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Prices Paid: Buying & Leasing Experiences Honda Civic Lease Questions
832 messages, Last post on Dec 03, 2009 at 10:20 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Here you go jnuzzi. If you were to lease an all new 2006 Honda Civic LX Coupe through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00255 and 59%, respectively. The numbers for an otherwise identical 39 month lease should be .00255 and 55%. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Sep 26, 2005 2:58 am) 
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Hello car_man, Do you have any #'s on expected buy rate lease money factor and residual value for the upcoming 06 Hybrid, w/NAV? I'm looking at 36 or 39 months, for 12K miles/year. I've put $ down, but haven't decided on purchase vs. lease yet (it's for business purposes, so for tax reasons I'm leaning towards leasing to take tax advantage of it as an expense). They expect to have them in October. Also, are there any advantages/disadvantages to leasing a hybrid? I don't hear it discussed that much. Thanks! |
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Replying to: Car_man (Aug 31, 2005 3:05 am) after doing as much homework as only possible, i went to a dealer yesterday to get a lease on a 2005 civic ex. we had negotiated price down to 16880 from 18425 (miami, florida) i wanted a lease since i have limited budget at the moment (-out of college and on entry level job) and i qualified for the graduate program lease. offer was approximately something like this. 42 mon. 1500 down 15K /yr 309/mon now this is after negotiating for 2 hours since he brought me out ridiculous quotes. i really want the car, last one around here, and i didn't want to give up. my creditscore is 658. i was giving him 3000 down!!! for a lease!!! and his first offer was for 12k/yr for 289 for 48 months! i dont know what is up. after 4 hours at the dealer, i left. i called later, he said that honda bank chainged their mind about approving me for a lease.... well, i offered 16000 to purchase the car and i am putting 3000 down, interest rate i am approved for is 11.14. can you give me any advice or your thoughts i would SINCERELY appreciate it. this is my first time buying a car and talking to dealers... thankful in advance, a.d.
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Replying to: collegegrad (Sep 29, 2005 5:39 am) DO NOT LEASE. Buy this car. Go to the Credit Union. Also, take your time and don't ever get in a hurry to buy. |
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Replying to: crandleman (Sep 29, 2005 7:24 am) i did walk out the deal and am going to another dealer. i just could not figure out why the lease was so expensive. here are the details from the honda printout. he was telling me that i was getting these prices cuz i was on the graduate program lease, which is the least preferred. he kept pushing me for 42 and 48 mon lease to lower my payments. when i asked him about the interest rate, he said, there is no interest rate, it is a lease....hahaha! payment details: term 36mon base payement 315.35 total payment 334.27 purchase option 10,133.75 msrp 18425 (although we agreed on price of 16880) he said that he needed to enter this in the computer to receive right residual value -perhaps true. est miles/yr 12000 excess milage 0.15 money due at inception: 1st month 334.27 depozit 0 aqz fee 0 fees and title 293.50 (inc. lemon, tire, battery and tag fees) upfront taxes 81.44 cap reduction 1290 out of pocket 2000 well, i can tell you that he was pretty pissed after dealing with me for 2.5 hours. i have three master degrees including an mba and he was trying to explain to me how a lease works and that i need to go to 48 months. i think that i confused him totally when i started talking about depreciation procentage rate of the value of the car in the fourth year and that i was not interested in leasing for four years since the fourth year payments would not go into equity on the car.
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Replying to: collegegrad (Sep 29, 2005 9:35 am) Good thing you walked away because he was trying to take you to the cleaners. You should, under no circumstances lease a car. Not that leasing is not a good option, but for the fact that you do not understand anything about leasing and you WILL get taken to the cleaners. Leasing takes a few weeks of research and time to really get a good understanding of how it actually works. I would say this, if you cannot sit down and be able to calculate a lease payment from scratch with a pad of paper, pen and a calculator using the money factor and residual, then I wouldn't do it. Let me tell you this as well, you could get a 2006 Camry LE w/ Auto, etc. on a lease for about $50 less per month than what that guy was quoting you for a 2005 Honda Civic. That is with no money down!! Don't ever put money down on a lease because if you get in a wreck and total the car or it gets stolen, you lose all that money you put down. Just walk in with financing from your local bank or credit union in hand (don't tell the sales person that you have it yet) and negotiate the best price for the car. Then, unless they can beat the interest rate, just BUY the car. Much, much easier and quicker. Don't let them add any fees except for maybe a small Doc fee (around $50-$100). You will not get screwed if you do this. The guy that was trying to lease you that car was going to make THOUSANDS off of the deal. One more thing, go buy an Amorization book. It will help you out tremendously when it comes to the monthly payment when you are looking at the different interest rates.
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Replying to: crandleman (Sep 29, 2005 10:48 am)  Now do people see why car dealers have such a bad rep. |
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I wanted to chime in as well about this lease issue. I agree that buying is better than leasing in your circumstance (unless there is an advertised lease special sponsored by the manufacturer; even then the dealer could try and tweek more out of you). HOWEVER, the best use of your money is to buy a used car for $10-12K, at a favorable rate, while you slowly re-build your credit rating.
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Replying to: robrwa123 (Sep 29, 2005 5:25 pm) I think the best thing would be to try and pick up a new 2005 Civic Value Package. It would better fit your budget. You can pick up one up for less than $13k right now. If needed, just have someone put in aftermarket power locks and cruise for a few hundread bucks. That way you have a brand new, reliable car under full warranty for around $14k total (Price of car, tax, title, lic). Forget the ex and go for the VP.
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