Hi! Please read this whole post if you have the time and comment for your new best S2k friend!

This weekend, I travelled about 120 miles in two completely opposite directions to look at two promising cars. One wasn't up to my expectations, and the other was absolutely FANTASTIC!

So I've pretty much committed myself to buy the latter. It is a Rio Yellow Pearl 2004 (AP2) with only 17,000 miles for $15,000! The car was (luckily) owned by a rich guy who kept it in his garage and kept it COVERED as well! This is a great deal... no?

The car is bone stock and completely immaculate. He kept it waxed and super clean, inside and out. It even has brand new tires. The car had one or two small rock chips (almost unavoidable) and unfortunately a little scraping on the bottom of the lip. However, I figure I can buy a factory or aftermarket lip to cover that up, right?

I'm almost draining my and my girlfriend's account to buy it (but I'm selling a car and waiting on taxes and collecting owed money to pay her back very quickly), so it's definitely the biggest investment in my lifetime, outside of buying my home. It's definitely the most volatile.

So I'm actually going up there with $15,000 cash (shh, don't tell anyone) and will be registering it up there, so I have a tag to drive it home. I wish the guy would let me borrow his tag, but it didn't sound like he was game.

I'm curious about a few things, so if you have any insight, please help!

First, every penny counts (I'm going to be poor), so I'm wondering if I pay sales tax for the county that I'm buying it in or the county that I'm registering it in? The difference is .5%, but that's about $75.

And on that note, if the seller is game, what do you think is the lowest that I could claim the car is being sold for without drawing suspicion? $10,000? $12,000? And are there any negative effects - such as, if it's totalled and the insurance sees that I supposedly only paid $10,000 via legal records...?

Also, I'll need to have insurance to get a tag. I'm 90-95% sure that I'll be purchasing, but there's always the small chance that something happens and it falls through. What happens if I buy a six month policy, and then I don't end up buying the car? Can I get a full refund? Can I get a refund at all? Will I lose out on some money?

Finally, what things should I be sure to inspect besides what one would inspect on any other car? I know about issues with the top - this top was absolutely perfect. Anything else?

Sorry for all of the questions, but I don't want to make any mistakes. If you've read this far, I thank you so much and hope that you can leave me feedback!

 

thats a great deal. make sure the carfax is clean, but with the economy the way it is i have been seeing people sell things for low prices just to get some extra cash.

Yes a front lip can cover up any scrapes... thats what i did.

as for the other stuff im clueless. i would ask a car salesman or a cop

 

sounds like you are getting a sweet deal, i take it you have run a car fax on the vehicle, Ideally you would want to take the car to an independent shop for inspection. If you know what you are looking for, drive the car, and trust the seller, then its your call.

As far as the scrape on the underside, you will find plenty of options, whether it be a lip, OEM or aftermarket, or a new front bumper. search the forums and you will find your answers

I drove my car home from another state without a legal plate, only had a bill of sale on me..and a plate off my old car. Not sure on the legality of this but I made it.

You pay tax on the state the vehicle is registered in.

Also the day i bought the car I called them up and insured it for the ride home, if I wanted to I could have called the next day and cancelled, Just contact your insurance company and ask them how they work.

look for overspray, drive the car, make sure it shifts smooth, check the vins on each panel to make sure they match. other people have asked this question so do a search and you can find more detailed info.

have fun, and hopefully it all works out for you!

 

Sounds like a great car for a great price. I'll add to what wasn't answered.

It all depends on your state. Maybe you can put 12-13k on there without drawing suspicion. Where I live, years back my dad got offered $2k on a trade in for his old car, and I needed a beater, so I bought it off him for trade in value. The book value was $4500, and they questioned it, and I needed my dad seller, to write a letter verifying that was the price. Risk vs reward, up to you. There isn't any backlash on an insurance claim if car is totalled, so from thqat point of view, you have nothing to worry about.

For the extended warranty, you'd have to check with the company and ask them before getting it, but I'm pretty sure it's prorated, and can be cancelled at any time, so you'd pay for the days you used it, and get the rest back.

Good luck!!

 

I'd say, "don't overextend your finances for a car in this economy."

Cash is king and if you lose your job, you don't want all your money tied up in a car.

Make sure you get an insurance quote so you know you can afford that cost.

Where do you live? If cold and snowy, make sure you budget enough for snow tires (or at least, non-summer tires).

Read the FAQs and good luck! You'll love the car, but it's not worth draining the entire bank account in these challenging times, IMHO.

 

I haven't run a carfax just yet. I need to do it tomorrow. Will I have to pay, or is there a way to get a carfax for free? I'm not too worried, but I suppose I really should do it.

As far as driving home with no insurance on the car and the wrong plate... from what I've heard, that's the absolute worst thing you can do. Getting pulled over with no plate is better than getting pulled over with the wrong plate. I don't know that they'd get you (plus you'd have to be doing something stupid to be pulled over), but you can get in really big trouble. Plus I guess the likelihood of getting pulled over is hugely diminished by just having a plate.

I'm going to have to get a plate anyway, so I might as well do it while I'm up there. I just wish that wasn't a busy day. Also, that way I can get the title stuff done and make sure there are no snags before I hand over $15,000 cash fully. I think I'm actually going to get a 30 day temporary tag, as my birthday is in about 30 days, and I don't want to have to pay for a whole year. I'm OK with letting the car sit for a few days until it hits my birthday. I won't be driving it every day anyway. Hopefully there will be no associated late fees with letting the temp tag expire before getting a new one. I'll check into it.

Regarding tax, it's not about the STATE, it's about the COUNTY. My county is 6.5% tax, and his county is 7%. I'm hoping for the 6.5%. I'm in FL, by the way. I'll be counting every penny, as I want to have this paid off to my girlfriend within a month or two.

I looked pretty close at the paint, didn't see any overspray or anything that looked like it had been repainted. I'll be taking a mechanic friend up there with me as long as that doesn't fall through. My girlfriend is also a detailer with a keen eye who will be able to point anything out.

Also, what panels do the VINs appear on?

Thanks for your help and your well wishes!

 

Thanks for the input, but it was actually about an insurance policy, not a warranty.

But on that note, would a 2004 with 17k miles be covered by any warranty? What were the warranties in 2004?

 

You make a good point. This probably isn't the smartest thing that I can do, but I'm close with my President, and know that my job should be secure for the time being.

I also have some resources that I'd be able to tap if there were an emergency, and I won't be going into debt to buy this car (thought I could have easily taken out a loan on a few grand, but that seems wasteful to me).

I've checked into insurance, finding that I'll be spending about $500 every six months. I've factored that, along with tag, title and taxes, and we should be able to swing it.

Definitely something to be considered though - thanks for looking out!

 

Awesome deal! Can't speak about taxes in Florida, but in California I've seen people put down some ridiculous prices for cars and have not had any problems.

It seems like you've really thought this purchase through and won't regret it. Just don't make the gf angry since you're borrowing money from her! Other than that, that is an awesome deal. Sad how I could have saved $5k on my car if I waited it out half a year... aye... enjoy the car!

 

Good deal yes but watch your over extending yourself. A car is a toy, take care of life first.