Deal Fell Through - Help Revise Strategy

[KevinH1990]

I was scanning through your posts and thought it was my lucky day until I saw the car was red. I like it, but it is just not one of my favorite colors on a Boxster. I'm going to give it some thought, especially with an independent verification of the condition.

I was looking at 2003's on line last night. The pricing services appear to be putting the private-party sale price for non-S Boxsters in the high 20's - even for relatively low mileage cars. Is this correct or is it some quirk in their software? The asking prices in the ads are in the low 30's.

I guess I could make a few offers at the private-party prices and test the waters.

[SD987]

Kevin, I'm going to make a suggestion based on an assumption...which is that you're looking to pay about $500.00 a month (24K financed for 60mths at 8%).

The suggestion is that you assume a lease off lease-trader.

- No money down
- Generous miles left
- You can drive a car that's been well-maintained by one owner and not abused and query the owner for car history
- You can walk away after a year or so, or take advantage of the former owner's buyout price. Your finances will naturally change for good or worse over time.
- Get a newer car than you could otherwise afford
- Sell your miata without having to trade-in at the dealer
- Often still have warranty

Not all cars on lease-trader make any sense whatsoever, but some do, just for example.

http://www.leasetrader.com/auto/lease/search/2002_Porsche_Boxster_Base_Style_91640.xhtml

2002 Base - 34k miles

14 months @ $505 with 0 down will give you a great evaluation period, find out if you have a keeper or something you'd be loathe to drive for five years.

Lease buyout in June 07 is 23.6

1800 miles a month - alot...

This one says "pending transfer", but may not be, as alot of them say it when they aren't (deal never went through etc.).

If you're willing to be patient, I frequently see good deals on wheels pop up here.

[Brucelee]

I guess I could make a few offers at the private-party prices and test the waters."

Yes, the test of a car's value is what you can buy it for. This is of course, different from what the asking price is.

Good luck.'

[KevinH1990]

Originally Posted by SD987

Kevin, I'm going to make a suggestion based on an assumption...which is that you're looking to pay about $500.00 a month (24K financed for 60mths at 8%).

The suggestion is that you assume a lease off lease-trader.


If you're willing to be patient, I frequently see good deals on wheels pop up here.

I spent a little time looking at lease trader. This an interesting concept, but I have cash so it just doesn't look like leasing is the way for me to go. There were 12 Boxsters available when I searched, and I would be out anywhere from $7000-$20,000 by the end of the lease and still not own the car. While the "try before you buy" approach has merit, I think a pre-purchase inspection and/or buying a car with some warranty left will also go a long way towards increasing the likelihood that I won't be buying a lemon.

I was orignally thinking of spending $20-22k for the right car, but I'm beginning to think spending a bit more will be a smarter long-term strategy. I'm not sure I'm willing to go as high as $30k yet. I think your comment about being patient is the best (and hardest to follow) advice. If I'm willing to wait until next fall, and live with a few of my offers being rejected, I might be able to buy a nice 2003 for less than $30k.

Again, any "reality checking" will be appreciated.