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Buying and Maintaining a Car

Buying and Maintaining a Car . New vs. Old Toyota Corolla. The 2010 Toyota Corolla would cost me $209.21 per month after a $2000 down payment and $500 trade in. I would pay off the car in 60 months with an interest rate of 3.9 %. After 60 payments, I would pay $2000+$12552.60 = $14,552.60.

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Buying and Maintaining a Car

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  1. Buying and Maintaining a Car New vs. Old Toyota Corolla

  2. The 2010 Toyota Corolla would cost me $209.21 per month after a $2000 down payment and $500 trade in. I would pay off the car in 60 months with an interest rate of 3.9%. After 60 payments, I would pay $2000+$12552.60 = $14,552.60

  3. The 2014 Toyota Corolla would cost me $237.66 per month after a $5000 down payment and $500 trade in. I would pay off the car in 72 months with an interest rate of 3.9%. After 72 payments, I would pay $5000+$17,111.52 = $22,111.52

  4. Cost of Maintaining: Toyota 2010 Average Miles per Gallon: 32 miles per gallon Size of tank: 12 gallons Fuel per year: about $1,800(cost will vary based on miles traveled) Insurance and state fees per year: about $1500 Maintenance per year: about $200 Repairs per year: about $250 Financing per year: $2510.52 (found by multiplying monthly payment and the number of months in a year) Total Cost per year: about $6,260.52

  5. Cost of Maintaining: Toyota 2014 Average Miles per Gallon: 32 miles per gallon Size of tank: 12 gallons Fuel per year: about $1,800(cost will vary based on miles traveled) Insurance and state fees per year: about $1800 Maintenance per year: about $100 Repairs per year: about $150 Financing per year: $2,851.92 (found by multiplying monthly payment and the number of months in a year) Total Cost per year: about $6,701.92

  6. 2010 Toyota Corolla or 2014 Toyota Corolla The 2014 Toyota Corolla was not that much more to finance on a yearly basis. The expenses for fuel, insurance and repairs would also be very similar. However, it would take longer to pay off the 2014 Toyota Corolla than it would to pay off the 2010 Toyota Corolla. Although it would be nice to be able to select the options that I would want in my brand new Toyota Corolla, it would not be logical to invest in a new car that is going to depreciate the second that it comes off the lot. It is for these reasons that I would select the used Toyota Corolla.

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