Camry Hybrid

[Not the Autorx Frank]

My wife was rear ended yesterday in our 2000 Avalon w/ 125k miles on it. Looks like they will total it since market value is only 5k ish. Bummer... I am trying to decide whether to take advantage of desperate car dealers and pick up a new Camry at 2.9% for 26k ish (loaded) or look for a used Camry for 10-12k ish and avoid a car payment. Other cars I would consider

Lexus IS300
Camry V6

Just looking for everyone's thoughts on maintenance and reliability with a high miles used vs biting the bullet on a new one.

 

[d00df00d]

Get the IS300!

 

[saberz]

Never bother with a new car payment. In the end you lose out, and are stuck paying for what seems like an eternity.


Go the used route, find your self a very nice used Camry, get it checked out inside and out, run a carfax and autocheck just to be sure one isn't reporting what the other is etc. If you can buy a car flat out and not have to pay monthly its the smarter of the two choices.

New car payment + Full Coverage insurance + New car premium(newer car, higher insurance payout, thats why as the car gets older the premium gets smaller).


I also vote for the IS300 if you can find it with decent mileage, up here for 10-12k your looking at over 120k+ miles on the IS300, which isn't bad, but since mostly "kids" drove them up here it is bad. They probably beat the snot out of them.

Read up on the car and if your lucky you'll find a good one out there.

 

[Not the Autorx Frank]

My concern is the interest rate on used cars is much higher than new so it kinda of dips into what you are saving on the purchase price. I would still have a payment on the used car be it smaller but not by a whole lot. Having a hard time deciding if $125 month diff is worth having a car with no warranty.

Paying the full 12k would deplete most of my savings which kinda scares me... I know I'm all over the map here. Just can't find a tie breaker...

 

[bepperb]

Can't you get a 05/06 I4 Camry with 30,000~45,000 miles for around 14?

IS300's have to have over 100,000 to sell that cheaply around here.

I wouldn't worry about depleting your savings, as you'll be saving 350 bucks a month.

You're less "all over the place" than I would be!

If you buy used with a loan, keep the same (higher) monthly payment as new and have a shorter loan term. This will erase the interest difference.

 

[saberz]

Well if you can buy it out right 10-12k(which I assumed you would as you stated no car payment in your opening post).

Either way the amount being financed is literally HALF that of a new car. The interest on a used car is usually the same as new, the only time interest every increases on a used car is if you are rolling a car into a used car, thus increasing the amount to finance on a used vehicle.

So if used car is $10k, and you traded in a car that you still owe $3k on, the bank will give you the loan(sometimes) for $13k+ higher interest because they are taking a risk.

 

[Not the Autorx Frank]

My wife likes the 07 and up body style so would be looking at closer to 18-20k for used@ 7% vs New 26-27k@ 2.9%. Good points on insurance etc...

 

[94supraonchrome]

I'd say narrow it down between a new Camry XLE and the Hybrid. Hwy MPG is pretty close, if you do alot of city driving, go with the Hybrid.

 

[Not the Autorx Frank]

The 2.9% is a special for New Toyota's only. It doesn't apply to used cars. Independent banks in the area all quoted me 7% ish on a used car loan

 

[Not the Autorx Frank]

Originally Posted By: 94supraonchrome
I'd say narrow it down between a new Camry XLE and the Hybrid. Hwy MPG is pretty close, if you do alot of city driving, go with the Hybrid.


We do a lot of city so that makes sense...

 

[d00df00d]

Why are these two cars being compared, by the way? The Camry is an appliance; the IS300 is a sport sedan.

If you're even open to the possibility of enjoying driving, it's definitely got to be the IS300. Otherwise, it's definitely got to be the Camry.

 

[Bill in Utah]

I'd be looking for another 5k-ish car to replace the 2000.

Payments are a dead-end (just go buy the 26k Camry and get it totaled, unless you have $$$ gap insurance you'll be upside down till its payed off. And just think if right now you had payments and NO car)

If a 12k would tap you out, get a cheaper car until you can afford (SAVE) for another car.

I wish I figured that out when younger (the mindset that a payment for a low/no maintenance car is better than a paid for car that MAY require repair.)

$xxx per month saved up can add up real quick. And most of the time vehicles do not need the $$$ stuff done if bought properly.

I've seen many a person car poor.

Glad the wife is ok.

Take care, Bill

 

[bepperb]

I guess I would agree with your wife on the body style. Tough decision. For me, it might come down to what I could find used. I'm very picky about options/color and that's easier to deal with new.

I'm not sure what you're into, but you might check out the Accord and Fusion. I prefered both to the Camry, though the Camry was the smoothest/quietest and didn't feel smaller than the Accord (the Fusion felt smaller than both). I say this because you might get a better deal on them. For 26,000 you should be out the door with V6, leather... everything but Nav. On the Fusion, you might pull that off for 22.

 

[Not the Autorx Frank]

Originally Posted By: d00df00d
Why are these two cars being compared, by the way? The Camry is an appliance; the IS300 is a sport sedan.

If you're even open to the possibility of enjoying driving, it's definitely got to be the IS300. Otherwise, it's definitely got to be the Camry.


Hmmm now you are tempting me LOL.

 

[Not the Autorx Frank]

Originally Posted By: Bill in Utah
I'd be looking for another 5k-ish car to replace the 2000.

Payments are a dead-end (just go buy the 26k Camry and get it totaled, unless you have $$$ gap insurance you'll be upside down till its payed off. And just think if right now you had payments and NO car)

If a 12k would tap you out, get a cheaper car until you can afford (SAVE) for another car.

I wish I figured that out when younger (the mindset that a payment for a low/no maintenance car is better than a paid for car that MAY require repair.)

$xxx per month saved up can add up real quick. And most of the time vehicles do not need the $$$ stuff done if bought properly.

I've seen many a person car poor.

Glad the wife is ok.

Take care, Bill



That is my impasse I guess. My sensibility says one thing and my time and energy, another

Toyota's have been good to me and I always keep them for a long time (minimum 8 years ish), so spread out over a long period of time it evens out a bit is my rationale.

 

[saberz]

You would need to really shop around for a good 07/08 for a good price. I would never pay(this is me) $20k for a used car, because for 3k-5k more you can get a new camry. Doesn't make sense.

Camry's start at 20-21k, lots of incentives etc can bring a new Camry down in price, so you could technically get a higher model Camry for 20-21k easy.


Just saw Bill's quoted post. He is right, in 2001 I bought a new car because I got tired of putting money into the Jeep a few times a year(read maybe every 5 or 6 months somthing small or big).

For 5 years I kicked myself for being stuck in a 5 year loan, I kept the Impala from 01 to 2008. Got a tC(kept the Impala) and after a 1 1/2 years the tC payments were ridiculous and for medical reasons I sold the car(it was a stick). So I am now financing a used car(it was 10k, rolled 3k from tC). It was the cheapest I could get and have a bank provide me a loan on.

The Xterra is hopefully going to be with me a very long time. An 04 with 32k miles on it when I bought her, clean vehicle record.

 

[Not the Autorx Frank]

Originally Posted By: Anies
You would need to really shop around for a good 07/08 for a good price. I would never pay(this is me) $20k for a used car, because for 3k-5k more you can get a new camry. Doesn't make sense.

Camry's start at 20-21k, lots of incentives etc can bring a new Camry down in price, so you could technically get a higher model Camry for 20-21k easy.


I am ready and willing to shop. I already worked up a spread sheet.

Factory Holdback 2.0%
Factory To Dealer Incentives $0.00
Consumer Rebates $0.00
Destination Charge $750.00
Floorplan Fee $0.00
Profit 3.0%

Vehicle Invoice Price
2010 Toyota Camry Hybrid 4dr Sedan $23,796.00

Upgrade Package - UP $989.00
Leather Package - LA $1,036.00
Total Of Options $2,025.00

Total Base Vehicle & Option Price $25,821.00

Factory Holdback $586.90
Factory To Dealer Incentives $0.00
Floorplan Fee $0.00

Dealer's Total Cost Of Vehicle $25,234.10
Fair Profit Over Dealer's Cost $757.02
Negotiated Selling Price Of Vehicle $25,991.12

Destination Charge $750.00
Advertising Fees $0.00
Environmental Protection Packages $0.00
Dealer Prep $0.00
Consumer Rebates $0.00
Final Cost $26,741.12

State Sales Tax Rate (%) 8.75%
Selling Price of car $26,741.12
Sales Tax $2,339.85
Down Payment $10,000.00
Trade in OR Adjustment (+/-) $0.00
Amount Borrowed $19,080.97
Number of Months in Loan 60
Interest Rate (APR) 2.90%
2010 Toyota Camry Hybrid 4dr Sedan $1,439.80
Monthly Payment will be: $342.01
Total Cost of The Loan $20,520.77
Total Cost of The Car $30,520.77

Working up the same sheet for used too...

 

[saberz]

Yeah but do you see what you did.

Quote:

State Sales Tax Rate (%) 8.75%
Selling Price of car $26,741.12
Sales Tax $2,339.85
Down Payment $10,000.00
Trade in OR Adjustment (+/-) $0.00
Amount Borrowed $19,080.97
Number of Months in Loan 60
Interest Rate (APR) 2.90%
2010 Toyota Camry Hybrid 4dr Sedan $1,439.80
Monthly Payment will be: $342.01
Total Cost of The Loan $20,520.77
Total Cost of The Car $30,520.77


$10k down, your still financing 20k!, you literally only knocked 6k off the car. With hagging etc you may finance 18k but not worth it.

 

[Not the Autorx Frank]

Used quickie sheet

Factory Holdback 0.0%
Factory To Dealer Incentives $0.00
Consumer Rebates $0.00
Destination Charge $0.00
Floorplan Fee $0.00
Profit 0.0%

Vehicle Invoice Price
Used Whatever $16,000.00


Total Base Vehicle & Option Price $16,000.00

Factory Holdback $0.00
Factory To Dealer Incentives $0.00
Floorplan Fee $0.00

Dealer's Total Cost Of Vehicle $16,000.00
Fair Profit Over Dealer's Cost $0.00
Negotiated Selling Price Of Vehicle $16,000.00

Destination Charge $0.00
Advertising Fees $0.00
Environmental Protection Packages $0.00
Dealer Prep $0.00
Consumer Rebates $0.00
Final Cost $16,000.00

State Sales Tax Rate (%) 8.75%
Selling Price of car $16,000.00
Sales Tax $1,400.00
Down Payment $5,000.00
Trade in OR Adjustment (+/-) $0.00
Amount Borrowed $12,400.00
Number of Months in Loan 60
Interest Rate (APR) 7.00%
Interest $2,332.09
Monthly Payment will be: $245.53
Total Cost of The Loan $14,732.09
Total Cost of The Car $19,732.09

 

[Bill in Utah]

Originally Posted By: Not the Autorx Frank

That is my impasse I guess. My sensibility says one thing and my time and energy, another

Toyota's have been good to me and I always keep them for a long time (minimum 8 years ish), so spread out over a long period of time it evens out a bit is my rationale.


But the problem is *IF* some idiot rearends you and totaled the new car (my neighbor just had this happen last week in her 2009 Camry) and you still have payments but no car.

Forget the keeping it 8 years. Its gone now.

I don't know, I love the new car feeling (looking right now at selling the 07 Outback and buying a 2010 Forester) but unless I can find exactly what I want (this vehicle will be kept for a LONG LONG time) I will keep the perfectly sound Outback.

And of course we will be paying cash so the payment issue is not a problem. And full insurance is required in either case and is "fair" (and the same price) so that factor is the same.

But really, if I was in your situation I'd get something that you can afford and save the $$ until you can get something paid for that you want.

Nothing beats a paid for car. Again I wish I figured it out a long time ago..

Take care, Bill

PS: And of course if something real bad happens (lost of job, bad economy

, high inflation, state going bankrupt, etc) that #!@$&^ payment book is another bullet in the chamber.