10th Honda Civic Forum banner

How will you buy?

  • Cash

    Votes: 13 26.5%
  • Lease

    Votes: 7 14.3%
  • Finanace

    Votes: 29 59.2%
1 - 20 of 30 Posts

·
Registered
Joined
·
205 Posts
Discussion Starter · #1 ·
Curious how people plan on purchasing their new Civic?

Cash
Lease
Finance

Pros and Cons of all three naturally... I like cash, or mostly cash because you often come away with a better deal... VOTE!
 

·
Registered
Joined
·
98 Posts
Depends for me. Waiting on some news with my Wife's job beginning of December. If the news is good, I will pay cash. If the news is "ok", I will finance with a large down payment.
 

·
Registered
Joined
·
1,287 Posts
I have leased 4 civics. Mostly because, lower payments, little to no downpayment needed and i have the attention span of small woodland rodent, so i get bored and like being able to upgrade every 3 years to something new.

However... with this civic being as good as it is, i'm hoping i can save up a good amount of cash before my lease is up (about 2 years) and put a good size downpayment on one so i can finance it and own it afterward.

BUT... student loans have wrecked my once amazing credit score, so depending on the interest rate for financing i may end up leasing again anyway.
 

·
Registered
Joined
·
77 Posts
I have been saving and saving. Now I have about $7k to use as a down payment. I wonder what their lowest APR rate will be. Anyone have an idea? 5.9%? 4.9%?
 

·
Registered
Joined
·
53 Posts
This will be my first new car. I will finance with a large down payment. Then I have to sell my existing car because what they offered me for it as a trade in was laughable. Literally. The sales guy laughed when he came back.
 

·
Registered
Joined
·
53 Posts
I have been saving and saving. Now I have about $7k to use as a down payment. I wonder what their lowest APR rate will be. Anyone have an idea? 5.9%? 4.9%?
WHAT!?! I got a quote from my bank for 2.6%, so I hope they can do better than that!
 

·
Registered
Joined
·
205 Posts
Discussion Starter · #9 ·
I have been saving and saving. Now I have about $7k to use as a down payment. I wonder what their lowest APR rate will be. Anyone have an idea? 5.9%? 4.9%?
Go in pre-approved. They'll rape you if you get them to approve. FI is where dealers make the most of their cash on new car sales, they pocket the arbitrage between what the banks lend to them at and what they lend to you at. Usually a percent or 2...
 

·
Registered
Joined
·
1,587 Posts
I have enough for a large down payment but it all depends on the civic Coupe when it comes out. Will I want to keep it or lease it and then later trade it in for something newer down the road?
 

·
Registered
Joined
·
6 Posts
I'll be putting down $5k and finance the rest.

Will you guys be going with Honda for the loan or taking out a loan from your own bank? Which one is usually better for lower interest rates. My credit score is roughly 750-800 the last time I checked through equifax. It's been nearly a decade since I bought my crv brand new.
 

·
Registered
Joined
·
959 Posts
I'll be putting down $5k and finance the rest.

Will you guys be going with Honda for the loan or taking out a loan from your own bank? Which one is usually better for lower interest rates. My credit score is roughly 750-800 the last time I checked through equifax. It's been nearly a decade since I bought my crv brand new.
I'm doing similar, trying to get closer to half and half though.

Go in pre-approved from your bank, It will be lower then what Honda offers you, almost always, unless they offer you 0% percent, but Honda will never offer you 0%. They think 3.9 is a steal LOL
 

·
Registered
Joined
·
11 Posts
Cash. Well, certified check, more specifically. Then it will be mine. Mine. MINE. ALL MINE! Bwa-ha-ha-ha-ha! (Okay, I'm better now.)

The wait is killing me.
 

·
Registered
Joined
·
441 Posts
I am not sure about leasing or buying. I'll have to ask some friends about the pros and cons of each. I know cars are terrible investments, but I also don't like the idea of sinking tons of money into a vehicle only to not even own it in the end.
 

·
Premium Member
Joined
·
120 Posts
Leasing for me. Cash flow and risk. I'll take the lower payments and finance the residual later. I'm going to be buying it from the dealership that I use to work for so I'll be asking for a Costco type deal.
 

·
Premium Member
Joined
·
100 Posts
Lease.

Hondas hold value so well that leasing is a solid option getting you a lower payment. On my '13 CR-V I leased it for 3 years and had it slightly more than two years and went to look at the new HR-V. They wanted to look at my CR-V real quick and they offered me 2k to trade it in right then on the HR-V. I keep my cars in great shape, I took them up on the offer and am now in a new HR-V lease and my old car hit the certified used lot there. Giving me 2k on the car in positive equity meant I got my last 7 months in payments back basically and applied to my new car. Awesome.

My other option would have been to purchase it when the lease was up and it would have been worth 2k more that my set purchase price easily so it would have been a great deal to keep it too. We decided on the new car for now.

On the other hand I have a 13 Fiat Abarth that I love and I got it for a great deal at over 3k off sticker. Stole it really at 19k out the door for the price on my lease. That said Fiat's hold their value like a rock, I only have slightly less than 20k on it in 2.2 years and my value right now is less than what I'd have to pay on the car in 10 months when the lease is done. While I could purchase it there is no way as the value is not there. I'll give it back and be done. I did not gain anything for my payments but had I purchased it I'd be way underwater on the car. People that purchased are stuck with it because they purchased at the full 23k in many cases and they'd lose 5-6k trying to sell it. Leasing saved my butt on this car. I get to enjoy it without being bitter about the horrible money loss many have lol. I leased on purpose to protect myself on the value and I win in this case too. If I'd purchased I'd currently owe over 2k more than it is worth even with my great purchase price!
 

·
Registered
Joined
·
61 Posts
I usually lease, but It will cost me 424$ a month for 4 years in Canada to lease the Touring model with 2.99 interest. That's just over 20 grand in 4 years out of 32k and change the car is worth if I paid cash no interest.(which I can't) Buyout is 13k plus tax and change after 4 years. My other option is to lease for 2 years at 0 percent 534 a month , then finance the 17k and change plus tax and hopefully come out ahead. The straight financing is too high for me at the moment. Any suggestions?
 
1 - 20 of 30 Posts
Top