Bought a used car but now want a different car

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Apr 1st, 2022 8:56 am

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Mar 26th, 2022 10:37 am

mtmp4k [OP]: Member; Feb 22, 2017; 213 posts; 75 upvotes

Mar 26th, 2022 10:37 am

Bought a used car but now want a different car

Hey guys so I bought a used older Corolla but I’m finding some good deals on used older Camrys.

Do I buy the Camry first and then try to sell the Corolla?
I guess I’ll need to store the car until my other one is sold?

Any idea on how much the car storage will cost and weather if this is a good idea?

Or I can ask the buyer to accommodate by giving them a deposit and hold the car until I sell my previous one

17 replies

Mar 26th, 2022 11:04 am

booblehead: Deal Expert; Jul 30, 2007; 32218 posts; 19523 upvotes; Toronto

Mar 26th, 2022 11:04 am

Sell first then buy the next one, there are always used ones out there available to buy

+3

Mar 26th, 2022 11:15 am

mtmp4k [OP]: Member; Feb 22, 2017; 213 posts; 75 upvotes

Mar 26th, 2022 11:15 am

I agree with that approach. However the only problem is then I’ll have to Uber everywhere to see the potential cars which could be rather expensive.

+1

Mar 26th, 2022 11:24 am

JeganV: Deal Addict; Apr 22, 2013; 2994 posts; 2437 upvotes; Markham

Mar 26th, 2022 11:24 am

mtmp4k wrote: ↑ I agree with that approach. However the only problem is then I’ll have to Uber everywhere to see the potential cars which could be rather expensive.

You could rent a car, surely that's actually more economical than Ubering everywhere.

2014 Red Scion FRS Monogram 6MT for sale 83K km, click for ad.

+1

Mar 26th, 2022 11:28 am

mtmp4k [OP]: Member; Feb 22, 2017; 213 posts; 75 upvotes

Mar 26th, 2022 11:28 am

It’s still expensive I think around 400 per week with insurance

+1

Mar 26th, 2022 11:30 am

EP32k2: Deal Expert; Jan 15, 2006; 20059 posts; 20958 upvotes; Richmond Hill

Mar 26th, 2022 11:30 am

mtmp4k wrote: ↑ It’s still expensive I think around 400 per week with insurance

Ok. Then sit tight and keep the Corolla?

+3

Mar 26th, 2022 11:35 am

ji2o0k: Deal Expert; Oct 28, 2004; 23658 posts; 6034 upvotes; Toronto

Mar 26th, 2022 11:35 am

How old is the Corolla?

I might be interested and we can work out something?

Pm you!

Nothing at the moment
Heatware: 63-0-0

Mar 26th, 2022 11:45 am

XtremeModder: Deal Guru; Aug 14, 2007; 12275 posts; 3269 upvotes; --

Mar 26th, 2022 11:45 am

mtmp4k wrote: ↑ I agree with that approach. However the only problem is then I’ll have to Uber everywhere to see the potential cars which could be rather expensive.

Wait till the next model year clear out even is happening and CPO deals may be good. They may not be.

When a deal on a used car is REALLY good, there's usually a reason for it though. Accidents, issues (lemon), etc. Just keep that in mind.

+1

Mar 26th, 2022 12:10 pm

EP32k2: Deal Expert; Jan 15, 2006; 20059 posts; 20958 upvotes; Richmond Hill

Mar 26th, 2022 12:10 pm

XtremeModder wrote: ↑ Wait till the next model year clear out even is happening and CPO deals may be good. They may not be.

When a deal on a used car is REALLY good, there's usually a reason for it though. Accidents, issues (lemon), etc. Just keep that in mind.

There is no next MY clear out currently. Short supply with high demand. These are not normal times we’re in.

+1

Mar 26th, 2022 12:14 pm

XtremeModder: Deal Guru; Aug 14, 2007; 12275 posts; 3269 upvotes; --

Mar 26th, 2022 12:14 pm

EP32k2 wrote: ↑ There is no next MY clear out currently. Short supply with high demand. These are not normal times we’re in.

There will always be some kind of sale going on, maybe not as good as other times.

+1

Mar 26th, 2022 12:21 pm

spike1128: Deal Guru; Oct 7, 2010; 14085 posts; 4747 upvotes

Mar 26th, 2022 12:21 pm

I would just keep the Corolla. Every time people trade or sell or buy. They most likely lost money. Cars are not collectables they are transportation.

+2

Mar 26th, 2022 12:34 pm

MyGoToUserName: Member; Oct 25, 2020; 492 posts; 439 upvotes

Mar 26th, 2022 12:34 pm

If you have the cashflow to buy the camry first go for it.
Corollas are easy to sell, people know they're reliable and a solid buy. Take a quick look at number of corollas in the area available, most probably aren't listed for long.

Do your self a favor if you decide to sell and have a safety cert done. Increase buyers confidence and eliminate low ballers using that as a bargaining chip.

+1

Mar 26th, 2022 1:55 pm

at1212b: Deal Guru; Mar 31, 2008; 12887 posts; 2989 upvotes; Toronto

Mar 26th, 2022 1:55 pm

Drive current car, look to buy. Put deposit down and say you'll complete a week later to sell your car.

Similarly, sell yours and close it she time as purchase. If buyer wants to take it immediately, then at least u have new car available and get it right then. You'd have to arrange pick up somehow

But if it doesn't close or sell by a week, just take your existing corolla plate off it and put it on Camry to drive it home or to shop for certification (if they're not doing it). You can still allow for test drive at least but keep insurance on Corolla until sale.

Most importance is the insurance for the new car

+1

Mar 31st, 2022 3:11 pm

xuanzh: Deal Addict; Oct 28, 2015; 2094 posts; 1193 upvotes; Vaughan, ON

Mar 31st, 2022 3:11 pm

Even if you probably paid a little higher for the Corolla and a cheap Camry popped up and your stomach is now churning for that *rash* decision, if I were you I'd still keep the Corolla, unless you REALLY need the size of the Camry, or the Camry is a V6 and you are really aiming for a V6. You've already made a small mistake by slightly overpaid a Corolla, but buying&selling in such a short period of time will definitely result another not-so-insignificant loss to you financially, and it's probably very wise to keep your Corolla...... Opportunities pops up every now and then and you can't live forever in regret....

ETA: the Camry might not be as a good deal as you thought, judging this lava-hot used car market and you saw a cheap Camry popped up? Better grab a mechanic buddy to give it a thorough check...

+1

Mar 31st, 2022 7:40 pm

darkhorz1: Deal Addict; Jul 8, 2019; 1154 posts; 1162 upvotes

Mar 31st, 2022 7:40 pm

I have heard that you pay HST on used cars too. Is that true? How does it work then?

Lets say OP bought a used car for 10k, and paid 11.3k for it (including 13% HST). So, if they try to sell now, they will have to sell for minimum 11.3k to avoid a loss, and then the new buyer will have to fork out close to 13k including HST?

+1

Mar 31st, 2022 9:03 pm

Existing: Sr. Member; Jul 15, 2017; 511 posts; 414 upvotes; Toronto, ON

Mar 31st, 2022 9:03 pm

darkhorz1 wrote: ↑ I have heard that you pay HST on used cars too. Is that true? How does it work then?

Lets say OP bought a used car for 10k, and paid 11.3k for it (including 13% HST). So, if they try to sell now, they will have to sell for minimum 11.3k to avoid a loss, and then the new buyer will have to fork out close to 13k including HST?

Yes and yes. You have to pay HST when registering the vehicle (if vehicle not gifted within same family). Taxed based on purchase price but if it isn't feasible they tax based on wholesale value. So ultimately OP would have to take that loss if trying to sell at cost.

+2

Apr 1st, 2022 8:45 am

tew: Deal Fanatic; Jun 13, 2010; 6973 posts; 9033 upvotes; GTA

Apr 1st, 2022 8:45 am

xuanzh wrote: ↑ Even if you probably paid a little higher for the Corolla and a cheap Camry popped up and your stomach is now churning for that *rash* decision, if I were you I'd still keep the Corolla, unless you REALLY need the size of the Camry, or the Camry is a V6 and you are really aiming for a V6. You've already made a small mistake by slightly overpaid a Corolla, but buying&selling in such a short period of time will definitely result another not-so-insignificant loss to you financially, and it's probably very wise to keep your Corolla...... Opportunities pops up every now and then and you can't live forever in regret....

ETA: the Camry might not be as a good deal as you thought, judging this lava-hot used car market and you saw a cheap Camry popped up? Better grab a mechanic buddy to give it a thorough check...

Not so sure OP made a good decision on the Corolla. old-corolla-vibrates-idle-2533338/

+1

Apr 1st, 2022 8:56 am

jmc111: Deal Addict; Mar 10, 2014; 3110 posts; 3302 upvotes

Apr 1st, 2022 8:56 am

Whatever used car you buy, always get an independent inspection outside (if you watched CP24 Car help Canada - Mohammed Bouchama repeats it every show). Never trust carfax as body work can be done privately.

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