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Ranch-Boi t1_ja5odzx wrote

Consider buying a used Corolla. Still very reliable. Shouldn’t have mechanical issues, especially if you get one in the newer side.

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Jeom049 OP t1_ja5oydt wrote

its just tough to make sense of a used car when I bought (2019 se) 3 year old corolla with 21k miles for 15k dollars one and a half year ago

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Ranch-Boi t1_ja5q52i wrote

Yeah the chip shortage has definitely screwed around with the used car market. What happened to your old Corolla?

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Jeom049 OP t1_ja5qhbc wrote

put 15k miles on it, made 1,500 profit on it and bought TRD Camry with a 369 payment, 72 months.

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Ranch-Boi t1_ja5qndh wrote

Do you need 2 cars?

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Jeom049 OP t1_ja5r1wz wrote

I traded the corolla for the Camry. Part of me regrets getting the camry as I could be payment free on the corolla now. Life changed and my vision changed. At least I have a plan, if everything goes well in the next year or so, I can keep the camry and my living situation should be way better than before.

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Ranch-Boi t1_ja5rpbb wrote

Sorry I think I’m confused. Are you trying to buy a second car? Or trying to upgrade the quality of your current car?

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Jeom049 OP t1_ja5sped wrote

the other part of me feels like I'm just worrying too much. If I do decide to get her something nicer I doubt a few 1-3 grand upsidedown will bother me. lol

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Jeom049 OP t1_ja5sfnp wrote

this car I'm asking everyone about is not for me. my girlfriend's family is buying her a car. But I know I will get her a better one once my financial situation is better. I just hate the idea of loosing money in the future. I know eventually Before the 4 year mark I will buy her something nicer such as an audi or bmw.... Knowing how prices for cars are so high, and knowing 2 years ago you could get 4k under msrp I have a feeling I'll be upside down if I Finance the car

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BrianTheEE t1_ja6tshn wrote

If you're paranoid about being upside down on your Toyota after 3 years, you're gonna be in a worrrrrrld of pain when you get that BMW or Audi past 30k miles lol.

It sounds like you've made up your mind. Choose a car to lease for 3 years, give it back to the dealer, get that beamer, instant buyer's remorse, sell it back at a fraction you bought it for, and then buy a used Corolla.

Nothing anyone says here will change your mind.

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Jeom049 OP t1_ja5qoij wrote

my financial situation change a little, I'm hoping and working on making it better so that I don't have to trade it in. If I do trade it in I can probably just buy a new corolla and pay 150 a month

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Jeom049 OP t1_ja5os9a wrote

what mile range? any used corolla I see around my area has 22-40k miles and they go for around 20-23k dollars. Thats a over priced used car with more miles for basically the same price, which I'm most likely going to return in 3 years. what do you think? I'm not sure what to do.

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javaski t1_ja5uw13 wrote

This answer helps clear up the concern about being under water on the financing in 3 years. Do you really think the market is going to tank so greatly that in 3 years a used Corolla similar to the one you have will be worth half what they currently are?

Listen, I’ve leased many a car (generally only where it was an insane deal and the buyout price was good) but what people are telling you is sound. Just finance the car and sell/trade in when you’re ready. Financing also gives you the flexibility to do it 2 or 4 years as well.

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Jeom049 OP t1_ja5webs wrote

the same corolla I bought for 15k 19 SE with 21k miles, was worth 18,500 and had 34k miles when I sold it a year ago. they are still at those numbers and some even have higher mileage. You think the prices are gonna hold for the next 3 years? I honestly doubt it, and we seem to be approaching a huge crash in the next year or so. That's what im speculating on. If the market tanks and I decide to finance the corolla, I would be owing around 14-15k at the end of the 3rd year, I'm worried I won't be given my payoff amount for the car at the least...thats what is making me consider leasing.

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javaski t1_ja78fba wrote

The other poster did the math on it and you wouldn’t owe more than $10k on it via financing. Also, if you use a local credit union financing, you might be able to get 6-8%.

A big crash of the used market would still make it worth $12-14k used (instead of $20k).

There is almost no scenario where leasing makes more sense for this specific set of circumstances.

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Jeom049 OP t1_ja7emnn wrote

How about changing the interest rate once the contract is initiated. What if rates drop by the 3rd or 2nd year, how can I get a lower rate on my current loan

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javaski t1_ja7fjra wrote

Most credit unions consider "new" vehicles as anything within a certain number of model years - for example through December last year my CU that I have for my auto loan considered a new vehicle to be 2021 and newer - even when 2023 was coming out. Actually, even looking at older car loans, they have held interest rates across them at the same rate.

Definitely do NOT use dealer financing unless it's an amazing deal. Go to local credit union and get preapproved for an auto loan. Don't say anything about the financing while looking at a vehicle, just sort of say thinking about financing, etc.. Then negotiate the price of the vehicle and say you'd like to use your own financing.

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