If you were buying a car today...

[FinanceDude]

I have about 11 months left and about 10k over at this rate... We moved between last car and this one and underestimated the mileage in the new area... The charge is 20 cents per mile...
Ok, you guys can stop chuckling at me... This is my last blunder holdover from turning 30...

Well, that's not too bad. If I assume the payments are $400 a month, you would need to come up with $4400 + $2000 in mileage penalty, that's a lot of money. If you can keep the mileage down as best as you can, and let's say another 8000 miles by the time it's up, you can turn it back and pay the mileage penalty only of about $3600. So you are better off to wait........

 

[cute fuzzy bunny]

Your other option might be to see if you can buy the pilot right now or at the end of the lease without paying too much in early lease termination fees or having to pay the excess mileage fee. Probably not and maybe you dont want to own it, but I bought my miata out of the lease before it expired and I dont think I paid any fees.

The pilot value is down somewhat because they're giving the 2008's away in anticipation of the redesigned 2009's. You can get a new 08 for around $21-22k with no options on it. Its well enough equipped that the average person might not need any. Ours is a base model, no options.

 

[Jessica08]

I would buy a Nissan Altima Coupe SE right now. I really like Toyota, Nissan, and Honda and that one car is the only one our of their line-ups that is in my price range, has decent gas mileage, and looks nice and sporty. I really like sporty cars with now, and since I have a ways before I start a family, I figure I should but one when I am able to.

 

[FinanceDude]

Your other option might be to see if you can buy the pilot right now or at the end of the lease without paying too much in early lease termination fees or having to pay the excess mileage fee.

That is always an option, but most of the "lease specials" are heavily subsidizd by the manufacturer. When this is done, the vehicle has an "artificially high" buyout, which helps with lower payments while you lease it, but make it stupid to "buy it out" at the end of the lease.

You would avoid the excess miles, but most likely overpay for your own vehicle.........not a great choice really. The LAST lease I did, the vehicle had only 27,000 miles on it, but the buyout was $4000 more than the value of the car, so I passed.

 

[cute fuzzy bunny]

I was way under the mileage limit for the miata, and I liked it and knew its history, so it made very good sense to buy it at the buyout price. $16k and change isnt that bad for a used pilot where you know who's driven it and where its been.

 

[FinanceDude]

I was way under the mileage limit for the miata, and I liked it and knew its history, so it made very good sense to buy it at the buyout price. $16k and change isnt that bad for a used pilot where you know who's driven it and where its been.

$16853 isn't too bad for a Pilot, it depends on the year and how many miles. I bought out two leases, and did ok. However, I now am a cash buyer and I beleive that saves a lot of money over leasing.........

 

[cute fuzzy bunny]

Preach ---> choir

I used to spin through cars every couple of years, so I finally quit buying them and leased a pair. Then under drove both of them and bought both off the lease and kept them for 7 years.

So I pretty much did it wrong all the way through there.

Now I buy them cash and keep them 7+ years. That, by the way, is a good bit cheaper.

 

[FinanceDude]

Preach ---> choir

I used to spin through cars every couple of years, so I finally quit buying them and leased a pair. Then under drove both of them and bought both off the lease and kept them for 7 years.

So I pretty much did it wrong all the way through there.

Now I buy them cash and keep them 7+ years. That, by the way, is a good bit cheaper.

When I was in the auto business a million years ago, it used to lease new cars every couple years. I was able to buy them so cheap I could lease them for two years, then sell them and make money. Not so easy anymore........

When GE Capital Finance was BIG in used car leasing, we used to lease 1-2 year old Avalons with low miles for $100 a month CHEAPER than a NEW Avalon...........

 

[W2R]

Every time I see this thread, ("If you were buying a car today...") I think about buying a car today. I mean gee, I could do that! I have the cash and could buy one today! It would be fun to have a shiny new car and I don't mind paying the price for a brand new car. I consistently go from this thread to edmunds.com .

Then I realize that I really don't need to buy a car today. My 2000 Solara still has only about 35,000 miles on it. It would make more sense to buy a new car after I retire late next year, or maybe after I move north in 2010.

Thinking about a Honda Accord coupe next time. Or a Highlander. Or... (?) Who knows.

 

[rs0460a]

Kind of "funny"

To read these comments on a car "lease".

Back in the early '60's (yes, I know - a loooooong time ago!) my DW's (not yet my DW, but you know what I mean) boss leased a car.

That's when a lease was a lease (and men were real men ).

The lease included tax, registration, maintenance (e.g. oil/lube, plus any "out of warranty" expenses).

Today's leases? Anything but. To me, they are nothing more than "creative financing".

- Ron

 

[brewer12345]

Then I realize that I really don't need to buy a car today. My 2000 Solara still has only about 35,000 miles on it. It would make more sense to buy a new car after I retire late next year, or maybe after I move north in 2010.

I go through much the same drill. Difference for me is that I have 133k on my car and climbing, so the replacement car may be here a bit sooner. Knock wood, no problems or reliability issues thus far.

 

[bright eyed]

Well, that's not too bad. If I assume the payments are $400 a month, you would need to come up with $4400 + $2000 in mileage penalty, that's a lot of money. If you can keep the mileage down as best as you can, and let's say another 8000 miles by the time it's up, you can turn it back and pay the mileage penalty only of about $3600. So you are better off to wait........

yeah, we're looking at the wait it out option - and considering buying it. although my SO's lexus dealer said they'd take it if we leased a new lex for almost $600 per month ! yikes! (someone get me off this hamster wheel!)

the payments are $317 per month with tax...(i think it was advertised as $279 or something pretax)

again, before the $16k was lower than the expected resale of the car, but now is higher...but overall for us is still cheaper than buying a new anything!

 

[FinanceDude]

yeah, we're looking at the wait it out option - and considering buying it. although my SO's lexus dealer said they'd take it if we leased a new lex for almost $600 per month ! yikes! (someone get me off this hamster wheel!)

SO HAS a Lexus dealer, or he owns one and buys from them?? Lexus are nice, but most payments on a Lexus are BIG........

the payments are $317 per month with tax...(i think it was advertised as $279 or something pretax)

Those are LOW payments on a Pilot.........

again, before the $16k was lower than the expected resale of the car, but now is higher...but overall for us is still cheaper than buying a new anything!

Imagine if you had a domestic SUV that was leased.........

 

[bright eyed]

SO HAS a Lexus dealer, or he owns one and buys from them?? Lexus are nice, but most payments on a Lexus are BIG........



Those are LOW payments on a Pilot.........



Imagine if you had a domestic SUV that was leased.........

SO works there...yes, no more big lexus payments for me! he has one but it's subsidized by Lexus.

The payments are not bad at all but it's the lower lx model, no leather or nav 2wd - i just wish we had to drive less!

 

[bruce1]

Well after about four months of searching and test driving every small and mid sized car from many dealers I found the three I like best were Chev Optra, Mazda 3 and Honda Fit except the fit was pathetically slow. Among the rejects were the Corolla Cobolt, Aveo Focus KIa Rios ect. I think the only manufaturer I did not test drive at least one car (other than high end stuff like Lexus and Mercedes) was Hyundai. Hyundai was not going to get me again as the accent I am trading in is the most expensive car to maintain I have ever owned,

Then I decided to start looking at larger cars. Drove Crowm Vics, Buicks Chev malibus, Ford Fusion, Honda Accord (Good) Mew Impalas (Good) Toyota Camray (overrated on shoulder and hip room) Ford Escapes (nice) Honda CRV Good and Toyota RAV (Good but slow)

To shorten a long story I will pick up my three year old Buick Allure with the 3800 series III motor and hang the gas mileage. Every small car I have ever owned has cost me more in repairs than the larger ones have cost me in fuel.

Bruce

 

[haha]

Well after about four months of searching and test driving every small and mid sized car from many dealers I found the three I like best were Chev Optra, Mazda 3 and Honda Fit except the fit was pathetically slow. Among the rejects were the Corolla Cobolt, Aveo Focus KIa Rios ect. I think the only manufaturer I did not test drive at least one car (other than high end stuff like Lexus and Mercedes) was Hyundai. Hyundai was not going to get me again as the accent I am trading in is the most expensive car to maintain I have ever owned,

Then I decided to start looking at larger cars. Drove Crowm Vics, Buicks Chev malibus, Ford Fusion, Honda Accord (Good) Mew Impalas (Good) Toyota Camray (overrated on shoulder and hip room) Ford Escapes (nice) Honda CRV Good and Toyota RAV (Good but slow)

To shorten a long story I will pick up my three year old Buick Allure with the 3800 series III motor and hang the gas mileage. Every small car I have ever owned has cost me more in repairs than the larger ones have cost me in fuel.

Bruce

You spent 4 months and wound up with an old Buick? You are a highly motivated man!

Ha

 

[al_bundy]

Toyota called me last week and going to send me some coupon for a new car

decided to look up the trade in value of my 2005 Matrix and my mouth dropped when KBB said it was almost $12000. checked a few listing for used models and dealers actually have them listed at $17,000. the base price of mine back in October 2004 was high $16,000 plus leather, tax, tag, title and whatever. wife and i put nothing down and financed every single penny at $20,845.

we have $5200 left on it and will probably pay it off and trade it in for something else next year. my guess it will be worth around $10,000. it's amazing how stupid so many people can be and throw their money away by paying so much for a 3 year old used car

 

[rs0460a]

decided to look up the trade in value of my 2005 Matrix.....will probably pay it off and trade it in for something else next year.

It's amazing to me that people keep their car (new or used) such a short time.

BTW, my last car was an '89 Olds Ciera, driven well over 100k, bought it new, and had it over 18 years. My rule is to keep the car 10 years or 100K (in the Ciera's case, I passed both "benchmarks" )...

- Ron

 

[Art G]

I absolutely HATE car repairs! I can't convince or negotiate my car into running. I would much rather trade regularly and stay under warranty than to be sitting on the side of the road somewhere.
A distant second is broken shoelaces.

 

[al_bundy]

It's amazing to me that people keep their car (new or used) such a short time.

BTW, my last car was an '89 Olds Ciera, driven well over 100k, bought it new, and had it over 18 years. My rule is to keep the car 10 years or 100K (in the Ciera's case, I passed both "benchmarks" )...

- Ron

cheaper for me to buy new toyotas every few years than deal with the maintenance and repairs of old cars. i take my car for an oil change and a quick check up once a year and that's it. who wants to change breaks, belts or some of the other nonsense that people think is normal for owning a car?

including the trade in my wife and i will probably put $15,000 down on our next car and finance around $12,000 or less. after that there will be enough equity for nice tradeins every few years without any need of reaching into my pocket or keeping a car for a long time. i know someone with an 8 year old Buick Regal who wants to trade it in next year and thinks he will get $6000 for it. he's in for a big surprise. but the good news is that GM is literally giving SUV's away. some of the prices i saw quoted in the newspaper i can trade my car in for an SUV that was selling for $25,000 or more 2 years ago and drive away with a loan of less than $10,000. the bad news is that i'll be driving what is essentially a truck

with the Big3 pretty much all their cars values tank in the first few years so it doesn't make sense to trade up like you can do with Toyota's and Honda's. dealers are selling 4 year old cars for the same price as i bought mine new

 

[samclem]

. . it's amazing how stupid so many people can be and throw their money away by paying so much for a 3 year old used car

Cars are a lot different than they were 25 years ago. A three year old Toyota is hardly broken in. It's still got 3-5 years (60K miles) of driving before it even needs a timing belt, and it will be years before anything serious happens. Depending on what new ones are selling for, I don't think there's anything stupid about someone buying a three-year old Toyota. It is easy to make the case that it's a good deal if the car is cheaper than 70% of the new price.
MSRP for a typical 2009 Matrix is about $17K. I'd say a buyer who gets yours next year for $10K is doing very well. Lots of people would wonder who is acting "stupid."

 

[al_bundy]

kbb quoted me $11850 as the dealer trade in this year and $10,000 is my guess for dealer trade in next year. buyer will probably pay more.

in my case i'll be buying a new car with the latest gizmos for what someone will be paying to drive away my used car

 

[lucija]

kbb quoted me $11850 as the dealer trade in this year and $10,000 is my guess for dealer trade in next year. buyer will probably pay more.

in my case i'll be buying a new car with the latest gizmos for what someone will be paying to drive away my used car

Well... technically, your new car with the latest gizmos will cost more that the amount someone will pay for your used Matrix - its cost is trade in + cash!

Edit - otherwise, I imagine, there would be quite a wait list for this mythical "new car with the latest gizmos" for $10-12K

 

[Sarah in SC]

It's amazing to me that people keep their car (new or used) such a short time.

BTW, my last car was an '89 Olds Ciera, driven well over 100k, bought it new, and had it over 18 years. My rule is to keep the car 10 years or 100K (in the Ciera's case, I passed both "benchmarks" )...

- Ron

I had an 89 Cutlass Ciera that I bought with 30k miles on it in 95 from a lady in a nursing home. I sold it after both of your benchmarks had been met. That was a great car--IIRC, I bought it for KBB, which was $1200, and sold it for $700, still running, a few yrs ago.

 

[al_bundy]

Well... technically, your new car with the latest gizmos will cost more that the amount someone will pay for your used Matrix - its cost is trade in + cash!

Edit - otherwise, I imagine, there would be quite a wait list for this mythical "new car with the latest gizmos" for $10-12K

camry or RAV4 can be had for around $20,000 before my trade in

but my wife wants a CRV with leather and that is around $25,000 right now. we need something bigger than a Matrix to hold our $1000 baby stroller