Is it worth it? Trading in 2009 basic Camry for a 2010 camry w/ options.?

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Old 06 Jul 2010, 08:39 pm   #1 (permalink)
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Default Is it worth it? Trading in 2009 basic Camry for a 2010 camry w/ options.?

I am planning on trading in my 2009 basic Camry for a 2010 camry with moon roof, leather interrior and alloy wheels. My reason is that I want the luxury of having a leather interrior and better bang for the buck and better resale value 3-5 yrs down the road.

2009 LE Camry:

Purchased at 19.5k - Trade in value: 15k

5.9% APR; $12100 Payoff amount.

Monthly Payments: $300/mo

Options - alloy wheels

Mileage 19000

21/31 mpg

2010 LE Camry:

Cost: 24.5k with trade-in [also Includes gap insurance + extended warranty which I dont have on the old one]

Options: Moon Roof, Leather interrior, Alloy wheels, 6speed auto

0% APR; Monthly Payments: $415/mo

22/32 mpg

Please write in your thoughts as to which one will be a better decision, financially, keeping my want for a lil bit of luxury in mind. Also please mention your reasoning and analysis. Thank you in advance..!!!
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Old 06 Jul 2010, 08:42 pm   #2 (permalink)
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With the figures you are giving, the '10 Camry will actually cost you almost $40,000 dollars...think about it :}
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Old 06 Jul 2010, 08:45 pm   #3 (permalink)
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you are going to be up side down on the loan not a good thing keep the car two more years save the extra $100 you were going to pay per month and apply it to a 2012
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Old 06 Jul 2010, 08:49 pm   #4 (permalink)
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i would keep the 09 and have an extra 115 bucks in my pocket every month.

moon roofs waste head room and let in too much sun

i dont care if i am sitting on leather or cloth

shiny wheels are nice but i rather have 115 dollars extra a month in my pocket

it is a camry , it is basically an appliance even a decked out camry is just a camry. the 09 will get you from a to b just as good as the 10

what would of been smarter yet is buying a 2003 taurus for 5000 dollars then you would have a lot of extra cash and basically the same car

i have had a taurus almost 9 years with nearly 200 k on it, best car i ever had and i can drive it anywhere you go in your 20 k dollar camry
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Old 06 Jul 2010, 08:53 pm   #5 (permalink)
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For the trade-in, you lose 5k to 6k right of the bet. The dealer offer the lost through GAP ($500 at the dealership) and warranty (assuming 6yr/100k/platinum should cost $1800-$2500). And the last one is 0% APR, which is awesome rate.

But, alternative warranty offer at ( offer 6yr/100k/platinum offer at $1300, the same factory back warranty and hornor at any Toyota Dealership. And alternative GAP at bank range from $150-$400.

And last, Resale Value, assume you will pay it off in 5 years. How much would you get for your Camry in 5 five years. Assuming Hybrid tech doesn't catch up by then. How much will you lose? According to KBB, the 09 model will be sell at $6,866.30 ( The 10 LE sell at $8,103.00.

( .

The bottom line is your loss, 5k-6k, will be cover with GAP and Warranty which will cost less 3k at max for dealer. 0 APR rate will save you money, but how much in the long run? And resale value of basic 09 ($6,866.30) and LE 10($8,103.00) is $1,236.7 difference. But keep in mind that Hybrid, FuelCell, Electric Car, are on the verge to explode. Your decision now will either save you little or cost you a big chunk in the future.

My favorite question, Suzie Ozman ask: are you more comfortable knowing that you have cash in case of emergency? or potential saving on a new car purchase? Show me the money girl (Suzie smile) ............
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Old 06 Jul 2010, 08:54 pm   #6 (permalink)
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It's dumb to buy a 30,000 plus car with a loan. Wait until you can afford it and then pay cash. Why pay the bank money that you could use to buy a nicer car.
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