First time car buyer better to buy a used or new?
I’m interested in buying a used 2001 Tacoma Limited SR5 pkg. w/ 120k for ,500. Im not too enthused about the mileage but it is a Toyota. It is automatic V6, has leather seating, dual stainless steel exhaust, chrome step-up bar, and a fiberglass bed cover, and really well taken care of it and still looks almost new. Timing belt changed at 95k. I’m 21 looking to buy my first car. Some established credit for the past 2 1/2 years, mainly credit cards. I’m just looking for some opinions on if it would be ok to buy a used car, this one in particular, or if it is better to buy new with a first-time buyers program or something like that and get a car with lower miles.
According to kelley the 4wd limited double cab books at about ,000. And I want the truck for camping, dirt bike, etc… I live in Colorado.
8 Responses
JeffyB
12 Feb 2010
John W
12 Feb 2010
I guess you should check the insuranse quotes for the car before buying one, for example here: http://autoinsurance.undonet.com
Used cars have higher insurance rates.
Jessica B
12 Feb 2010
Well, I am going into litigation over a used car I bought last year from a Ford dealership last year, so I have some advice for you. When buying used, get the carfax history report. If something is in an accident, it could affect the performance of the car (I learned that the hard way). I would also read over all of the information carefully before you sign anything. Warranties can vary a great deal in their coverage. Also, take a witness with you. Preferably, an older adult. Because of the issue of predatory lending and your age, and to have a witness to have for anything that isn’t on paper. Also make sure you get a good interest rate on the Tacoma. 16% may not sound bad, but it is! You want to get as low of interest on the payments as possible. I would also take it to a friend that knows cars, look at it yourself, drive it around, or have a professional check it for mechanical issues. If all those systems are go, then go for it. It will boost your credit if you make payments on time, therefore making your payments cheaper over time. You also want to consider other factors like gas mileage, reputation of dealership, and I would at consumer reports about that specific automobile. Buyer beware buddy! 
smallinvestorpow
12 Feb 2010
Since you are under 25 and 1st time buyer, your insurance is going to be very high.
Get something smaller, cheaper, and lower miles.
Get an insurance policy with high deductible so it’s cheaper. If you get into a minor accident, pay them not to file a claim and get it in writing.
justsomebrunette
12 Feb 2010
If it is a truck and Toyota made it, then it bad. The only decent truck toyota has ever made is the 2007 Tundra. Later on the tacoma, it will get bad gas mileage too. If you want a small truck look for a Ford, Chevy or Dodge. I have a Nissan Frontier and despite it being a Nissan it has TERRIBLE reliability and problems. It’s only 5 years old and the air conditioner has been broken for two years, and we have spent $4000 on fixing it and it still doesn’t work.
tred3123
12 Feb 2010
buy used. you can get a nicer car for less price, just try to get as low mileage on it as possible. if u get a new car, it will not be as luxurious, reliable, and nice
chucksright
12 Feb 2010
if the the price was $8 to $10,000
that might be a good deal but at $12.5 that’s too high.
check your blue book value: http://www.kbb.com
sukbunny
12 Feb 2010
That’s too much money for a 7 year-old truck with 120,000 miles on it…even for a Toyota. I always say buy new if you’re able to. You get a full warranty and you know no one else has ragged it out. As long as you put enough of a down payment down to cover depreciation you’ll never be upside down. that’s where people usually get into trouble. There’s nothing wrong with buying used…but you have no warranty and you have no idea how that truck was driven. If you do buy it get it checked out by a mechanic…and please negotiate that price.
KBB is always way too high…try Edmunds or NADA..they will be less.
The Tacoma is a great truck and very reliable, but I think even with a Toyota you are asking for $$ trouble when buying a vehicle with that many miles. If I were you I’d save my money and buy a newer one with 60,000 or less. Also consider a small SUV if you don’t NEED the pick-up bed. A RAV4 or CRV will give you about 5 more mpg than a Tacoma, on average.