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Right now I would not buy a Corolla because you could be stuck with an overpriced vehicle if Toyota's image is damaged further; however, since you are leasing, it's a viable proposition if you don't find a pre-owned car that is a better value for the budgetary parameters right now. If the value plummets because of damage to Toyota's reputation, then you simply turn in the car at the end of the lease period, and need not worry about buyout.
Steering is an important issue, and the investigation into the reports is really in its infancy, that would be my hesitation in looking at a new Corolla. If it were the power boost going haywire, that would be one thing, since a lack of power steering does not influence the ability to control the car, though turning the wheel might be a bit more strenuous; but the reports I have read indicate that it's a lack of ability to track and over zealous steering response, both of which could be serious at speed.
One suggestion for the used car market would be to look at Carmax, since they can transfer cars from other stores, some with no fee. If you were to find one in the zone, they will send it to your local store, and you could evaluate the car. You don't have to buy it, and as long as you're not paying for a transfer, it might not be a bad option to get a decent vehicle. Just glancing at your market, it seems that Carmax has options in a pre-owned vehicle (Focus, Lancer, and a couple of Nissans) with lower mileage for around $10k. It looks as though Carmax will transfer within Texas for free, from Houston, Dallas, etc., so it might be worth a look.
Despite my nearly 800 credit score, my credit has approved me at nearly a 10% interest rate. The payments on a $10K car would be significantly higher than the lease. An option, but ehhhh.
Well, I make decent money, about $60K a year. I'm not rich- but I do OK. My hubby just opened a restaurant. We put everything we had into it. He went from a $80K a year job, to nothing until the restaurant gets going. We know it could take a few months or longer to start being profitable from the restaurant. We put most of our savings into it, and my income ALONE is enough to cover all of our bills and expenses, but with ZERO wiggle room. We worked out our finances to be pretty exact before he went after his dream of a restaurant. I am in the military, so no risk what-so-ever of being laid off or losing my income. But adding a car payment to our precisely charted-out finances was not something we planned. $166 is a big deal for someone who has things planned to the penny. However, we can do it. But barely. If the restaurant doesn't work out, by 3 years from now, he'll have another job. If it does work out, by 3 years from now, he'll be profitable. Either way, we'll be OK. But a $250 a month car payment is NOT an option. We are not poor, or financially irresponsible.... we want to keep it that way though. We actually signed the lease last night, put a little bit of the settlement from totaling my car down, and ended up with a flat $110 payment. Totally doable. In three years, if I love the car, and the value hasn't plummeted, I'll buy it. If not, we'll be financially not as stretched, and we'll trade up.
I just wanted to know if the consensus was that the car is a death trap or not.
With the interest rates we were offered a $7K car would have had higher payments. Our immediate concern is the payments and safety. $7K doesn't get you much in the way of a used car right now. Thank you cash for clunkers, thank you tax rebate season, thank you to those who export hoards of cars under $5K over the Mexican boarder (2 hours from me) thus dropping demand, thank you bad economy increasing the demand for used cars instead of new cars....
The market has changed. It is easy to say that it easy to find a good used car... but it is not if you are on a $7K budget.
Who wants a V8? Listen, you read the OP's criterion, so don't even waste your breath preaching V8s. Think gas prices are going to remain cheap? Guess again. Keep your Vette and Caddy and their V8s. No one here was asking or making a comparison to V8s.
She's asking about a C-O-R-O-L-L-A. .
My 'Vette can get 30 mpg on a good day, a Corolla with a 2.4L I4 is rated at 30 mpg as well on the highway...hmmm, maybe check your facts before you berate V8's.
Secondly people like you are getting all emotional cause your little japanese toys are becoming worthless junk.
If someone insists on buying a cramped, japanese car AT LEAST buy a new Honda Accord! I'll give props to Honda, they made it quite a nice little car. The Corolla looks pretty damn outdated in comparison.
Today's corrola looks bland and cheap. Several years back it was the leader in its category. That is not the case today. You would be better off if you considered a Mazda 3, Ford Focus, Honda Civic or even a Mitsubishi Lancer.
The Corolla was never the leader in its class unless you were looking at mpg and cushy ride quality. Corolla's (even the "sporty" XRS model) have always been soft, boring, bland, point-A-to-point-B rides. Very reliable, but snore me to death.
I think you made a good choice financially, and leasing the car is a good way to hedge your bets as to the value of it at the end of the term. If you experience a steering issue, however, take it back immediately and demand a repair. Enjoy the car, and good luck with the new business venture!
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Well, I make decent money, about $60K a year. I'm not rich- but I do OK. My hubby just opened a restaurant. We put everything we had into it. He went from a $80K a year job, to nothing until the restaurant gets going. We know it could take a few months or longer to start being profitable from the restaurant. We put most of our savings into it, and my income ALONE is enough to cover all of our bills and expenses, but with ZERO wiggle room. We worked out our finances to be pretty exact before he went after his dream of a restaurant. I am in the military, so no risk what-so-ever of being laid off or losing my income. But adding a car payment to our precisely charted-out finances was not something we planned. $166 is a big deal for someone who has things planned to the penny. However, we can do it. But barely. If the restaurant doesn't work out, by 3 years from now, he'll have another job. If it does work out, by 3 years from now, he'll be profitable. Either way, we'll be OK. But a $250 a month car payment is NOT an option. We are not poor, or financially irresponsible.... we want to keep it that way though. We actually signed the lease last night, put a little bit of the settlement from totaling my car down, and ended up with a flat $110 payment. Totally doable. In three years, if I love the car, and the value hasn't plummeted, I'll buy it. If not, we'll be financially not as stretched, and we'll trade up.
But good luck with your car.
I just wanted to know if the consensus was that the car is a death trap or not.
With the interest rates we were offered a $7K car would have had higher payments. Our immediate concern is the payments and safety. $7K doesn't get you much in the way of a used car right now. Thank you cash for clunkers, thank you tax rebate season, thank you to those who export hoards of cars under $5K over the Mexican boarder (2 hours from me) thus dropping demand, thank you bad economy increasing the demand for used cars instead of new cars....
The market has changed. It is easy to say that it easy to find a good used car... but it is not if you are on a $7K budget.
Thanks for the advice!
I think it depends on type car you are looking for. There are alot of good cars in the 1500-3000 range right now. Mid 90's T-Birds, Cougars, and even the early Mark VIII's, great mpg with the V8 (my leadfoot in my V8 powered 96 Tbird still gets over 25mpg)and comfortible. Might be a little tougher with kids tho. In that case a Crown Vic/Grand Marquis, would be what I'd look at along with the mid 90's Buicks, and Pontiac Bonnevilles. All very good cars with good mpg and tolerible power.
The Corolla was never the leader in its class unless you were looking at mpg and cushy ride quality. Corolla's (even the "sporty" XRS model) have always been soft, boring, bland, point-A-to-point-B rides. Very reliable, but snore me to death.
Until you take a 97 Bonneville and get just as good of mpg as your best friends corolla. He's still embarrassed about that! lol And of course the Bonneville rides a lot better!
I had to drive 850 miles this weekend, I could either take my 2007 Corolla or rent a car from Hertz for $42/otd for a three day rental. I called up the local Hertz office and he put aside a brand new 2010 Nissan Versa.
The positives of the Versa is that the car had more power and was more comfortable. The negative was that on this route, I generally get 36-38 mpg on the Corolla. I barely hit 30 mpg on the Versa. Also, the Corolla sits lower and is less likely to be blown around as much in the winds on the Illinois prairie.
Despite my nearly 800 credit score, my credit has approved me at nearly a 10% interest rate. The payments on a $10K car would be significantly higher than the lease. An option, but ehhhh.
Is that for a used car loan? Toyota is offering 0% for 60 months on most new models.
Is that for a used car loan? Toyota is offering 0% for 60 months on most new models.
Really it is a bunch of BS. They only are approving people with tier one credit for that promotion.
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Think gas prices are going to remain cheap? Guess again. Keep your Vette and Caddy and their V8s. No one here was asking or making a comparison to V8s. 
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