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If you are already upside down in your car, I would just bite the bullet and ride that thing out.

Its only 16 months, maybe quicker if you get some more income coming in with a side job or something.

Besides in 16 months you will be ready for something different, and have a paid for car to use as a down payment on that.
 
Originally posted by: Freejack2
My parents leased a 2001 Honda Accord EX Sedan and their lease is just about up with 36,000 miles on the car. They have the option of buying the car for $12,000. KBB says trade in value is $12k and Private party value is $14.5k.
I have been wanting a bigger car but I don't know if it's worth it.

My current car is a 2001 also with 67k on it, and I'm about $1500 flipped if I can sell it private party. That means I'd be financing $13,500 + I assume the sales tax on the $12000.

The payment estimator says I'd basically be paying what I'm paying now but for 3 years instead of the 16 months I have left on this car.

So anyways is it worth it?
I hear Accords had a lot of problems with the automatic transmissions dying, Is this true?
I drive I guess about 45,000 miles a year mostly for work so the Accord would have over 170,000 miles on it by the time I was done paying it off. Will the car last that long before I get hit with the big repair bills?
Also do I pay sales tax on the $12,000?

Thanks if you've read this longwinded post and replied.
Click to expand...

The auto trannies are only problematic on the 6th gen V6s. Stay far away from those.

Buying used hondas doesn't make much sense IMO. Their resale value is freaking insane, you're only a couple grand away from buying a new accord LX.
 
In 16 months my car will be worth $1500 so it's not exactly going to have a lot of equity in it.

Still it is looking a lot like it's not worth it. My car has probably had about $400 in non wear and tear repairs in the 67k of driving it. Despite people complaining that domestics don't last, this car has been rock solid reliable. If it keeps this up I could probably drive the car past the last payment and put aside the car payment every month towards another car. The idea of a bigger car appeals to me as I could actually fit adults in the back seat but it sounds like buying my parents car is no deal.

Thanks for the input.
 
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