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Now looking at the buy, lets assume the total out the door price cost you $23,500. If you took out a loan @ 4.75 and paid it off evenly after 3 years, assume total loan interest over the 3 years is $1,750. Your monthly payment would be about $700. Total cost is $25,250.
Under leasing you paid $14,350, under buying you paid 25,260. However if you bought the car, at the end you now own an ex v6 coupe. You paid about $11,000 more in the buy option. So will the car be worth more than 11,000? I would think so, since in this example, it only has 36,000 miles. If you put on more than 36k miles, you would have to pay probably 15 to 20 cents a mile under the lease. Under buying, there is no additional charge obviously. Where the real savings comes in is if you keep the car lets say 6 years. Under leasing, you would have to lease a whole other car. Assume the same payments, after 6 years you would have paid $27,000 to lease. Buying you would not have paid anymore money, and still wind up with a 6 year old accord v6 with 72,000 miles. The benefit of leasing is you now got to drive 2 new cars instead of one, and in 3 years would be driving the latest accord. I can go on and on about the differences, it all comes down to you predicting what you will be doing with the car.
Hope this helps and didn't confuse you more. Feel free to ask more questions.
Ok, but you pay interest on the lease also? I had a Honda salesman tell me he could get me 2.9% on a lease, but not on a buy?
Something that I am concerned with, being someone that has never leased, is that I don't know how anal they are when turning in a lease. I have had people tell me about how when it came time to turn in there leased vehicle, the dealers would stick it to them with charges for wear. I also had people tell me they have never had a problem. I was told that if you lease again from the same car company they will not give you a hard time about charges when turning in a lease, but if you are ending your leasing with them they will stick it to you. So the immeasurable is what extra charges they may take on for wear. I take pretty good care of my cars, but I do have the usual wear occuring. My cars do not remain immaculate.
Anyway, from what you have last told me it looks like leasing ends up being more, but you get a new car every three years.
I was offered 2.9% if I purchased an accord in three years. Since I am interested in the new 03 accord, but need something now, I am just trying to figure out if it is better for me to buy it in three years or lease it. I would not go over the lease miles and would keep the car in at least decent shape. If I buy it I would be able to use it as a trade in value for the new car, but I dont' know how much dealers stick it to you with a trade in. I don't know how much in general they take you down from what blue book is and ...... we I do see that in a way I am going over the same things and many of them are just a matter of preferance and a matter of how well I take care of the car and how far I travel. I did get a lot out of your help though!!!
Does anyone know of any good deals at what dealers there may be. Also what's new with them in 2003. Is it worth the wait. I will be selling a 1997 Accord SE with 55,000 miles on it unless someone can convince me that I will get a good deal in a trade.
Does anyone know a good dealership in North Carolina or Southern Virginia? I live in Greensboro, NC and the dealerships the local areas are not giving me the time of the day. I"m willing to travel up to any 3 hours radius distance. Can you please post the dealership name and the salesperson whom you got a good deal from.
P.S. to Ronsteve: What is the name of the dealership you got your 2002 accord from? Thanks
Can anyone tell me if $18500 (excluding tax, title, license, and DOC with the out the door price at $19400) for a 2002 honda accord SE V4 a good deal in North Carolina and Southern Virgina? Or Can I do better than that? Any input is appreciated.
ps, on the EX V6 the leather is standard equipment
I am also looking to buy an accord - maybe SE but would prefer to wait until August when I'll need it. I am concerned about waiting too long and missing a good price or even that there will be cars. The dealers are advertising that they have many on the lots here in MA but would Honda clear the lots and sell to one large buyer?
I just came back from another dealer in North Carolina. He is offering me a 2002 Honda Accord EX V4 sedan for an out-the-door price of $20,000 (approx $19215 as the invoice). Is this a good deal or not or can I do better?
Thanks
all inputs appreciated.
why did you just buy a brand new accord?
it makes me laugh when i drive by apartments, trailers etc. and see a brand new vehicle in the driveway. but i digress
The $1250 dealer cash won't show up on my site anyway, it was just announced to the dealers recently. The Civic has $250.
First let me say, some of your messages about concerns with the 02 on acceleration, road grip and tires: stop analyzing the numbers so much. I don't know who ever told you the 02 has a problem with tailspin or road grip, because that is crazy. Granted it does not hold the road like my prelude did, but it rides great. Granted, I only have 250 miles on the car and have not yet pushed it due to the break in period. But there are no concerns at all in this area.
You also seem to be agonizing on the buy vs. lease issue, although it seems mainly because you feel that you want to drive the next gen model car in 3 years? If your intent is to keep the car only 3 years, and you don't have a problem keeping to the mileage limit of a lease, I say lease the car.
One other question I think you asked was about the interest piece of a lease price. In order to calculate a lease price, the bank considers: purchase price, interest, and residual value. But you don't need to worry about any of this. If you are strictly shopping for a lease, you simply search for the lowest monthly payment, period. Don't worry about how they got the monthly payment.
This msg board is more of a what price did you pay board then a buy vs. lease board. If you have more questions on this, feel free to email me at: akieth@aol.com.
I plan to buy 2002 Honda Accord EX V4 Sedan.
I would like to know what you paid? Should we buy warranties? How much I should quote below the list price (excluding tax and title)? Someone quoted 3000 less.
Should I wait for 2003 models? What may be the price difference?
Quotes from edmunds.com (these are not the only comments I have seen on this) :
1- Push the Accord in the twisties and the soft springs become apparent with flaccid body lean and a skitterish rear end – so much so that the Accord finished dead last in the slalom portion of our performance evaluations.
2- A few traits we don't normally associate with Hondas made an unwelcome appearance on our test car. The most annoying was the coupe's factory tires that nearly neutralized its cornering ability. We're used to standard equipment tires that are somewhat noisy and squishy, but the MXV4 Michelins wrapped around this coupe's 16-inch alloy wheels were just plain useless in terms of adhesion. Driving with any amount of enthusiasm through tight corners resulted in exorbitant front-end plow as the tires gave up with little warning. The tire problem compounded yet another virtue we don't normally associate with Hondas: slow steering and inadequate power assist. When negotiating quick left-right transitions, it was possible to "over run" the power steering, creating a momentary spike in steering-wheel resistance that required a healthy increase in effort to overcome. This was an uncommon occurrence, but it happened more than once and, when combined with the slow steering ratio and slippery tires, greatly reduced the car's driving pleasure. Since we experienced no tire or steering problems when testing Acura's version of the Accord coupe (a '98 3.0CL) last August, we're not sure if the culprit is brand, model, model-year, or test-vehicle specific.
From a strict financial sense, I think buying will almost always prove to the best avenue. The only possible exception is if you buy a car that loses its value quickly, and you want to sell it after 3 years. Your true value of buying is if you keep the car say 6 years. If you only want to keep it 3 years, it may be a toss up as to which is better. There are a lot of intangibles, one in favor of a lease is that you will tend to do less repair and maintenance to the car, knowing you will be getting rid of it in 3 years. Maybe you will change the oil as the book says, 7,500, instead of 3,000 miles. You wont have to replace tires and probably brakes. You probably won't take the car to the dealer for maint, you will take it somewhere cheaper. Again, I put all this down on a spreadsheet to compare the 2. Sometimes you can get a great lease price, which also may make it closer. I can not comment on what a good lease price is, as I have never shopped for one.
I also apologize for saying your comments about tire grip and cornering on the accord were crazy. I never saw those comments before. Most reviews of the accord coupe I have read have been real good. Just remember, they did a slalom test. Are you really going to do this? I haven't pushed my car yet, as it is too new. I will be curious to see how it handles. My prelude was awesome, so this accord has some tough competition. I have heard that the tires are not the best. But hey, maybe I will replace them a little early. However for me, for general driving, so far I love the accord coupe. I have read that the acceleration is very good. It won't beat most sports cars, but it really isn't a true speed sports car.
Price of buying, your out the door price sounds real good. I paid $24,875 with spoiler, honda fog lights, mud guards, chrome tips, sunroof visor and wheel locks. Add the chrome tips at least, it will make a huge difference. Maybe take your best deal, and tell the dealer if he throws them in you will buy.
Not sure if the resale value of the 02 will go down when the 03 comes out. I imagine it will. However you are not worried about the resale value after year 1 as you are after year 4, where it may even out somewhat.
I also got the 4.75% financing
Instead of a accord 02 SE, which was what we initially planned to get, we went for an accord 02 EX V4 automatic sedan becuase we really wanted the side airbags (which the dealer cannot add on the SE. They can only be added on by the manufacturer) We got a quote over the internet and emailed the quote to several car dealers in our areas. Holy moly, we got dealers fighting over who got the better deal. they called and emailed us. They were throwing in freebies. Finally, we settle with a local dealer for an out-the-door price of $19685 (plus mudguard,pinstripe, sealant, oil change x 3 all for free). We could have gotten it for $19600, but we didn't like that dealer due to their saleman's arrogance. Any inputs with the deal we got? Thanks
What part of the country are you in? Did you trade - in your vehicle? Looks like you have very very good deal. I bought my SE v4 for 19000 out of the door (w/o mudguard,pinstripe, sealant, oil change x 3 ). I live in sothern California. I wonder anybody outthere having better deal.
jimmyx2: The out the door price was $19685 includes Tax (3% state tax) + Title + License + destination fee + DOC ($150). I also noticed that the MSRP went up a little bit in these couple of days. I guess it's a supply and demand. There are a lot of people waiting to get a good deal before 2003 Accord comes out. Another reason is Japanese Yen went up 10% compared to 6 months ago. 6 months ago, US$1 = 140 Yen. Currently, US$1 = 117 Yen. So, the buying power of USD is less than before. Although only 20% of the car is actually manufactured in Japan, but still, it adds up to the price.
Again, it depends on the car dealers in different areas. Some dealers might have gotten their inventory 6 months ago.
pick it up tomorrow and was wondering If I should
get the extended warranty?????? they want to charge 1,300 for the 7/100,000 (Honda Care Warranty), does anybody have any idea on how much I should pay for this type of warranty and If I should buy it.
Thanks
Which dealer you went to? My wife just got a price from a dealer in Cary for 199xx out of door with nothing extra.
Thanks.
on a 2002 accord se in rural Virginia? I have checked with 3 local dealers and so far the best price quote I have received is "will sell at invoice". I feel it should be lower according to edmunds TMV or am I mistaken? Thanks for any info.