Buying a Used Car
#189766 - 06/28/05 08:48 AM
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Augie
Reged: 10/27/04
Posts: 5807
Loc: Illinois
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I may be buying a used 2001 Corolla. I would have 16 months left on a warranty which would basically cover the engine, transmission, and axles.
I need to decide if I should invest in an extended Gold Extra Care Warranty that would cover it for an additional 2 3/4 years and would cover suspension, steering, fuel system, cooling system, air conditioning and heating, brake, electical, and computer and electronics. It also would cover towing, rental car. It would not cover regular wear and tear such as brake pads, wipers, etc.
The extra cost for this coverage is $895, but comes out to be $1020 when added to payments with the finance added in.
I don't know if I should take it. For one thing, the car is a Toyota, which is already a pretty reliable car. But, it is an older car and this warranty would cover it until it was 8 years old...and would cover extra stuff the original warranty doesn't.
BUT, money is a big problem for me,,,I don't even know how I'm gonna manage the car payments...but I will somehow.
So, what do you guys think??? Would you take it? Or do you think it's a way to get customers to spend more money. I know I'll be upset if I spend 1000 bucks on it and don't use it...but if something goes wrong, I'm gonna be kicking myself if I don't take it! It could pay off itself if only one problem happened
But again, Toyotas are suppose to be reliable.
They also offer a credit insurance that says Toyota will pay the monthly payments if for some reason I need to go on disability...which I have been on twice in the past. This coverage costs an extra 325 dollars, I think..or 500? And adds 9 dollars to each payment over the 5 years. But I don't want to have to go back on disability again, but you never know. 
Any advice on whether I should take either of these, given I decide to get the car?
I was in a bad accident, for those of you who didn't know. My car was totaled about 3 weeks ago.
Thanks for all replies. I really would appreciate some advice/comments. I need to decide by tonight!
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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Personally, I wouldn't buy the insurance. If you are paying $1,000 for the insurance, what are the chances that the car will need more than that in repairs? Sure, it could happen but I've never bought any of those extanded warrenty things myself as money is always an issue for me as well! Good luck!
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Taking it one day at a time.....
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I say skip the extra coverage. With this last car, I bought an extended warranty. And as it happens, I had to use it, BUT... the amount I paid out for the coverage and the amount I got reimbursed for were almost exactly the same $ amount. Which means that I could have just skipped it... either way, I paid the extra grand! 
So skip it! That's my vote.
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I saw skip the warranty---and take your chances. If you buy the warranty and never have a problem, you're going to kick yourself for forking out the extra money. If you DO have a problem, you will just have to pay for it yourself.
What if you took whatever amount you'd pay monthly for the coverage into a savings account and later, if you don't need it for repairs, you could pay yourself back with a bonus??
Toyotas are great cars! You shouldn't have a major problem. Just make sure a good mechanic checks the car before you buy it. If he ok's it, go for it---and try not to worry about what COULD happen.
Good luck!
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You DO want those first few months of warranty, if anything is just WAY wrong with the car it'll show up before that expires. Like the Ford minivan that dropped it's transmission after 1 week! Warranty was GOOD!!
Toyotas are great, we just got a Matrix and love it. Mom and Dad are still driving their Camry and it looks brand new, I think it's a 93 or 94! Drives great, too.
GL!!
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Take care,
Michelle
...the greatest of these is LOVE. (I Cor 13)
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I am no help here...but I wish you the best and that you make the right/best decision for you (I have faith!)
Love, Ruch
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Formerly known as Ruchie
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I know this is too late but what about a new car? Like a lease or something. GM and Ford are offering wonderful deals right now. You can get the employee discount without being an employee. We looked into but decided we were good with the cars we had right now. Just a thought? 
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And will be making payments for the next 5 years. Thanks for the feedback. The guy told me I could think about the extended warranty over night and let him know tomorrow or Thursday. The owner of the dealership is married to one of the professors at the college I work at...so they did me this favor. I wish they'd throw it in for free!
I still don't know what is the best thing for me to do. I have such bad luck...I know if I don't take it, something is going to go wrong...and if I do take it nothing will happen! There is a lot I need to do with that 1000 dollars it would cost me.
I hate decisions! I honestly don't know which way to gamble on this one! But thanks to all of you who gave me your opinion. It looks like the majority of you, or all of you, think I should take a pass on it!  And to those who wished me good luck, thanks! I did think about the GM deal, but still can't afford a new car, unfortunately. And I really wanted a Toyota or an Escort. I've read good reports on both these cars!
Tomorrow I need to decide for sure, so I'm sure I'll be up all night stewing over this...I'm so indecisive! And needless to say, my tummy is rebelling over all this money I just signed my name to pay back and have no clue how I'm gonna make that one happen! My income isn't changing and I barely make it now! I wish there really were money trees!
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~ Beth
Constipation, pain prodominent,cramps, spasms and bloat!
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