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Prices Paid: Buying & Leasing Experiences Toyota Corolla Prices Paid and Buying Experiences
770 messages, Last post on Nov 26, 2009 at 6:49 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: jamg (Jun 12, 2009 6:26 am)
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Replying to: udo (Jun 11, 2009 3:36 pm) |
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Replying to: jamg (Jun 11, 2009 9:11 pm)
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Replying to: carbuyer88 (Jun 12, 2009 8:13 am) |
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Replying to: carbuyer88 (Jun 12, 2009 8:10 am) |
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Replying to: jamg (Jun 12, 2009 6:26 am) FYI, the interest rate for a 1-tier college rebate buyer (if you for some reason you cannot get special apr) is actually 5.25% last I checked (2 months ago), and for college rebate people, becoming a 1-tier buyer is much easier. SO there you go, you get low financing and the rebate if things do not work out with promotional 2.9% apr.
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Replying to: carbuyer88 (Jun 12, 2009 8:10 am) At 2.9% APR, $15,000 for 36 months is $436/month... |
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Replying to: abchin486 (Jun 12, 2009 9:56 am) This is actually the first new car I'm purchasing and the first time I'll be financing (always purchased very-used cars and paid cash to dealer or private party in the past). Can you give me a quickly lesson on the "tier" mumbo-jumbo stuff?--I've also seen it at the bottom of Toyota's fine print. At least for me it might as well be in written in Greek or Russian. How does the "well-qualified buyers" relate to the "fine-print" tier system? If I recall there's at least 3 different tiers for APR? Would "well-qualified buyers" equal "1-tier?" Does your down payment ever determine your APR? Which of the following would be the case: A) dealer gives you a high APR when you give them a large down payment or B) the dealer would give you lower APR if you give them a large down payment or C) APR is only affected by credit scores and the such, but never by your down payment amount. Thanks. |
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Replying to: carbuyer88 (Jun 12, 2009 8:13 am) I'm still trying to figure out this APR thing too (just posted my own question), so I don't think I can answer your APR question. You can indeed buy a car with $0.00 as your down payment. You can probably walk into some dealerships tonight with no money, sign a piece of paper, and walk out with a shiny new car plus a few thousand dollars in nice cold, hard, green cash. You can also buy a gun and a bullet and shoot the bullet into your left foot. Does this mean either of things is a good idea to do? While I don’t think these two things are literarily on the same level, depending on your financial outlook, they might metaphorically be similar. I think the house market's most important lesson was buy only what you can truly afford. This approach makes good sense for you—and (if enough people do it) good sense for the rest of the nation too. Here's how I figured out what my down payment would be--it might work for you too: Payment: Figure out what you want your car payments to be. Remember (if you're like us) your insurance for the new car might be double the insurance for the clunker you currently drive--add this insurance increase into to your budget. I need our monthly payment to be in the $75.00- 90.00 a month. Car: Figure out what car you really want and ballpark the OTD. Take note of the cheaper cars just below your “want-car” that might be tempting (this might be your plan B) Jump on the Edmunds calculator and see if you can afford the car: http://www.edmunds.com/apps/calc/CalculatorController?pmtcalAction=affordability- &tid=edmunds..calculators.basic_loan_tab.afford.tab_link..* Play with the numbers and see what happens. However, don’t forget about the last important calculation. Time: Figure out how quickly you need a car. We were lucky; our little '92 Geo was still running (as long as we weld the muffler back on every 6 months) so we've actually been shopping for a car for over a year now (started casually saving 2-3 years ago, started seriously saving 1 year ago). Adjust those numbers and dreams and saving plans as needed. In June 2008, when I really wanted a shiny new Corolla, our numbers didn't add up at all (the payments would have been way too high—we had very little saved). I could have bought a different car (Kia, Hyundai, maybe a Fit), but we waited, saved religiously and tracked the incentives on the Corollas. It took a year, but I think it'll work out that we get the shiny car that I want at a payment I can do, and it's only 1 year later than I had hoped.
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Hi, I am going to buy a new 09 corolla LE which is the only one of this model available in the dealer's new car inventory. Everything is fine except there is 149 miles on odometer although it is labelled as a brand new car. i am concerned that many people have test driven it and result in 149 miles, but they thought there is some flaw so they didn't select this one. Now it is the only one left. The dealer would rather not lower the price because of its mileage which they think is normal and reasonable. Shall I worry about this although it will have same warranty as other new cars? Your comments are appreciated. |
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