Should I spend $8000 on a 2007 Toyota Corolla with 169k miles on it?

(2012-01-07 15:30:06)

1. Kdubbs Says: I have bad credit so I can't get financed for a certified used car, but I can get this car at a buy here pay here and have $4000 to put down. Is this a good idea for my first car or will it not last very long even though it's only a 2007 and it's a Toyota which last forever. Are a ton of highway miles that bad for the car even though it isn't very old?

2. CallMeV Says: I agree with the first answer...RUN!!! dont walk.

This is a awful deal. You can always tell what a Buy here Pay Here place has paid for the car by seeing what they want you to put down. 4K down is around what they paid...that way, if they lose the car and you stop paying, they arent out ANYTHING! If you continue to pay, its all bonus for them.

For a base model Corolla with 170K miles on KBB in EXCELLENT condition, it will privately sell for about $6,000.00. You will already be more the 2k down on the car as soon as you turn the engine.

Your best bet is to buy a private party car (save some cash) and work on building credit so you dont get killed by one of these cheap dealers. Best of Luck!!

3. Rob R Says: Have you ever heard the phrase "beggars can't be choosers"? Well, you need to go to a buy here pay here lot, so you need to pay whatever they are asking...because you have no other options.

Is it a little high-priced? Well, maybe. Are the miles high? Well, yes they are high for the year, but NOT high for a Toyota. That car, if taken care of well, will run for 300,000 miles.

If they can get you financed, you better buy it.

BUT, I would personally go find me a 4000.00 car since that is what you have in cash. But whatever man...you have no choice if you want to finance a car since, if I may quote you, "I have bad credit so I can't get financed...."

4. g Says: Good news and bad news...

Actually highway miles are much much easier on a car than city miles. That's the good news.

Bad news is the dealer is asking waaay too much! More than a grand too much.

http://www.edmunds.com/toyota/corolla/2007/tmv-appraise-results.html

5. Corey Says: No don't do it!!! 169xxx miles is A LOT of miles for any car!! It might be a cheap price, but with that high of miles repairs are not far off. If you decide to buy it have a mechanic look it over before purchasing to make sure everything checks out okay.

6. DiamondPilotDan Says: U can get a 2005 mustang for 8000 with 100k miles why would u get a Toyota crapola

7. airjarrod Says: An average of 32K miles a year?

That is INSANE. Run far far away!