*Update- Bought The Car* Leasing a 2007 Civic.. this sound good?

[BillyBatson]

(before you flame on... I want the lowest monthly payment possible and do not care about the end cost of the car for the most part so i will be LEASING and not BUYING, end of story. i do not want to hear about what other car is better etc. I shopped around and test drove a few cars and for my price range and for the 2006/2007 model year this was my favorite. Was leaning towards the Scion tC but after seeing both and driving both the civic was the no brainer)

So I am leasing a 2007 Civic Coupe EX this Sunday.
EX is the top model for the coupe (exclusing the SI), standard 16" alloy rims, no navigation/GPS

Haven't committed to a color yet LOL. I am most likely getting white which only comes with the nasty tan interior (the SI white comes with black interior, bastards...)

Here are the figures that i have on paper from the dealer itself.

Car: $20,700
Down: $3000
Actual Cap Reduction: $2,281.30
Net Cap Cost: $18,418.70

ADJ Residual: $10,454.60
Total Term Dep: $7964.10
Montly Dep: $165.92
Mo Lease Charge: $88.06
-------------------------------------
Base Payment: $253.98
Monthly Tax: 19.68
-------------------------------------

Total Monthly Payment: $273.66 with the $3000 due at signing. 48 Months

Further Updates:
if you check Honda.com, this car, EX and Automatic, comes to Base MSRP $19,510 and with Destination and Handling, comes out to $20,105
My price above includes Tax, Title, Registration? (TTL as stated by DeviousTrap)

if you do the online calculation, a car at $20,700 with $3k down, an annual % rate of 6%, and 60 month finance comes to $342.19 a month!

-----------------------------------------------------------------
10-23-06 Update

I ended up financing the car and not leasing. so bah to those who said i wasn't listening.
I have the contract in the car but here are the basics, if anyone wants the exact #'s i can post them after class.

2007 Civic Coupe EX Automatic (i didn't get anything extra except wheel locks and mudguards which were free cuz they were too lazy to take them off of the car) they paid registration
$3000 down
60 months
6.45% honda elite finance interest
$369.97 a month

car ended up being $19k something, after taxes and fees or whatever etc came to something like $22,007 before down payment.

 

[chuckywang]

How long is the lease period?

 

[BD2003]

Originally posted by: BillyBatson
(before you flame on... i do not want to hear about what other car is better etc. I shopped around and test drove a few cars and for my price range and for the 2006/2007 model year this was my favorite. Was leaning towards the Scion tC but after seeing both and driving both the civic was the no brainer)

So I am leasing a 2007 Civic Coupe EX this Sunday.
EX is the top model for the coupe (exclusing the SI), standard 16" alloy rims, no navigation/GPS

Haven't committed to a color yet LOL. I am most likely getting white which only comes with the nasty tan interior (the SI white comes with black interior, bastards...)

Here are the figures that i have on paper from the dealer itself.

Car: $20,700
Down: $3000
Actual Cap Reduction: $2,281.30
Net Cap Cost: $18,418.70

ADJ Residual: $10,454.60
Total Term Dep: $7964.10
Montly Dep: $165.92
Mo Lease Charge: $88.06
-------------------------------------
Base Payment: $253.98
Monthly Tax: 19.68
-------------------------------------

Total Monthly Payment: $273.66 with the $3000 due at signing.


does this sound like a fair deal??

Although obviously not the answer you're looking for, let me be the first to say that leasing is stupid.

 

[BillyBatson]

oops, updated with lease term, 48 months.

and yes leasing is not the best option however both leasing and buying have their ups and downs. For what i am willing to pay leasing is the betetr option because it is immediate releif when it comes to the monthly payment, though i realize int he long run i will end up paying more for the car if i take the option to buy, it does not bother me one bit that i end up paying $25,000 for a $20,000 car as long as i am paying under $300 a month and not $450

 

[mugs]

$270 a month to lease a Civic doesn't sound like a great deal.

 

[BD2003]

Originally posted by: BillyBatson
oops, updated with lease term, 48 months.

and yes leasing is not the best option however both leasing and buying have their ups and downs. For what i am willing to pay leasing is the betetr option because it is immediate releif when it comes to the monthly payment, though i realize int he long run i will end up paying more for the car if i take the option to buy, it does not bother me one bit that i end up paying $25,000 for a $20,000 car as long as i am paying under $300 a month and not $450

So why don't you just get a longer loan, or a cheaper car instead?

 

[BillyBatson]

Originally posted by: BD2003

Originally posted by: BillyBatson
oops, updated with lease term, 48 months.

and yes leasing is not the best option however both leasing and buying have their ups and downs. For what i am willing to pay leasing is the betetr option because it is immediate releif when it comes to the monthly payment, though i realize int he long run i will end up paying more for the car if i take the option to buy, it does not bother me one bit that i end up paying $25,000 for a $20,000 car as long as i am paying under $300 a month and not $450

So why don't you just get a longer loan, or a cheaper car instead?

I do not want a a 72 month commitment and even with that my monthly would be higher than $300. And cheaper as in say a toyota Yaris? or a Civic DX? This car is the best price/performance car i found for me. Anythign less and i won't be happy, i def won't be happy with a yaris and a civic DX i would regret jsut not getting the EX, i almost went with the LX which is the samething almost but no sunroof (which i could care less about), no 4 wheel disk brakes, no audio controlls on steering wheel, and no alloy rims which i asked about and would be another $16 a month if i wanted to add them (the LX would be $40 less montly with the same down and same term length than the ex i posted). I don't want to regret not having an option that i can't add later on, the EX retains more of its value, and my moms BF who helped me get this far suggested i go all out (before anyone asks "why listen to him he is not the one that has to pay for it" well he helps my family a lot and for all i know he will help me pay for it like he helps my mom and sis)

 

[DeviousTrap]

Never put money down on a lease. You say goodbye to that money the second you put it down and you're screwed should you total the car.

 

[jagec]

Originally posted by: BillyBatson

Originally posted by: BD2003
So why don't you just get a longer loan, or a cheaper car instead?

I do not want a a 72 month commitment and even with that my monthly would be higher than $300.

Then my advice is..."learn to live within your means."

But I admit that different people have different priorities. I just never understood the desire to spend money that you will never see again to build up an image of greater wealth than one actually possesses.

 

[DeviousTrap]

Originally posted by: BillyBatsonEX retains more of its value, and my moms BF who helped me get this far suggested i go all out (before anyone asks "why listen to him he is not the one that has to pay for it" well he helps my family a lot and for all i know he will help me pay for it like he helps my mom and sis)

It should be the opposite. Option packages are the things that depreciate the most.

 

[dotcom173]

07 Si ftw!

end of story. and isnt 20,700 a bit high for an EX without nav? i thought they were 18.5 or something. anyways, what other prices are factored it, cuz theres no way it costs 20.7 msrp, unless its over msrp.

 

[DainBramaged]

Originally posted by: BillyBatson
(before you flame on... i do not want to hear about what other car is better etc. I shopped around and test drove a few cars and for my price range and for the 2006/2007 model year this was my favorite. Was leaning towards the Scion tC but after seeing both and driving both the civic was the no brainer)

So I am leasing a 2007 Civic Coupe EX this Sunday.
EX is the top model for the coupe (exclusing the SI), standard 16" alloy rims, no navigation/GPS

Haven't committed to a color yet LOL. I am most likely getting white which only comes with the nasty tan interior (the SI white comes with black interior, bastards...)

Here are the figures that i have on paper from the dealer itself.

Car: $20,700
Down: $3000
Actual Cap Reduction: $2,281.30
Net Cap Cost: $18,418.70

ADJ Residual: $10,454.60
Total Term Dep: $7964.10
Montly Dep: $165.92
Mo Lease Charge: $88.06
-------------------------------------
Base Payment: $253.98
Monthly Tax: 19.68
-------------------------------------

Total Monthly Payment: $273.66 with the $3000 due at signing. 48 Months


does this sound like a fair deal??

At $274, I'd just BUY the POS.

 

[mrchan]

It seems like for that type of money you could buy one.....

 

[thomsbrain]

that is SO NOT A GOOD IDEA.

run the numbers on a 48-month payment after BUYING it. you will be surprised how close those numbers will be. afterwards you can either have no car, or a darn good used car for "free." this isn't rocket science.

 

[DeviousTrap]

Originally posted by: dotcom173
07 Si ftw!

end of story. and isnt 20,700 a bit high for an EX without nav? i thought they were 18.5 or something. anyways, what other prices are factored it, cuz theres no way it costs 20.7 msrp, unless its over msrp.

Good point, but based on the layout of the numbers I think it includes TTL.

 

[mrchan]

At $20,700 with $3k down and a 5 year loan, and 4% interest (I have no idea what Honda is offering at the moment), your payments would be $325/month.

Extra $50/month, extra year and you own the car outright.....

 

[postmortemIA]

what a waste of money...civic worth $20K?

 

[tbike06]

Its your money, if you want to throw it away, go right ahead.

 

[ponyo]

3k down? No way. I would never put money down on a lease.

 

[BD2003]

Originally posted by: BillyBatson

Originally posted by: BD2003

Originally posted by: BillyBatson
oops, updated with lease term, 48 months.

and yes leasing is not the best option however both leasing and buying have their ups and downs. For what i am willing to pay leasing is the betetr option because it is immediate releif when it comes to the monthly payment, though i realize int he long run i will end up paying more for the car if i take the option to buy, it does not bother me one bit that i end up paying $25,000 for a $20,000 car as long as i am paying under $300 a month and not $450

So why don't you just get a longer loan, or a cheaper car instead?

I do not want a a 72 month commitment and even with that my monthly would be higher than $300. And cheaper as in say a toyota Yaris? or a Civic DX? This car is the best price/performance car i found for me. Anythign less and i won't be happy, i def won't be happy with a yaris and a civic DX i would regret jsut not getting the EX, i almost went with the LX which is the samething almost but no sunroof (which i could care less about), no 4 wheel disk brakes, no audio controlls on steering wheel, and no alloy rims which i asked about and would be another $16 a month if i wanted to add them (the LX would be $40 less montly with the same down and same term length than the ex i posted). I don't want to regret not having an option that i can't add later on, the EX retains more of its value, and my moms BF who helped me get this far suggested i go all out (before anyone asks "why listen to him he is not the one that has to pay for it" well he helps my family a lot and for all i know he will help me pay for it like he helps my mom and sis)

Your total monthly payment under the lease is $273.98. Add in the $3000 down, divide it by 48 months, and you're paying out ~ 340 an month.

At the end of those 48 months, you have no car. You don't want a 72 month committment, but by leasing you are guaranteeing that very fact. You might only be paying for the civic for 48 months, but you're gonna be paying for your next car right after that, which I'm sure will have you paying car payments for far longer than 72 months.

You will also get charged for every single scratch on the car. You are going to have to buy another one - your payments will not stop there.

Over a 60 month loan, your payment would probably be somewhere near $400. But you own the car, so you can actually sell it.

All the rest, I just hear "blah blah blah."

Live within your means. You obviously only have enough money to afford a barebones new car, or a nice used car. You cant afford a nice new car. Leasing is throwing your money away. The sooner you realize that, the better off you'll be. No matter what car you get, there will always be a nicer one - buy what you can actually afford.

 

[BillyBatson]

Originally posted by: mrchan
At $20,700 with $3k down and a 5 year loan, and 4% interest (I have no idea what Honda is offering at the moment), your payments would be $325/month.

Extra $50/month, extra year and you own the car outright.....

You are right however i don't think i would get 4% i think it would be 6-7% and at 7% it owuld be 350.48, almost $75 more a month. Though i could skip on other things in my life and come up with the difference to me it isn't worth it, i have other expenses, school, traveling, fun, drinking, girls lol etc. I totally understand what you are saying but to me this is justifiable. My friend just took out a $25k student loan. After fees he was cut a $23k check. 12% interest. If he doesn't make interest payments now, he will end up paying $83 back. Yes a ripoff but immediate relief is sometimes more important than the overall cost. I could argue that it is even smarter to just saved my money for the next 5 years and go in and buy a car outright and prob not only get the car for cheaper but not pay any interest at all but for convenience sake people finance, for even more convenience people lease lol

and to jagec:

man are you ever NOT negative? lol i have never seen you post a happy response haha.
This is by NO means a status car! it is a damn civic! allbeit a higher model one. Only than the hubcaps found on the lwoer models i see nothing wrong with them. Only thing that makes this car "look" more expensive than the LX is the sunroof which i stated above as not caring for i will never use it. Sure i can buy a Yaris, great gas mileage, way cheaper, and an ok looking car. I don't think the civic is going to add any status to my image or help with the opposite sex lol. But have you sat in the yaris? it is WAY to minimal, it lacked the comfort, the design, and options. Like i also said above i seriously considered the Scion tC but after seeing it and driving it man it was crap compared to the civic. They are the same price but the tC was also very minimal, plastic, plain, console not as well design, guages, etc.

 

[jagec]

Originally posted by: BillyBatson
man are you ever NOT negative? lol i have never seen you post a happy response haha.
This is by NO means a status car! it is a damn civic! allbeit a higher model one. Only than the hubcaps found on the lwoer models i see nothing wrong with them. Only thing that makes this car "look" more expensive than the LX is the sunroof which i stated above as not caring for i will never use it. Sure i can buy a Yaris, great gas mileage, way cheaper, and an ok looking car. I don't think the civic is going to add any status to my image or help with the opposite sex lol. But have you sat in the yaris? it is WAY to minimal, it lacked the comfort, the design, and options. Like i also said above i seriously considered the Scion tC but after seeing it and driving it man it was crap compared to the civic. They are the same price but the tC was also very minimal, plastic, plain, console not as well design, guages, etc.

It's still a brand-new car. You could buy a used car for the same monthly payment as your lease, and you'd own a car at the end.

I admit to being a cynic, but I don't let it depress me. It's just that the American brand of materialism, and the strange correlation it draws between quality, price, and newness, I find extremely strange.

 

[BillyBatson]

Originally posted by: jagec

Originally posted by: BillyBatson
man are you ever NOT negative? lol i have never seen you post a happy response haha.
This is by NO means a status car! it is a damn civic! allbeit a higher model one. Only than the hubcaps found on the lwoer models i see nothing wrong with them. Only thing that makes this car "look" more expensive than the LX is the sunroof which i stated above as not caring for i will never use it. Sure i can buy a Yaris, great gas mileage, way cheaper, and an ok looking car. I don't think the civic is going to add any status to my image or help with the opposite sex lol. But have you sat in the yaris? it is WAY to minimal, it lacked the comfort, the design, and options. Like i also said above i seriously considered the Scion tC but after seeing it and driving it man it was crap compared to the civic. They are the same price but the tC was also very minimal, plastic, plain, console not as well design, guages, etc.

It's still a brand-new car. You could buy a used car for the same monthly payment as your lease, and you'd own a car at the end.

I admit to being a cynic, but I don't let it depress me. It's just that the American brand of materialism, and the strange correlation it draws between quality, price, and newness, I find extremely strange.

lol as long as you feel good about yourself in the end that is all that matters

i did consider purchasing a used car for $18-20k but i currently do not have the time to go lot to lot looking at whatthey have for what price, haggle, hav it checked out (if it isn't certified preowned) etc. yeah i would end up having a nicer car for the same price due to it being used and i would own it, but because of time, and not knowing what to look at, i did away with this idea

 

[Stunt]

Over a year ago I picked up a 2002 Civic coupe with 35mi financed at 3.5% for 60 months including a 3 year warranty.
I pay $250 canadian a month.

You are much better off to go with something a couple years old and buy it.

 

[jagec]

Originally posted by: BillyBatson
lol as long as you feel good about yourself in the end that is all that matters

i did consider purchasing a used car for $18-20k but i currently do not have the time to go lot to lot looking at whatthey have for what price, haggle, hav it checked out (if it isn't certified preowned) etc. yeah i would end up having a nicer car for the same price due to it being used and i would own it, but because of time, and not knowing what to look at, i did away with this idea

It takes just as much time to research, check out, test drive, and haggle over a new car as a used one