Value

I know from other family members that these cars can run well into the 200k mileage range.  For that reason alone, I knew that I picked a great choice in a car that would take us through many seasons.  The warranty makes it even sweeter, knowing that Toyota stands behind their cars through thick and thin.

Aesthetics

Back when we were looking for a Toyota I remember comparing it to the BMW 545i/745i (I think?) and often mistaking it for the 2009 Camry in terms of similarities in body shape and exterior design.  But of course, being penny wise and conscious there was no way I would have purchased that much car without agreeing to have it dent my pockets at the first of every month.  No sir, I am complimented all the time on these hot wheels.

Gas Mileage

This car puts in work!  The last time we checked, we get about 30 MPG and that is pretty darn good for a non-hybrid vehicle.  With gas prices being unpredictable, I am happy that we have a car that will treat my pockets right at the gas station even if prices inch higher over the summer.

What specific aspect of your Toyota do you love?

I come from a family of Toyotamanics so it would make sense that my first car was a 1999 Toyota Solara  that I bought right after I graduated college and moved to DC for graduate school.  It was sleek and sexy with enough room for me…and well me! LOL  I drove that car every where but a las after 4 years it was time to trade her in for my beloved Camry.

I Love My Toyota Because….

In late 2008, my husband purchased a 2009 Camry as it was time to replace my 1999 Toyota Solara.  We felt it was a dependable car with great gas mileage.  We were most concerned about gas mileage since gas prices were at an all time high and we didn’t want a car that would dig deep into our pockets as far as gas is concerned.  So far, we could not be happier with our decision to purchase a fuel efficient and reliable car.  I always get asked about it’s reliability, gas consumption and complimented on how great it looks when driving in the city.

To date, we haven’t had any issues whatsoever outside of routine maintenance that comes up every few months.  My advice?  If you’re looking for a reliable car that’s great on fuel efficiency and an all around reliable car, then look into buying a Camry.

Do you have a Toyota?  What do you love most about it?

DISCLOSURE: FULL MONTY -This post was sponsored by Toyota.

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How many times have you set out to your local car dealership looking for the car you want but it’s not quite the price you need it to be.  I’ve certainly been there with shady car salesmen trying to take advantage because they think I’m an inexperienced buyer, and, of course, a woman.  I’ve had my uncle and brother give me tips on how to haggle, bluff and blow hot air, my husband even tried some of that today.  No dice.

So what works with the slimy car salesmen and how exactly do you get what you want with regards to pricing?

Read on:

Secure Financing Before Going To The Dealer

It is important that you know exactly how much car you can buy that will fit comfortably within your budget.  Try your local credit union first as they typically have lower rates than mainstream banks and since they are usually smaller, tend to give better customer service in this area.

Advantage: You know how much car you can buy and control the price negotiations ie, you have the upper hand.  You know that you cant buy more than a certain amount and you’re not at the mercies of the dealership and their slimy auto financing.

Be Firm On Exactly What Year, Make and Model You Want

Of course, there’s some room to be flexible in this area but I know that I want a black 2007-2009 Toyota Camry with a sunroof.  They can keep the navigation system and alloy wheels, the latter means much less to me and frankly need not be on the table which in turn, lowers the price on the vehicle.  So decide what’s negotiable and what is not before going to the dedalership.  If you’re too flexible around the must haves then you run the risk of not leaving the dealership with the car you want.

Advantage: You know what you want and the car salesman does too, less chance of you leaving disappointed with a car you don’t want or like.

Use The Internet To Shop Around.

Dealerships are often willing to give their internet customers a lower price than if you walk in off the street with no idea as to where pricing begins on a certain make and model.

For example, I received this internet quote after making an inquiry:

MSRP: $22,145
Invoice: $20,305
Special Internet E-Price: $19,105

Then came this email after the Internet quote:

Dear Ginger,

 

Thank you for your interest in a new or pre-owned vehicle. As token of our appreciation, we like to offer you an additional $400.00 off our already low ePrice. (Offer expires September 02, 2008)

 

Question:  How have you dealt with shady car salesmen in the past?  Do you haggle with them on the lot or do you just accept the sticker price?

Wisebread published an article this week which detailed in part the expenses incurred when taking on a second car:

According to the American Public Transportation Association, replacing one car with a combination of walking and public transportation saves a household $8059 per year in reduced spending on fuel, maintenance, insurance, registration, depreciation, finance charges, etc. (Even after adding back in the cost of public transit.)

I started to pat myself on the back for insisting we stick with having one car because we’re so used to coordinating our trips that we do it without really thinking about it. We also live within walking distance from the metro rail which makes it easier to get home if one of us is away with the car.

What are we saving?

I did some of my own calculations and we save upwards of $12,000 by opting out of purchasing a second car. Since my husband’s place of employment is on my way to class and my internship, we drive in together in the mornings. When I leave for the day, I swing by his place of employment if he’s ready to go and we drive home together. On my days off during the week, I drop him off and pick him up from the metro. This works out pretty well since it saves us the metro ride cost of $7 per day which amounts to $140 per month which in turn saves us $1680 a year.

Keep in mind, this doesn’t include the actual costs of owning a second car. If we did, our expenses would look something like this:

• Car payment: $4200
• Insurance: $3000
• Gas: $2880
• Maintenance: $650 (Tires, routine preventative maintenance, inspection, registration)

Total: $10,730

We can afford to do this because we dont have children and therefore don’t have runs to the babysitter, school, practice or anything else kid related. I’m certain this will change once we do have children but for now I enjoy the financial convenience of not having to purchase a second car.

Our friends who do have children with multiple commitments ask how we make it work and we usually answer something like this:

Don’t you ever have a situation where one of you has to go in a totally opposite direction than the other?

This rarely happens since we live and work all within the same general area. It’s rare that I am forced to take the bus home (hubby picks me up from the metro) or be left at home without a car. On the rare occasion that I was at home without a car this week, it was my day off and had no serious plans to leave the house. I had the option to stay home without the car or drive all the way to Fairfax to run errands so I opted to stay home and hubby took the car on his lunch break to run his errands.

Aside: Now I know some of you dedicated SAHWs will cuss me out over email for not running his errands on MY days off but understand that my days off are not for appointments or running errands. I do all of that on the days I actually leave the house. I try not to clutter my free days with appointments, errands, cleaning and the like because I like my ME time. And, in turn, I don’t harass him with “honey-dos” if he is off during the week or working from home. My house is run like a well oiled machine <insert evil laugh>

But don’t you like the freedom of just being able to get up and go without planning your trips?

It’s really second nature and not something we think about. Hubby is really a hermit unless he is hanging out with his frat brothers, family or I drag him to some event or dinner. What usually happens is, since I am MS Social I always have something planned for the weekend, I take the car and he’s usually home hanging with friends. If he needs something while Im gone, he’ll call and ask me to pick it up on my way back OR he’ll get it himself. We work well independently and collaboratively with each other so we rarely clash around who needs the car at any one time.

Now, when my FIL lived with us I was forced to rent a ZIP CAR a few times because of the trips back and forth to NJ that I did not accompany my husband. So I needed to rent the car to get back and forth to my internship because that location is actually off the beaten path.

What are your thoughts on car sharing?  Do you think it’s something you could get used to?

Even with gas prices in the rise, I know so many people still bent on buying an SUV for different reasons. I did some research and listed below are the top 10 hybrid SUVs ranked by MPG. So if you want an SUV but not the hefty hit to the wallet, then read on. The specs are courtesy of USNEWS Rankings and FuelEconomy.

Please click image to enlarge

How do these specs rank to you? Does it make purchasing an SUV easier knowing that you’ll get more efficient fuel economy? Or is it still a no in your book?

I was talking to a friend earlier this morning about her plans to buy a new car. We talked about the pros and cons of buying new vs. used and leasing vs. buying.

So as the conversation winds down we realize that the reason she is considering leasing this time around as opposed to buying is because she feels that she has to kick out an extra $3k anyway, so why not lease? $3k if she sells because she is upside down and $3k if she leases and goes over the mileage or incurs other related fees and expenses. She also mentioned that she changes cars every two years.

Here are some tips on how to avoid becoming upside down on your trade :

• Buy a car that you can afford. Its that simple. If you have to put down more than 20% and take on a higher than usual monthly payment then perhaps you should consider a less expensive car.
• When thinking about the purchase, consider not only the price but also the interest rate and the corresponding payment. Get a schedule that tells you how much of that payment goes towards the principal. Will that align itself with projected depreciation for that make and model?

• Research the car. Will it hold its value? What kind of maintenance will it require? How much? Are parts expensive? Will you put more into the car than it is worth? Is it a salvage? Carfax is your friend.

• Check www.autotrader.com, www.cars.com, and your local listings in www.craigslist.org for both private and dealer pricing. Compare prices and make the best choice given the seller specs.

• Keep your car longer than 2 years. Think about it, if you don’t make at least a 20% down payment then you won’t cover the first year’s appreciation. You will move into the 2nd year upside down. Keep the car and continue making payments, even sending extra payments when you can. When you can break even, then you should consider selling or trading in.

• Make at least 20% down payment of the car’s value. It may sound like a lot to some but if you don’t then you won’t cover the first year’s depreciation and end up with negative equity. According to Edmunds.com: Smart money managers, who make a 20% down payment, have more freedom to make a change in the car they drive. During the second year, when the car depreciates at a much slower rate, they would begin to build equity in their car. During a trade-in, they would actually get a positive credit toward the new car.

Now if you are already upside, that’s unfortunate, but here are some tips courtesy of Black Enterprise:

HOW TO GET RIGHT SIDE UP
Here are some tips for avoiding negative equity in your trade-in:

• Don’t tell the salesman about your trade-in. Wait until after there is an agreement on the purchase of the new car. If you still owe on your current car, trading it in may not be the best option.

• Do the math. Calculate how much your car is worth and how much you owe on it. If you owe $3,000 on a car you want to trade in, for example, you could end up with a higher car note.

• Make car payments on time. Hill says it’s best to make car payments on time and not to defer them. You will have to pay interest on the deferred payments, which will leave you with a balance once you reach the end of your loan.

• Look beyond the monthly payments. “You could gain thousands of dollars in negative equity by focusing only on how much you can pay monthly,” says Tamara Hill, Internet salesperson for David Maus Toyota in Longwood, Florida. The dealer can always work the numbers to suit your desired payment schedule–don’t fall into that trap! “Your focus should be the entire cost of the car,” says Hill

Remember, its just a car, that gets you from point A to point B, and the more you keep that in mind the more you will be able to see this as a financial transaction and not a status marker.