FS: 37k miles 3rd Gen, White Limited...Flawless!!

[T4R2014]

Yeah they'll loan money for a classic that has appreciated in value. But I find it hard to believe they'll loan 15-20k on a car that blue books for 8-9k. Unless, like I originally said, you have something of equal value for collateral.

Blue book... Not exactly a valuable resource when they can appraise a clean old 4Runner at 8-9k even though it ends up selling for 25k+. They can appraise a 15 year old BMW at 3.5k even though most would not pay more than 2k.

 

[Cronus402]

Age, make, model, condition, doesn't matter.
You don't need collateral either.

That's wild. Never seen that before.

 

[Cronus402]

Blue book... Not exactly a valuable resource when they can appraise a clean old 4Runner at 8-9k even though it ends up selling for 25k+. They can appraise a 15 year old BMW at 3.5k even though most would not pay more than 2k.

Yeah, I've never quite understood where they get their figures from. Lol. However, I've been informed that most banks refer to it when loaning money. But obviously there has to be exceptions. I mean a fully restored 1970 fj40 wouldn't be held to blue book standards. But then again, that's over 25yrs old.

 

[mizak82]

Big banks will laugh at you trying to get a loan for a car that blue book is 9k and you asking for 25k..

from a banks position.. they create the money they are loaning you in exchange they get collateral.. the title.. so why loan out 25k for a title worth 9k? its like the subprime housing market all over.. If you default on it, they would lose their asses.. because all they could do is repo the car, thats not worth anywhere near what they loaned out..

I got a loan from light stream last month to purchase a 4runner at 2%, it turned out to be dog shit, so i repaid the loan.. but I had to purchase it from a dealership for that rate.. now they have loans for private sellers and give you a couple weeks to purchase the vehicle, but it has to be owned out right and its at a higher percentage...

small banks, maybe credit union might loan you money.. But you better have spotless credit.. a solid income.. some sort of assets.. or they will tell you to walk.. unfortunately very few people have 1/3 of that let alone all 3..

its not even worth getting into what your insurance would be.. get into an accident with that vehicle, guess what they give you back... it aint going to be 25k.. unless you pay out the nose for some sort of gap policy..

all in all a very poor financial decision to pay 25k for this vehicle.. now if it was a supra......

 

[mizak82]

Age, make, model, condition, doesn't matter.
You don't need collateral either.

if thats the case... that is not a car loan..

So according to you... banks loan money to people at 2% with that person putting nothing up for it..

ok... you can't even do that when you play Monopoly...

agree to disagree...

 

[ugamurph]

if thats the case... that is not a car loan..

So according to you... banks loan money to people at 2% with that person putting nothing up for it..

ok... you can't even do that when you play Monopoly...

agree to disagree...

I'll just leave this here for anyone looking to get an unsecured auto loan. I just did. I keep the title.

LightStream - A Division of SunTrust Bank

From the website:
The lowest rates are for LightStream's unsecured loan product and require excellent credit.

 

[mizak82]

I'll just leave this here for anyone looking to get an unsecured auto loan. I just did. I keep the title.

LightStream - A Division of SunTrust Bank

From the website:
The lowest rates are for LightStream's unsecured loan product and require excellent credit.

your link is broken.. i got an auto loan from them 3 weeks ago... My credit score is 805, and zero debt.... they still wanted the title..

now explain to me what happens when you decide to stop paying on the loan? what is the banks recourse?

 

[hearno]

your link is broken.. i got an auto loan from them 3 weeks ago... My credit score is 805, and zero debt.... they still wanted the title..

now explain to me what happens when you decide to stop paying on the loan? what is the banks recourse?

No different than with any other unsecured debt, like a credit card. Sue you and garnish your wages etc.

 

[ugamurph]

your link is broken..

It works for me.

No different than with any other unsecured debt, like a credit card. Sue you and garnish your wages etc.

He took the words out of my mouth.

 

[mizak82]

their business model is on the fast track to becoming the countrywide of the automobile industry..

take advantage of it while you can..

 

[bappel16]

Interested

I'm interested, and I'd buy it right now for 11500. Let me know. There are plenty of dealers selling 1999-2001 4runners for way less than you are selling yours. Be realistic, whoever buys it next will have to pony up for some maintenance costs.

 

[poovs]

I'll bite...

$13,500

 

[WRWhit93]

Not to continue hijacking this thread, but I'm fairly confident OP won't come back since he most likely made an account to sell this, it's been a while, and he has/had in on Craigslist as well. So a couple questions in case anyone is still lurking on here. Not going to tag anyone so as not to drag people back in if they don't want to get involved again.

My questions are: Even though this may be a clean, maintained rig, how is it worth $20k? I understand that some people are willing to pay that, but that does not necessarily correlate to true value. 39k miles is very low, but with a well maintained 3rd gen, so is 139k miles in the long run of things 16 years later. So why spend $20k on this rig when you could buy 3 3rg gens with 100k more miles and still have $2k leftover for maintenance? Regardless of the rig only having 39k miles, it still has 16 years. I just couldn't justify that kind of money.. For a late 4th gen with those miles either for that matter. Read through the whole thread and I still don't get how this is worth $14k more than my well maintained '00 runner. I may just be naïve.

 

[bigdon]

...My questions are: Even though this may be a clean, maintained rig, how is it worth $20k? I understand that some people are willing to pay that, but that does not necessarily correlate to true value... I may just be naïve.

The average Joe sees it this way...
Time doesn't do near as much damage as wear and tear. A 20 year old truck that's been driven very little will have some issues obviously,
but no where near as many as a 20 yr old vehicle that has been driven daily and racked up 150k miles.

Most people associate low mileage with value.
Just because you say your 3rd gen with 139k miles is well maintained, doesn't make it so, for most people that means it's ready to break down
or the timing chain is about to go out, maybe the tranny is on it's last leg. Maybe it will last until 200k, maybe not.

Add in the fact that the vehicle is a Toyota and most would assume this 20 yr old vehicle will be just as reliable as 2 yr old truck with the same mileage.

Just saying, that's how most people think.

Also, keep in mind that some folks just prefer the look or specs only found in older models.
For example, if I was going to buy a Rav4, I wouldn't buy a new one because all they offer is a wimpy 4 cylinder. the newest one I would buy would be a 2012, because I like that motor. That was the last year they put the V6 in it, which made 270 HP, which is a beast for an suv that small. And since I would be looking for an older model Rav4 with "low miles", I would be willing to pay a premium for that.

 

[WRWhit93]

Most people associate low mileage with value.
Just because you say your 3rd gen with 139k miles is well maintained, doesn't make it so, for most people that means it's ready to break down
or the timing chain is about to go out, maybe the tranny is on it's last leg. Maybe it will last until 200k, maybe not.

Add in the fact that the vehicle is a Toyota and most would assume this 20 yr old vehicle will be just as reliable as 2 yr old truck with the same mileage.

So would the question then be over how much time did these miles accumulate? Again, not sure, but say for example the miles were all put on in the first couple years and then left to sit for the remaining 14. Would that not be pretty bad, too. Don't cars need "exercise" if you will to keep things lubricated and running/moving every now and again so they don't break down?

 

[Kyle Reese]

I'll give you 5,000 and my bike

 

[Cronus402]

So would the question then be over how much time did these miles accumulate? Again, not sure, but say for example the miles were all put on in the first couple years and then left to sit for the remaining 14. Would that not be pretty bad, too. Don't cars need "exercise" if you will to keep things lubricated and running/moving every now and again so they don't break down?

I think it's safe to assume the owner probably took it out weekly out biweekly for an around the block drive.

 

[Oprah]

it's quite entertaining that this massive thread complete with multiple pissing matches came about because the guy put $20k with a winky face next to it, and to boot, sounds like nobody has actually seen the truck. :redbrick:

However, I did learn a few things about the market for 4Runners, the loan business, how old trucks depreciate, and how rubber doesn't last 17 years apparently. :guitar3:

 

[homers eye]

I might look at things differently than some but I would happily pay an extraordinary price for a low mileage vehicle that has features which I prefer over any similar vehicle available new.

In a 4Runner a manual transmission would be enough and were this one a manual I'd likely buy it, particularly if it also had the e-locker and especially if it were the Highlander version. If it were those things I'm sure it'd been gone long before I saw this thread making it's age irrelevant.

As far as loans there are classic car lenders who would value a fully restored FJ40 or other collectible car using a different book. There's a book for valuations of classic vehicles that might be called "The Black Book" but I'm not sure of my memory on that. This only an aside to the lending portions above as a '99 4Runner would not (yet) belong in the collectible realm.

 

[WRWhit93]

I think it's safe to assume the owner probably took it out weekly out biweekly for an around the block drive.

I'd like to do more than assume with a $20k price tag though. That would be 2300 miles a year. I've done more than that in a couple weeks many many times before.