Thank you in advance for your guidance.
We want to decide whether or not to buy a 2007 Camry SE. Following are the details:
- Odometer reading: 127,200
- Asking price: $5,000 (the seller found out about our budget through a mutual friend)
- Location: Boston
- 4 previous owners
- Checked Carfax and Autocheck reports. No accidents
- KBB value for “fair” condition is $5,090.
- Our budget is $5,000 meant to be for car + repairs. Can do + or - $500.
- I and DW are very new drivers and this will be our first car. The primary use will be to gain experience driving and gradually go on inter-state trips
In the pre-purchase inspection at a mechanic, 3 issues were identified:
- Rack and pinion need repair - Estimated $800-$1,200
- Stabilizer links on both sides need to be repaired - $125 each
- Airbag might need reprogramming (Snap on computer code :B1650 Occupant Classifying System). Might need to involve dealership. At high end, the price might get as high as $1,000
- In addition, they expect the exhaust pipe/rear axle between mufflers to need replacement in 1-2 years. It could cost up to 1,000 depending on the extent of replacement necessary. I am a car noob. I thus don’t remember the part exactly but do remember the price!
Some good things:
- For a 14yo car, it seems to have lower (127k) than average (143k) mileage
- The original parts have not been replaced
- No issues reported with the engine and the transmission
- I was concerned about the infamous Toyota oil leak issue but that does not seem to have afflicted this car
I have the following questions:
Based on the information above, I am unwilling to pay $5k for the car. The max I am willing to spend is $3,200 although that figure could change a bit based on your feedback. If the seller doesn’t agree, I plan to walk away. Is this car worth buying for $3200? Is it worth buying for more or less?
Are there other factors that I need to consider?
Thank you once again for your guidance.