Hey Y'all,
I figure y'all be the most well-informed in the community about my forthcoming purchase. First time getting a car, and I want to make sure I'm not getting screwed. I'll copy and paste what I wrote over at Reddit:
Car: 2018 Toyota Camry LE
Certified Pre Owened
Pre-Approval for 4.49% via a Credit Union (five year, no early payment penalty).
Mileage: 14596.
Original Car Price (Pre-Tax): $20K, got it down to $18500.
State: Colorado
Down Payment will be $5000.00.
This is my first car purchase in my life, so I want to ensure I'm not screwing myself in any way. Went to the dealership due to my 1999 Lincoln Towncar slowly dying on me (trade in at dealership is $250; I'm ok with getting rid of that car at that price). I've planned on waiting to get a new car until I got promoted later this year (from $55000 to $66000), but the car is forcing my hand a little. I went to the dealership pre-approved and negotiated the car down a couple thousand dollars from its listing price.
I spoke to the manager as we spoke prices, and we've reached a tentative deal of $18500 for this particular car. I put down a $1000 deposit, as I wanted to be certain in my purchase (I have until Tuesday to pick up the car). I expect this will be the best deal I can muster for this particular vehicle. I'll be spending about 10% of my monthly take home on my car payments (until I get promoted and be more aggressive about paying it all off). Want to make sure I'm not overlooking anything before I finalize the deal and take the car home.
I appreciate any advice or thoughts on my situation!