Seeking Second Opinion on First Van

[Ridunnekulous]

Hey!  Been lurking here for a while after learning about van dwelling and deciding it's something I want to do with my life.  I spent some time at different dealerships around town and came across a 1997 Ford E150 conversion van with only 80,000 miles.  Pictures can be found here 

There are a few cosmetic issues internally that the salesman said would be fixed prior to sale.  They're asking just under $7,000 for it.  I checked Edmunds TMV and KBB and they both value the van around $2000.  I would be trading in my current car (which is worth roughly what I owe on it) and using a loan from my bank.  I figure I would go in with the TMV valuation and work my way up from there.

I would definitely appreciate it if I could get some second opinions on this thing!

 

[DreadHeadDrifter]

I think it looks good and is in very good condition I also like the interior color a lot, it is a little expensive . Personally I always try to look for vehicles sold by private sellers, or actual owners. They usually know more about the vehicle and you can haggle with them on price more than with a dealership. Did you take it for a test drive?

 

[Ridunnekulous]

Yeah, I've spent a lot of time on Craigslist checking around, but haven't considered conversion vans until now.  I just came across this '99 Chevy Express which has a few more miles, but has a lower asking price.  I also like the interior better than the Ford.  Choices are hard!  Haha.

Thanks for the input, though!

 

[highdesertranger]

I would say it's a lot expensive. you are basically paying 5k for the interior. is that interior worth 5k to you. highdesertranger

 

[Ridunnekulous]

Yeah, I don't like the interior THAT much. I would definitely talk them down. One thing I forgot to mention, which is kind of a big deal, is that my bank has these stipulations on the loan where they add an extra 1% to my APR if the vehicle is newer than 2006, and another 1% if the vehicle has more than 100,000 miles. So with this Ford I can keep my APR lower since it doesn't meet either of those penalties.

 

[Almost There]

The extra miles are not a bad thing!

A 97 with 80K is 18 years old. That's only an average of 4,444 per year which means it's likely been sitting around for a few years not being run at all.

The 99 with 110K averages out to 6,875 a year. Still nothing when it comes to the average consumer driving habits but still less likely to have been sitting for a long time.

First thing I do is check the actual age of the tires - learn how to read the date codes. Just because a tire looks good doesn't mean that it's safe to run on. These low mileage older vehicles often times have old tires on them which need to be replaced immediately if not sooner. Count on about $200 apiece for good LT tires. Use outdated tires as a bargaining tool.

I shopped with a check list on a clipboard, an old windbreaker so that I could crawl under the vehicle (hard to do when it's got runningboards...lol) and a ground sheet. It's either that or take a mechanic along or better yet, get an okay to take it to a mechanic of your choice so that it can be put up on the hoist.

 

[Gary68]

personally,unless it was brand new,i would never buy from a dealer,don't like paying the thousands of dollars in commission and they stretch the truth (to put it kindly)

save ,be patient,buy outright

 

[highdesertranger]

you know what Gary is right on, or spot on depending on what side of the pond you happen to be from. highdesertranger

 

[akrvbob]

Get it checked out by a mechanic and if he says its good then offer them $2000 and go up to $2500. I wouldn't pay more but you might go up to $3000. NOT a penny more!!
Bob

 

[Ridunnekulous]

Thanks for the insight guys.  I'm going to see if they'll let me take it home for a day and I'll have my mechanic friend take a look at it.  If everything looks good I'll go back with a $2000 offer and walk away if they don't come down low enough.

Edit:  Okay guys, I just came across this.. gem?  2008 Ford E150 with 158,000 miles.  High top, has power built in already, looks relatively clean, and is within my budget.  Only downside is an hour and 45 minutes away, and it hits both penalties for my loan, so my APR would go up 2%.

 

[Almost There]

That one is priced high because it comes complete with the wheelchair lift and all the auxiliary equipment that that entails.

Unless you can find a buyer for the lift, you're paying for something you don't need.

Also, is the high top high enough for you to stand up in. The problem with some of the high tops is that you're paying the price for them being there without getting the full benefit of standing height.

As to paying penalties on your APR, is that standard practice in your location?  It's just that I'd never heard of it before. Also, you WILL be paying off the loan much faster than the pre-set monthly payments won't you? If so, then this will go a long way to negating any interest rate increase.

 

[eapvan]

Unless you have a time limit where you have to be living in your van soon, I'd start putting money in a savings account.

First, because you're getting a loan, the bank will require that you carry full coverage. If you're a single male, and on the young side, that's going to be terribly expensive. When shopping for the van, call your insurance agent and get a quote for the down payment, and the monthly payments. Ask them to quote it with $500 deductible. Some banks won't let you go higher than that.

Ask the bank what your monthly payment will be on the van you're looking at.

Take that monthly cost for both, and put it all in a savings account. Earn interest instead of paying it.

Go ahead a sell everything you own that you won't need in your van. Use Ebay, Amazon, Craigslist, or even a yard sale. Put every penny of that in savings too.

Start living extra frugally. Don't buy gum, or pop, or bottled water. Don't eat out.

Put every extra penny you have into savings.

In no time at all, maybe a year or so, you should have enough to buy outright a good van.

This is just my opinion though. I've only ever gotten a loan on one vehicle in my life, and it soooooo wasn't worth it.

 

[Ridunnekulous]

That one is priced high because it comes complete with the wheelchair lift and all the auxiliary equipment that that entails.

Unless you can find a buyer for the lift, you're paying for something you don't need.

Also, is the high top high enough for you to stand up in. The problem with some of the high tops is that you're paying the price for them being there without getting the full benefit of standing height.

As to paying penalties on your APR, is that standard practice in your location?  It's just that I'd never heard of it before. Also, you WILL be paying off the loan much faster than the pre-set monthly payments won't you? If so, then this will go a long way to negating any interest rate increase.

There is a dealer in town I might be able to sell the lift to, otherwise I could throw it up on Craigslist or scrap it.  I'm not so concerned about being able to stand up, but rather the additional storage space it can provide.  Not sure if the APR thing is a local thing or just with my bank.  Yes, I plan on paying the loan off way before its term ends.

Unless you have a time limit where you have to be living in your van soon, I'd start putting money in a savings account.

First, because you're getting a loan, the bank will require that you carry full coverage. If you're a single male, and on the young side, that's going to be terribly expensive. When shopping for the van, call your insurance agent and get a quote for the down payment, and the monthly payments. Ask them to quote it with $500 deductible. Some banks won't let you go higher than that.

Ask the bank what your monthly payment will be on the van you're looking at.

Take that monthly cost for both, and put it all in a savings account. Earn interest instead of paying it.

Go ahead a sell everything you own that you won't need in your van. Use Ebay, Amazon, Craigslist, or even a yard sale. Put every penny of that in savings too.

Start living extra frugally. Don't buy gum, or pop, or bottled water. Don't eat out. 

Put every extra penny you have into savings.

In no time at all, maybe a year or so, you should have enough to buy outright a good van.

This is just my opinion though. I've only ever gotten a loan on one vehicle in my life, and it soooooo wasn't worth it.

I appreciate the financial concern, but I have everything figured out except for the van itself.  Thanks 

 

[Almost There]

There is a dealer in town I might be able to sell the lift to, otherwise I could throw it up on Craigslist or scrap it.  I'm not so concerned about being able to stand up, but rather the additional storage space it can provide.  Not sure if the APR thing is a local thing or just with my bank.  Yes, I plan on paying the loan off way before its term ends.

If you can't find a buyer for that lift then please donate it to someone who needs it rather than scrapping it.

 I'd bet that there are multitudes of disabled people who aren't able to be as mobile as they would like to be because of the lack of money to put in to a lift system that would appreciate that lift.

The mid sized high tops really don't offer as much additional usable storage as you might think. They were designed to provide adequate headroom for passengers seated in the rear seating arrangements. Spend some time sitting in one if you can, thinking about how you would utilize those extra inches. Remember that unless the original van roof was left intact in the front and the rear which would be really rare, it's somewhat difficult to add any kind of cabinetry to the high top.

Glad to hear that you plan on paying off the debt asap. If there's one universal agreement here it's that being debt free is the biggest freedom of all!!

 

[LeeRevell]

That 2008 has the midtop called a "TV Top" or Sport top.  No standup unless you are under 5'6" or so.  Better overcab storage than my mid top conversion van.  They vary a lot.  Without windows it's rather cramped looking.

 

[eapvan]

I'm sorry if I sounded like I was concerned about your finances. That wasn't my intention at all. I was just remembering the new car I bought many years ago, and how much buyer's remorse I had over it. I hated making that and the insurance payment every month. I mean, r e a l l y hated it.

Good luck in your search

 

[Ridunnekulous]

Alright, I have one last van I would like feedback on.  It's a 1991 Ford E250 for $3900.  Previously used by the government as a surveillance vehicle with apparently only 14.5k miles, but Carfax shows a NAM title, so possibly 114.5k miles with a rolled odometer.  None of the electrical in the back is hooked up, but it is there.  There also appeared to be a spot in the ceiling for ventilation. I drove it and it sounded fine; I still need my mechanic buddy to give it a look over.

So it's between this or the van in the OP.

 

[LeeRevell]

Alright, I have one last van I would like feedback on.  It's a 1991 Ford E250 for $3900.  Previously used by the government as a surveillance vehicle with apparently only 14.5k miles, but Carfax shows a NAM title, so possibly 114.5k miles with a rolled odometer.  None of the electrical in the back is hooked up, but it is there.  There also appeared to be a spot in the ceiling for ventilation.  I drove it and it sounded fine; I still need my mechanic buddy to give it a look over.

So it's between this or the van in the OP.

Now THIS is a cool van!  Last year for the Gen Three, IIRC.  Looks good.  Very 'stealthy'.

 

[Gary68]

surveillance van a lot of work already done

 

[ZoNiE]

On that APR thing. Usually the APR goes UP if the vehicle is OLDER. You may want to confirm that. You may be passing up good deals on older vans because of that...

The Lender wants more interest since they thing the vehicle may not last the loan...