I have a car that qualifies for the $4,500 rebate. The car has A LOT of miles, it's actually a mid 90's GM with 165K miles, and still running strong. Street value, it's worth around $1,000, so the $4,500 rebate is the way to go. The problem with the GM car is that it is having a hard time passing emissions.
I also have a 2006 Corolla S (50K miles). I was thinking of turning in the GM vehicle, getting the $4,500 rebate, and then selling the Corolla S privately for around $11,500, for a total of $16,000 in equity.
You are likely going to have some trouble getting 11,500. Depending on condition, I would guess 9.5-10,000.
I would just drive the wheels off the 06 Corolla. No need to destroy a working car and sell a lightly used one, and still have to pay some more for a "new" corolla.
Ask the dealership if you can trade in two cars. That way you will get the government rebate for the gm car and the money for the corolla. Then you would owe less on the new car you are purchasing
the 06 rolla should still last for many years and it sounds like the old GM only needs some minor tuning... why scrap something thats still good? i drive old cars until they can no longer be repaired, although it helps that we have no emissions tests here! it sounds to me like you have the new car bug though... once it bites its hard to shake it!
__________________ 2001 Toyota Tundra TRD 1994 Jeep YJ - no top, no doors May-Oct 1996 Toyota Tacoma - RIP! frame recall $16,638 2009 Toyota Corolla XRS - SOLD
I don't see the point of buying another Corolla if you are going to sell the 06 and trade your GM vehicle in. I'd say buy something else besides a Corolla if you get the CFC rebate.
the 06 rolla should still last for many years and it sounds like the old GM only needs some minor tuning... why scrap something thats still good? i drive old cars until they can no longer be repaired, although it helps that we have no emissions tests here! it sounds to me like you have the new car bug though... once it bites its hard to shake it!
A ~15 year old GM with 165K miles still running is an anomaly though, not usually something that can be fixed with minor tuning. If would seem pretty silly to not take advantage of turning in a mid 90s GM with emissions problems for $4500.
I would sell the S for what you can, then trade in the GM like you are planning. $19K sounds like a lot for a S, though I am sure it depends on the options you get. Learn how to work dealers over and you save some money.
A ~15 year old GM with 165K miles still running is an anomaly though
i suppose! i am used to imports... i have a 20 year old honda thats still a daily driver...
__________________ 2001 Toyota Tundra TRD 1994 Jeep YJ - no top, no doors May-Oct 1996 Toyota Tacoma - RIP! frame recall $16,638 2009 Toyota Corolla XRS - SOLD
I don't see the point of buying another Corolla if you are going to sell the 06 and trade your GM vehicle in. I'd say buy something else besides a Corolla if you get the CFC rebate.
My GM gets a combined of 18MPG, so I would have to get a NEW vehicle that gets 28MPG or better combined in order to get the $4,500 rebate.
The Corolla is one such car, I do NOT like the way a Honda Civic looks, and everything else is pricier. I am not a fan of Nissan and Mazda 3's don't get 28MPG or better, plus the Mazda3's look weird for 2010. I am not left with not much to chose from for something under $20K. Maybe a Kia or Hyundai.
I would just drive the wheels off the 06 Corolla. No need to destroy a working car and sell a lightly used one, and still have to pay some more for a "new" corolla.
The problem with the GM is that it will not pass emissions. In a couple of months, the car will not be allowed to be registered for another year, due to it failing emissions. I will have to spend about $500 - $1,000 to POSSIBLY get it to pass. I need a new catalytic converter, some evaporation controls, maybe even a new gas tank, this will put me over $1,000 in repairs.
The GM drives strong, everything works on it, just the emissions stuff is causing the problems with the EPA and I can't re register it.
So, I can get $4,500 for it in the rebate program
OR
it will have to sit in my garage because it will not have plates on it
OR
dump $1,000+ into the GM to have it POSSIBLY pass emissions, no guarantee's it will.
My GM gets a combined of 18MPG, so I would have to get a NEW vehicle that gets 28MPG or better combined in order to get the $4,500 rebate.
The Corolla is one such car, I do NOT like the way a Honda Civic looks, and everything else is pricier. I am not a fan of Nissan and Mazda 3's don't get 28MPG or better, plus the Mazda3's look weird for 2010. I am not left with not much to chose from for something under $20K. Maybe a Kia or Hyundai.
Perhaps you'd want something bigger like a Camry? With the rebate, you aren't limited to just the Corolla if you are intending to stick with Toyota. If I was in your position, I'd be looking at the Genesis Coupe, but that's a totally different kind of car.
As someone else already mentioned, talk to a few Toyota dealers about trading in both vehicles at once. You are well into borrowed time on the GM beater. The '10 Corolla will be a noticeable improvement over your '06 in most regards. Look at it this way, if a dealer will take both in trade, $3-4K upgrades you from a 4-year old Corolla w/ 50K miles and probably no warranty to a brand spanking new one with a full warranty. That's a very sweet deal.
Last edited by Inhaled Straw; 07-06-2009 at 12:55 AM.
Perhaps you'd want something bigger like a Camry? With the rebate, you aren't limited to just the Corolla if you are intending to stick with Toyota.
The Camry will NOT qualify, as it gets a 26MPG combined. Any NEW car purchased must get 28MPG or better in order for my GM car to work.
Remember, my GM gets 18MPG combined, any NEW car must get 10MPG or better in order to qualify for the $4,500 rebate. So cars with 28MPG or better will only work for the $4,500 rebate.
The Camry will NOT qualify, as it gets a 26MPG combined. Any NEW car purchased must get 28MPG or better in order for my GM car to work.
Remember, my GM gets 18MPG combined, any NEW car must get 10MPG or better in order to qualify for the $4,500 rebate. So cars with 28MPG or better will only work for the $4,500 rebate.
Technically it does qualify, but you only get $3500 instead of $4500.
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Street value, it's worth around $1,000, so the $4,500 rebate is the way to go. The problem with the GM car is that it is having a hard time passing emissions. 
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