Cash for Clunkers Deal

just finished a deal today. I got rid of an old Ford van that was worth less than a thousand and got $3500 in trade. It wouldn't even start anymore so I had it towed to the dealer. Here's the deal I accepted:

2009 Toyota Matrix - $21,289 List price

Subtract $3500 for the clunker Subtract $1500 rebate because the new car was a 2009

Add in sales tax, title transfer and the other crap dealers tack on Add in $1400 for additional warranty coverage of 5 years or 125,000 miles

Subtract $9000 cash down payment.

Finance $9262.18 at just under 6%.

Still have the 2004 Camry to sell to pay off most of the loan. Dealer offered me $4300 cash for it so it must be worth more even tho it has over 173k miles on it. I hope to have this new loan paid off by this time next year.

I was probably not at my best on this deal. I don't remember dickering very much. And I must have had a weak moment when I decided to take the extra warranty. But I still think it is a deal I can live with. Guess I have to now anyway.

I just hope this Matrix holds up as well as my Camry did.

David

Reply to
hibb
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The dealers are using the cash for clunkers kickback in place of cutting the price. Normally you bargain down from invoice, or up from dealer cost, on a Toyota, not down from the bogus MSRP.

Reply to
SMS

Like I said, I was not at my bargaining best on this deal. I did look over my invoice again after I posted the first note and the starting price before the $1500 rebate was just over $20k not the MSRP I reported in the OP.

I still think I screwed up when I agreed to the extended warranty. Weak moment there. But I will have about 125k miles on the car at about the 5 year mark.

Reply to
Shy Picker

Probably so for a Toyota. Our Toyotas have never had any stuff happen in year 4 or 5. Either stuff fails early or wear items start need replacing well past five years.

Reply to
SMS

David

I used the cash for clunkers deal to get a new polar white 2009 camry :) best decision of my life, my crap car couldn't have gone for more than 3500 anyways.

Reply to
daverockz

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