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Brilliant or a stupid idea.... trade up on a TSX

The Stigenator

The Stigenator

Lifer
I got an email from center acura (my dealer) this afternoon basically stating that they are willing to let me trade in my 2009 TSX Tech 5AT Vortex Blue car for zero (0) down and the same monthly payments as before (or lesser) for a 2011 TSX.

It sounds so tempting.. lets just say I am not too happy with the speaker issues, brakes, transmission fluid life etc.

Is it worth? Personally if I were to do this, I'd probably go stick this time if I had a chance. Then my gf cant drive my car.. ugh! Oh well, screw that I drive it 99.99% of the time any case. My only issue is with gas prices going up, the prius looks more tempting.

My current car was bought in October 2008, there is about 17K on finance currently. The new car will be a Tech also, but most likely a stick and not an auto.

The car is dealer serviced all its life. So thats one thing going for it.
 
I'd do it. You get a new car, same payments, and it's been reworked for two model years. There's not much to miss out on here, it's not like TSX's get 15mpg city/20 highway.
 
"Same payment" but for extra few years. Don't fall for the words. They wouldn't do it if they're not making money.

I call it screwing you twice.
 
postmortemIA said:
"Same payment" but for extra few years. Don't fall for the words. They wouldn't do it if they're not making money.

I call it screwing you twice.
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Many of us don't even bother keeping cars until they're paid off because we have the cash and are willing to continue to make a car payment for a nicer/different car. Unless it's going to be a dedicated track toy I see no reason to pay for it up front or worry about the payment at all. I'd be bored and move on long before I've paid it off and if I see a better deal on a car that's interesting for similar to what I've already budgeted, I'll make the trade any day of the week. If OP is like me, it's a great deal, if he doesn't want to continue paying for cars for the forseeable future, it's not a great deal. Simple as that.

Of course they're making money, there's a possibility they even already have a buyer for his car lined up.
 
crazySOB297 said:
Many of us don't even bother keeping cars until they're paid off because we have the cash and are willing to continue to make a car payment for a nicer/different car. Unless it's going to be a dedicated track toy I see no reason to pay for it up front or worry about the payment at all. I'd be bored and move on long before I've paid it off and if I see a better deal on a car that's interesting for similar to what I've already budgeted, I'll make the trade any day of the week. If OP is like me, it's a great deal, if he doesn't want to continue paying for cars for the forseeable future, it's not a great deal. Simple as that.

Of course they're making money, there's a possibility they even already have a buyer for his car lined up.
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I don't think he meant just having an ordinary car payment on a new normal loan, but extending the loan out longer, to get the same payments. A common tactic with dealers when they tell you the payment will be the same. Yes, it's the same payment, you just owe 12 or 24 more of them now than you did yesterday.

There's no telling when bad times may hit you, and being very upside down in such a loan can really bite you.
 
Both are second gens so you're not moving up. Obviously the question is whether you want your payments back to day 1 or not.

Other manufacturers do this as well on lease vehicles. You can turn it in early if you promise to get another one.
Many of us don't even bother keeping cars until they're paid off because we have the cash and are willing to continue to make a car payment for a nicer/different car.
Click to expand...
Correction: You have the income. If you had the cash you wouldn't be making payments at all.

Certainly this move is financially indefensible, so it comes down to whether you want a 2011 enough or not. Car purchases are almost always more than financial in nature.
There's no telling when bad times may hit you, and being very upside down in such a loan can really bite you.
Click to expand...
Yeah, don't ever buy a car with payments unless you have a decent plan of attack for what will happen if next week you're laid off. Can you float the payments for a long time? If not, don't do it.
 
The Stigenator said:
I got an email from center acura (my dealer) this afternoon basically stating that they are willing to let me trade in my 2009 TSX Tech 5AT Vortex Blue car for zero (0) down and the same monthly payments as before (or lesser) for a 2011 TSX.

It sounds so tempting.. lets just say I am not too happy with the speaker issues, brakes, transmission fluid life etc.

Is it worth? Personally if I were to do this, I'd probably go stick this time if I had a chance. Then my gf cant drive my car.. ugh! Oh well, screw that I drive it 99.99% of the time any case. My only issue is with gas prices going up, the prius looks more tempting.

My current car was bought in October 2008, there is about 17K on finance currently. The new car will be a Tech also, but most likely a stick and not an auto.

The car is dealer serviced all its life. So thats one thing going for it.
Click to expand...

Same payments for how much longer? I'll give you the same deal. Just keep your payment the same but for 10 more years. I'll even throw in free floor mats.
 
You can't be 'worried about gas prices' at the same time as extending your payment plan for another three or four years. 😀 Pay off the current car and you have your car payment per month for gas. WIN!
 
Doppel said:
Other manufacturers do this as well on lease vehicles. You can turn it in early if you promise to get another one.Correction: You have the income. If you had the cash you wouldn't be making payments at all.
Click to expand...

No, some of us have the cash. Low interest rates and a lot of market opportunities in the last few years make it silly not to take the financing. For example, my toy is financed at 0% interest, the cash I could have paid for the car is making me money that it wouldn't have if I had paid in cash. This holds true all the way up to 3-4% interest IMO, and sometimes higher depending on the risk.
 
This is financially a stupid decision. You've made 2 to 3 years worth of payments. You have, what... 1 to 4 more years before you have no car payments?

If you think this model makes sense, you should lease your car, rather than purchase.
 
I did the same thing on my last Honda and I was pretty happy with it.
Then I thought, hey, I would have been done making payments in 2 years. Instead I had another 4 year loan.

You might want to do what someone else mentioned and look into getting a lease if you are going to want to trade up every couple of years.
 
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