish on the freeway as compared to the Corolla LE.
Back to the 2008 Corolla LE, I had the salesperson write-up the deal. He said he had to get his sales manager involved at that point.
Actually, all of the people at the dealer were very nice, even though they attempted to offer me every dealer installed option, and I just said no, politely.
We did go a round or two over some kind of paint protection that was added to the car. The sales manager said I would have to purchase that as a required add-on. I replied that I see nothing in the ad about a required additional cost option that was not part of the ad price, other than the $55.00 doc fee. Furthermore, I reminded him that in California, the ad car price is the ad car price. Any additional equipment the dealer adds such as an alarm or paint shield or protection, etc., is not required to be purchased, unless included in the ad price. Since the dealer could not remove the paint shield, that was their loss. They did remove the alarm module.
As for financing, I stated that I would bring a check in from the credit union within the week. They wanted to charge me 10% percent interest. I said no way, based on my score, no money down and lower the interest rate (I did that just in case something happened at the credit union). The sales manager said the best interest rate he could offer was 7.75% with no money down. I agreed. I did receive financing from the credit union at 5.99%. This was 3.09% higher than the 2004 Corolla LE which had low rate financing through Toyota Motor Credit and was an ad car, but no rebate.
The dealer also said that for the 2008 Corolla LE, that a rebate applied, but that Toyota did not have low-rate financing in lieu of the rebate.
Some observations. The price of this car is almost what I paid for the same car in 2003 as a new 2004 model. There is a price increase however, in that my 2004 had alloy wheels and the 2008 has steel wheels. The 2004 has a single disc cd player, while the 2008 has a 6 disc cd player. No MP3 player or adapter offered for 2008. So far, mileage on this car is running 33 mph combined city and highway and that reflects the lowered mileage estimates for 2008. On my 2004, I was consistently getting 37 to 38 mph, but that was with alloy wheels. Could I really be losing 5 miles per gallon because of not having alloy wheels? The new mileage ratings for 2008 are 26 mpg city and 35 mpg highway versus the 2004 mileage ratings of 29 mpg city and 38 mpg highway. Still, great mileage for a non-hybrid car without alloy wheels.
Here's the breakdown:
2008 Corolla 4-Door LE Sedan 16415.00
4 Speed Automatic Transmission and the normal standard equipment for the LE included in above price
FE 50 State Emissions 0.00
VV AM/FM/In-Dash 6-Disc CD Player w/6 Speakers and Cruise Control 450.00
CT Carpet Floor Mats/Cargo Mat (5pc) 171.00
Delivery Processing and Handling Fee 660.00
Sub-Total Before Discount 17696.00
Extra Value Package MSRP Discount -250.00
My price was $13988.00, including $500.00 rebates which in California is taxed. I had no trade-in or down payment.
Price of Car 14488.00
DOC Fee 55.00
Sales Tax 1127.08
Sub Total 15670.08
License Fees 157.00
California Tire Fee 8.75
Grand Total 15335.83
Not including tax, I saved $3458.00 from the sticker price (before tax and DOC fee), which I think is a great deal for a 2008 Corolla LE.
A couple of other thoughts, the 2008 model has an engine immobilizer and tire pressure sensor that my 2004 does not have. Also, the power door locks actually lock once you place the car in gear. My 2004 does not automatically lock the locks.
Looking at my bill of sale for my 2004 Corolla LE, I paid out the door 15261.56, a difference of $74.27. I have to factor in the higher interest rate over 2003 and no alloy wheels.
Purchased the car Saturday, August 4, 2007. Ironically, the very next Saturday, the same dealer had 5 2008 Corolla LE ad cars for sale, this time they were $100 less, including rebate for $13,888.
Posting this late as I have been out-of-town, but thought it might be helpful to those purchasing a 2008 Corolla LE.
At the time of purchase, I was surprised the 2008 Corolla LE model already had a rebate. It seemed a bit early in the model year. This tells me that Toyota really wants the numbers up, up up.
P.S. I forgot to mention the exterior is black and the interior is gray cloth.
#1626 of 2208 Re: 2008 Toyota Corolla LE AT OTD 17.4k [corolla_buyer]
Aug 27, 2007 (2:19 pm)
I made my purchase of a 2008 Toyota Corolla LE AT base model two days ago.
car price 15075
+ doc fee and TTL
We live close to Chicago. We were going for a 2007 model. However they were almost sold out and they showed us the price for a 2008 model -- $15175.
I was a little surprised though I did not do much research on the 2008 model. We tried to cut $100 down and made the purchase -- thanks to my wife for her negotiation skill
#1627 of 2208 Re: 2008 Corolla LE MT [ex_soldier1911]
Aug 29, 2007 (3:55 pm)
WOW. Not to make you feel bad, but you really got taken to the cleaners.
Also, the Edmunds True Market Value is a very bad indicator of what you should pay. With the way everything is and considering competition and the market you shouldn't pay a dime more than invoice minus the rebates on just about any car.
#1628 of 2208 Need info on San Diego toyota Dealer
Sep 05, 2007 (11:11 am)
I am planning to buy a Toyota Corolla . Do you guys suggest a
good (when I mean good it honest and reliable) dealer in San Diego Area.
Thanks in advance.
#1629 of 2208 2008 Corolla CE AT
Sep 05, 2007 (6:07 pm)
I got an offer in
Fort Lauderdale, FL
2008 Corolla CE
Carpet Floor Mats
Accent Stripe,Window Tint
Power Windows and Door Locks
Sep 06, 2007 (5:23 pm)
Was this price from King Toyota in Deerfield or Phil Smith on Oakland Park Blvd? Have dealt with King before and Hendrickson out in Margate, which is right near the house. Those pesky SET fees are a big reson why we left the Toyota family. They tack on that stuff just for the shear profit they get. Silly system.
But have a feeling that the new Corolla will be on our short list in 2010 when the wife changes out of the Mazda 3.
Had good luck at Bachrodt Mazda with the 3...great internet buying process.
#1631 of 2208 Help with Corolla S pricing please
Sep 08, 2007 (3:48 am)
I am going to be purchasing a new (could be a 2007 or 2008) Corolla S for my daughter. We will be buying the car at the end of this month or the beginning of next month at the dealers option. She is in Las vegas. Could someone give me an idea of how much I should be paying for one there with auto tranny and moonroof?
What is the best way to get the best price in the Las Vegas area....or should I plan on traveling into California to get a better price?
Any help would be much appreciated. This is my daughter's first major purchase and we want to do it the right way to get the best price. This board seems like such a great information source that I thought I would see what is known about Las Vegas area dealers. Thanks everyone for helping us out here.
#1632 of 2208 Re: Ymare [sandman46]
Sep 08, 2007 (5:39 pm)
Don't want to jinx it just yet
But I got a final price of $15,300.00 OTD for 2008 CE power upgraded. Just got to get every detail in writing and signatures to make sure I won't get messed up when I go in to pay.
Sep 09, 2007 (1:05 pm)
hello...what does Out the door means??? because I bought a car for $21000,including
$17,0110 -car price
$78 othe misc fees
car include: manual, cd, powerlocks/window/4pcs. mat, alloy wheels, side Airbags front/ rear, NO sunroof =( , but has spoiler/bodykit,foglights..etc.
Do you think this price is decent?? without warranty/lojack car total with TTL is $18,750. which MSRP was $18885.
When you guys say out the door, does the price include down payment??? or zero down?
please let me know what you guys think?
#1634 of 2208 Seems Pretty High
Sep 09, 2007 (1:12 pm)
Seems pretty high especially for a manual transmissioned S model. What was the invoice price and were there any rebates? Why didn't you post before you bought? Would've been much simpler than after the fact.