Please advise: Planning on purchasing the 2010 Corolla LE

[yvette726]

Hi everyone, i'm new to this forum and would like your advice. I'm planning on buying the 2010 Corolla LE no later than November 8, 2009. I went to a dealership yesterday and was told that the 2.9% APR special is going on until Oct 5, 2009.

However, I'm actually leaving for a vacation for three weeks on Oct 7th. I would really prefer buying the car after I get back. However, I'm also afraid the APR wouldn't be as low if I wait till then. I heard that nobody knows what the incentives are until they're out. However, I would just like to know if you guys know what the toyota incentive promotions have bene like? Are 2.9% APR a once in a blue moon deal? Do they tend to continuously have APR promotions going on? I just started looking for a car so i haven't really followed what deals are there. Would you guys recommend me to just buy it now?

Another thing is, the Corolla LE that I looked at has Bluetooth and is MSRP at 18249. After some bargain the sales person said she'll bring it down to $17453. And my monthly payment will be 327/mo for 60mos (no money down, with $1000 College rebate) Do you think that's a good deal???

I know this is a long post, and I really appreciate your help! =)

[pinoyesv6]

I got the same APR last november when I purchased my car. But it is true who knows what the interest rates will be in the future.

[got-rice]

The rates are hard to predict. The change very constantly so if you snooze, you may lose out. However, based on the current status of the market, I doubt this would be the last of these promotional interest rates. I believe that here in Southern California, Toyota was offering 0% on the Corolla.

[lolitsalan]

got-rice is correct. However I flat out paid 15.8k-ish pre-tax (17k total). And I don't have Bluetooth, but that shouldn't be too much of a difference.

[joeylgarcia]

isnt it that the percent interest rates are also dependent on your credit rating? they may advertise 1.9% or 2.9% or 0% but that can only hold true to well qualified buyers. a buyer with a good yearly income and an outstanding credit rating.

[got-rice]

Originally Posted by joeylgarcia

isnt it that the percent interest rates are also dependent on your credit rating? they may advertise 1.9% or 2.9% or 0% but that can only hold true to well qualified buyers. a buyer with a good yearly income and an outstanding credit rating.

Correct. Based on your FICO score, Tier I and II (What TFS uses) customers are eligible for the better interest rates. If you have crappy or no credit, you can have someone with good credit to co-sign in order to be eligible for those rates.

[jkowalski]

When I went to buy my '09 S, they had $2000 rebate, or 0% finance (which, I barely qualified for, but I did qualify). Which surprised me, because my bank wouldn't approve me for a $22K or $25K (can't remember) loan.
I had the salesman run the numbers, and it worked out that $2,000 off was about the same payments as 0% financing. I ended up taking the $2K, and got a 5.5% APR.
I will say this about Toyota: a few months later, I was on vacation, and saw this Dodge I liked, and was thinking about trading the Corolla in. They ended up sending off to like 4 or 5 banks, which all did a credit check. The first offer that came back was 9.9%. Yea, right. I laughed in their face.
Toyota did not screw around with stupid gimmicks like Dodge did. (No wonder Dodge went bankrupt!)

[hmcrm]

I believe that incentives vary by region, but where I live the current APR incentive is 2.9% for up to 60 months, good through October 5th. Before that it was 0% for up to 60 months, good through September 5th. Come October 6th, the new incentives will be out, so who knows.

I ordered my Corolla S on 8/24/09. When I ordered it they also had $500 cash back, currently no cash back. My car is supposed to be in on 10/5, but I think I am just going to wait for the new incentives on 10/6.

The only other thing is this...I have a 2010 Corolla S on order, 5-speed manual, with options QC, FE, CK, SR, and 2Q (Extra Value Package, 50 State Emissions, All Weather Guard Package, Sunroof, and All Weather Mats), and my purchase price is $17,689 before tax/title/license. If I remember correctly, the Bluetooth radio option would add another $300-ish to that cost. The other dealers I dealt with would only drop to $18,300 and $18,000 for the options listed above. What I'm getting at here is make sure you go to more than one dealer, as you can usually get a better price that way.

[yvette726]

Thank you so much for your opinions guys!

I am guessing my best bet is to wait until I get back from my vacation!!!!
I really really really can't wait I'm dreaming about buying this car at night! haha

Only thing is, it doesn't seem to me that the dealers I go to are too flexible on the price with me. I just went to a lcoal dealership today and after I told them I got a good quote from another dealer, they didn't even bargain with me and just showed me where the door is..... =(

[got-rice]

Originally Posted by yvette726

Thank you so much for your opinions guys!

I am guessing my best bet is to wait until I get back from my vacation!!!!
I really really really can't wait I'm dreaming about buying this car at night! haha

Only thing is, it doesn't seem to me that the dealers I go to are too flexible on the price with me. I just went to a lcoal dealership today and after I told them I got a good quote from another dealer, they didn't even bargain with me and just showed me where the door is..... =(

Supply has become tighter the last few months, as the C4C program helped clear out the inventory of Corollas nationwide. That's why the prices aren't as good as they were earlier this year. Only the bigger dealers might budge a little.

[hmcrm]

Originally Posted by got-rice

Supply has become tighter the last few months, as the C4C program helped clear out the inventory of Corollas nationwide. That's why the prices aren't as good as they were earlier this year. Only the bigger dealers might budge a little.

I could definitely see that as a reason for them not being so willing to deal on the cars. At the dealer I am working with, within 2 days of them getting an S in stock, its gone, every time. They got 2 more in this past Saturday, and I'll bet if I stop by tomorrow both will be gone.

Originally Posted by yvette726

I am guessing my best bet is to wait until I get back from my vacation!!!!

I would think that might actually not be a bad idea. Hopefully by then the supply will be getting better able to meet the demand.

Originally Posted by yvette726

I really really really can't wait I'm dreaming about buying this car at night! haha

I know EXACTLY what you mean! I've been waiting for mine since 8/24. Now that I'm down to my last week the wait is just getting harder and harder!

[yvette726]

Originally Posted by hmcrm

I know EXACTLY what you mean! I've been waiting for mine since 8/24. Now that I'm down to my last week the wait is just getting harder and harder!

AND this is actually my first new car ever! The previous cars i had were 95 Lumina, and a 99 Malibu (which I still own). It's like from hell to heaven for me. I just really hope that the incentives will still be there when I come back, because I'm really tight on my budget, as i'm just starting out in my career.

[Drachenv6]

If you are receiving the college grad rebate, toyota automatically puts you in their highest credit rating when you finance from them. You'll be able to get whatever the promotional rate is at that time.

Originally Posted by yvette726

Hi everyone, i'm new to this forum and would like your advice. I'm planning on buying the 2010 Corolla LE no later than November 8, 2009. I went to a dealership yesterday and was told that the 2.9% APR special is going on until Oct 5, 2009.

However, I'm actually leaving for a vacation for three weeks on Oct 7th. I would really prefer buying the car after I get back. However, I'm also afraid the APR wouldn't be as low if I wait till then. I heard that nobody knows what the incentives are until they're out. However, I would just like to know if you guys know what the toyota incentive promotions have bene like? Are 2.9% APR a once in a blue moon deal? Do they tend to continuously have APR promotions going on? I just started looking for a car so i haven't really followed what deals are there. Would you guys recommend me to just buy it now?

Another thing is, the Corolla LE that I looked at has Bluetooth and is MSRP at 18249. After some bargain the sales person said she'll bring it down to $17453. And my monthly payment will be 327/mo for 60mos (no money down, with $1000 College rebate) Do you think that's a good deal???

I know this is a long post, and I really appreciate your help! =)