Buying Used Corolla?

[uncreativemind]

I'm looking for a used corolla but I don't know if I should be looking for the 2002 model or 2003 and newer model. I heard 2002 had leaky water problems but I don't know how bad those are.

I probably want an auto transmission, around 20k km/yr so (around 80-90 k for either 2002 or 2003), probably last a good 4 years without any expensive repairs or maintaince.

I'm not sure how private or car dealers work, so I'm not sure if I could get a good deal by paying in cash only without taking out a loan. Would 8-10 k CAD including taxes be good enough?

Or would I be better off getting financing a 07 Corolla CE, C Package at around 390-400/month tax inclu for 60 months (it's that even possible?)?

[drift_ae86_91]

i would honestly say, go with the used car.

do your research though, search on the web the used car guides and all those things.
new cars depreciate too much anyways, and for 10-13k for a nice used corolla you can get many many years of use with regular proper maitenance.

[toyomoho]

The year/mileage for your used car seems sound. When cars get 140Kish miles (not km’s) things start to fail. Not major unless the car was abused or had poor maintenance. But a bad CV joint can be expensive when labor is included.

Are you going to do any maintenance yourself?

As Drift states, the issue with new cars is depreciation. If you are going to keep the car until it dies (10-15 years plus) this is not such a large issue.

New and used car prices vary with region. Suggest starting to shop around to see what is out there without buying. There are always good cars out there, don't buy until you are sure you know what you are doing.

Do a few numbers on the total cost of owning a new car including tax, license and insurance versus owning a used car. See how prices of new and used cars compare to determine how much depreciation on this model factors in. Consumers Reports may have this info plus info on buying new and used cars. Check your library for this and other publications on cars and buying them.

Don’t get taken in by only thinking about the monthly payments of a new car; think total cost over the life of the car. Dealers make the payments attractive to buyers, but the payments go on for 60 months (or more).

If you do buy a used car have a competent mechanic check it over even if this costs a few dollars. A good mechanic can spot problems which you can use to negotiate on price and if necessary pass the car by.

[uncreativemind]

i've been doing a lot of research too. Regions are a big question too. I'm weighing the trade-off of getting it from an area with less demand for corollas vs the hassle of driving further each time. But I was wondering if these three points make sense.

1. Let's say theoretically, if the 2003/2004 CE Model with the preferable mileage I'm seeking has about Y % trade value of a brand new 2007 CE from a Toyota dealership. Then for that type of 2003/2004 CE Model, I should be paying about Y% of 2007 price including taxes from a Toyota dealership not including the risk that comes with a used car and less warranty.

Now if i'm getting it from a private ownership or independent dealer, it should be even less because of the greater risk I'm incurring and such.

Let me know if that make sense?

2. If I get a quote, X amount that includes the taxes, for a brand new Corolla, in total how much more or less than X can i negotiate for the final push usually?

3. I heard Carfax, you get unlimited reports for 30 bucks for 30 days, where else with Carreport, you pay about 30-45 bucks for EACH car report. Is the something about CarReport , that makes it worth the extra dough?

[toyomoho]

Not sure if I understand your No 1 scenario. Out the door price on a new car depends on many factors. Some of these are demand for the car (if very high don’t expect a discount over sticker) and time of month or year (sales department needs to make their monthly quota or next years models are coming into stock), etc.

The dealer also may be looking for extra profit at time of sale from items such as undercoating, optional equipment you may not need and an extended warranty that you may or may not want. If you want an extended warranty keep in mind in the USA you can shop around at dealer to find the lowest price, not sure in Canada. Some buyers have negoitated a price then returned to sign a contract or pick up a car only to find the terms and equipment have been changed by the dealer.

Dealers also make money on financing, if you cam arrange your own through a credit union or such you will be better off.

I think Consumer’s Reports can get you a print out of a new car models dealer cost. This will give you an indication of how much mark up is on the car. Keep in mind the dealer may get a hold back from the manufacturer after the car is sold. This is additional profit that does not show up on the invoice. Don’t expect them to give up this hold back to lower the price.

There are a few good books out there on buying new cars and again Consumer’s Reports and other organizations offer tips on new car buying and even what you can expect to pay over invoice.

I am not an expert on buying new cars, as I prefer used ones. Suggest if you want to buy a new car, find the model you want but don’t fall in love with any one car. If possible arrange financing before negotiating any prices. Find out what the dealer make up is.

Time your purchase for a slow, rainy weekday at the end of the month. Then offer say $200 over dealer cost, be prepared for rejection or a counter off. If you can get the car for $3-500 over invoice you are doing OK.

If you trade in a car on this purchase, expect the dealer to get you one-way or the other. Either offer a high trade-in value and want more for the new car, or offer a lower new car price but higher trade-in valve. Sometimes the dealer manages get a low trade price and still get a high price on the new car. The dealer is in business to make money, period.

Used car values are the same. Some cars depreciate a lot slower (hold their value) because they remain popular (supply and demand). Thus trying to calculate valve based on a percent of new car price may not be possible.

Most late model cars even if abused or received poor maintenance should last 100K (US) miles. As the car gets older and runs up more miles, repairs become to a large extent linked to prior usage and maintenance (or lack of). Yet, even with the best care and driving parts will wear out, even on a Toyota.

I know nothing about CarReport. One word of caution, not all issues show up on these types of reporting systems. Again, have the car inspected by a competent mechanic. It is rare but does happen where some people have purchased cars (used or new) that were at one time under water because of events such as Katrina.

[REN69]

Why a CE??? if you're buying a used model, go with an 03-04 S model instead, a lot better looking and better options than a CE.

As for problems, all cars have them no car is perfect.

[uncreativemind]

Apparently, I was probably lied to by a Toyota dealer in Ontario who claimed that there was a 2007 Corolla CE C package available for 397/month CAD including everything. And also lied to by another Toyota/Honda dealer claiming to have one (i called another salesperson who confirmed there was none).

I just need a reliable car to go from A to B. Unfortunately, it feels like i will get better value if I finance a car over 5 years as oppose to dumping 13 k CAD for a used 3-4 year old car that might break down or have expensive repairs.

I was quoted 450/month CAD for a 2008 Corolla, which is too much for me. For that price, I could get another car. Pretty much so I get a Honda Civic instead then? *sigh

I just want reliability and good value

[01loadedLE]

Personally I'd get a 02 LE or S and save a lot of money. Take care of these cars and they last for years. I have a 01 LE and Ive had no problems with it since 00' when I bought it other than replacing the maf sensor but that wasnt expensive. If I had to drive across the entire country in mine I would not hesitate as I know it would get me there. Ive never heard of water leak problems with the 01/02.

[AzN-BriaN]

or u can find sum1 u know selling a car u know they maintain very well