Am I getting my money's worth? - Toyota Nation Forum : Toyota Car and Truck Forums

lilfaithy · 07-09-2006, 05:59 PM

I am looking at buying a '98 Avalon XL. I am going to have it looked over by my mechanic but as far as I can tell is in great condition. It shook a bit on the freeway and I talked to the guy and said I want that fixed (I believe it's the tires) before I buy the car. Otherwise, looks great, drives great, love it...

Out the door he is asking $9900. That's total with downpayment, taxes, interest, etc... It's an odd situation, he is a mortgage lender and I think has some sort of a deal with a local Toyota dealer. The car has no warranty which my dad worries about. The fact is, I don't have good credit and I don't have anybody to cosign for me.. the guy is giving me 9.8% APR which from what I can tell is great for someone like me. Never bought a car before, no credit to speak of.

My question is... am I getting even close to a good deal here? Should I try to talk him down? Blue book looks to be closer to $8500 but with interest and taxes etc, $9900 might not be that exorbitant. I am not an expert, and that's why I'm here. Any advice? I'm going to talk to him again tomorrow.

silverxls · 07-09-2006, 08:46 PM

well..i'm a little confused...is the 9900 what you will end up paying by the time the car is paid off? or is that what you are financing. 9900 would be very high for a 98, and even 8500 is on the high side. checking autotrader down here 98's run from 5900 to 8900. but i do understand it's hard to get credit from just anywhere, and it's really unfair but people who have had problems really get screwed when trying to buy a car. there are even some '00 models for less than 9900.

lilfaithy · 07-09-2006, 08:54 PM

9900 is my loan obligation. I'm not able to pay a downpayment at all (I know how dumb this is, but my situation is just really awful right now)... so anyway, 9900 is the total I will pay. Sticker price + tax and title + interest..

Suggested Retail Blue book here is $8580 I believe, but private party is a little over $6500. I think technically this is a dealer sale, financed through a different institution, if that makes ANY sense. Anyway, I'm taking KBB printouts with me to my appointment tomorrow to talk to him about all of this. I just don't want to end up with a bad case of buyer's remorse, or being taken advantage of because I AM desperate. I suspect I will be able to talk him down a little. I may accept the price it's at now IF it gets a clean "bill of health" from my mechanic and he puts in a new stereo system (soo not happy with just a cassette player!), but even with that I think it ought to be a little lower priced.

lilfaithy · 07-09-2006, 09:23 PM

OK, I was confused too. I just sat down and figured it out and I'd be paying 12588.60 by the time the car is paid off. That seems like a LOT to me.
Being so new to car buying, I feel so totally lost on this.

sickwilly · 07-10-2006, 10:58 AM

Value of the car aside, that interest and payment is going to kill you. Look for a 95-97 Avalon--I just picked up a 97 for $5000. Find one for less than $4000. Get it paid off, then trade up. Get yourself out of the credit trouble. That deal sounds like a $9900 boat anchor to keep you tied down and in trouble.

Now if you don't even have $4000 around, see how much dad will lend you and just get a car worth that. Pay it off as soon as you can, then step up, till you get up to a car with a warranty.

Look at it this way, you can buy and walk away from (if they break) 4 different $3000 dollar used Avalons before paying as much as you will on this car, and I would be willing to bet that at least 3 out of those 4 would give you 60-80K miles with minimal repairs.

silverxls · 07-10-2006, 11:19 AM

well, not sure of tax percentage in utah, but that would put the price of the car around 9000. given that you aren't putting anything down, and they're financing all of it, and 9.8 percent is pretty good for your situation, you are definately paying a little more for this service. it is very smart that you are having a mechanic check it out for you, and if the car is sound, it can still give you many years of service. if they won't lower the price, be sure to get all the probs fixed, like stereo and tires. the main thing is.....if you are happy with the car, it will be worth it. what is the mileage of the car? and is there any proof that service has been performed such as timing belt replacement.....check for that.

Mike Murrell · 07-10-2006, 06:20 PM

If you opt for a lesser expensive mid-90s Toyota, especially one with a 6 cyl. motor, beware they had a lot of problems with blown head gaskets during that time. There was also a lot of web talk about oil sludging that Toyota tried to deny.

lilfaithy · 07-10-2006, 09:51 PM

I went ahead and got the car, and I think that I am happy with my decision. The seller is paying for me to take it and have the one minor problem taken care of tomorrow (tires need to be rotated and balanced). Otherwise it's in great condition. I am paying a little more than it's worth but if I went into a dealer it's like my APR would be around 24% (ouch) so I'd end up paying the same or more, even if the sticker price was a lot lower. I don't have anyone to give me a hand up in this situation.. I'm a single mom, my parents cannot help me and I don't have anyone to co-sign... the guy gave me a good deal on the loan and is letting me stretch a downpayment over 2 months, which works out great for me. I just want to go for a few months without having to make any repairs and I will be happy.. lol.. so far it seems like a great car. Having A/C is heavenly. I realize that this isn't an investment or anything for me.. I am going to be in the red for most of the period of the loan.. but it's a reliable car, and I can't ask for much more in my situation.

Oh, and the mileage is 90K.

Thanks for the advice.. I will probably be sticking around here as I get to know my Toyota!

silverxls · 07-10-2006, 11:49 PM

good luck lil...and what's not to love about an avy....take care of it and i'm sure it will take care of you.

carloi · 07-11-2006, 07:46 PM

I've been driving my "new" 2000 VXI for 3 days now and my initial apprehension is all gone and I just love the car. Can't wait to bolt on some mods to it.

lilfaithy · 07-12-2006, 12:02 AM

2 days into ownership I'm feeling better and better about the whole thing. I love this car.

silverxls · 07-12-2006, 06:47 PM

yeah....i bought my avy used...and was so amazed how "new" it still felt. i still find myself driving and thinking how much i love the car. ride, luxury, roominess, power....has everything over the camry...not that camry's are bad cars. the avy just makes a camry feel harsh... the new camry's have closed the gap between it and avalon a bit...but in the used market, the avy is a much better deal.

lilfaithy · 07-13-2006, 08:39 PM

I went and got the tires balanced yesterday (seller paid for it, hehe) and the ride is so much better still, feels like I'm floating on air. I am in love! I'm so glad I made the decision to buy this car. There is so much room, it's so comfortable and easy to drive. My 16-month-old even loves it, she doesn't cry when I put her in the car anymore.