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Old 08-20-2014, 10:55 PM   #1
KorJax
 
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Question Deciding on a yaris- purchasing choices and haggling woes

Hey everyone, new here. Thoughts I'd get the experts thoughts on a potential new Yaris purchase I'm thinking about making.

I'm in the market for a subcompact like the Yaris, and I just got back from test driving two of them today, and was a big fan. So I think I'm pretty sold on a yaris - though I wouldn't mind something like a Mazda2, I simply can't find ANY within 300 miles of me that are manual and cruise control compatable.

The first one I test drove was selling a 2007 manual 2D hatchback Yaris for $7700 with 109K miles on it. I'm assuming this is pretty over valued by quite a bit considering the bluebook value of the car is only $6K assuming everything was flawless. I would say its not - it needs new tires in 20K, the battery had a good bit of corrosion on it and it simply didn't drive as silky as the other yaris I drove, but it was still pretty good (though that might be because the other yaris was a newer generation). It had all the works EXCEPT cruise control, which is a major downside for me. However generally other than what I mentioned it was super nice looking. I'm looking at trying to get the price down to $5600, which is the blue book value assuming everything is in "very good condition".

Do you think its a good idea to go for a car like this? I'd much rather pay a little bit more for a newer model with less miles, but I'm afraid this is literally the only option in my state that is manual. I simply don't want to be in a position where I'll have to do a major or somewhat major repair within the next 4 years, and the milage doesn't put confidence in my head. But, I hear these are reliable cars so who knows - if I could make it to 150K without having any serious issues I'd be ecstatic. The good news is my monthly payments for such a car would be cheap assuming I got it for $6000 after tax (about $60-70/mo). The other major issue with it is lack of cruise control - this is a must for me. I hear they are easy to install aftermarket, however I don't know if this works for the 07 and if it'll work for manual. Am I out of luck here?

The only other Yaris option within 200 miles of where I live (short of getting a like-new one at a dealer) was a 2011 manual Yaris, 4D hatch with 75K. I was really REALLY sold on this one when I drove it and it was in excellent condition with cruise, but the seller demanded an INSANE $10500 for it, well over $2.5-$3k over its bluebook value. He tried to butter it up saying it was a practically new car and "that the market dictates the price and this is the only yaris like this" but I saw right through the BS. Sucks, because it would have been an instant purchase at a less sleaze-ball price (if I'm paying $10K for a car, it better be not more than a year or two old and not more than 50K miles).

Should I just wait it out another few months? These are the only manual yaris's I can find in my state that is under $10K in price, so my options are limited. I was a big fan of the 2007 one, but the age+milage+lack of cruise is a big concern of mine. Should it be?
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Old 08-20-2014, 11:52 PM   #2
IllusionX
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The 2007 can be modified with cruise. You can search the forum and microimage for the DIY and parts needed.

Otherwise, there is a member here selling his 2012. I'm not sure if it is manual though. But it is definitely worth checking out the classified section before you venture into a huge road trip to get the car you want.
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Old 08-20-2014, 11:59 PM   #3
JustPassinThru
 
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If you can find a new one...with the financing programs they have today...you'd be foolish not to go for it.

Toyotas hold their value. Flip side of that is, you find yourself paying top dollar for a vehicle which is halfway through its useful life. Normally, buying late-model used is the best plan...but not today; get a new one if you can get financing.
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Old 08-21-2014, 12:29 AM   #4
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Financing isn't a problem, the price is.

I can get approved for a low interest loan at my credit union since my credit score is excellent. However, I'm still a college student (one year to go!) with a part time job and a good chunk of money saved up. I'd honestly jump the gun at spending $12-$14K for a current generation lightly used/new model if I had a "big boy" job but I simply can't afford to do that. This is why I'm leaning towards spending no more than $6-$8K - at that price point I can keep my monthly payment at or under $100/mo so I should be able to afford it even if I find myself still working my part time job after I graduate for a while.
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Old 08-21-2014, 10:41 AM   #5
JustPassinThru
 
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Quote:
Originally Posted by KorJax View Post
Financing isn't a problem, the price is.

I can get approved for a low interest loan at my credit union since my credit score is excellent. However, I'm still a college student (one year to go!) with a part time job and a good chunk of money saved up. I'd honestly jump the gun at spending $12-$14K for a current generation lightly used/new model if I had a "big boy" job but I simply can't afford to do that. This is why I'm leaning towards spending no more than $6-$8K - at that price point I can keep my monthly payment at or under $100/mo so I should be able to afford it even if I find myself still working my part time job after I graduate for a while.
Well, when you buy used, you pay a higher interest rate.

You have one year to go? Twelve months. Look at the difference between your monthly payment on a 0 percent finance plan, and the payment financed through the CU at about 8 percent.

If you go the credit-union route, you will have to put up a down payment. If you get special-program financing, you may get nothing down. Use your would-be down payment to make the higher monthly payments.

I hear what you're saying and I applaud your trying to be responsible. But in this case, really, the savings in time and in value received might just make new a better choice.

Just my two cents.
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Old 08-21-2014, 10:56 AM   #6
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Thanks for the advice. I qualify for CU loan at 3.39% interest assuming the car is from 2007 (it would be 2.39% if its 2011+). I would much rather put $2-$3K down now for lower monthly payments and lower interest overtime than putting nothing down but paying higher payments and higher interest for the life of the loan.

Still, at $2-3K down the total interest on the loan isn't dramatically less than the 2011 rate for the price range I am looking at (under $10K) - either way I'm looking at $350-$550 total interest paid, which isn't a huge amount.

What I could do is actually just say "eh, screw it" and go for a newer model at a higher price (say $12K).

The newer year and higher price gets me in at a 2.79% rate on the loan, and the higher price qualifies me for a longer term so my payments aren't as high.

The only thing that I question about the above - if I can get a 2007 yaris that has 109K for $6.5K (this is assuming I tack on $500 for a new battery and cruise control install), then is it really worth spending almost $5-6K more to get the newer year/low miles? I mean, I do like the 2007 Yaris I drove. I'm trying to think if its just going to be way cheaper and better over the life of ownership to just settle on paying way less for an 8 year old model halfway through its life, versus paying more right now for the newer model.

Last edited by KorJax; 08-21-2014 at 11:08 AM.
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Old 08-21-2014, 01:40 PM   #7
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Update:

Found another Yaris for sale the next state over. Sucks, but its only a 2HR drive so its not the end of the world.

2009 2DR hatchback manual, has whiz-bang features like cruise/powerlocks/windows/etc so its appealing on that front. Its also in black, my preferred color (the 2007 one I drove was black with a rear spoiler and I thought it looked really slick).

The kicker is that it has ONLY 15K miles on it. Dealer wants $11,150, I'm going to try and negotiate down to $11K out the door price (post taxes/dealer fees/etc). This is a really appealing option for me, since the car is practically like new. However, I'm over my max budget and way over my preferred budget of around $8K. Assuming my OTD price is $11K, my monthly payments should be $120/mo after my down payment... which while not ideal for me, its still pretty darn close to the $100/mo or less I had as a budget. It having so low miles and being certified pre-owned warrenty means I am pretty darn confident I won't have to do any real work to it beyond basics (like oil changes) while I am paying the loan off for 6ish years.

So I'm kind of thinking... go for the like-new one that has all the features including cruise from 2009 but pay $11K for it (payments around $120/mo), or go for the 2007 one that has significantly more miles (109K) and no cruise, but is also much cheaper and has everything else for around $6-6.5K (payments around $60-80/mo). Both cars look pretty identical condition wise - well taken care of, one owner, garage-stored. As nice as it will be to have a practically non-existent monthly payment on the 2007, a part of me is thinking that it might be much better in the long run to make it so if I'm paying monthly payments at all, it might as well be for a like-new vehicle.
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Old 08-21-2014, 02:53 PM   #8
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KorJax,

Was going to recommend, since it appears you are in no rush, to continue to look around.

A couple of things - New battery and cruise control (DIY, well documented on this site with lots of support, no more than a couple of hundred dollars total).

I would always go older car, less miles. And that is a lot less miles. dealer financing would be pretty low with good credit. Certified used warranty, if I'm not mistaken, is 7 yrs/100'000 miles which ever comes first from yr of car. So you would have a little more than 2 yrs on left on that warranty.

Not a big deal the car is low maintenance, with a couple of well documented issues I.E. water pumps, control arm bolts. Water pump btw is covered on the CUW.

If you can get it for 11k out the door..........................well, you can add a spoiler later.

Cheers, and welcome.

One last thing, always, always be prepared to get up and walk if your not comfortable at all, with the deal, the car, the salesman, the coffee..............................good luck.


EDIT - *7year/100,000-mile Limited Powertrain Warranty2
Coverage begins from the original date of first use when sold as new

Last edited by NEexpat; 08-21-2014 at 03:18 PM.
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Old 08-21-2014, 03:12 PM   #9
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11K for a loaded 09 with that low of miles is not outrageous. One of the advantages of the 09 liftback over the 07 is ABS. Most pre-09 liftbacks did not have it. The 09 also has side curtain airbags, which the 07 does not. Those safety features should actually offset the insurance difference for the newer car.
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Old 08-21-2014, 03:30 PM   #10
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If I could make a plug here...my '12 is for sale at $11k. It doesn't have power windows but it's got cruise and air. And ABS and automatic.

I'm in Montana but we can work out shipping. Only 25,000 miles and never seen salt.
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Old 08-21-2014, 04:55 PM   #11
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I've seen some "better deals" than the 11K for the 09 with 15K miles, but I'm strictly looking for manual not automatic. Most of the better deals tend to be with those, since the market is more flooded with them :(

That said 11K doesn't sound bad. I'm going to start with 10K out the door price but would not mind 11K OTD price. I really can't go higher than that though, so I'm prepared to walk away and wait a few more months if I need to.
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Old 08-21-2014, 05:29 PM   #12
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Quote:
Originally Posted by JustPassinThru View Post
If I could make a plug here...my '12 is for sale at $11k. It doesn't have power windows but it's got cruise and air. And ABS and automatic.

I'm in Montana but we can work out shipping. Only 25,000 miles and never seen salt.
And traction control and VSC. And who wouldn't want to make a trip to "big sky country" to grab a Yaris?
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Old 08-21-2014, 06:34 PM   #13
IllusionX
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Yaris in the states are worth so much money.... If someone wants my sedan S for 8k, I'd be so happy. Lol
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Old 08-21-2014, 09:18 PM   #14
nortonfb
 
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Here's a 2010, manual, 52k, silver.
http://annarbor.craigslist.org/pts/4609608310.html

Located in Ann Arbor area, that's a 4 hour drive from you.
If you contact the owner & your serious about it contact me off list.
I get to the area occasionally.

Steve
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Old 08-21-2014, 11:13 PM   #15
KorJax
 
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Originally Posted by nortonfb View Post
Here's a 2010, manual, 52k, silver.
http://annarbor.craigslist.org/pts/4609608310.html

Located in Ann Arbor area, that's a 4 hour drive from you.
If you contact the owner & your serious about it contact me off list.
I get to the area occasionally.

Steve
Bah, CL is down :( can't see the price. I'll have to check it out later.
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Old 08-21-2014, 11:14 PM   #16
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Originally Posted by IllusionX View Post
Yaris in the states are worth so much money.... If someone wants my sedan S for 8k, I'd be so happy. Lol
Do you drive a manual? It's funny, there are some better deals out there for the automatics around here but I simply want a manual. The problem is, there's less manuals for sale that don't have super high miles within 150 miles of me than there are fingers on my hand! So that might be why.
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Old 08-21-2014, 11:41 PM   #17
IllusionX
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Of course my yaris is manual. Dealer is giving me 2700$ trade in value. I have 88k miles on the clock.
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Old 08-22-2014, 12:02 AM   #18
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Of course my yaris is manual. Dealer is giving me 2700$ trade in value. I have 88k miles on the clock.

sell privet, but ya black book is low and yet resale high...so dont trade it in
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