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Bikeman982

Fair Value For Corolla?

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I have the opportunity to purchase a 1993 Corolla with 175K miles.

It will not go into gear and may have a bad tranny or axle problem.

The car is fairly local and I can pick it up with my Kar Kaddy trailer.

The cars paint is in bad shape (sun damaged) and it has a left front fender replaced with one of another color.

The left front corner of the hood is damaged. Both bumpers are scratched and numerous scratches all over.

They originally wanted $1000 for it, but is now down to $750.

I can get another tranny (used) for $100 and get the car painted for ???

I am tempted to buy it and tomorrow I will make an offer of $700.

Chances are the offer will be accepted. Is this a good deal?

KBB for one in fair shape is $1800. I can fix the car and resell it for about $2500.

Would anyone else here make the purchase??

Edited by Bikeman982

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If that was the extent of the damages - then it might be a good deal. Be nice to find out the history of the car - Carfax only works if an accident is reported. Fender was replaced with a salvaged unit - was it a recent thing, or did they drive around with it on there for some time? did you hear the engine turn over - does it seem to run pretty well, just has possible tranny or axle issues?

 

My previous experience with something like that - if there is any poorly done repairs, car's original color replaced with patches of primer, or shows general lack of care - probably too beat up to be worth repairing it.

 

If it was me - I'd offer $500 and see what they want to do, then work up to your predetermined price (I base my numbers off of KBB "trade-in" values - if the car is a no go, I can drag it over to a dealer and trade it for cash). Repainting the car - if you take it into a "spray and pray" shop - might be $100 - $150 for a solid color (probably also paint over bugs, windows, and tires :D).

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Sounds like good advice to me....$1000 is way out of the ballpark for me. It is 15 years old. I wouldn't be tempted for $500 unless I had a parts car hanging around the yard....but that's just me.

 

If that was the extent of the damages - then it might be a good deal. Be nice to find out the history of the car - Carfax only works if an accident is reported. Fender was replaced with a salvaged unit - was it a recent thing, or did they drive around with it on there for some time? did you hear the engine turn over - does it seem to run pretty well, just has possible tranny or axle issues?

 

My previous experience with something like that - if there is any poorly done repairs, car's original color replaced with patches of primer, or shows general lack of care - probably too beat up to be worth repairing it.

 

If it was me - I'd offer $500 and see what they want to do, then work up to your predetermined price (I base my numbers off of KBB "trade-in" values - if the car is a no go, I can drag it over to a dealer and trade it for cash). Repainting the car - if you take it into a "spray and pray" shop - might be $100 - $150 for a solid color (probably also paint over bugs, windows, and tires :D).

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Well, I bought the car for $700. He wanted $750 and barely budged from that.

What made the sale was that I was able to take the car from him today.

I got it out of his garage and now it is in my driveway.

I did hear the engine run (starts up fine). Tomorrow I will check out the tranny/axle.

I will keep you posted.

Edited by Bikeman982

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Today I did the usual walk-around and made a list of what was missing, worn, needed repair, or replacement on the car.

I came up with 35 items - starting with a bad transmission. I checked the outside, inside and engine compartment.

Today I pulled out all the seats, including the back ones and the speaker deck as well.

I vaccuumed out the carpet and I intend to clean the seats before I put them back in.

I may replace the driver's seat, since it is torn.

There are many other items I intend to fix, and I may get it painted.

I also used engine degreaser and cleaned out the engine compartment.

I hate working on a dirty car. I always remove what I can, clean it, then put it back in.

Plenty of work left on this project car.

I will post pictures once I get my camera cable back - I loaned it out.

Edited by Bikeman982

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I have continued to work on the car, cleaning as I go and noting anything needing attention.

I now have two notebook pages (65 items) of items that need repair/replacement.

Some items are missing, some broken and some just worn or dirty.

I am compiling a list of parts to be obtained on my next visit to the local junkyard.

Labor Day weekend everything was half-price. I wish I knew then what I need for this car!

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The car's color code is 3K9 - Light Beige Poly. I looked online to get some touch-up paint and did not find the code.

I did find the code, but it was under 1994, not 1993. What's up with that? It is also used on Lexus.

I checked all the local car parts places and the closest I came was a color called "Light Driftwood".

I painted the front left fender that color and will probably have to get the 3K9 from a dealer.

Anyone have a good source for auto paint??

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Rather than paint the car, I found a junked car with the same color.

I took the hood, fender, both bumper covers and trunk as well as the driver's seat.

I have put 216 miles on the car after changing the transaxle.

It has shifting problems that are beyond my ability to fix.

Today I called two different local transmission places and the first one wanted $65 to diagnose it.

I took it to the second place who did it for free. Needless to say, they will get the repair job.

After phoning Cherry Auto Parts (the source of the used transaxle),

they agreed it would be financially better to have it repaired than to have it sent back and find another.

They are sending a check to cover the estimated $312 repair from the second transmission shop.

It seems that the valve body is stuck and also the cable to the throttle is too short.

They test drove it for free and gave me a free estimate.

It is something I don't feel comfortable doing and since there was a 180 day guarantee from Cherry, they are covering it.

Thanks for the help, I'll keep you up to date.

More to follow.

P.S. The loud noise is also due to bad wheel bearings and I will do those myself. I may also need hubs.

That is another issue with the project car.

Edited by Bikeman982

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Bumpers, hood, left front fender and trunk lid changed.

 

Valve body was cleaned on transaxle. Shifting was corrected.

Hub and bearings changed on both front wheels.

Loud noise is gone. Car is ready for sale.

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Car was sold today and the new owners have gone to the DMV to get it registered in their name.

One less car in my driveway, although the car was a good one to drive.

I am working on my neighbors 1997 and when that is done, I have a 1995 to fix.

More to follow.

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Talked with the new owner and they said the brakes make noise and the dome light does not work.

Other than those items, they are happy and have a friend who might want the 1995 when finished.

More to follow.

Edited by Bikeman982

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The car was sold for $3000 and that was probably a good price for it for me.

Although cars of the 7th generation Corolla years are still around and running fine, the value goes down as newer models arrive.

KBB values are a good starting point for the value of older cars and resale prices can be adjusted up or down depending on cars condition.

I restore the cars to as original (stock) as possible and then sell them at mid-KBB value.

The new owners are happy, I get a fair price, and the cars continue to run. Good deal for all!

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