New Car Lease or keep my Accord??
#1
12-11-2010, 04:32 PM
New Car Lease or keep my Accord??
To the point:
I have a 2004 Honda Accord EX-L with V6 with 77,000 miles. All the extras on this car but no warranty. I owe $9,000.00 at $365.00 per month with 2 years to go. With the economy like it is, I am considering leasing a 2011 Honda Civic LX @ $141.00 per/mo. 0 Down, for 30 months with 15,000 mile allowance/ gap insurance and damage waiver insurance included all through Honda finance and the car comes with a full warranty. I will need to sell my car and then lease the new Civic. 2 more years on a car that is already 7 years old seems like a stretch to me, when I can get a new car lease at $141.00 and put the other $224.00 in the bank each month for the 30 month lease time and have over $6,720.00 in the bank by the end of the lease. Turn the car back in and then look at buying with $6,720.00 in my pocket for a good down payment. Maybe the economy will have made a turn around by then.
My question is:
1. Does this make "any" sense to anyone with the economy like it is or have I lost my mind ?? I certainly don't want to drive a Civic long term, but it is an economical vehicle under the current circumstances with the uncertainty with our economy.
2. Any down side to leasing that anyone has experienced or what to watch out for?
3. Is there a good market for my type car and what kind of price should I ask? You get 3 or 4 different estimates through Kelly BB, NADA, Edmunds, etc. and not sure what kind of price to put on the car to move it without taking a loss.
Thanks for any advice or send me committal papers to the local funny farm...
LOL
Kim
I have a 2004 Honda Accord EX-L with V6 with 77,000 miles. All the extras on this car but no warranty. I owe $9,000.00 at $365.00 per month with 2 years to go. With the economy like it is, I am considering leasing a 2011 Honda Civic LX @ $141.00 per/mo. 0 Down, for 30 months with 15,000 mile allowance/ gap insurance and damage waiver insurance included all through Honda finance and the car comes with a full warranty. I will need to sell my car and then lease the new Civic. 2 more years on a car that is already 7 years old seems like a stretch to me, when I can get a new car lease at $141.00 and put the other $224.00 in the bank each month for the 30 month lease time and have over $6,720.00 in the bank by the end of the lease. Turn the car back in and then look at buying with $6,720.00 in my pocket for a good down payment. Maybe the economy will have made a turn around by then.
My question is:
1. Does this make "any" sense to anyone with the economy like it is or have I lost my mind ?? I certainly don't want to drive a Civic long term, but it is an economical vehicle under the current circumstances with the uncertainty with our economy.
2. Any down side to leasing that anyone has experienced or what to watch out for?
3. Is there a good market for my type car and what kind of price should I ask? You get 3 or 4 different estimates through Kelly BB, NADA, Edmunds, etc. and not sure what kind of price to put on the car to move it without taking a loss.
Thanks for any advice or send me committal papers to the local funny farm...
LOLKim
#2
12-11-2010, 08:55 PM
Administrator
Hello New Member and Thank You for joining the HAF..the rest ---someone will have to chime in and tell you about it...by the way is Kim MALE or FEMALE ?
WheelBrokerAng
WheelBrokerAng
#3
12-12-2010, 12:14 AM
Kim
Strictly from a numbers perspective, the new deals you get now are great, the question you have to ask yourself is how much can you sell your 04 model for. One of the downside of aggressive lease deals are the drop in current resell value of used cars.
Just a quick spread on edmunds says what you owe is close to the high part of the market range.
http://www.edmunds.com/honda/accord/...tyle=100336778
Good luck! Nothing beats a new car smell, but after 2 years its all paid off versus after 3 years you have no ride.
Strictly from a numbers perspective, the new deals you get now are great, the question you have to ask yourself is how much can you sell your 04 model for. One of the downside of aggressive lease deals are the drop in current resell value of used cars.
Just a quick spread on edmunds says what you owe is close to the high part of the market range.
http://www.edmunds.com/honda/accord/...tyle=100336778
Good luck! Nothing beats a new car smell, but after 2 years its all paid off versus after 3 years you have no ride.
#4
12-12-2010, 09:01 PM
I agree with Johnny, depends on ur personal situation. If you are looking to keep the accord till it breaks down and you have the finances to pay for it then I would keep it. If you are hurting for money then your best bet would be to sell the accord and get a civic on lease but the downside is after 2-3 years the lease is up and you have paid for about 30-50% of the car and have no car to show for it.
As for your questions.
1. yes it makes perfect sense, during the time you have a leased vehicle you are safe from making any major repair payments because the vehicle is under warrantee. Leasing also will allow you to save money up to put towards a car when the lease is over or to use the money elsewhere as you need.
2. I never leased a vehicle but I did look into it once. Some downsides would be if you drive alot because if you pass the mileage you agreed to you are charged ridiculous charges per mile over the agreed mileage. The only other downside i can think of is that at the end of the lease you have no car and if you want to buy the car you leased you end up paying more then if you just bought it from the beginning.
3. As for a selling price, it depends on the condition of the vehicle. If you want to move it fast then your best bet is to lower the price to almost what you owe on it, lets just say 9500 or 10000. Reason being you dont wanna say 9000 is ppl will always try and talk you down so you should leave room to bargain with and who knows maybe you'll get lucky and get the higher price.
As for your questions.
1. yes it makes perfect sense, during the time you have a leased vehicle you are safe from making any major repair payments because the vehicle is under warrantee. Leasing also will allow you to save money up to put towards a car when the lease is over or to use the money elsewhere as you need.
2. I never leased a vehicle but I did look into it once. Some downsides would be if you drive alot because if you pass the mileage you agreed to you are charged ridiculous charges per mile over the agreed mileage. The only other downside i can think of is that at the end of the lease you have no car and if you want to buy the car you leased you end up paying more then if you just bought it from the beginning.
3. As for a selling price, it depends on the condition of the vehicle. If you want to move it fast then your best bet is to lower the price to almost what you owe on it, lets just say 9500 or 10000. Reason being you dont wanna say 9000 is ppl will always try and talk you down so you should leave room to bargain with and who knows maybe you'll get lucky and get the higher price.
#5
12-12-2010, 09:33 PM
Thanks
Thanks guys for your imput. I think I may go ahead and list my car for sale and see what happens. If it sells, then I have the option to lease. If not, keep it and continue to make the payments as long as my work holds out. I'm self employed and its been a rough ride this year, but I have made it so far. Just trying to look ahead and be pro-active with my finances for 2011 and do what I have to do to survive in a slow economy.
Thanks again.
Thanks again.
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