My brother's girlfriend is going to buy a 91 Toyota Corolla... UPDATE:

[Saltin]

Corolla is a reliable car. 3k for a 91 seems a little expensive though.

 

[Eli]

Ahh, was just going to bump this thread, I'm glad the day crew found it.

Thanks guys, I'll fill them in. I hadn't done any research yet, it does seem that 3k is a bit much for a 91.

Man, 15-20%??? That's insane!! :Q I'll let them know...

What about the insurance thing? How much should she expect to pay for full coverage on a car like this, being under 21 and female?

 

[RossMAN]

If she's a student with a 3.0 of higher GPA she could receive a discount of around 10-20% off car insurance.

Also if she can get in on her parents insurance, that would lower it also.

To make it EVEN LOWER, drivers ed classes help a lot.

$3k is too much. Corolla's last forever IF they are properly maintained. It would be ideal if she could get the next generation 94 Corolla for around $3k.

 

[jlee]

I have a '98 Corolla with 123k on it -- I paid $3k..a hair above dealer tradein value. KBB value is ~$4450, IIRC...'98 CE, power locks/windows, tilt wheel, manual trans & factory spoiler.

 

[human2k]

That is dumb.

 

[RossMAN]

I would also suggest to your brother's g/f to consider a used Honda Civic as well:

Unfortunately Honda's really hold their value, unless you can find a good deal.

Honda
90 CIVIC wagon, standard, AC, 167K, reliable, $1800/OBO. 503-235-7501, 503-781-8627

Honda
90 CIVIC EX 4dr, 5spd, white, PW, PDL, 101K, new exh-batt, recent 90K service, $1875. 503-318-1822

Honda
90 CIVIC DX, manual, runs well,great first car, 159K mi. $2000. 503-244-7273

Honda
91 CIVIC, RED 2 DOOR, NEW PAINT, NEW CLUTCH, VERY NICE! $2050. 503-515-6665

Honda
91 CIVIC Hatchback. 4 spd, very well maintained, many upgrades, runs & drives exclnt, CD. 1st $2100 takes. 503-639-7136

Honda
90 CIVIC LX, leather int, 17' black rims, AC, Infinity Premium Sound, super clean, $2300/OBO or trade. 503-774-4169

Honda
1990 CIVIC 1500, 4sp, hatchback. New battery, CV joints, distrib, & plugs. AM/FM cass. Runs great; $2499. 503-970-3431

Honda
90 CIVIC 2dr 5sp, 109k, CD player, cstm whls, records, runs like new, xlnt, $2500. 503-491-3531

Honda
94 CIVIC EX Vtec, tint, all power, needs transmission work, $2500/obo. 971-570-3131

Honda
90 CIVIC Si, 5-sp, passed DEQ, runs good, must sell. $2600/OBO. 503-761-0448, 503-539-7369

Honda
92 CIVIC 4dr, 5spd, orig owner, 120k, have all records, blue, very nice cond, clean and very reliable. $2800. 503-491-3531

Honda
92 CIVIC LX, blue, 4 dr, just tuned great cond. AT, AC, PW, PDL, CC, 157K mi. $2,950. 503-690-6782

Honda
1994 CIVIC 2 dr htchbk, 170k mi, 4 mtd snow tires, tinted windows, CD, $2995 or offer 360-256-5758

Honda
92 CIVIC LX 4dr 5spd, 1 owner car, well maintained, $3000 obo. 503-538-6748

Honda
91 CIVIC SI JDM 1.5 SI injection full 2.25 skunk, 2 exhst H&R springs, vry cln, drives grt. JAMES 503-618-9992, $3100/obo

Honda
93 CIVIC LX 4dr, AT, all records, runs great, new tires, orig owner, 124K mi, $3200. 503-699-1147

 

[Vic]

Originally posted by: chin311
ditto, oregon? those cars are probably rusted thru. , i dunno how cars fair up north, since i live in florida, rust is hardly ever an issue.

As noted, we don't use salt on the roads in Oregon (actually we use sand, which can be bad on paint jobs, and ODOT has recently started using a vinegar solution of some type which is very effective), so rust in cars only occurs along the coast. As more than half the state lives in the inland Willamette Valley, most cars have little or no rust. Winters are very mild too (Portland got NO snow this year).
$3k for a '91 Corolla is high, however KBB (which I don't necessarily trust) says that a standard '91 sedan with a 5 speed, 94K miles, and no options but AC and stereo has a dealer retail in Portland of $3,385. Edmunds (which I trust much more) says a max dealer retail "TMV" of $2,465.
Tell your brother's girlfriend that she is getting ripped off, and that she should go back and offer $2,500. If that offer is not accepted, she should walk. If she requires financing, she does not have to get that at a dealer, it is easily available at any bank, credit union, or finance company office.

 

[spyordie007]

financing it isnt that bad of a thing, when I was 18 I got rid of my $400 '80 Honda Civic (it had over 200k miles on it when I bought it) and financed $2500 to buy a VW Rabbit I had at the time. I was working at a grocery store at the time and it was nice to have $125 payments on a 2 year loan.

I dont know how much insurance would be for her, but I imagine if she has a clean driving record it will be fairly inexpensive.

-Spy

 

[ElFenix]

Originally posted by: Saltin
Corolla is a reliable car. 3k for a 91 seems a little expensive though.

after 12 years and 100s of thousands of miles the name plate means very little


who finances a 12 year old car? i know banks dont

 

[spyordie007]

who finances a 12 year old car? i know banks dont

some banks do, however it's pretty much impossible to get a decent interest rate on a car that old.

-Spy

 

[RossMAN]

Originally posted by: Vic
If she requires financing, she does not have to get that at a dealer, it is easily available at any bank, credit union, or finance company office.

Good point.

She'll probably get the best rate from her bank or credit union, also try finance companies (Beneficial, The Associates, American General Finance), they'll give a loan to almost anyone who has a heart beat BUT she'll pay a HIGH interest rate.

 

[Eli]

Originally posted by: ElFenix

Originally posted by: Saltin
Corolla is a reliable car. 3k for a 91 seems a little expensive though.

after 12 years and 100s of thousands of miles the name plate means very little


who finances a 12 year old car? i know banks dont

I disagree with the nameplate thing.

Most cars won't last "100s of thousands"(read: more than 150k) of miles in the first place, so...

I'm looking at other deals for them.. 3k is definately too much for a '91.

Here's a '95 with a/c, ps, pw, pdl, for 2980.. heh.

 

[Vic]

Originally posted by: ElFenix
who finances a 12 year old car? i know banks dont

You think the dealer is going to carry the note? Of course not.
Lots of places finance 12 year old cars, it just costs more (rate wise). Some banks and credit unions will, and dealers favorites are Onyx and Americredit, especially for those with "less than perfect" credit. Other alternatives for people who prefer "local" lending are the strip mall finance companies, like HFC/Beneficial, Associates/Citifinancial, and Wells Fargo Financial. In Portland, there is United Finance and Reliable Credit, who would happily buy paper on a 12 year old car.
This does cost though. No one is going to finance a car of that age at new car rates. The car is scarcely considered to be collateral, the deal is more of a personal loan if anything, and you will pay personal loan rates. Depending on credit, consider anything less than 15% as acceptable, less than 10% as fantastic.

 

[spyordie007]

Originally posted by: RossMAN

Originally posted by: Vic
If she requires financing, she does not have to get that at a dealer, it is easily available at any bank, credit union, or finance company office.

Good point.

She'll probably get the best rate from her bank or credit union, also try finance companies (Beneficial, The Associates, American General Finance), they'll give a loan to almost anyone who has a heart beat BUT she'll pay a HIGH interest rate.

Most "normal" banks and credit unions wont give our financing on a car this old or this inexpensive. She has options for financing but whatever way she looks at it she isnt going to get a very low interest rate. Fortunetly it's not a very big loan and it wont be for a long duration so if she pays it off quickly it wont be a big deal.

-Spy

 

[spyordie007]

Depending on credit, consider anything less than 15% as acceptable, less than 10% as fantastic.

actually from what it sounds like I'm guessing that 15% for her would be fantastic. If her mother is co-signing on a loan like this it means her mother is also quite broke and doesnt have very good credit. Once more the places that will finance her are likely going to want more than 10%, I would guess they are going to want anywhere between 15 and 20% (in credit card territory) for the loan on her car.

-Spy

 

[RossMAN]

Lots of places will finance a 12 year old car.

Not everyone has $3k sitting in their bank accounts, readily available.

You're simply using a used as collateral against a promissory note. If you default on your car loan not only will your credit be fscked up, your car will be repo'd.

 

[XZeroII]

Originally posted by: RossMAN
Lots of places will finance a 12 year old car.

Not everyone has $3k sitting in their bank accounts, readily available.

??? How do you figure?

 

[Eli]

Originally posted by: XZeroII

Originally posted by: RossMAN
Lots of places will finance a 12 year old car.

Not everyone has $3k sitting in their bank accounts, readily available.

??? How do you figure?

Figure what? That lots of places will finance a 12 year old car, or that not everyone has 3k readily available?

Both seem like common sense to me. Why wouldn't a financial institution want to make some money?

 

[eakers]

a 91 toyota corolla for $3000 american?!

 

[RossMAN]

Ok you people who claim you cannot finance a 12 year old car.

WHY do you think this?

 

[Eli]

Originally posted by: eakers
a 91 toyota corolla for $3000 american?!

Yep.. just goes to show you how much dealerships mark sh!t up.

I doubt she'll be getting this car when I tell her that she can get a 94+ for the same ammount of money.

 

[RossMAN]

Originally posted by: Eli

Originally posted by: eakers
a 91 toyota corolla for $3000 american?!

Yep.. just goes to show you how much dealerships mark sh!t up.

I doubt she'll be getting this car when I tell her that she can get a 94+ for the same ammount of money.

She's lucky you're helping her out, otherwise she would have paid $5k for an 85 Ford Escort

 

[Eli]

Originally posted by: RossMAN

Originally posted by: Eli

Originally posted by: eakers
a 91 toyota corolla for $3000 american?!

Yep.. just goes to show you how much dealerships mark sh!t up.

I doubt she'll be getting this car when I tell her that she can get a 94+ for the same ammount of money.

She's lucky you're helping her out, otherwise she would have paid $5k for an 85 Ford Escort

OMG! AIEEEEEEEEEE!!!!!! NOOOOOOOOOOOOOOOO!O!O!O!

Yeah. I want them to find a good deal, because most likely, it will become my brother's car at some point in time.

 

[Vic]

I just checked my credit union (one of the best and largest in the Portland area), and they will finance '92 and older cars for 48 months at fixed rates between 10.99% and 15.99%, subject to collateral and credit.

Eli, PM me for details if you want 'em.

 

[RossMAN]

Vic - I forgot, do most banks/CU's finance 80% or 100% of car's value?