What to lease: Civic Si or 2010 Genesis Coupe?

Discussion in 'Motorized Vehicles' started by Jakamo5, Jun 20, 2009.

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  1. Colton

    Colton Also Proudly American

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    The gearing on the Tacoma is leaning toward the towing power AND fuel efficiency, unlike the Camaro's. Not many people tow things with a car anyways, so it's geared toward mileage rather than towing. You get the best of both worlds with the I4 Tacoma; Mileage and towing power. ;)
     
  2. Jakamo5

    Jakamo5 Tetra Vaal

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    Just got back from the dealer. Sat in the 3.8 coupe, he didn't have the 2.0T coupe in. Didn't get to drive it because it was boxed in by a bunch of other cars, but when I started it up the 306hp sounded and felt amazing. Really a bummer that I couldn't get a better idea of the feel of the car, but it was automatic anyway and I'll be getting the 6-speed in 2.0T because I'm trying to save money and although the V6 is obviously better, I don't think it is worth the price difference for my purposes.

    Here are the prices I was given. These will get slightly lowered, as I haven't even begun to negotiate with him. But here is an idea of what the real cost is. This is 12,000 miles, but they also offer a 15,000 miles lease. Also this is all fees, taxes, first month, and motor vehicle fees included, etc.

    2.0T Basic:$1500 down (I'll be able to put more down, like $2500-3000, but this is just an estimate number for now). $296/mo.

    2.0T Track: $1750 down. $341/mo.

    This is with the $400 rebate, and an extra $1000 rebate that I don't know what was for (probably just simple marketing on his part). Also, he "hit a few buttons" and the bank fee was gone. You guys know how these things work. :rolleyes: The guy was talking to himself behind the computer but obviously he wanted me to hear what he was doing "hit a few buttons here, $300 off, oh look at that, $1000 more off, ok now let me work with these numbers, bam, slap chop! no more bank fee. wow, now I owe you money." Lol.

    Quick question on the lease: if I put more money down, is the monthly payment significantly lowered based on how much more I put down, or is it just the interest that is lowered? Also, is the only tradeoff that I have less money over time since I put more money down, or are there other disadvantages to putting more money down?
     
  3. Colton

    Colton Also Proudly American

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    Car salesmen are as bad a corrupt politicians, IMO. :p

    The advantage to putting money down is that you'll have lower monthly payments. ;) I'd put down as much as I can afford, and then you won't have to worry about paying a $700 a month car payment, and it'll reduce the risk of you missing a payment because of low funds. Also, since you would have lower payments and you'd be able to pay them off, it'll help build you credit score. If you pay down a HUGE down payment and only have a $120 a month car payment, you'll be better off in the long run. ;)
     
  4. umass

    umass Notebook Enthusiast

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    Are you deducting your lease on your taxes or planning to purchase this car at the end of lease? If not, you realize your are losing your down payment. If you are putting down $3k just buy the car. Interest rate is tied to your credit score.
     
  5. allfiredup

    allfiredup Notebook Virtuoso

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    To help you understand the leasing process and get the best deal, I highly recommend spending a little time reading the Leasing section at Edmunds.com- LINK. It's really a fantastic resource and has a lot of useful information!

    Putting additional money down at the beginning of the lease should help reduce your monthly payments, much the same as it would if you were financing the car. When you lease a vehicle, the dealer assigns a specific value that the car should be worth at the end of the lease term (residual value). For example, the car's price is $24,000 new and the residual value estimated is $15,000 at the end of a 3-year, 36k mile lease. The difference in those figures (the amount the car will depreciate) is what determines the principal amount of your payment- in this case, it would be $9000. So your payments would be $9000 divided by 36 months PLUS the interest rate (called the "money factor" in lease lingo).

    Dealers always err on the side of caution (in their favor) when determining the specific residual value stated in the lease contract. In reality, at the end of many leases the vehicles are worth substantially more than the residual value written in the original contract. Using the figures from above, the residual is estimated at $15k but at the end of the lease the car is actually worth $18k! Most people just turn the car in anyway and the dealer makes a nice chunk of cash as a result. It's often a good financial decision to buy a car at the end of the lease when it's worth substantially more than the residual value in the lease contract. Because the residual is written in the contract, they MUST allow you to buy the car for that price- even if it's worth considerably more!

    Good luck!
     
  6. allfiredup

    allfiredup Notebook Virtuoso

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    Were you aware that Honda is offering 3.9% APR 60-month financing to quallified buyers AND $1000 cash to dealer which can be used in conjunction with the low APR! If you put $3000 down, the payment on a 2009 Honda Civic Si 2-door would be barely $320 per month!

    Just wanted you to be aware of all available options!
     
  7. Tippey764

    Tippey764 Notebook Deity

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    Really yours died at 30,000 miles too? So did my moms.
     
  8. allfiredup

    allfiredup Notebook Virtuoso

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    Yeah, most of us with the 17" wheels/tires had very similar experiences! They used higher-performance tires with a much shorter tread life to give it the absolute best handling/cornering grip! Yeah, it stayed glued to a 35mph curve even at double that speed, but the ride was significantly more harsh! Another issue on the 5-door/hatch like mine, the OEM tires made so much road noise! The trunk of the 4-door sedan helps isolate the rear tire noise a bit.
     
  9. stewie

    stewie What the deuce?

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    30,000 miles??? :confused:

    I've never owned a set of tires that can last over 15,000 - 20,000 miles (except winter tires). :p
     
  10. Red_Dragon

    Red_Dragon Notebook Nobel Laureate

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    Oh Stewie you enthusiast (like me :))
     
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