Any luck purchasing from private parties instead of stealerships?

[SuicidnS13]

My cousin has a really well kept 2003 mitsubish evolution lancer. Its blue book is around 15k. I would only be needing a loan of around 5k to purchase it as the orice he gave me is the steal of the century. Have any of you guys had luck purchasing used cars from private parties? And if so which autoloan provider did you guys use. Just an FYI im still awaiting discharge, but he has no problem holding the car for me as he knows I want to rebuild my credit with it.

[Pandora]

15K is the cost of that car brand new in 2003 - not the current value on KBB

Trade in value varies from $2575 - 3625

private party sale: $4K - 5100

So you're not really getting that great of a deal - you're paying its value currently.... and remember, the car is 8 years old.

[tobee43]

15K is the cost of that car brand new in 2003 - not the current value on KBB

Trade in value varies from $2575 - 3625

private party sale: $4K - 5100

So you're not really getting that great of a deal - you're paying its value currently.... and remember, the car is 8 years old.

wow pandora...that's way to quick in the math dept this morning!! i'm so impressed...ur on top of it for sure!!

[SuicidnS13]

15K is the cost of that car brand new in 2003 - not the current value on KBB

Trade in value varies from $2575 - 3625

private party sale: $4K - 5100

So you're not really getting that great of a deal - you're paying its value currently.... and remember, the car is 8 years old.

LOL i think you have it confused with the Lancer base. Im paying 10k for the car, 35k was the cost new and they retail for 15-20k currently. His has 48k only and is clean trade in value at 15k. Trust me its a steal. Goto Cars.com and search Mitsubishi Evolution Lancer.

[Pandora]

sorry, missed the "evolution" part. Cars.com has it from $6200 - up to $15K..yes - but it is still 8 years old, going on 9 - and for 10K you could buy an almost new vehicle, if not brand new. Guessing you'd rather have the car due to its racing status vs. the actual cost calculations (maintenance, parts, etc). Remember to call your ins. company to find out what rates will be, especially if you're in a credit profiling state.

At any rate - finding a lender to secure a loan on a vehicle that is going on 9 years in age may be difficult. Most dont want to finance vehicles that are over 6 years in age.

Good luck!

@ tobee - obviously it was too early for me as well since I missed the "evolution" part

[tobee43]

sorry, missed the "evolution" part. Cars.com has it from $6200 - up to $15K..yes - but it is still 8 years old, going on 9 - and for 10K you could buy an almost new vehicle, if not brand new. Guessing you'd rather have the car due to its racing status vs. the actual cost calculations (maintenance, parts, etc). Remember to call your ins. company to find out what rates will be, especially if you're in a credit profiling state.

At any rate - finding a lender to secure a loan on a vehicle that is going on 9 years in age may be difficult. Most dont want to finance vehicles that are over 6 years in age.

Good luck!

@ tobee - obviously it was too early for me as well since I missed the "evolution" part

well...i was still impressed..

[SuicidnS13]

Yea its a vehicle Ive always wanted, and know how to work on myself. Plus id only be financing 5k or less which would keep my payments real low. The mistu dealership down the street from me wants 19k for a 2004 with 95k on her as do most cars.com dealerships. This one only has 48k and has never been modded. It has all service records ect.... He could easily sell the car for 20k and is just doing me a personal favor. My main focus is a cheap, reliable and fun car to rebuild my credit with. All the new cars 2007+ for 15k or less are real econo cars and are also going to be running out of factory warranties and would probably be alot more expensive to fix with all the newer sensors and emmisions stuff we keep adding.

[nomoneynomore]

We financed a 2001 F350 for $6500 through our local credit credit union and bought it from a private party. They didn't blink an eye, even w/ 225k miles on it.