Selling current car for a new car

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I dont want to sell my car. I am less then 2 years from owning it.
BUT- we are having a hard time with money.
We make ENOUGH.. but just.

Our car is a 03 Corolla at 56,000 miles.

Toyotas will run forever. And I am very anal about taking care of it.
It has had every scheduled maintainance it could ever need. On time. All the time. I have no doubt it will run longer.

My issue is that it is approaching 60,000. At that time, things will start to go out.
Nothing big, but we dont have alot of extra money to be able to afford problems if they are in the hundreds.

We just had to have some little itty bitty part changed on our brakes that cost us 300.00. Our groceries that week and the following week were generic.
Im afraid that if things happen one after the other, no matter how SMALL, that we could really bite the big one financially.

A brand new toyota will give us another , guaranteed 50,000 problem free miles.
It might also give us a smaller interest rate too as our credit has improved.

Im just not convinced it is a necessity. Well, i wasn't convinced it was until that little thinggy on the brakes went out. Then I started thinking about the big picture.

In all the time we have owned this car, the brakes, and a spark plug going out have been the only issues.

I wont buy used. And I wont buy anything other then a Toyota..

But maybe I am over thinking the subject? I dont know.. ?

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What are your car payments now?

You can sell a car privately for more than you'd get for a trade in.
Then you could put that for a big down payment, keeping your payments lower.

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ONe of the big problems with Toyota's is the huge cost of so many of those little bitty parts.

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Our current payment is 317.79 . And I think our grand total when I bought the car was about 14,000? Maybe less?

I am thinking we should sell it on the open market.
I could probally get 5,000 for it.
Since I owe less then 2,000 I could put the rest of that money down on a new car +tax, title license etc..

OR

I could use it as a trade in, have no money out of pocket and go with the flow.
Problem with that is that the dealership is unlikely to match what we owe on it.
I would be upside down and end up financing money from my old car.

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Scion is Toyota.

it is cheaper then a toyota and I can still get a good size car if I shop Scion.
They have not been out that long though, so I am not sure how they are doing in the reliability area.. ?

Anyone?

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Lexus is also toyota..

but I dont think there is a Lexus out there under 14,000.. ?

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Try to sell it yourself babe.

I'm looking at the Sunday classifieds right now...

There's a 03 with 65K going for $9450...looks like a private owner.

These next 2 look like it a dealer, both 03's ones got 40K and it's going for $12, the others got 23K and going for $12

****...next is an 92 echo with 104K going for $6300

Detail it out, clean the engine. If it runs well, it'll sell.

What are they selling for on craigslist and on the statesmen website?

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shewolf wrote:

We just had to have some little itty bitty part changed on our brakes that cost us 300.00.

Had you done the work yourself, shewolf, it would probably have cost you under thirty dollars.

Brake work is quite easy and the parts are inexpensive. They try so hard to make it look complicated on tv but, other than changing a starter or radiator, I can not think of an easier mechanical job.

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I dontknow?

I just had this thought today. That is why I am putting it in writting now to make sure I am not jumping the gun.

I bought this car with the idea that I would never get rid of it.
It was going to be the car that I kept. And if I wanted another one , I would finance a new one only after this one was paid for.
It will run until there are no more streets to run on . So Im kind of torn on getting rid of it.
I just cant truthfully afford for anything right now to go out.

Little finance check here for us-

one bill due by the 27th - 142.
I will be paid 80 dollars tonight for a job
50 monday
approx another 50 tuesday
IF wednesday client is home and not out of town for thanks giving- 80.00

This has to last the rest of the month as I wont work again until the following monday.

This is what we are running in to alot lately.
very little money.

(sigh)

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A car approaching 60,000 miles, in my book, is brand new. That car, if properly maintained, should be gone for another quarter million.

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gustavratzenhofer wrote:

shewolf wrote:
We just had to have some little itty bitty part changed on our brakes that cost us 300.00.

Had you done the work yourself, shewolf, it would probably have cost you under thirty dollars.

Brake work is quite easy and the parts are inexpensive. They try so hard to make it look complicated on tv but, other than changing a starter or radiator, I can not think of an easier mechanical job.

I know alot of basic things when it comes to engine work.

But I have never changed a brake pad. Or that little black cylinder thinggy that the guy said was "" Ooooohhhh so important that if we DIDNT fix it we would lose our brakes" Rolling Eyes

Drama queen he was..

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I might be underselling my car already .

Look at these-

2002 Corolla And this one is power. Mine is not.

This is a 1999 !!!

Where is slappy....

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In fact here is MY car, almost identical that is..
The only diffrence is 1) I have fewer miles, 2) I have a stick..

http://austin.craigslist.org/car/235326629.html

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gus is right on several counts.

That brake job, done yourself, would have been a lot less.

also, I don't consider 60K a lot of miles for a corolla. I had one that had over 200,000 on it when someone ran a red light and did it in. I'm serious when I say I could have driven it another 50,000 no problem.

I just talked to the man here, he can do most repairs to a car. He said that brake problem was due anyway, and he'd consider it routine maintenance.

now that the brakes are dandy, it should go a long time without any other problems.

Just about the only thing that would make me want to sell mine would be if the A/C went...that'll set you back.

I don't want to sound like I'm changing horses in mid stream, but I've seen your car. Its body is nice, and if it's running ok, why not keep it?

When was the last time you changed your tires? That's something that'll set you back pretty good, but it's unavoidable.

Is your battery good? The alternator? Are any of your hoses or belts soft or worn?

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Chai is correct, first find out what your car is worth. You can do that by looking at Blue Book or Edwards on-line.

Second - are you planning to buy a new car? I don't think it will save you any money. For 1. your insurance will go up just because it is new and 2. car costs are up overall. I doubt you'll get a more than a point or two in better financing. You also lose the greatest value the first 50,000 miles.

My first car was a used Toyota Corola, I paid $4500 cash for it and it went for over 250,000 miles. Yes, I had to make some repairs over time, but it was nothing compared to the cost of a new car. In the time that I kept that car running I put $300 dollar in the bank each month (like I was paying a car payment). That was $3,600 (not including interest) per year. I got that car to go reliably for 5 years, and even after figuring out repair costs, I still had almost $15,000 saved from just not getting a new car.

I know this sounds silly in your current fiscal state, but the best way to buy a car is with cash. I know you said you won't buy used , but it might be best to use the money from selling this car to buy a GOOD used car with cash. With the money you save from not having to pay the car payment put at least $200 away towards the purchase of a new car (with cash), an emergency fund and a repair fund. Just something to consider.

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Quote:

he'd consider it routine maintenance.

Yup, yup. Thats what it was
A routine check / scheduled brake job that I KNEW was due.
The guy who did the check was just a drama queen. Laughing

Quote:

it should go a long time without any other problems

Exactly!
That is why I am not sure if I should procede ...
It isnt manditory in the least.
But this is the time in the mileage, that things start to go out. Small things.
Im not worried that I am going to blow out the engine of course.
But belts, hoses, etc.. add them up and they are expencive.

I had all of my belts and hoses checked actually.. not even 8,000 miles ago.
I have them checked every 10,000.
Maybe with Ians christmas bonus, I will have them all changed..

I bought this car for a reason.
The reason is that it will last forever. And with how anal I am with taking care of it, I shouldnt have to replace it for anything in the world.

(sigh) I just worry too much.

Yes. It is TIME for tires right now. We are saving 25 a month for 4 new ones. Keeping the back 2 wich are in great shape, for spares if we ever need them.

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jesus wept...a drama queen mechanic...he'll tell you anything to get you to spend money.

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If it were not for the fact that , the brake job was due according to the manual, I would have moved on.. Confused

he wasnt even GAY!! He had no EXCUSE!!!!

hahaha

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there oughta be a law I tell ya....

how are we supposed to know he wasn't really serious if he wasn't gay?

that's like practicing medicine without a license.

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I'm with Gus. I won't try to guess sale price compared to new car price, and I'm not going into the budget, but a well cared for Toyota at 60,000 is a new car as far as I'm concerned.

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Selling current car for a new car

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