2003 Toyota Corolla for $3000 with 200k miles, 2007 Lexus es350 with 108k miles on it for $8000, or I can keep financing my Honda Accord coupe 2017 v6 with a manual transmission, problem is monthly payments are almost $800 a month and I have to do this for 5 years, I’m really leaning towards the Lexus as I have seen the Toyota Corolla in person and it’s in bad shape (cosmetically) I might go back and get the vin off the window to do some background checks. So which car should I get? Or should I suck it up get a better job and keep paying my Honda. All other cars have automatic transmissions, the Lexus IS in great shape or so I heard, the Lexus was originally sold in auction as the headlights were stolen and the original owner didn’t wanna replace them (now replaced by the buyer), the Toyota Corolla was also sold at an action. And the buyer tends to fix it up and import it to Africa as that is we’re he is from, and then there’s the Honda, I bought it from a local Honda dealer here and it’s preowned with no problems at all. So far at least…….
Here is my question: does the Lexus have a clean title? Whenever I hear an auction car "only was missing the headlights", etc. I immediately think the seller is saying that to justify a salvage/rebuilt title.
If it is clean and you HAVE to have a Lexus and can afford to fix it if it goes wrong (it will be a lot more to repair than your Honda) and it has a clean title, it could be a good decision IF you don't have to put a ton of money to get out from underneath your Honda.
If it isn't a clean title, walk.
Unfortunately I don’t have much info on this car which is why I’m being careful with it, once I do get the vin I’ll definitely look into that.
May I ask how much you bought the Honda for?
I believe the Honda was around 25k, 28k after taxes and the loan was 4 years I believe although I can afford these payments I do feel it’ll be better to get the Toyota or Lexus in the long run since I’ll have way more money. I am only 18
What is your interest rate?
That info isn't really needed to answer his question. I would assume he would get a similar rate or worse financing the older cars.
If he is paying $800/month on a $28K 4 year loan, then I would get out of that deal ASAP, from a financial perspective. That is like a 15% interest rate!
I would say that is a big negative in keeping the Honda.
I usually did get bad rates since I’m young, a big reason why I chose to finance this vehicle was because of my old Hyundai Sonata 2014 that I used to have, and it cost me so much money in repairs I was done fixing it. I also really needed a car and I had some money saved up. I do regret financing it though, hopefully I can get out of it smoothly. Since I just got the car. I do plan on paying for the next cars in full or paying for more than half their price and paying off the rest monthly since, the monthly payments for that would be super low, if I wanna get a $7,000 car I would pay $5000 and pay off the remaining $2000 monthly for however months, but, I do and most likely will pay for the remainder in one month so it’ll be good for me in the end and my “credit score” I do plan on talking with the dealer about this and hopefully I can get out of the current finance I’m in.
Almost 800/month for a 2017 Accord, overpaid big time...sheesh! I don't even pay half that for my 2021 truck. I get that you want to get out of the big payment, but damn...
I'd go for the ES350, but not for 8k, 7k tops
At only 48 months, that's not a bad note. At his age, he isn't rocking an 800 score.
Didn't know age or other details at the time I posted.
Me credit score is almost 700 which I think is pretty good for my age considering I’m 18, they just always charge me a lot of interest because I’m a teen, which is annoying for everything that’s why next time I choose not to owe.
I would get the Lexus if you can't paid off your financing. I would look for other Toyotas if I were you.
I already have seen other toyata options, I’m thinking I might go for a good old toyata Corolla, I made a new post about my current situation.
The Honda will cost you $48,000 over the life of the loan. 800 * 12 * 5 = $48,000.
Can you sell the Honda for enough to pay off your loan? If so, the Lexus sounds like a more financially sound option.
You also have to figure in repair costs, gas mileage, etc.
The Lexus should have worst mpg’s and cost more since I do think it takes premium gasoline? As for the vehicle I’m sure it’ll sell for more than I bought it for or the same price considering I’ve only put 4,000 miles on the car itself. It’s value has not depreciated A lot, ontop of that it’s getting a good detail and paint job on the back of it since it got hit in the back, it barely got hit though nothing really was damaged besides trunk like (very minor) and cracked bumper. It’s just the paint job that’s expensive however the money for it, isn’t coming from my pocket at all. I don’t know if that will increase its value a little more.
I own lexus and toyota. I drove honda for years. I quit honda. Last new accord had stuck rings and burned oil. I would buy the lexus. The v6 plugs are due at 120k. The intake has to come off. Denso iridium plugs I buy at napa and did mine myself, but it's a labor intensive job. Have the transmission fluid changed with toyota ws fluid as soon as you get it. Lexus lasts and lasts. Love our rx350.
