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2013 and Earlier - Toyota Corolla Prices Paid and Buying Experiences



  • 2000 off MSRP for every Corolla - in MD
  • lchailchai Posts: 2
    Dealer agreed my price for 2009 Toyota corolla LE OTD price at $16000.00( including admin fee,everything). good deal or not? I am in NH. thanks
  • drtraveldrtravel Posts: 395
    What's the sales tax rate and license fee in NH? A base LE has an invoice of $15,787 - any options?
  • kyfdxkyfdx Posts: 27,620
    No sales tax in NH!!

    Prices Paid, Lease Questions, SUVs

  • vois22vois22 Posts: 18
    2009 Corolla S
    MSRP $ 20014

    weather guard package
    5 pc mats
    sport package: 16-in alloy wheels, rear deck spoiler, remote keyless, cruise control.
    Added 6 yr/75000 bumper-to-bumper for additional $650

    Payments $278.55 @ 60 mos. after warranty/$290.22 @ 60 mos.

    Midwest - Missouri - St. Louis - St. Peters - St. Charles
    toyota corolla 2009 corolla s corolla msrp
  • kswamykswamy Posts: 3
    Got an LE for $17,100 along with 6% financing.

    Includes all-weather package, cruise control, mats, stability control.

    This is in Vienna, VA
  • yisingyising Posts: 10
    i think i screwed up but i dont know if its too late- I've been trying to help my girlfriend buy a Toyota Corolla LE with cruise control, all weather, VSC, 6 CD player, rear bumper guard, floor mats, and cargo net. She was ready to buy the car Saturday, and we got to negotiate the price to 17,407 (I know not good at all, after reading this page too late) it comes out to actually 18,987 otd. However she didn't have enough credit to buy the car herself so her mom who lives in another state is going to buy it and my girlfriend is going to co pay. So the dealer told us that they would have to overnight the papers for her mom to sign and then once she sent them back we would sign and be able to pick up the car. They already ran a credit check on her mom which was good, and they told us to give them a 500 deposit check to hold the car. They have a lot of our private information and a 500 deposit check. Does anybody know if its too late to back out since we haven't actually signed any papers for the purchase of the car? if any one knows or has some advice please help me
  • dchevdchev Posts: 38
    I am not a lawyer; however, if you have not signed the papers, you are not obligated to purchase this vehicle. You can tell them that other dealers have given you much lower price, so you do not want to buy the car from them.
    They should give you back $500 deposit and all your info..
    Good luck! Be polite, but firm!
  • vois22vois22 Posts: 18
    Based on the packages you have listed, this vehicle, CR's model says you should pay between 16240 and 16710 for the car (purchase price). You have indicated that a purchase price of $17,407 was negotiated. However, my "spider sense" for the situation you have described is more a leary feeling about the financing. Could you please tell me the amount of monthly payment you have been told, and, for exactly how many months? (Example: $371.20 monthly for 60 months).

    This will determine whether your friend is going to fall prey to predatory lending in this situation.

    As for papers, I would be very surprised if absolutely no purchase papers have been signed. Are you certain that your friend did not sign her name -- anywhere -- on a piece of paper labeled as an agreement? I would be surprised if the dealership had taken any $500 deposit without a purchase agreement having been signed.

    When I purchased a new car last week, there was a couple who had backed out and changed their mind, so these things are possible although I don't know the details. If you were to go in to the dealership and let them know that your decision had changed, or your situation had changed, and were insistent, I doubt they would try to pursue it legally because the return cost wouldn't be worth it on a base Corolla sale, after adding legal costs. My "spider senses" are up based on what you have described, because the purchase price is high, the additional costs added bringing it to nearly 19000 are EXTREMELY suspect, and it sounds like they are going to throw the financing away from TFS (Toyota Financial) so that you could be looking at an interest rate of 5% or more. (It should be between 1.9% to 2.9% .)
  • yisingyising Posts: 10
    hey vois22 thanks for your reply, the dealer told me that it would be 305 per month for 36 months and thats with 0% APR. also we signed 2 papers one was for credit report and the other was a sheet with large boxes that had the numbers we were working with to get the monthly payment. We still havent entered the financing office and her mom hasnt recieved the papers to sign. im clueless what is predatory lending?
  • vois22vois22 Posts: 18
    $305 monthly for 36 months comes to just under $11,000.

    Then, assuming a $500 deposit down, there must have been a trade-in and they must have offered around $5900 for a trade-in. Do you know the exact make and model and year of the trade-in and what its condition was (excellent/good/fair, etc), (My assumptions could be wrong, because I am still totally perplexed why the purchase price of 17,400 went up to an OTD price of just under 19,000 --- unless state and local taxes are being paid by the dealer or something? )

    Now that you mention the 36 mos. at 0% interest, I am not so worried about predatory lending. But when you mentioned that your friend needed someone else to sign on for a loan I was concerned about it.

    So, they key here will be:
    (a) Whether the trade-in was severely undervalued.
    (b) What exact line-item fees have been added to go from a purchase price of 17,400 to 18,987 . Please list those if you can, because I am perplexed. Should not be more than about $200 in fees max making it 17,600.

  • yisingyising Posts: 10
    vois, im sorry i forgot to mention she was planning to put a down payment of $8000 and we didnt have a trade in. sales tax is 7.25% which comes to about $1261 and liscence is $168 and the dock fee is $150
  • vois22vois22 Posts: 18
    Ok, so it gets to this:

    Purchase Price 17407.00
    Dealer will pay TTL , 1429.00
    Doc free 150.00
    Sub-Total 18986.00

    The $8000 down is consumer's choice, but I wouldn't recommend it if she is sure she wants this Toyota and that she wants to keep it for all of 36 months. This thing will be under bumper-to-bumper warranty for 36 months. Toyota's hold their value so well, $8000 is an AWFUL lot of cash to put down on a new Toyota car which is only worth $16500-$17500.

    Heck, she could pay the TTL of 1429.00 herself at her local motor vehicle bureau office ... and finance only $13,057 (worksheet below) at 1.9% for 48 months, and she would have an extra $2,071 in her pocket right now (not to mention an extra $22.30 PER MONTH in her pocket after that compared to a $305 monthly payment) ... and she could invest that extra immediate $2,071 elsewhere for a better outcome (or go to Jamaica on vacation, etc). Here's that worksheet:

    (With this worksheet below, she will go to the DMV to pay her own taxes and license fee.)

    purchase price 17,407
    doc fee 150
    (minus downpay and deposit) ( -4,500)
    1.90% at 48 months ==> $282.70 per month -or-
    0.00% at 36 months ==> $362.69 per month

    Please note she would be investing only $4,500 into the car upfront, instead of $8500. Under this $4500 scenario, let's assume she decides in 44 (fourty-four) months to trade-in her Corolla and get a new car. At that point, after 44 months, she would still owe only $1,130 on her loan on that car ... but the trade-in value were she to trade it in will be SEVEN THOUSAND DOLLARS at that 44 month point. (assuming the car is in good shape, no wrecks on title history, runs well and needs only a little reconditioning to be sold at retail).

    And, here is what she can do with the extra $2,071 in-hand right now:
    - Give it to her boyfriend.
    - Invest it into a 36-month CD for savings at a 3.25% interest rate --- then at 36 months withdraw that CD which will have grown to $2300.00 by that time. She can then use that $2300 towards yet a larger down payment on her next car to "move up" to the next gen vehicle such as hybrids or Camry etc.
    - Or, just blow it now on a vacation or new toy. Help the U.S. economy.

    And, here is what she can do with the extra $22.30 per month during those 44 months:
    - Send me beer money.
    - Save it into a small savings account for 44 months. Those monthly deposits of $22.30 will grow to just under $1,000 by 44 months.
    - A $22.30 monthly meal or night out with her boyfriend, each month.

    Hope that helps. Since you are doing the low financing, we can say that, yes your purchase price is about $800 too high, but that seems to be the only hit you are taking here. Go in and say, we change our minds, unless we can get another $800 off the purchase price. Negotiate in the middle -- take it from $17,407 to $17,000 even.
  • yisingyising Posts: 10
    Thanks vois for your help, one thing i dont understand though is the purchase price of 17,407 is 800 to high, becuase i used the TMV pricing report and with VS Vehicle Stability Control, CL Cruise Control, KE Keyless Entry, EV AM/FM 6CD Changer w/6 Speaker Audio, CF Carpet Floor Mats, CK All Weather Guard Package
    ,EF Rear Bumper Protector, GN Cargo Net the invoice comes out to $16998
  • vois22vois22 Posts: 18
    Your invoice mention of $16998 includes a couple of "gotchas" though. First, both you and the dealer and TMV are pricing out the "5 mats" thing at $200. The only problem is, the dealer didn't pay but a few bucks for those mats. As you can see in many posts on the preceding pages, most dealers throw in the mats for free if you ask for it. So that's -$200 there. And then there is the holdback. The holdback for the 2009 Corolla is $345. This is money back on the car that the dealer will receive from Toyota later in the quarter on that car, so long as the dealer sells a certain amount of Corollas. (Which they will do, no problem.) This is a way of padding the invoice on paper, should you (as customer) ask to see the dealer invoice. So, from the $16998, we subtract -$200 and - $345, bringing down what the dealer actually paid for the car, to $16453. In the current climate, for the LE, you should be paying 3% more than the dealer paid on the car, which is $16946. This is the reason at the end of my previous post, I told you get it down to $17000, and you've got it.
  • yisingyising Posts: 10
    hey vois is the deal you got on your Corolla S a manual or automatic
  • yisingyising Posts: 10
    hey voise, is the corolla s you purchased an automatic or manual
  • vois22vois22 Posts: 18
    Mine was Corolla S with 4-speed automatic, and the power package: cruise control, power steering, power doors, power windows, power heated outside folding mirrors, air conditioning etc.
    remote keyless entry, fog lamps
    16" alloy wheels, chrome exhaust, driver & front passenger side airbags, front & rear side airbags,
    underbody front & rear spoilers, rear deck spoiler,
    6-CD / MP3, iPod audio
    all weather package w/rear heater duct
    floor mats, trunk mat, carriage net

    Be aware a lot of that above is standard to S, but I listed it there since I know you weren't necessarily shopping the S. Hope that helps.
  • yisingyising Posts: 10
    hey vois,
    good news i got the check back, but now were working on getting a corolla s, we found one in at spirit toyota with weather guard, sport pack, VSC, JBL, 5 pc. mats they said the sale price is 19604, TMV gives a MSRP of 20974 and invoice of 18662 when i negotiate should i bring up the "gotchas" you told me about, if i do that i come up with a purchase price of 18005 without tax, do you think this is about right for my target price?
  • vois22vois22 Posts: 18
    To [ yising ] :

    For the 2009 Corolla S with WG, Sport, VSC, JBL, mats (make sure it is JBL and not the standard 6-speaker 6-CD MP3 of Toyota), you are looking at the lowest end price of $18,550 and high end of $18,969.

    The dealer paid $17,816 for the car.

    Considering the MSRP on both CR and TMV of 20,974 : You would not want to pay more than the $18969 (which is about $2000 of MSRP).

    Personally, if it were me, I like the S package +JBL +VSC +Sport, so I would buy it for $18,760.

    Hope that helps.
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