What So I am attempting to buy a car but don’t know if this is a reasonable deal.?
2003 Honda Accord for $12,500
$350 a month with 85,000 miles on it.
The bluebook value is only $8,000
I am a little confused with the purchase and don’t know if it is a good deal or not. The financer says that this is all I can get approved for since I have such bad credit. The bad part was I told him I only could afford at most 300 a month.
Any thoughts would be appreciated thank you.
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85,000 miles is good... but unless the car has something more on it than you said, I'd say $9000 for it, $10,000 should be tops.
If the blue book value is only $8000 why would you even consider paying $4500 too much for this car.
A 4th grader could figure out that you are paying too much for this car. Plus you've already gone over your budget by $50.
I don't know how this could confuse you. The value of the car is $8000 and they want $12,500. You can only afford $300 a month but this deal is for $350.
I don't know what "financer" you're talking to but if they will approve you for a $12,500 loan then they damn better approve you for an $8000 loan too. It make little to no sense to tell someone "You're good to borrow $12,500" but they won't let you borrow $4500 less.
What is there to confuse you.
So you're obviously buying it from a dealer, correct? Dealers will charge a bit more than individuals. That sounds kind of expensive to me. Hondas are great cars, but you might want to carefully think about this matter first. Also, make sure to have a mechanic inspect the car before you buy it.
EDIT: I found this info on KBB.com- but your Honda may be different, as in different trim, transmission, etc:
http://www.kbb.com/honda/accord/2003-honda-accord/...
Use KBB and find out what the value is, if you haven't already. 85,000 miles- is that original miles? For an eight year old car, that mileage is low. That's good. Like I said, have it mechanically inspected FIRST before you sign anything!
Andrew,
The dealer is attempting to charge you WAY too much! As you said, the Accord is valued around $8k. That is what you should pay regardless of your credit status. What is the finance rate? It must be huge if it is jacking the price that high. Don't pay 4 grand more than it is worth. Go to your bank or credit union to try to secure a loan. That particular dealer is trying to take advantage of you, don't let it happen!
Way too expensive.
For a car with those miles the price is way too high.
They are obviously gouging you based on your bad credit. You are buying the financing not a car. And at that price they are expecting you to default in a year, they repossess and sell it again.
too much money, LOOK at the blue book, maybe a little over the book, but not 4.5 K
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It's too high.