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

[MikeMike]

why the hell are you leasing a car for 48 months, and paying 16k for it?

the car is only worth 4k more than that if you just bought it, with 3k down, and paid it out for about 60 months, your lookin at maybe $300 a month.

why not get in on the current Saturn Aura leasing deal, which iirc, is very similar payment, for a much larger car?

and yea, DT is right, downpayments are worthless when leasing.

 

[wetcat007]

16151.04, that's how much you'll have paid after 48 months including the down payment, not too much more to buy, a better deal being after 4 years that car will probabily be worth at least 10k still I would expect.

 

[JS80]

the words "lease" and "civic" should not be in the same sentence.

 

[shoRunner]

Originally posted by: mugs
$270 a month to lease a Civic doesn't sound like a great deal.

maybe $199...or $99 and i'd consider it.

 

[raildogg]

I would buy a Civic definately. Lease? Nope.

In fact, I am deciding between a Fit and a Civic right now. The Fit is very hard to find and you can't even test drive it.

 

[RossMAN]

You lease a luxury car or SUV not a Honda Civic.

 

[BillyBatson]

ok edited OP. no more lease vs. buy. i will be leasing and that's that. it is more important for me to get the car i want at the price i want to pay per month and end up paying mroe down the line over a period of time, then to pay more now just to save in the long run. done.

as far as a lease goes, price of the car, and my monthly, how does it look. i don't think i am being shafted at all or taken aadvantage of, but could i do better for the same car with the same down somewhere else?

 

[0roo0roo]

lousy priorities. its just a car, buy something used. sure its not a nice car, what are you doing, trying to keep up with other students with parents that bought their cars?

 

[Squisher]

With an effective monthly payment of $335 (273 + 3000/48) you should be able to lease a $30K car.

 

[MazerRackham]

What I don't think anyone has pointed out are the mileage limits per year on your lease. Is there a per year mileage limit, and if so, how many miles?

It makes no sense to lease a car that you couldn't afford to buy/finance... just buy a cheaper car (or a used car). But like others have said, it's your money so go ahead and throw it all away...

 

[BillyBatson]

Originally posted by: Squisher
With an effective monthly payment of $335 (273 + 3000/48) you should be able to lease a $30K car.

then i would need another $3k down paypent and then you will argue the same thign about a $35k car and so forth lol

 

[PricklyPete]

Why the hell would you ask this question on this forum.

1) You're logic for leasing a new Civic is severly flawed given your circumstances.
2) Your "mentor" (mom's BF) seems to be lacking when it comes to financial advise.
3) Down payments on leases are a COMPLETE WASTE.

As you said, you're just getting a Civic. Why isn't a used Civic Coupe or Accord Coupe good enough?

You could easily go to Carmax (admittedly not your best used car option, but it would cut down on the "troubles" of buying a used car that you stated) and find a perfectly good Civic Coupe for under 16K. You could put that 3K down and then have a payment well under $300 a month.

 

[iamwiz82]

Jesus. My wife's Jeep Liberty 24mo lease is $189/mo with $0 down. No wonder people say leasing is a bad idea when you come up with "deals" like this.

 

[vi edit]

That's a terrible lease deal.

You can lease an accord for $239 a month for 36 months and half that down.

http://www.edmunds.com/new/2007/honda/a...ves.html?vdp=off&setzip=61528&state=IL

You can lease an Altima for $199 a month with a similar down payment.

 

[Chunkee]

since you dont want to listen to reason, why even post? you are going to lease, then go ahead...

 

[Reggae4k]

No, it doesnt sound good.

 

[vi edit]

My wife's Highlander was a $32,000 vehicle that we leased for 36 months @ $320/mth with $1200 down to cover TTL & gap insurance.

 

[j00fek]

id rather buy it

 

[mugs]

Originally posted by: iamwiz82
Jesus. My wife's Jeep Liberty 24mo lease is $189/mo with $0 down. No wonder people say leasing is a bad idea when you come up with "deals" like this.

Don't you get an employee discount?

 

[iamwiz82]

Originally posted by: mugs

Originally posted by: iamwiz82
Jesus. My wife's Jeep Liberty 24mo lease is $189/mo with $0 down. No wonder people say leasing is a bad idea when you come up with "deals" like this.

Don't you get an employee discount?

Yes. It's usually around 12.5% off sticker. A good negotiator could probably get better than that on a lot of vehicles.

 

[fbrdphreak]

What a stupid idea. That's like having a short-term loan with a really high interest rate, assuming you choose to purchase it. And the new Civic just is not worth $20K in the first place. My gf got a brand new 06 Civic Ex coupe (tan-ish exterior, dark interior, automatic, all options except Navi) and with buying two of them at the same time, came out like $19,500 (can't remember if its OTD or not). As nice as it is for a Civic, it is still a damn economy car and is NOT worth $20K. Honda is making a killing on these Civics...

 

[BillyBatson]

Originally posted by: vi_edit
That's a terrible lease deal.

You can lease an accord for $239 a month for 36 months and half that down.

http://www.edmunds.com/new/2007/honda/a...ves.html?vdp=off&setzip=61528&state=IL

You can lease an Altima for $199 a month with a similar down payment.

an accord coupe ex 4cyl is listing onhondas site for $24,045. On Edmunds it came to $23,443 without choosing nay options.

for a 07' civic coupe EX it comes out to $20,048 on edmunds before tax etc!!!!!!

edmunds eloan shows for 60 months would be 6.35% interest, that would make my payments $333.48 a month with the $3k down on a buy. That is more than i am willing to pay (not more than i am able to pay)
as for putting more money down on a lease it seems to go both ways, people i have spoken to say the same thing it is a waste of money but others say it is your best bet if you want to bring down monthly paypents so again since my goal is to have a lower monthly payment hence a lease vs buy, it only made sense.

PricklyPete:
2) Your "mentor" (mom's BF) seems to be lacking when it comes to financial advise.

lol he owns his own business which does VERY well, owns 4 houses that i know of in 2 different states, and currently owns 3 cars, 2004 Mercedes AMG (dunno which model he never drives it), 2005 Porche 911 twin turbo, and a 2006 Landrover turbo Sport edition. i think the man knows what he is doing.

and i chose cars i liked. Until the new civic design i have NEVER liked civics. Sure they are great little cars but they are ugly as sin and i never thought i would own one until the new body style came out. If they made this body style since 03 or something sure i would have considered it. Out of the body style vechicles i liked the oldest were the Nissan Sentra and Scion tC (05')

 

[BillyBatson]

Originally posted by: fbrdphreak
What a stupid idea. That's like having a short-term loan with a really high interest rate, assuming you choose to purchase it. And the new Civic just is not worth $20K in the first place. My gf got a brand new 06 Civic Ex coupe (tan-ish exterior, dark interior, automatic, all options except Navi) and with buying two of them at the same time, came out like $19,500 (can't remember if its OTD or not). As nice as it is for a Civic, it is still a damn economy car and is NOT worth $20K. Honda is making a killing on these Civics...

d00d prices go up. remember the says when the Altima competed with civic, corolla, etc? and Senta competed with Tercel and the like? over the years nissan brought their product line higher to where the altima competes with camry and accord, sentra with civic and corolla, and the maxima well toyota just intro-ed the avalon..

oh and the corolla is supposed to be cheap too right? On toyotas sites if you pick the top model and the package most similar with the civic ex the prices MRSP comes to $19,381 , only $1400 less prior to tax etc

 

[Viper GTS]

Why are you asking for logical opinions when you are obviously basing this on everything BUT logic?

Anything less and you won't be happy?
You don't care how much you end up paying for the car?

Do whatever the hell you want, it's your money. But don't post here and expect people to support your stupidity.

To answer your quesiton, no it doesn't sound good. You are every car dealer's wet dream.

Viper GTS

 

[BD2003]

Originally posted by: BillyBatson

Originally posted by: vi_edit
That's a terrible lease deal.

You can lease an accord for $239 a month for 36 months and half that down.

http://www.edmunds.com/new/2007/honda/a...ves.html?vdp=off&setzip=61528&state=IL

You can lease an Altima for $199 a month with a similar down payment.

an accord coupe ex 4cyl is listing onhondas site for $24,045. On Edmunds it came to $23,443 without choosing nay options.

for a 07' civic coupe EX it comes out to $20,048 on edmunds before tax etc!!!!!!

edmunds eloan shows for 60 months would be 6.35% interest, that would make my payments $333.48 a month with the $3k down on a buy. That is more than i am willing to pay (not more than i am able to pay)
as for putting more money down on a lease it seems to go both ways, people i have spoken to say the same thing it is a waste of money but others say it is your best bet if you want to bring down monthly paypents so again since my goal is to have a lower monthly payment hence a lease vs buy, it only made sense.

PricklyPete:
2) Your "mentor" (mom's BF) seems to be lacking when it comes to financial advise.

lol he owns his own business which does VERY well, owns 4 houses that i know of in 2 different states, and currently owns 3 cars, 2004 Mercedes AMG (dunno which model he never drives it), 2005 Porche 911 twin turbo, and a 2006 Landrover turbo Sport edition. i think the man knows what he is doing.

and i chose cars i liked. Until the new civic design i have NEVER liked civics. Sure they are great little cars but they are ugly as sin and i never thought i would own one until the new body style came out. If they made this body style since 03 or something sure i would have considered it. Out of the body style vechicles i liked the oldest were the Nissan Sentra and Scion tC (05')

So why don't you get your loaded mentor to hook you up with an low interest loan, rather than give you bad advice?

The man is rich...thats great for him. You are not rich. He apparently has not made that distinction.

Why are you so obsessed with the monthly payment? You are not thinking ahead here.

You say you can afford $335 a month, but its more than your *willing* to pay. Which means there is an inkling of financial sense in you.

Lets say if you bought the civic, youd keep it for 8 years. You'd put the 3k down, your payments would be about 400 a month, for a 4 years. The other 4, you already own the car, you're free and clear. You've paid in total ABOUT $25000 after interest and tax. But you OWN the car, so you can probably get at least 4k for it if you sell it - so essentially, you are only set back $21k total when all is said and done.

You lease the car for $3k down, $273 a month, for 48 months. Thats 16k right there. You will get nailed for ANY damages when you return the car at the end of the lease. Add another $500 or so. Now you dont have a car, so you need to lease another one. Say you get the same deal - thats another 16.5k. After those 8 years, you've put out about $33k.

$33k vs. $21k, over the same time period. How can you even consider leasing? If you want a lower monthly payment, stretch the loan out longer. You CAN NOT come ahead, no matter what, by leasing.

Leasing is for people who don't care about money. Either cause they don't know any better, or because they have enough money that they got plenty to spare.

You say you dont want a committment. Fair enough. A lease isnt going to help you there. In fact, with the lease, youre MORE committed. If you want to terminate the lease early, you're screwed. You will get raped. If you buy, you can ALWAYS sell the car, whenever you want, end of comittment. Early on, you might be upside down on the loan, but with the lease, you're upside down from start to finish.