<p>Our daughter, a grad student, is thinking of buying a car and is looking at a 2001 Toyota Echo. It has 87,000 miles on it. The asking price is $3500. Body looks good she says, no dents or rust. She is asking us if this sounds like a good deal. We have not bought cars in a while so I really have no idea! Any opinions?</p>
<p>[2001</a> Toyota ECHO Pricing and Information](<a href=“http://www.edmunds.com/toyota/echo/2001/index.html]2001”>http://www.edmunds.com/toyota/echo/2001/index.html)</p>
<p>Looks like a good price and has good reviews. Maybe have a mechanic check it out before you buy</p>
<p>Thanks Sue! I will forward the link to her.</p>
<p>I’d definitely look at the condition of items on the car that could require more capital outlay sooner rather than later–things like brakes, tires and timing chain.</p>
<p>It has had a couple of recalls, she should make sure this work has been done (a dealer will do it for free if it hasn’t been done yet, but she should take care of this right away if she buys it).</p>
<p>[2001</a> Toyota ECHO Recalls, Defects, & Safety Problems at Automotive.com](<a href=“http://www.automotive.com/2001/12/toyota/echo/recalls/index.html]2001”>http://www.automotive.com/2001/12/toyota/echo/recalls/index.html)</p>
<p>There is a tab for crash tests right next to this one, looks like a pretty decent safety rating for a 2001 car.</p>
<p>Here is a thought - why not lease a new car? It’s not that expensive and it would be safer with lower maintenance costs.</p>
<p>Lease payment is lower than financing for a same car because you are only financing the difference between original value and residual value. As an example, if a car’s price is 20,000, and the residual value in 3 years is 12,000, then you are financing 8,000, not the whole 20,000. Some people worry about number of miles one could put on every year (it ranges from 10,000-15,000 miles/year), but if you decide to buy the car later then there is no issue.</p>
<p>Oldfort, my DH thinks that way too. Also, if one does lease, AFTER you work out your best deal, you might be able to negotiate for extra milage. We have done that, and we know how much milage we put on a car. My H will drive many more miles than a lease would allow, but we buy the extra miles on the front end, if we lease, and that is so much less money than paying for extra milage later. I have a SIL who leases her cars, and she does a 4 year lease rather than a 3 year, and her payments are quite a bit lower that way.</p>
<p>In this case I would not lease. The used car being looked at is a reasonable price and gets decents reviews. Once the car is paid for your monthly outlay is maintenance. What you spend in maintenance will be far less than lease payments.</p>
<p>Ask the seller to order a CarFax. It’ll cost them ~$30 and they can use it to entice buyers. If they are unwilling to buy one, have your D get the VIN and do it herself. CarFax is a great way to know what’s been done to the car (it will list all service records, accidents that were reported, recalls, etc.).</p>
<p>You would never lease a used car, monthly payment would be almost the same as a new car.</p>
<p>We had a 2001 Echo. What a great little car it was. We kicked ourselves over selling it on Ebay ! It was releiable, great on gas and nice , basic car.</p>
<p>My oldest has a 2000 Echo that we bought for $12,500 + tax in 2000. Thing still runs like a champ. She has had to put a little money into it (probably less than $1500 over the life of the car) but at 10 years old it’s still a winner. She lives in Wrigleyville in Chicago and it’s great for getting in and out of tight parking spots.</p>
<p>Thank so much everyone! I judt e-mailed all your sage advice to D. This board is awesome!</p>
<p>My son almost bought an echo several yrs ago. even though its no longer made, it still gets good reviews. In addition to getting a carfax (sage advice for ANY purchase of a preowned car) read the discussion on the Edmunds guide forum. I love that site. Great info! Good luck! By the way, he waited a few years and ended up with a 2009 Mazda 3. He loves it.</p>
<p>At this milage there should have or will need a change in tires, timing and fan belts, water pump, sparkplugs, brakes and maybe transmission. You would want as much of the service records as possible. </p>
<p>Nothing wrong with a well used car, especially a Toyota. Like the ad says, your Toyota may become your child’s car. We gave our 97 Camry to DS last year. It had 200K but serviced and good tires. He drives it sparingly because he bikes. </p>
<p>Big advantage for people just starting out to get a good used and reliable transportation. Low costs without the monthly payments, Low insurance. Able to later get the vehicle needed for real needs. Saving $400-$600/mn for other wants is a good thing vs a car payment.</p>