Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
Chronic Car Buyers Anonymous (Archived)
This discussion has been closed.
Comments
Ditto.
...we will drive both it and the MDX until 100,000 miles.
Are we taking bets on that?
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
(Personally, I think an E46 3-series, or current-gen 3-series, might "do it" for you & Gee based on my reading of your posts. Some people think none of the competing Japanese cars really = it overall).
Whoops, I meant to just say what a good idea keeping your Accord sounds like......my brain has bmw (& other expensive Euro. cars) lust.....(they should have a pill out to cure that by now). At least I've kicked the Range Rover habit.....I swear.
That's one of those cars that I'd like to have someday, but if they lived up to their reputations, I would probably own or lease only one of them in my lifetime. Same goes for Saab and Jaguar, and I don't think I would own the three successively.
As for the 3-series, Gee isn't very comfortable in the last generation. If we came across an outstanding deal on one we might be tempted but it would have to be CHEAP. Gee doesn't like the interior of the current 3-series so that's a no.
Here is his list of requirements...
RWD/AWD
Manual transmission
XM Radio
NAV
Nice interior
Preferably Japanese
Strange thing is, with all of that said, we would happily be driving a new Civic EX/Si with NAV if only the parking brake didn't jab into his leg.
I've got the 03 Altima that is now my wife's and I'm driving a 93 LeSabre until the Alt is paid for. The Alt will be paid for in about a year and a half and should have about 50k on it. As new home owners, two car notes is out of the question.
When I buy something it will serve as second car duty and I want something that I will get some economical enjoyment out of. So, in 8/07 how much will be 75k 2000 328 be going for? I'm doing my time with the LeSabre. I even changed the battery last night in 29 degree weather. I'll deserve it ;-)
The problem? She's massively buried in the Yukon.
The Volvo dealer originally offered $27K as a trade value ... sis and BIL owe $36K.
This, mind you, is for an '04 V70 2.5T with 26,000 miles and an asking price of $26K.
Volvo dealer has since raised their bid for the Denali to $31K. Sis still says no, and thinks she can sell it for $35K privately.
I took a quick look at Edmunds TMV ... if she can get $31K in trade, she should take it and run, as that's the private party selling value. Retail is $35K, which I believe she will never see.
Methinks that my sister will be driving the Denali for some time to come. She tells me she gets 12-13MPG and it costs her $55 to fill it up ... that is down from a max of $75 a month or two ago.
She doesn't drive too much and is a perfect candidate for a lease - she works from home, her kids' school is just down the block (10 minute walk) and most of her shopping needs are very close by as well.
I could use a spare xi today, with a foot of snow. As usual, I still don't have my snow tires on my 5-Series yet. :-( On the bright side, my sno-blower started yesterday, & most bmw's have such low ground clearance they wouldn't make it thru deep stuff regardless of tires, or AWD. If only the X5 was more reliable.....
2016 Audi A7 3.0T S Line, 2021 Subaru WRX
I say she should keep driving the Denali, be light on the pedal and combine her shopping trips. Getting out of a vehicle just for the gas mileage is crazy to me. Just altering her habits will save a lot more than throwing thousands and thousands of dollars down the drain with a trade. :sick:
I wish her luck and she should just enjoy the Denali, they are nice vehicles.
Mark
Mark
I totally forgot about the new GM full-sized SUVs being released next year and the effect it will have on the current generation values - another valid point.
What I find funny (in a sad sort of way) is that she really didn't want the Denali in the first place. She had a perfectly serviceable Odyssey; I suspect that my BIL, being the "image" kind of guy that he is, didn't like driving a minivan (he also traded out of a G35 lease for a lease on a 530i).
Now they are stuck with a $750/mo note for the Denali, the 12-13 MPG that they get.
Here's my sister's logic (I think):
Current Denali payment: $750
new payment (she hopes): $400-500
Monthly savings: $250-350
Gas (per month) - sis says she only fills up every other week @ $55 per tank: $110
Not sure what V70 gets for gas mileage, but she may be able to get away with 1 1/2 tanks of gas per month, and we'll estimate $35 per tank: $50-55
Monthly savings: $55-60
So, she would be saving approximately $300-400 per month.
If, and it's a big if, she can get, let's say, $32K for the Denali ($4K upside down), she's looking at 10-13 months to make up the difference.
Or is my math all wrong?
Don't know about insurance costs.
I don't see a downside to this--if--she's getting a great price for the SUV, & not getting ripped on the Volvo or the financing for it. And whether or not someone is "upside down", I'm not sure that means they shouldn't sell the vehicle--that's a "sunk cost", right? i.e., they're upside down even if they keep it. (They've already lost that amount, whatever they do, right)?
And paying $55 to fill up, you better really like the vehicle, or it does get depressing......whatever the logic. You could also ask Terry on the RWTIV board--I'm sure he could analyze the whole situation if you provided all the info.....And FWIW, I can't even imagine a $750 car payment.
One question remains: Is GM mad? $64k is M-class money, and that even includes the AMG sport package and Keyless Go. You could also have a Cayenne. Also, the Japanese offerings have the same features but much lower sticker prices. It's no wonder GM has to offer so many incentives to move these things.
This does address another N&V thread's question, what would it take consumers to buy American vehicles again (I should add - buy American vehicles NEW.)
One question remains: Is GM mad? $64k is M-class money, and that even includes the AMG sport package and Keyless Go. You could also have a Cayenne. Also, the Japanese offerings have the same features but much lower sticker prices. It's no wonder GM has to offer so many incentives to move these things.
Are these MSRPs, TMVs, or other prices? I would speculate the actual transaction prices on these vehicles are lower than mentioned above.
GM's bonds now are rated at "Junk" status, & there is increasing talk on wall st. that they "could" go bankrupt.
The key word being "now." I'm not Miss Cleo, but it is inevitable that its popularity will wane.
...they "could" go bankrupt.
I can't believe they were thinking of selling their financing arm--the only part of the company that makes money. Once they did that, the clock would begin ticking until they ran out of cash. The contrary solution I propose is that only GMAC remains a part of GM, and the auto manufacturing divisions are sold, with or without splitting them up. Let whomever buys them clean up the mess they're in.
GM is contemplating getting rid of at least part of GMAC primarily because GM's poor credit rating is beginning to make it difficult for GMAC to get the credit they need to issue the loans that they do. That's the sole reason why they're considering selling it - if GMAC can't offer competitive finance rates, it will affect how GM can move the metal...
But, this isn't the proper place to discuss GM's future... I'm sure there are a bunch of discussion threads in the News & View section, as long as the Hosts don't close them...
Can't decide if I should go my usual route (15 year old Honda) or try something different. The search begins...
:-)
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
I want a car that will actually run as I fix it up. As much as I love the "project" part, I still want to be able to drive it.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Have had both in my life, the 240 was a LOT less work to keep going once I got it fixed up.
Thing is, if I want it to be street-legal, it has to pass the CA smog test, which will probably keep me from buying anything carbureted. That leaves me the awfully temperamental gen-II RX-7s or the 300ZX on up, which were too big and overstyled IMO. I guess there's always the 280Z, pretty hard to find though. Saw one a few weeks back, the guy wanted $9 grand for a car with rust in lots of places and "brand new" interior and engine - have no idea what that meant but the interior was a bit ratty too, so only certain parts must have been new. I couldn't help thinking "is this guy high or what?".
I think I might go a bit newer this time than in the past, like making the 1990 MY the oldest car I will buy.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Final Prelude
Mustang?
Hate ragtops, so Miata is out. But I had actually considered a Mustang, which would be my first if I went that route. It would have to be a GT - if I were getting a V-6 I would probably just go buy an older Celica. But yes, Mustang is in the game.
And of course Prelude is always a good choice. The 4WS ones from the early 90s are OUT, but the new style from (1992?) on is very much in consideration.
I would love one of the final Preludes (the hard square design) but the price is going to be too high for me to have as a project car. I was kinda thinking of something in the $4-8K range, preferably closer to $4K.
Wouldn't mind picking up one of the first Impreza 2.2s, but they are HARD to find - they just didn't sell enough of them.
Or a Tercel "Black Hawk" from the mid-90s, but that is just a passing thought probably.
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Like the SIs of course, but don't want to pay sky-high insurance rates for a project car. I don't do Nissans usually. The 90s Sentras had lots of problems. Now, an older 240SX might be a thought...
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
Jeep has a good one on the GC. I am not necessarily the biggest fan of these, but like them enough to be tempted by the low lease.
Combine the above two, and maybe you'll like the 24 month lease of the Saab 9-3 Sport Combi.
Does anyone else constantly scan the subsidized short term leases?
I always look at them though as an alternative finance method to a purchse, and not too many of them pass that test. That is, payments now, and buy it later instead of th eother ay around. Sure, the subsidized rate/cap cost reduction is nice, but the large bank fees wipe out a big chunk of the savings.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
But, at least for most people, it keeps them in a car for the lease term (usuaully 3 years), but the real sickos will still trade in a leased car, cost be damned.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Now of course, I am mainly looking at Japanese cars there. Given the terrible depreciation of the American models and the general air of long-term unreliability of the German models, those might be better as leases. In fact, I can't think of any German model I would buy, given all the long-term problems they have. I would be sure to lease if I picked one of those up.
Of course, the very best VW can do for leases right now still isn't that great. A Jetta VE for $250/month plus tax, and I still have to give them $1000 or more to drive the car away? There are MANY more expensive cars with similar terms.
Now If Lexus put out a promo lease on base IS250s, I wouldn't wait even one minute...
:-)
2014 Mini Cooper (stick shift of course), 2016 Camry hybrid, 2009 Outback Sport 5-spd (keeping the stick alive)
One big thing for me is that in Alabama you only pay tax on the payment, not the purchase price.
If the lease payment is low, because the residual is high, then you certainly don't want to buy it...
If the payment is low, because the money factor (interest rate) is low, then you lose that low interest rate, once you buy..
Either way, the low lease deals are only good, if you plan on walking away at the end of the lease...
regards,
kyfdx
Lease (crack) addict
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
What do think of that 24 month deal on the X3?
But, the best 24 month deal is on the 525i...
They had great deals on '05 convertibles last month.. but, I don't know if those are still in effect (36 month lease).
regards,
kyfdx
(not the king.. just a court jester)
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
You could pick up that Tercel and do a Starlet turbo swap.
I'm not sure I agree (but i could be wrong). Let's say you want to buy it. But, at the time, money factor is a great deal lower than a 5-year note rate. So you lease. Then, at the end of the 3 years, you finance the remainder for 2 years, again, at a very low rate (providing rates in general haven't gone through the roof) because its only a 2-year note.
You could feasibly save on interest overall by doing this, no?
Granted, you are taking a chance that interest rates could be higher at the end of your lease than they were when you started ... but for the sake of an argument, let's say they are very similar at the beginning of the lease and the end.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
fortunately, i don't think a 525 would be fast enough for me, so that should keep me away from a good deal.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
A 530 or 54x would just get me into too much trouble anyway.
Wonder if the teaser lease includes a stick shift? Have they even imported any into the US yet with a manual?
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
But I test-drove a new A4 Quattro about 3-4 years ago (I think that would be the previous gen., now, right?). 1.8 Turbo, stick, spt pckg, great car. I mean, I had a blast driving it. Very cool. Possibly as fun to drive as a 3-series (at least, in the same ball park), + the AWD. If you could get great lease terms on a wagon ("Avant"), I'd start thinking.
But then, the "storys" about Audis always bring me down to earth.....it might be worth it to lease tho.