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We bought a new car last week!
Old 08-23-2020, 09:37 AM   #1
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We bought a new car last week!

My wife and I will be 3 years retired in a few months. This is the first major purchase since retiring and I was curious how it would go reporting income. It couldn't have been any smoother. I just reported our monthly income and all was well. We have a great credit score, which helps.



We bought a 2020 Toyota Camry XLE Hybrid. This is our first hybrid and thus far I'm very impressed. Mileage is in the range of 45 mpg. It's very comfortable, roomy and quiet. They had 0% interest for 60 months, so THAT was a no-brainer!



Anyway.....just sharing! Have a great day! Major
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Old 08-23-2020, 09:44 AM   #2
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Congratulations. I bought a gently used car earlier this year for cash so I didn’t have to show anybody any income. When you say you showed income was that from verifiable sources? Did they verify? The reason I ask is all of my income is investment income. I monthly have a fixed amount sent from my investment account to my checking account and I call that my “income”. My apartment landlord had no problem with it but I always wondered if I could use that for a car loan.
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Old 08-23-2020, 09:56 AM   #3
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Congratulations!
We bought a 2016 Camry XLE hybrid just prior to retirement. Love it!
I am sure you will, too.
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Old 08-23-2020, 10:10 AM   #4
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Driving 7K/yr & $2 gas, the cost of a hybrid will never payout, impressive or not.
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Old 08-23-2020, 12:55 PM   #5
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Enjoy your new purchase! I think it would be fun to own a hybrid. I can imagine trying to tweak the last mpg possible out of it. I'd be watching the dials and gages, trying to figure the best driving style to get maybe 50 or even 60 mpg out of it. Even on my 2012 (not hybrid) I watch the "instantaneous" and "average" mileage gage and try to improve my "style." I get 25 mpg on my SUV - virtually all "city."

Having said that. I JUST filled up the tank (of ONE of our 2 cars.) Last time for both was in late February or early March. Tank got down to half, so I figured I'd better fillerup. I don't think I could justify buying a new car at this point in my life - even when Covid 19 is in the rear view mirror. BUT, if I DID buy a new car, I think I'd get a C8 Corvette! How's that for a non sequitur? YMMV (literally!)
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Old 08-23-2020, 02:05 PM   #6
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I think you'll enjoy that car. Camrys are nice anyway and the hybrid gets amazing fuel economy. I had an Escape hybrid for ten years and really like the hybrid aspect, though I worried, needlessly it turned out, about it breaking down and not being able to get it fixed in Nowhere USA. Let us know how you like it after a year or so.
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Old 08-23-2020, 02:18 PM   #7
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Congrats, Toyotas are bullet proof.
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Old 08-23-2020, 02:22 PM   #8
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I really like the Toyota vehicles except for one major problem. The center console is too wide and my very long legs don't have enough room to safely fit in the Camry. Looking at pictures I assume I also will not be able to fit in the Rav4 Prime which is the vehicle I would like to buy over the Camry since I live in snow country. I know the Camry hybrid is a great car(if you can fit in it) and you should enjoy it for many years. Good luck
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Old 08-23-2020, 03:02 PM   #9
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Congratulations. I've owned Toyotas for the last 25 years and been very satisfied with their reliability - which is very important to me.

They keep going on forever with minimal expenses.
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Old 08-23-2020, 04:09 PM   #10
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What did you think of the plain LE model?
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Old 08-23-2020, 04:53 PM   #11
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Toyota's built over 1.5 million hybrids, and they have them down pat.

I have a 3 year old (2018) model Camry Hybrid LE with the lithium batteries. At 62K miles, it's never seen the shop. I do my own maintenance--just oil changes.

It's got plenty of power, is very quiet and smooth. And my car cost substantially less than the average car sold. My fuel mileage right now averages about 46 mpg with 1/2 city & 1/2 highway driving.

Other than a cost premium, the Camry Hybrid has no con's as far as I'm concerned. They're using the new generation engine/motor combo in many different models now.
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Old 08-23-2020, 05:49 PM   #12
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Driving 7K/yr & $2 gas, the cost of a hybrid will never payout, impressive or not.

Ya think $2 gas will be around forever? Good luck with that! Driving cheap wasn't my goal......driving efficiently was.
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Old 08-23-2020, 06:10 PM   #13
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Ya think $2 gas will be around forever? Good luck with that! Driving cheap wasn't my goal......driving efficiently was.
Hybrids have no obligation to "pay for themselves". If you like it and it gives you joy, go for it!
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Old 08-23-2020, 06:18 PM   #14
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Hybrids have no obligation to "pay for themselves". If you like it and it gives you joy, go for it!

Yep, to some people everything's about money, to me it's about pleasure and discovery. The one lesson I apply every day is "life's short"! Major
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Old 08-23-2020, 06:19 PM   #15
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If we get rid of the Silverado 4x4 (which we use for the off/rough roads for hiking), the new RAV4 plug-in hybrid really looks attractive. To get to the Cloud Dome trail (wilderness in Eastern Nevada), I basically had to crawl the Silverado through a crater to get to the trail head and almost scraped the back bumper coming out of the crater. But that's one incident in the last year I've really had to use the low-gear 4 wheel drive on the Silverado. Usually, I just use the auto mode that switches between 2 wheel and 4 wheel drive.

We have solar and a Bolt, so we're paying nothing for that part of the transportation (we use the Bolt about 60% of driving and the Silverado the other 40%), if you ignore the up-front costs. I do have to take the Bolt in to the dealer at 12k so they can check the fluid levels, which is a bummer. The panels will take another 6-7 years to pay off; the Bolt will take about 5-6 years; it looks like COVID has decreased our driving about 2-3 thousand miles/year, so it might take 7 years for the Bolt to pay for itself.
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Old 08-23-2020, 07:02 PM   #16
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Congrats, Toyotas are bullet proof.
Not my buddy's experience. everybody builds problem cars.
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Old 08-24-2020, 03:29 AM   #17
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Originally Posted by Koolau View Post
Enjoy your new purchase! I think it would be fun to own a hybrid. I can imagine trying to tweak the last mpg possible out of it. I'd be watching the dials and gages, trying to figure the best driving style to get maybe 50 or even 60 mpg out of it. Even on my 2012 (not hybrid) I watch the "instantaneous" and "average" mileage gage and try to improve my "style." I get 25 mpg on my SUV - virtually all "city."

Having said that. I JUST filled up the tank (of ONE of our 2 cars.) Last time for both was in late February or early March. Tank got down to half, so I figured I'd better fillerup. I don't think I could justify buying a new car at this point in my life - even when Covid 19 is in the rear view mirror. BUT, if I DID buy a new car, I think I'd get a C8 Corvette! How's that for a non sequitur? YMMV (literally!)



That's a long time to leave gas just sitting idle in your tank. Might want to consider adding a "fuel stabilizer" in the future.


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Old 08-24-2020, 06:00 AM   #18
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Old 08-24-2020, 08:11 AM   #19
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My wife and I will be 3 years retired in a few months. This is the first major purchase since retiring and I was curious how it would go reporting income. It couldn't have been any smoother. I just reported our monthly income and all was well. We have a great credit score, which helps.



We bought a 2020 Toyota Camry XLE Hybrid. This is our first hybrid and thus far I'm very impressed. Mileage is in the range of 45 mpg. It's very comfortable, roomy and quiet. They had 0% interest for 60 months, so THAT was a no-brainer!



Anyway.....just sharing! Have a great day! Major
I have been curious about this also. Did they verify income, or just run a credit check? I have been hesitant to give anyone our income and so we have always just paid cash. But with the 0% rates now... have to consider since DH will buy a new truck next year.
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Old 08-24-2020, 08:30 AM   #20
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Ya think $2 gas will be around forever? Good luck with that! Driving cheap wasn't my goal......driving efficiently was.
Unless some group decides to raise gas taxes a lot, yes I do think gas price will stay low. Folks like you driving hybrids & more electric cars & more working from home should keep gasoline demand & thus prices in that range for the foreseeable future.

Not sure what you mean by driving efficiently. Fuel costs/mileage, or total cost/mile driven? In my case, keeping vehicle investment down is the best overall cost efficiency. My car lease will be up in 6 months & I'm switching to a $!5K lower cost vehicle.
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