I Bought A 2020 Toyota Camry and They Scammed Me With a $724 Per Month Car Payment, How Do Car Dealers Sleep At Night?

"How much should a car payment be for a 2020 Toyota Camry?"

That's the question Liz (@liz87447) asks in her TikTok clip. Her car payment for her 2020 Toyota Camry is $724 monthly for five years. Did she get scammed by the Toyota dealer? Here is Liz's story and her warning for all young car buyers. 

She says, 

"I was 19 and didn't have the best credit, so I needed a cosigner. To this day, I feel like I got scammed by the Toyota dealer. I've had the car for almost four years, and I'm almost done paying it off. I'm embarrassed; I won't tell you how much I paid for the car." 

Note: Liz bought her 2020 Toyota Camry during COVID-19 in 2021 when used car prices were skyrocketing due to supply chain disruptions, a shortage of new cars, and increased demand for personal transportation. 

She continues, "I'm wondering how all the salespeople at car dealers sleep at night knowing that you scam 19-year-olds like me. I don't know anything about buying a car, and you take advantage of it. Do you not feel bad about that?"

Liz's car payment is $724 per month for 60 months. 

"I know the dealer didn't force me to sign the papers to buy the car. I'm 23 years old now, and I was only 19 when I bought the Camry, and I didn't really know what I was getting myself into." 

"I feel it's messed up when a Toyota car salesman knows they have me at a disadvantage and then get me into this car payment. How would they feel if they had a 19-year-old daughter and someone did this to them?"

Liz Didn't Have Someone To Be Her Advocate

"I was 19, and I just wanted the car. I was going to buy it no matter what. I didn't have a dad or brother in my family who could tell me that I shouldn't do it and it's a dumb decision."

"So I remember knowing how to make good financial decisions; this was never taught in school. The only thing they told me was that I needed to go to college in order to make it. They never taught me basic life skills."

"They never taught me about credit cards, buying a car, financing, they didn't teach me that. I felt like you are 18 now. You are an adult; just figure it out."

"So, at 19, I had two jobs, and if I had a car, it would motivate me to keep working both jobs. I was living at home, I didn't pay rent, and my plan was when I'm 24, I will be out of school, and my car will be paid off." 

Liz Sees Others Driving Nicer Cars

"I wasn't thrilled after I bought the car. I would have rather had a Benz. I wanted a Tesla, but I could afford the maintenance on the Camry. I've never had a problem with my Camry. It's been a good car. I take care of it, and I do my oil changes." 

"The only thing that bothered me was that I had such a high car payment. I could be driving a nicer car for this kind of payment. I paid for this car myself. I didn't have rich parents who helped me buy the car. I did it myself, so I feel good about that."

"I work at Walmart, and I still live at home with my mom and she doesn't live in a nice neighborhood. She's never had a lot of money. So, I'm not trying to live beyond my means."

Liz Kept the Car, and It's Almost Paid Off

"I'm about to turn 23, my car is almost paid off, and I will be done paying for it this year. I'm trying to see the positive in it now. I could afford the payments, and now I'll be able to pay it off soon."

"So, at the end of the day, I've learned to be satisfied with my Camry. I'm almost done paying it off, and I hope that if someone hears my story, it will help someone else. I hope someone can learn from my experience."

What Could Liz Have Done Differently?

The first thing a young buyer should do is take a seasoned person with them. Don't go into a car dealer alone. Take someone who can guide you into making the right financial decision. This guidance can provide you with a sense of reassurance and support, ensuring you make a well-informed decision. 

USAA has this car-buying advice. 

When a young person buys a car, they should prioritize setting a realistic budget, researching insurance costs, focusing on safety features, and considering a used car for affordability while also researching lenders and potentially seeking a cosigner for a loan. 

Here's a more detailed breakdown:

1. Budget and Affordability:

• Set a Realistic Budget:
• Determine how much you can comfortably afford. Don't just focus on the initial price; factor in insurance, fuel, maintenance, and potential repairs. 
• Explore Financing Options:
• Research auto loans and consider credit unions, which typically offer better rates than banks or car dealers. 
• Consider a Cosigner:
• As a young driver with limited or no credit history, you may need a cosigner (like a parent) to secure a loan. 

2. Safety and Reliability:

• Prioritize Safety: Choose a car with good safety ratings and features, especially if you're a new driver. Utilize online resources for car reviews, safety ratings, and pricing information.
• Consider a Used Car: Buying a used car can be more affordable, but ensure it's in good condition and has a good safety record.
• Research Reliability: Look for cars known for their reliability and low maintenance costs.
• Test Drive Thoroughly: Take the car for a thorough test drive to assess its handling, performance, and overall condition. 

3. Insurance and Legal Considerations:  

• Get Insurance Quotes: Obtain insurance quotes before buying a car to understand the potential costs.

4. Research and Due Diligence:

• Research Vehicles: Thoroughly research the cars you're considering, looking at safety ratings, reliability, and fuel efficiency. 
• Get a Pre-Purchase Inspection: If buying a used car, have it inspected by a trusted or certified mechanic before making a purchase. 

Conclusion:

Liz did the best she could with what she had available. She purchased a good used 2020 Toyota Camry, a reliable car, found a cosigner, and purchased the vehicle during one of the worst times to buy a used car when prices were skyrocketing. 

Did the Toyota dealer take advantage of her? 

The Toyota salesman didn't try to sell Liz a brand-new car; she could afford the payments and insurance, and the Camry was a good choice. I don't think they scammed her. 

Remember, when used car prices skyrocketed during COVID, Liz bought her 2020 Toyota Camry. This was an unprecedented time to buy a car. 

How About You?

Do you have a car-buying story and advice to share with young car buyers? What did you learn? If so, click the red Add New Comment link below and let us know.

Check out my Toyota Camry story: I’ve Had My Tesla Model 3 For 2 Days and I Already Want My Toyota Camry Back, Don’t Believe Them If They Tell You a Tesla is Better Than a Camry

I am Denis Flierl, a Senior Torque News Reporter since 2012. My 30+ year tenure in the automotive industry, initially in a consulting role with every major car brand and later as a freelance journalist test-driving new vehicles, has equipped me with a wealth of knowledge. I specialize in reporting the latest automotive news and providing expert analysis on Subaru, which you'll find here, ensuring that you, as a reader, are always well-informed and up-to-date. Follow me on my X SubaruReport, All Subaru, WRXSTI, @DenisFlierl, Facebook, and Instagram.

Photo credit: Denis Flierl via Toyota dealer