Is this a good deal?

Discussion in 'OT Driven' started by Rynn, Apr 4, 2003.

  1. Rynn

    Rynn Guest

    One of my friends who used to work with me is now working at a Toyota dealership. I went down to see him, not really thinking about getting another car, and browsed at a few cars while I shot the shit with him. I was curious what I could get for my car (1998 Ford Contour SE, 4cyl, 67k miles and in excellent condition inside and out) for a trade in, even though I'm still paying on it. He was bored since there weren't many customers, so he ran the numbers for me. Basically, I could get about $3,000 to $3,500 depending on what their mechanics thought of it. I owe about $6,000 so I'd have to eat $3,000. While we were talking, the used car manager comes up to my friend and asks how he was doing, etc, and we told him how I was checking the trade in value for my car and how I still owe money. He then tells me there's a car I might be interested in my situation could work with.

    The car is a 1998 Toyota Camry. This isn't the normal Camry, however, but the "luxury" edition. It's got alloy wheels, moonroof, spoiler, all power options, etc. (I believes it's called the LE version?) Apparently it was owned by an old guy, and has 91k miles. It's a Toyota however so I'm sure it can easily get at least 75,000 to 100,000 more miles on it. The price they want is $8900, which is about $3-400 below book value. I can't see the car until Saturday morning because they're prepping it and going over it to make sure there's no problems.

    Now, I'm not sure if this is the best practice to do, but I Blue-Booked a 1995 Contour (which will be about the same age as my car will be when I pay it off in 3 years) and it comes out to be worth about $1,200. That's a little more than 15% of what I paid for it. So either I eat the 3 grand now or later I guess, right?

    Now, the pros and cons:

    Pros: I get a better car that will be worth more when I pay it off, and also will last longer. (I know cars aren't an investment tho) My Contour will be at more than 100,000 miles when I pay it off, and the Zetec engine isn't known for it's longevity. Also, that Camry is a fucking pimp ride too.

    Cons: I eat $3,000 and have a slightly higher car payment (I pay $230/month now and will probably pay $245-250) and get a car with almost 100,000, granted it's a Toyota though.

    Another thing is that my girlfriend might want to take over the payments on my Contour completely as she's looking for another car, and since she'd only have to pay for another 3 years and doesn't drive far to work she'll be getting a pretty good deal. Her car has 150,000 miles so anything is better than that piece of dogshit she drives. If she does take it over it might make this situation much easier to decide on. However, since I haven't seen the car I don't want to make any decision until I've drove it and looked it over.

    Well, what do you think? Be as critical as you want, I'm trying to get feedback from alot of people, not just on OT so this will help me a bit.

    Also, anyone have info on the '98 Camry from personal experience or otherwise?
     
  2. Turbo240sx

    Turbo240sx Still Spoolin'

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    the camry is a well built car, thats for sure, but dont be expecting to make it a performance machine. if you are interested in it just to be a reliable daily driver, then it is an excellent car and if taken care of can last a long time.

    it would be a good idea to let the girlfriend take over the payments and then you dont have to lose a crap load of money, maybe she could give you a little bit of money for it that could go towards the camry.

    you could possibly get a loan for the money for the camry and then be able to pay that off in the long run. if not, get a chunk of money and just buy the camry.

    im more into performance cars, but i dont mind economy cars as long as they are used for what they are intended, ie: NOT racing or performance.

    toyota's have excellent reputations and will surely do the job right.....but look around at some private sales on autotrader.com to see what other people are selling similar camry's for and if the one from the dealer truly is a good deal.

    good luck and tell us how it works out :cool:
     
  3. alverino03

    alverino03 Active Member

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    is this a v6 version or the i4? if it's the v6... go for it!!! i've driven both, since my family only likes toyotas :rolleyes: and i can tell you that the i4 is REALLY slow. if you're looking for another sedan, look into an accord of the same year (98-2002). my i4 accord is a lot faster/powerful than the i4 camry. my only gripe with the camry is that it is extremely slow and the radio/stereo sucks!! let me know if you have any more questions that need to be answered. :)
     

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