Choosing A Car (L100)

To find a car that would best suit me (right now) I had to begin by deciding if I was going to get a new, used, or leased vehicle. I don’t have for the time being, and I just need a reliable car that is fairly good on gas. I don’t have the means to purchase a new car right now and right now it just isn’t a practical decision; leasing to me also seemed impractical. Used car it is then!
When I was a really young, my mom had a Toyota Camry, and man did that car troop. I don’t ever remember having a single problem with it; we even got sideswiped once and the only issue was a dent and some scraped paint. It lasted my entire childhood almost, but the family had outgrown it’s holding capacity by the third child. At this point in my life, some model of Toyota would probably best suit me due to their low maintenance needs (mechanically) and their good gas mileage. In my experience Toyota makes reliable and practical vehicles.
2007_toyota_camry_xle_v6-pic-3510270991532749342

Sample Pic (2007 Toyota Camry Xle Grey).

After having searched far and wide, I came upon a 2007 Toyota Camry XLE at Carfax.com. It was listed at $9,500; no accidents (on record), 71,402 miles. This seemed like a fantastic deal to me; affordable, reliable, and it gets 21 MPG (city) / 30-33 MPG (highway), this car is everything I need.

With a 25% down payment of $2,375, I could expect to be paying about $148.44 a month for a four year payment plan; (this does not include interest or tax). Assuming I set $500 dollars aside each year to cover unexpected maintenance costs, inspections, oil changes, etc., and tack on another $1,000-$2,000 a year for car insurance as well, I am almost down to the actual cost of the car. Estimating that I will drive around 12,000 miles a year, between gas (current average cost of regular gas per gallon in the US is $2.332), insurance, and maintenance, I could expect to be spending about $17,645.78 – $23,645.78 in total within the first four years (CARFAX). (This is the loan period, during which I haven’t paid off the car in full and do not own it. After the payment period is up, the car is officially mine, and the yearly cost of the car to me will be lower because I then will be paying only for the costs of gas, maintenance, and insurance.)
Bibliography

“2007 Toyota Camry Xle Grey – Viewing Gallery.” 2007 Toyota Camry Xle Grey – Viewing Gallery. Publisher Unknown, n.d. Web. 24 Feb. 2015. <http://galleryhip.com/2007-toyota-camry-xle-grey.html&gt;.

“2007 Toyota Camry XLE.” CARFAX. CARFAX, n.d. Web. 24 Feb. 2015 <http://www.carfax.com/vehicles/JTNBE46K573114199-used-2007-toyota-camry-xle–newton&gt;.

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