So I checked out this 1996 Grand Am today, and I like it a lot, but I'm wondering if the price is too high..the car is 3,000$ and he said that he won't accept any less than that because he bought it for 2,600$ and is putting AC in it.
I had a friend check the engine and stuff, and he said that it was ok...I'm going on Monday to test drive it to see if it drives okay. The previous owner was an older lady who purchased it in 2005, the car has 115,XXX miles.
He will accept payments, he wants a couple hundred down and about 50$ every two weeks. Although he said the interest will be 16%, is this bad?
Soo from the above information, can you tell me if the car is worth 3K? Thanks
2007-08-17 17:24:28 · 13 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
ONLY if you really need it and cant afford to look around in my opinion 3k is WAY too much for a 12 yr old pontiac
2007-08-17 17:33:58 · answer #1 · answered by fordman022480 3 · 0⤊ 0⤋
I think that the price is just a little high, but it is in the ballpark. You need to go to www.kbb.com and look it up and see what the retail value of the car is. I don't know what engine is in it, or whether it has 2 or 4 doors. The 16% sure sounds high to me. Figure it out, see what the total of the down payment and all the monthly payments will total up to. Then you will know exactly what this 3K car will cost you.
If you still decide that you want the car, then tell the owner that you will give him 2,500 no more than that. After all, if he is carring the loan, he will make more than make it up on the loan. BTW He may sell the loan to a bank or a finance company at a discount and get his money and you will have to pay the new owner of the loan, and they might repo the car if you are just a little late with one payment. They operate like that sometimes, so never be late on a payment. Always try to stay one payment ahead. good luck.
2007-08-17 17:40:32 · answer #2 · answered by Fordman 7 · 0⤊ 0⤋
The 1996 Grand Am made Consumer Reports' list of used cars to AVOID. Sixteen percent interest is outrageous. At $50 every two weeks, it will take you almost three years to pay this guy off, and the car might not make it that long. If you want to buy a car for $3000, I would suggest saving up the money. banks probably won't lend you an amount that small, and nobody is going to give you a decent interest rate.
2007-08-17 17:42:57 · answer #3 · answered by ? 7 · 0⤊ 0⤋
hello. you're speaking of a 10+ year old used car. the cost and terms I will not comment on except the interest rate is quite high. I don't know your money abilities, but to me it sounds like a long, extended payment for an old car. I almost got a Grand Am when I was more able, but I chose another brand of auto. good luck.
2007-08-17 17:44:16 · answer #4 · answered by Chris M 5 · 0⤊ 0⤋
Based on the KBB value I would say no. It's showing AC as standard on both the GT/SE. Even if the car is in excellent condition its only worth $2800. A few questions and you should be able to figure its value. Is it 2 doors or 4 doors? Is it V4 or V6? Is it manual or automatic? I'm assuming its the GT, V6, and automatic with standard options and at most it should be $2800.
2007-08-17 18:31:13 · answer #5 · answered by Asif R 1 · 0⤊ 0⤋
No good, those cars start to fall apart at that age and mileage. You're much better off with honda or something of that nature. And 16% interest is ridiculous, try half of that or less.
2007-08-21 13:01:41 · answer #6 · answered by Christopher W 2 · 0⤊ 0⤋
WHAT??? Are you new to this game?? 16 percent?? You will pay forevever----go to a dealer and ask the Blue Book value--get a loan from a bank or a credit place--be careful of this guy----he offers NO warranty on this car and whatever he is putting in. private sellers can pull shady deals and you cannot do a thing about it.
2007-08-17 17:57:02 · answer #7 · answered by fire_inur_eyes 7 · 1⤊ 0⤋
that's a little bit high on that one even if they are fixing the air in it,with the mileage on it ,their asking a little too much for it,id ask them to take less for it,their right on the high end price of that one,don't act desperate for a car,because you may get taken advantage of on it,and the interest rate on it is really high,think this one through real good before you decide for sure on it,good luck with it.
2007-08-17 17:46:26 · answer #8 · answered by dodge man 7 · 0⤊ 0⤋
That car's only worth about $800.
2007-08-17 17:49:32 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Not for 115k on it.
I woujldn't give more than 2300 tops.
2007-08-17 17:33:26 · answer #10 · answered by Anonymous · 0⤊ 0⤋