Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
I saw a great example on an overloaded Matrix XR yesterday when checking the Savannah Toyota website. $1199 for a 'port installed' set of tires and Enkei wheels, $619 for 'fabric protection options'. It even has the optional 'ASHTRAY'. Absolutely ridiculous.
This is a pretty much base Matrix XR and has a laughable $20,200 sticker price for a car that should be around $17,800.
Anyone who lives ins AL, FL, GA, SC, NC ought to go buy their Toyotas in adjacent states. You can go to Disneyworld for a few days on what you'd save.
Some have complained about the AWD being matched to the lower output engine, but the numbers reveal that performance is nearly identical to the 96/97 4WD RAV4, which most owners didn’t seem to complain too much about. In terms of an easy-to-drive “economy” car, the Matrix AWD with auto transmission is a good blend. The high-performance 180-hp engine (on the XRS) would likely be too performance-oriented for most AWD buyers – that is, the benefits only kick in at very high RPMs (and engine sounds) and high speeds, which would not be conducive to “practical” driving.
If offered on an XRS, however, I am sure some would opt to have AWD, too – for even greater performance.
In practical terms, though, the Matrix AWD's 27mpg city/32mpg hwy are probably the best fuel economy numbers of any AWD vehicle sold in North America!
I got tired of waiting for my Matrix, and the Acura was a few more $$$ a month to lease.
Oh well, don't regret the decision, I love the Acura.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Do you have any comparison numbers you could share with us on how you looked at it?
The Matrix out the door was $20,499.
5 year montly payment would be $401.09 (with nothing down at 6.5% interest) Leasing a Matrix is nuts because the lease rates stink.
I got the lease to my 3.2TL Type S with Nav to $389.90 a month, but I put $2100 "down" (in the form of taxes, tags, acq fee, etc).
If you put $2100 "down" on the Matrix the payment falls to $360.00.
For $30 extra a month, I'll take the TL any day.
And I drove home with it the same day. I've been waiting for my Matrix since Feb.
lc9063, I found the Nav system in the Matrix to be a very good one. If you can't find one in a Matrix to test, see if they have a Toyota Camry to test. Same system, except the Matrix doesn't have the touch screen, or the CD and Cassette players hidden behind the screen.
Petl- congrats! I suspect that you want the Matrix more for snow/ice conditions, and I think the Matrix AWD is a great choice. I want something more for local dirt roads and mountains than for snow. I can't really imagine driving the Matrix off of the pavement at the moment, but maybe future modifications will go in that direction.
Petl- congrats! I suspect that you want the Matrix more for snow/ice conditions, and I think the Matrix AWD is a great choice. I want something more for local dirt roads and mountains than for snow. I can't really imagine driving the Matrix off of the pavement at the moment, but maybe future modifications will go in that direction.
However, the example about the Acura TL and the Matrix shows in a different case, how careful car shoppers need to be when the dealer homes in on the size of the payment that you are comfortable paying.
Car shoppers should be aware that dealers often like to do an 'upsell' to you on a more expensive car, because for the same size payment, it looks like you are getting a lot more car - and you are! (In Scot31's case, he changed vehicle types, brand and price range!)
The only catch is you don't own any of it when the lease is over, unless you buy it at that point in thime for the 'residual' left in the lease.
The thinking that Scot31 did and his decision is a great example. It is a comparison between payments on buying a Matrix, with a 5 year loan payout, and leasing an Acura for 3 years.
The payments are essentially equal, but Scot31 is getting a more expensive car (with Nav and he doesn't have to wait!).
However, at the end of the Acura lease, Scot31 has to decide if he wants to buy it at the residual price calculated in the lease or turn it back in to the bank. The buyout to keep the car is around $22,100 (my estimate) - more than the original driveout cost of the Matrix. If he choose to buy it, he will have paid down payment and fees, lease payments and residual buyout for a total of $38K (and perhaps more including taxes).
At the end of Matrix loan payments, he would own the Matrix having paid about $25K for it (principal and interest).
If Scot31 choses to give back the Acura when the lease expires, it will have cost him around $16,000 (lease payments plus the 'up front') or about 80% of the out the door price on the Matrix. Then he has to figure out what to do for the next 24 months. If he had bought the Matrix, he'd still be paying, but he'd still have wheels too.
Finally, Scot31 can decide to release another Acura TL when the current lease expires. Assuming that the same great deal is availble, the payments should be about the same. He'd have to pay another $2100 up front and the $390 / month.
At the end of 5 years, Scot31 would have paid another $12K and still wouldn't have any equity in a vehicle.
But the math shows that for 5 years Scot drove 2 top of the line Acura TL S's w/navigation for only about $3K more than buying the Matrix.
He's gives up ownership, in exchange for staying more current with car technology and definately moves up the luxury ladder.
Kind of depends on what you want to with your car dollars doesn't it.
Hope I didn't confuse anyone.
You mentioned the same arguement that I went thru.
I have leased the last 4 of my cars (Acura Vigor, Legend, Caddy STS, TL)
You are 100% right in your post. Most people go for payment, and in this instance, that was important to me (goal was new car payment was going to be 1/2 of the Caddy payment, and I came close)
I love leasing, it's perfect for me. I'm the type that when the warranty is up on the car, I don't want it, no matter how much I loved it. Plus (like you said) it allows me to get a "better" car that I normally would be able to. No way I could have afforded to buy the Caddy, the payments would have been more than my house.
Usually with a 5 year loan on a car with little to nothing down, the break even point (when you owe on the loan the amount you'd get for trading in the car) is usually about 3 to 3.5 years into the loan. So, if you take my current senario, with the TL and the Matrix, after 3 years, with either car I still have "nothing".
Leasing isn't right for everyone, but it's great for me.
thanks for your in depth analysis! and I still beat the crap out of the dealer on the price of the TL (I use my laptop to compute lease payments (thanks Edmunds for the #$%@# formula) and can tell the dealer what the payments will be before he knows, god I love the internet)
Tax benefit: if you car is for business, the tax benefit alone will out weight any discussion and leasing is the way to go.
Sales tax: if you buy a car, you pay the sales tax up front for the whole purchase. For leasing, you pay tax on the monthly payment (both interest and depreciation portion of your monthly payment). Since the interest rate is relatively low right now, the sale tax advantage will probably go to leasing.
The risk of lower residual value: Let's say we are going to change car 4 year from now. The manufactorer or the bank will assign a residual value of your car up front for lease. If the car worth a lot more 4 years from now, I have the option of buying the car from them, sell it and pocket the difference. If the car worth a lot less then they predict, I hand them the key and go to the next car. If I buy the car instead, I will take the risk of selling the car at whatever price I can get 4 years from now. This problem probably is worst for new model since predicting the residual 3-4-5 years from now is an art not a science. Chrysler took a big bath when the 300M first come out and they wrote all the lease with pretty high residual value which didn't materialize and Chrsysler has to eat the difference.
Finance rate: sometime lease actually has a better finance rate over buying. And company like lexus, bmw, volvo and jaguar allow you to put in multiple deposit to drive down the interest rate. Car_man in the leasing board mentioned recently that Lexus money factor (finance rate for lease) is about 0.00026 (about 6.24%) but if you put down 9 deposits the rate will go down to 0.00017 (about 4.08%). Not sure if anyone can get a better rate than 4% when buying a lexus.
Car is a depreciating assest no matter how you cut it. A lease give me a fix payment to work with and it help me budget by expenditure.
Owning a car make sense if (a) you drive a lot (over 15kmi a year.(b) keep the car for a long time (6-7-8 years. In our household, we have a business car and we have another car that we drive a lot (about 25kmi to 35 kmi a year) and that is why we always has one lease car and one purchased car for the last 12 years or so...
But, you can ahve a car the way you want. Find a smart, wise, or diligent person to help you.
First, for anyone who lives in a HOT climate--how does the air conditioning perform? I test drove a Matrix today in Phoenix with the outside temp at 102 degrees and felt the A/C had difficulty getting the better of the interior heat. Since it regularly gets into the 110's here, I am a little concerned. Any opinions?
Also, I forgot to ask what grade fuel the car takes. Regular, mid-grade, premium?
Thanks for any input.
I already received a written quote from a local Toyota dealer on a 3 year lease for an XRS with an MSRP of $19,900. ZERO DOWN, and a purchase price of $19,400 - the lease payment before tax was $305. If you wanted to add in your $2100, the payment would go down somewhere around $245 - $250 per month.
The reason I say you got burned, is because it sounds like the Acura people talking in your justification.
Oh, by the way, this story is not all roses for the Matrix: We still do not have an order set up yet since Toyota cannot gaurantee the options we want (which would push the price more into your 20+ range). We got the quote based on the only XRS models that they are currently building for our region.
As other people have said, Toyota sucks at tailoring to people's unique tastes.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
I just got my Matrix (5-speed, base) about a month ago, and I am having a problem which, I suspect, is related to the clutch.
About a 10 days ago, after I started driving the car, I could smell something like burning rubber. I asked the dealer about it and they told me that I probably burned the clutch and that I should stop riding the clutch. The problem is - I don't. This is not my first manual transmission vehicle and I never had this problem before. Ever since that time, once in a while I can smell burning rubber while I'm driving. Called the dealer - the same story: don't ride the clutch. Am I doing something wrong with the way I change gears (doing lots of city driving), or is there a mechanical problem with the clutch (or something else)?
Also, under normal circumstances, how long can I expect my clutch to last? Would it be more cost effective to get an automatic?
Any answer will be much appreciated.
It is probably OK for there to be a little bit of a smell from a brand new clutch, but if it does not go away within the first 500 miles or so of driving the car, I would take it back to the dealer and have them actually do an inspection (which I would not pay for - this kind of stuff should be under warranty) and make sure nothing is amiss. The reason I say this is when I bought my celica there was a little bit of an odor for the first week or two.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
I have 142,000 miles on my Integra's original clutch, and I don't expect to have any problems with it before 200,000 miles.
As far as fuel is concerned, 87 octane (regular) is what Toyota specifies. But as the engine gets older in a few years' time, you'll probably need to go up a notch (due to increased compression caused by carbon build-up).
I bought this vehicle with much consternation due to the "show-no-go" character of the high-revving VVTL-i. Test drove most of the current "hot hatch" offerings before I bought: Subaru WRX Wagon, Protege5, VW GTI 1.8T, VW Golf TDI, Hyundai Elantra GT. My favorite was of course the WRX (wolf in sheeps clothing). But, I couldn't justify around $6000 more for our "second car". If only an auto manufacturer cold combine the HP and AWD of the WRX, the Torque and fuel efficiency of the VW Golf (TDI version 50 mpg), the handling of the Protege5, the price of the Elantra GT and the LOOKS and functional interior of the Matrix ... we'd be in business! I'm definately worried about the narrow power band of my XRS. It's nearly impossible to keep it "in the zone" on upshifts unless you hit redline, depress the clutch lightning quick, and then engage the shifter with cat-like reflexes. I must say though, when it's pumping on that second cam, it's a blast. Anyhow it's too late to whine about it now (and yes, I had driven the XRS before I bought this one). Any other XRS owners out there want to chime in?
The engine is very cammy and you really neat to treat it like you hate it to get the most out of it but they way I look at it is you have a great reliable little do it all vehicle when you need for day to day and when you wanna have some fun, the over 6000 rpm curve is there for you to explore. Gotta love that 6spd...from 3rd to 4th the revs drop only 700 rpm even while shifting at 4000rpm...nice ratio selection.
Stephen
The trailer hitch can probably be found at etrailer.com.
I hope your problem smell goes away!!!
I just read a very critical review of the Navigation System found on the Matrix (see http://www.thecarplace.com/agtrix.htm). I opted for the Nav System when I ordered my car (a $1,890 option), but now I am having second thoughts.
http://www.thecarplace.com/agtrix.htm
Got my first oil change at 7800. $32 at Whitby Toyota
On the milage I'd say it started doing really well after 5000km
RESS (rotten egg smell syndrome)- Was told this is a result of the break-in period on new converters, I must say it is finally virtually gone.
CD - Yes exact problem, grinding when braking. My new one is on order, should only take a few days and 30 minutes was what I was told it would take to install, was happy to hear a "radio guy" was not being called in and that they do it themselves. Go figure, the one GM part doesn't work. God I hate GM, but anyways.
On the armrest issue, I've have no complaints at all. I guess everyone has different opinions.
AC TIP - When you first get going put in on inner circulation, it cools down WAY WAY WAY faster!!
For the record I do not own shares in, work for, nor am I associated with General Motors or Toyota Motor Manufacturing. I have had Toyota products with excellent service records. I currently own a 2000 Chevy Impala with 88,000 miles on it which has YET to have its first nonscheduled repair or maintenance.
So, you might ask, why am I here? I may buy a wagon next time round. I know the word isn't fashionable right now, but Matrices and Vibes are wagons as I see them. I am impressed with the Matrix/Vibe. I have a conundrum of my own. The Vibe is about 1500 bucks more than the Matrix, equipped the way I would want one. But, the Pontiac dealer here does EXCELLENT service work, is easy to deal with and is a good friend. But I still don't like the cladding. Also, you can buy a Vibe equipped the way you want. SOMETIMES, you can get a Toyota that way. If they are building them that way that month and they decide to ship some to your distributor. Sigh.