is this a decent deal on an 07 si?

[showmotive]

Just got off the phone with a dealer. I'm lookin at an 07 civic si sedan without the navi. 36 month lease with 4 grand down for 260 a month. It would be my first new new car so I'm lost when it comes to this. What's everyone think?

[xceebeex]

Do you know what the buyout is at the end? Thats already over $13k invested in the car. How many miles a year is that for as well?

[blackparis]

Originally Posted by showmotive

Just got off the phone with a dealer. I'm lookin at an 07 civic si sedan without the navi. 36 month lease with 4 grand down for 260 a month. It would be my first new new car so I'm lost when it comes to this. What's everyone think?

I wouldnt lease it... With 4k down and buying the car your payments will probably be the same, if not they will probably be below 300$ a month....

My subaru was financed @ 18.8k$ @ 1.9% was like 310$ a month, 1 year later I paid off 5k (on the principle) and refinanced it down to 240 a month @ 4.6%...

And then if you own it you can mod it

[showmotive]

Shit I never wrote down what it was to buy at the end. 12k was the mileage for the year which didn't bother me since it would be off the road in the winter.

[xceebeex]

Originally Posted by showmotive

Shit I never wrote down what it was to buy at the end. 12k was the mileage for the year which didn't bother me since it would be off the road in the winter.

As mentioned above, once you get into putting down something like $4k, leasing becomes less beneficial over financing. Unless the buyout is REAL low when your lease is up, I would see what they can do for you if you put that same $4k down and financed that rest after haggling them a bit on the price.

[Celtic1982citleC]

If you're going to lease, don't put money down. You get taxed on it and its a waste. Get a quote for just your first payment and motor vehicle fees down. If you can afford the higher payment, bank your money as it will save you in the long run. If you have more questions let me know.

[Celtic1982citleC]

Originally Posted by xceebeex

As mentioned above, once you get into putting down something like $4k, leasing becomes less beneficial over financing. Unless the buyout is REAL low when your lease is up, I would see what they can do for you if you put that same $4k down and financed that rest after haggling them a bit on the price.

No matter how much money he puts down the Residual value will remain the same. The Residual is set by the bank and is only adjusted by term and mileage which can appreciate/depreciate the vehicle so far as the bank is concerned.

[xceebeex]

Originally Posted by MYIX8UR8

No matter how much money he puts down the Residual value will remain the same. The Residual is set by the bank and is only adjusted by term and mileage which can appreciate/depreciate the vehicle so far as the bank is concerned.

Well then that makes it even more of a reason not to lease that car then. (I am no leasing expert by any means)

[2fast4u]

Originally Posted by xceebeex

Well then that makes it even more of a reason not to lease that car then. (I am no leasing expert by any means)

Leases only make sense if you need to temporarily defer a detriment to your credit. E.G. If you were going to buy a house and you prepay a car lease in its entirety then you have no debt, whereas if you buy the car you have a large payment. Then you can set aside money for the purchase in the 3 years while you are not making payments.

Lease interest rates are typically higher than outright purchase. This is made worse if you plan on financing your car at the end of the lease, you will pay used car rates, also higher than new car rates.

What is your end goal? If it is to get into a car you would no other way be able to afford, then this may be your only option. Remeber that if you plan to keep the car you have to set aside money these next 3 years for the buyout (typically high on Hondas with high resale value). If you dont plan on buying it, you have to set aside money for the next down payment/taxes, and then you are making payments every year for 10 years instead of 3/5 years in the cars 10 year life.

[Cavi Mike]

Leases are only good for people that don't care about modding their car. Shit, they're for people that don't even care about driving their car. These are also the type of people that prefer to just get stuck in the lease loop and get a different car every 3 years and never are free from a car payment.

When you're done paying the piddly 260/month for 3 years, you're going to still need another 5 year loan if you want to keep the car. Leasing is like high-interest loans and credit cards, they're designed to sucker in people that really can't afford it in the first place.

Don't do it, I bet by the end of summer you will have already passed 12k miles and you'll be kicking yourself for ever getting stuck in this mess.

[mikecentola]

Leasing is usually good for people who don't intend to mod their car, and who really just want a car to go from point A to point B. In that scenario, it makes sense to lease a car to be able to get a nicer one for the same payment as you would have to make for buying a worse car.

[Shawn96VR-4]

Originally Posted by Cavi Mike

Leases are only good for people that don't care about modding their car.

In either case, there's a lien on the car so you don't own it nor should mod it.