My roomate has owned this car with 180 k on it for the past 16years. He has only put 60k miles on it. So I have the opportunity to buy this car and it runs and shifts fine, just needss the rear brakes replaced and needs an oiil change and a good cleaning. He said that if I knock off 500 dollars off of the total bill that he owes me Its mine.What do you think -sounds like a good deal-at least I know the history of this car.
1. How much does he owe you?
2. Is this going to be your daily driver?
3. Do you have access to a reputed independent mechanic?
If I understand you correctly, you will be paying $500 for the car (knocking that much off of what the guy owes you). That's assuming he pays back the other $2500 which may or may not happen. He may claim later on Judge Judy that the car paid off the entire debt, unless you get the deal in writing.
So if it's a $500 deal and the car runs and drives OK, does not have significant rust, and a mechanic says it's in decent condition it's hard to go wrong for that kind of money. However you do know right off the bat the rear brakes need attention and depending on how much is wrong back there that could run into some money if you can't do the job yourself. (I've daily-driven cars that age but I do almost all my own work.)
He owes me about 3000.00 and yes this will be a daily driver, and yes I have access to a reputed independat mechanic.
Way too much for a 30yr old vehicle…!! I’d ask for my $3000 back in full. Or the car and $2500 in cash..
IF the car is only $500 that's not a terribly good deal but that's a gamble maybe worth taking to get a secondary cheap vehicle
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but if it's $3,000 for a 30 year old Corolla? Maybe $300 (10 times less) cash total could be an ok deal.
Also a 30 year old car with 180k miles as a daily sounds insane to me.
I agree with @InThrustWeTrust.
That car is too old for daily driving, also too much money for a Corolla with that age.
Those old Corollas were tanks and they are highly sought after as cheap cars. $3000.00 would be a big much (although car prices these days are crazy anyway) but $500.00 would be a steal. Even if you found that the car didn't fit your needs you should have no problem selling it.
