$14,500 now what?
 

Im posting this on the tc forum because the tc is my first car choice. unfortunately im having problems getting a private loan (screwed up credit )and i need a car within the next few days.
so, here's my problem i have about 14500 cash i can spend for a car and like i said i need one now. ive already dealt with the realization that im not gonna get my tc this year :cry: so i'll try for next year. but i went to a dealership and got a good deal on a used 2004 corolla loaded. but im not sure if this is what i should get. does anyone have any suggestions? i want a car that will be easy to sell in a year and retain much of its value but for 14500 am i being realistic? what would u get?

I am not a leasing expert but is there any way you could lease a car for a year (or even rent a car for that matter). Then when the year is up, you have no obligations and can get your tC.

Kevin

If you want to buy a used car that will retain it's value purchase a 2 or 3 year old vehicle. One thats already taken the majority of the hit on depreciation. If you are looking at a used 2004 most likely it was a TRAC (rental) vehicle or one they purchased at auction. Not the best choice for a used car in my opinion. I would consider purchasing from a private party as well, you will get a better deal all around and use your sources for information such as KBB.com, Edmunds.com and NADA.com to find the true value of the vehicles you are interested in. If you do purchase a used Toyota make sure when it's time to trade it in you are under the 65K mark and no older than 5 years old. These vehicles can be certified and will bring more money when it's time to trade.

I hope this helped.

Go to KBB look up the trade in value of the vehicle you are interested in. It will give a an idea of what the vehicles worth is to the dealer and gives you a good starting point for negotiation.

i did consider a lease but i dont want to make any payments and the whole credit issue :oops:

If you have cash to spend, I say just buy a beater for now. Save up for a year and buy your TC outright.

but thats the problem im having now. my car is a hoopty and i need reliable transportation and i know nothing about cars. so it i dont get a decent one from the start im gonna get takin' big time.

If you are going to spend your monety, dont wast it on a 'beater', get something that you are going to get your cash back when you trade it in.

A corrola sounds like a great chioce, those fully loaded are great cars.

Just another thought, you could get a nicely used '04 matrix for about that much, fully loaded as well. Both of those have the same engine. If more power and speed is what you are after, look for a used XRS, those have the 2zz in them and would make for a very nice 'beater'.

Good luck.

I agree totally. Very well said.

if you don't mind getting manual everything, get a 05 corolla CE, and believe me, when it's time to sell it (5 years later), you won't get much less than a fully loaded LE model. and the best part is, they are selling for 12k somthing. if you must have power everything, get xA.

for me, I will just buy an used altima for 5k or less and have fun with it. or if you just want basic mean of transportation, get a 93- 95 civic or corolla for about 3k, they will sure last you for another 5/10/15/20 years....... or maybe not....

You have 14.5 in cash to pay right now? And youll have loan issues? Ok here is my question.... how quickly can you pay off the 3K or so difference? If it's a few months, go for it man. The dealer should beable to get you SOME financing, it may be a high APR like 15% + but if you can pay it off in 6 months who cares? You might pay a hundred or 2 in intrest if you pay it off that quickly.

Just buy an old Civic. They depreciate very little and reliability is more often than not a "non-issue". If you only hang on to it for a year you would get most of your money back when selling it. I agree with what others are saying; buy private.

HELLO! go buy an xB!!

you can put $14500 down on a tC and the dealer can't get you financed? go to a different dealer, get financed and pay it off in a couple of months. then it won't really matter what the interest rate is. go get your new tC. :)

if youi have 14,500 to put down talk to your dealer, I know scion dealers work with people that have bad credit. I didn't have the best credit, it was all old and paid off but nothing was reastablished for the past 3 years. I put 18,000 and got an auto XB with nothing else but I am going to add the spring, wheels and stuff next spring. I would give them a call and say you have 10 grand to put down. Keep 4500 for go fast stuff.

^^^ werd.....i don't think you'd even need that much down......

what about a credit union?

-Tyler

what about a one payment lease your front the first three years on the car cash and you have no payments. the you invest your money and pay cash for the car when its time.

Re: $14,500 now what?
 

Just wondrin', have you ever consider fixing your credit? before I bought my tC, I have been planning for it and I spent almost nine months to repair my own credit. My FICO went from 590+ to 700+ now. It's a long and difficult journey, but it's all worth it in the end. Save me a tons of grief in finding a good deal. If interested, here is the resource that I use: www.creditboards.com Spend at least a few nights searching through the forum. Most the credit problem that you have might be solved by another forumer already.

Re: $14,500 now what?
 

well said. car loan is the best way to get your credit back on track.

Put your money down on the tC. That leaves almost nothing to finance. Who would turn you down on that small amount?