Car Purchase Dilemma
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Joined: Aug 2004
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From: Washington, DC
leases are never good. U will never own the car unless u buy out the lease in which case you pay more in the end. Best to just buy it. Especially if you drive it a lot (in which case I do cuz the car is hella fun to drive) and you will prolly go over the mileage cap for leased vehicles per year. Waste of money IMO
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From: Denver
Originally Posted by TeamVirtuozity.com,Oct 4 2004, 01:40 PM
leases are never good. U will never own the car unless u buy out the lease in which case you pay more in the end. Best to just buy it. Especially if you drive it a lot (in which case I do cuz the car is hella fun to drive) and you will prolly go over the mileage cap for leased vehicles per year. Waste of money IMOFor someone who doesn't keep a car for more than 2-3 years and doesn't have a large down payment, leasing a car would be better than purchasing. Unless you have a significant down payment, you'll probably be upside down for the first couple years. Besides, you can usually get "more car" by leasing than you would by purchasing it.
YMMV.
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Joined: Jun 2003
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From: Louisville
Originally Posted by TeamVirtuozity.com,Oct 4 2004, 05:40 PM
leases are never good. U will never own the car unless u buy out the lease in which case you pay more in the end. Best to just buy it. Especially if you drive it a lot (in which case I do cuz the car is hella fun to drive) and you will prolly go over the mileage cap for leased vehicles per year. Waste of money IMOCheck your state. But, leases are taxed different than purchases in most states. There could be an advantage here.
At the lease end, the residual is almost always negotiable with the lease company. Honda Finance is tough, but they will negotiate. The don't want these cars back.
Money Factors, a lease equivalent to interest rates, are sometimes lower. You can figure an approximate calculation by taking the money factor Xs 2400.
If the car is a business car, you can right off the entire payment, gas, oil, maintenance, and insurance.
Just a couple tips. If you don't like them, you get your money back
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Joined: Feb 2003
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From: Mantua
I'm going to making the same decision soon. My '02 will be up May of next year and I'm not sure if I want to buy it @ $19,000 or just roll over into a new '05 lease.
Two thoughts I'm having:
1. Why should I buy my '01, with what will be around 48,000 miles for $19,000, when I should be able to find another '01-'02 next year, with less miles, for the same price or less?
2. To get the payments to where I have them now ($417), I'd have to finance my current car for another 60 months. Will I want to own an '01 S2k with high miles in the year 2010? That means I would have been driving the same car for over 9 years. I like to change cars more than once a decade and I don't want to be embarrased by a 375 hp Z or whatever will be coming out 5 years from now.
The Honda Finance lease calculator give me a price of $475 for 48 months @ 15,000 miles a year, with no money down. If your like me and can keep close to the annual mileage and like to have a new car now and then (meaning you'll always have a payment one way or another), the lease is a no-brainer.
Two thoughts I'm having:
1. Why should I buy my '01, with what will be around 48,000 miles for $19,000, when I should be able to find another '01-'02 next year, with less miles, for the same price or less?
2. To get the payments to where I have them now ($417), I'd have to finance my current car for another 60 months. Will I want to own an '01 S2k with high miles in the year 2010? That means I would have been driving the same car for over 9 years. I like to change cars more than once a decade and I don't want to be embarrased by a 375 hp Z or whatever will be coming out 5 years from now.
The Honda Finance lease calculator give me a price of $475 for 48 months @ 15,000 miles a year, with no money down. If your like me and can keep close to the annual mileage and like to have a new car now and then (meaning you'll always have a payment one way or another), the lease is a no-brainer.
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Joined: Feb 2002
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From: Boston, MA
Ill never understand why people think that leasing is bad. "renting" the car. so what? personally i get enjoyment out of driving my car, not by how much i can make by selling it after 5years. and saying that you will go over and be charged is different than you driving your car just as many miles is wrong. if i go over my mileage i owe $0.15/mi. but thanks to Honda Leases i get a $1500 cushion for repairs, tires, etc. so i can go 10,000mi over my lease and not pay a penny due to mileage. however, every single mile that you drive your car decreases the value and inturn decreases how much money you will recieve when you sell/trade it in. so in reality, someone that buys that car needs to worry about there mileage more then a leasee.
lease the car, like it? buy it out, want something new? give it back w/o a hassle. its the best choice.
lease the car, like it? buy it out, want something new? give it back w/o a hassle. its the best choice.
Joined: Apr 2003
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From: Austin
Originally Posted by steven975,Oct 4 2004, 02:39 PM
look at it this way:
if you buy the 01 you will own a car in 4 years or you can lease the 05 for *ABOUT* the same payment and own nothing in 4 years. I'd imagine the 01 will still be worth over $10K even 4 years from now. That's a lot of money.
You can buy a whole new top with the glass for $800 new and do the mod on the frame (maybe 8 hours labor?). Or, you can wait for someone to sell their top+frame for $1100 or so and bolt it in (5 hours?). That'll solve the glass-window issue. A decent stereo can be had for well under $1G with amps/speakers.
Do what you want, but the quick depreciation on the 05 vs the slow depreciation on the 01 makes this a big financial difference.
if you buy the 01 you will own a car in 4 years or you can lease the 05 for *ABOUT* the same payment and own nothing in 4 years. I'd imagine the 01 will still be worth over $10K even 4 years from now. That's a lot of money.
You can buy a whole new top with the glass for $800 new and do the mod on the frame (maybe 8 hours labor?). Or, you can wait for someone to sell their top+frame for $1100 or so and bolt it in (5 hours?). That'll solve the glass-window issue. A decent stereo can be had for well under $1G with amps/speakers.
Do what you want, but the quick depreciation on the 05 vs the slow depreciation on the 01 makes this a big financial difference.
PLUS I've had my car for a year and a half now and I'm even on the loan meaning I could trade at no cost...if I wait a year I could trade and get a credit of $5k...
for my money buying the S2k is the best move because of the resale value...