Author Topic: What should we do?  (Read 1243 times)

Offline whistler

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What should we do?
« on: August 30, 2005, 01:32:47 pm »
We have a 2003 Toyota Corolla LE, loaded with about everything including leather, with 63,000km. I'm not sure what the book value is, but just from looking around the autotrader and stuff it seems it could be sold for about $13,000-$16,000.

This one hasn't worked out exactly as we'd want it to and the dealers are horrible. We are thinking about dumping it and maybe get a 2005/06 Civic or Mazda 3.

But, we've never sold gotten rid of a car this new before, we've always kept them 5-7 years. What would be the best way to go about doing it? Trade in? Would they give us anything close to what its worth? What about private sale?

(Message edited by Whistler on August 30, 2005)

Mdxtasy

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« Reply #1 on: August 30, 2005, 01:35:45 pm »
Trade in...you're not going to get anything but black book (wholesale) value....so if you want top dollar and don't mind selling it yourself (all the time it may take), sell it privately.  

If your time is worth more than the difference between black book and retail...trade it in.  

With such a new car, I wouldn't say it would be that difficult to sell if priced right.  It's sought after, still has warranty, in good shape...it's taken some depreciation hit....it's prime pickings for a value shopper.

Offline hondasalesguy

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« Reply #2 on: August 30, 2005, 01:40:27 pm »
But with the ridiculous low rates on new Mazda/Honda/Toyota compacts, buyers will want to steal your car because they will pay high rates if they are borrowing for your car. So be realistic as to what you will get for your car. Factor in the loss of a tax credit if you don't have a trade. Often the difference between trade value and retail sale of your car is not very big when that tax differential is taken into account.

Mdxtasy

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« Reply #3 on: August 30, 2005, 01:45:03 pm »
From the black book:
Low: $11,538.00     High: $13,788.00

The difference isn't that big at all.  Depends on what the dealer gives you on trade for your car.  It never hurts to ask.

Offline articsteve

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« Reply #4 on: August 30, 2005, 02:16:12 pm »
Like Hondasalesguy says your sales tax credit is going to make a private sale a tough choice.  I suppose Alberta would be the exception.
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Offline hondasalesguy

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« Reply #5 on: August 30, 2005, 02:19:43 pm »
at 63,000 kms you would likely be looking at $12,000 trade value, meaning you would have to privately sell it for in excess of $13,800 net (more than that if you factor in advertising, safety inspection, possibly etest costs) to equal a $12,000 trade number.

Offline safristi

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« Reply #6 on: August 31, 2005, 12:55:47 pm »
Whistler what did you pay fer the loaded 2003!! Corolla,if we may ask...and why the dumping of said vehicle...the seeming consensus on this board,by many, is buy a Toyota Corolla and laugh all the way to the bank &pump...WHAT GIVES...are you gonna lose $6,000 plus on it in 2 years...??? inquiring..nosey parker minds want to KNOW...
THERE IS NO CURE FOR "LOTUS"......ONLY TREATMENT.....

Sterling

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« Reply #7 on: August 31, 2005, 01:08:07 pm »
Yes, what was wrong with the Corolla? I know it borders on blasphemy to criticize one here but let's live dangerously.

Offline Scaerio

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« Reply #8 on: August 31, 2005, 01:30:47 pm »
The Québec TV show RPM (Roulez avec Pierre Michaud) has had major gripes about assembly quality and cheap interior materials with regards to early 00's Corollas.  Not sure what years it covered.  I believe the show only stopped its anti-Corolla rant when the '04s or 05's came on the scene
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Offline whistler

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« Reply #9 on: August 31, 2005, 02:33:00 pm »
Well, lets just say the people who say never buy a car in the first year of production were right. Our Corolla was one of the first of the new models and has had all kinds of nagging issues.

1. Fuel consumption. Seems to do pretty bad, about 400-450 km/tank city and maybe 600 on highway trips. Ive calculated out our mileage before and its never close to what it should be. I think the best I've seen was approx 30 US MPG for an all highway tank in the middle of the summer. In the city its closer to the mid 20s in the summer, low 20s in the winter. Its also not so much that it is bad MPG, but other people with similar Corollas seem to be getting 700-1000km out of the same car, with similar driving styles. Lots of people with early 03s are having the same problem and Toyota always does the same thing, runs a fuel economy test and says everything is OK.

2. Trim falls out. The drivers side window has had the black rubber coming out constantly every time you put the window down since we first got it. Been "fixed" at the dealer about 5 times, but still happens.

3. Rear door plastic strippings are always loose. Toyota knows about the problem but the special part to fix it is always on backorder.

4. The drivers seat is loose and wobbly. Showed it to Toyota, they said it is normal. Yeah, sure, the passenger seat is perfectly solid, but if you shake the drivers seat it feels like it is going to come right off the tracks. They did offer to reseat it on the tracks for $600 though (out of warranty).

5. Squeeks from the serpentine belts, which seem to vary in loudness depending on weather and how long the car has been running. They fix it every time we bring it in for servicing (or just say they cant hear it) but it comes back.

6. Odd squeek from the undercarriage. Sounds like a rusty screen door when you park on an incline and the car rolls back slightly. Probably a bushing somewhere, but the dealer cannot replicate  (convinient ;) ).

7. Rattles and squeeks like a GM, but they aren't as big a deal to me anymore, I just play the radio high.

Love the design of the car, but these problems are really a pain in the ass. Car cost 28k new I think with all the options, which was a lot for a compact, but we figured Toyota and would keep us happy for 7 years or so. Last time I buy into the Toyota hype thats for sure. At least for first year cars, my aunt has an 05 that is turning out much better, but I'll never recommend anyone ever get a first year car of any make ever again. Nice cars if you get a good one, but heaven forbid you have any problems, the Toyota people act like YOU broke THEIR car every time you mention a problem.

I'm just kind of playing with the idea of the trade in. It would be a big loss because of the depriciation, and whatever car that replaced it would have to be a much lower trim. The 05 Civic LX would be alright, but I would still be paying lots of money for a similar car which would have no advantage other than being newer and hopefully having less problems. I guess ill just have an independent mechanic I trust look at it and see if they can do anything with the mileage (O2 sensor... other stuff like that), and fix the other little problems it has and ride it out for a few more years.

BTW I talked to a Honda salesman about it yesterday and he said basically the exact same thing as you guys in regards to trade in.

(Message edited by Whistler on August 31, 2005)

Offline ovr50

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« Reply #10 on: August 31, 2005, 02:49:57 pm »
Whistler - sorry to hear of your many problems with your Corolla. It does happen that even the best makers produce a dud every once in a while and it sounds like you bought it. MOST ppl have good luck with Toyota quality and reliability; I know I have.  

Your point #1 above is not a real complaint as far as I can tell - your mileage doesn't appear bad to me and often owners like to "enhance" the truth a bit when it comes to fuel economy. I don't think that's a valid complaint. The rest, however, would appear to be valid.  

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Offline johngenx

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« Reply #11 on: August 31, 2005, 04:28:26 pm »
Yikes!  To sell a nearly new $28K car for $13K or so?  Fifteen grand in depreciation?  Not sure about you, but I'd work hard to get the car sorted out in order not to take that $15K hit today.
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