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Prices Paid: Buying & Leasing Experiences Honda CR-V Lease Questions
599 messages, Last post on Dec 02, 2009 at 5:56 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: newcarguy5 (Dec 05, 2008 7:12 am) All of the feedback I've received so far seems to be touting the build and quality (and obviously re-sale value) of the CR-V. So now the question is how to deal with Honda. Is this price pretty good? I believe it's pretty close to the Edmund's TMV price. How is the money factor determined? I have read that it relates to the interest rate, somehow, but what factors actually affect it? Or is it more concrete depending on credit/vehicle? And does it make sense to get HondaCare warranty coverage? I don't think I would like our lease term to exceed the length of our warranty coverage. If we were to decide on a 48-month or 60-month lease, would it be worth it? Is HondaCare good and reliable? Is it worth the money, or is there some other better alternative? Again, any advice is welcome!
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Replying to: TheQuestian (Dec 05, 2008 7:49 am) As for the term of the lease it's usually not recommended to lease a vehicle for more than 42 months. If you're going to lease for 60 months you might as well buy it. One of the main reasons for leasing is so you can drive a new car every few years without having to worry about the resale value of a trade-in every time. Also, the warranty covers most or all of the time you have the vehicle. You don't seem like the type of person who needs to drive a new car every few years, so I'm surprised you'd want to lease. For someone like yourself I think buying might be the way to go. I suppose you could buy an extended warranty, but I would still limit the length of the lease. I can't speak to HondaCare, but remember that part of the reason for buying a Honda is the reliability. According to Consumer Reports most warranties are not a good deal, but if it helps you sleep at night it might be worth it (personal decision). As for getting a good deal, get at least two or three quotes for comparison. By the way, I took a test drive of both the Forester and the CR-V with the wife this afternoon. Although I was leaning toward the Forester we have definitely decided that we're going with the CR-V. My only concern is that she is going from a Maxima with about 270hp to a car with 166hp. However, she basically uses it just to run around town so it should be fine. For the first time I'm buying instead of leasing. |
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Replying to: newcarguy5 (Dec 05, 2008 5:39 pm)  Quite serendipitously, upon arriving at work, I found that two co-workers had parked next to each other in the lot; one in a CR-V, and one in Santa Fe. Side-by-side comparison; what an opportunity! Also, it turned out that my cousin knew the CR-V owner, so I was able to test drive the CR-V. While it was a very good vehicle, the engine did seem a bit underpowered. Especially considering the extra 120+ lb. keyboard that would be regularly making its acquaintance, I feared it might not be appropriate. The Santa Fe also appeared to have a bit more cargo space (given its size advantage), so we are leaning that direction. New information: I found out that my wife's negative equity on her Rio is closer to being in the ballpark of 8K. This is not a very good situation to be in, and I do realize that, but how should we approach it? Since leasing a vehicle with 30% 4-year residual is a bad idea, and having so much negative equity only makes it worse, is it a reasonable alternative to finance? What benefits does financing present us vs. leasing? What steps can we take to get a manageable car payment, while at the same time trying manage the negative equity? On the 2008 Santa Fe Limited, they currently are offering: $3500 cash back OR $3000 cash back + 0% APR through 36 mo. + 1.90% through 48 mo. + 2.90% through 60 mo. + 5.90% through 72 mo. What are our options? And, perhaps more importantly, which is the best? I suppose I will settle for just finding out what our options are, though! Thanks.
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Replying to: TheQuestian (Dec 06, 2008 5:04 am) I will choose CRV based on Edmunds ratings reviews & fuel economy 2008 CRV Fuel Economy : 22-23 mpg Editor's Rating : 9.0 Consumer's Rating : 9.2 (186 reviews) 2008 Sante Fe Fuel Economy : 19-20 mpg Editor's Rating : 7.6 Consumer's Rating : 8.4 (84 reviews)
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Replying to: bigdadi118 (Dec 07, 2008 11:03 am) I did see that the CRV was rated higher here, but I think vehicles are rated highly for different reasons. One of our main needs will be to haul my 120 lb. keyboard around, and the CRV does not seem best tailored to that kind of heavy lifting (given its slightly underpowered engine). Another important factor was the fold-flat rear seating in the Santa Fe. In chaperoning my keyboard from gig to gig, I believe this feature will definitely prove beneficial. At the end of the day, I think everyone has unique needs. I certainly think the CRV would be the better choice for a lot of people, but I just don't think the feature set lines up with our situation. |
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Replying to: TheQuestian (Dec 06, 2008 5:04 am) Ask her how she got into the $8,000 of negative equity and you will see why you should not be buying a new vehicle now, or anytime in the near future, unless you have $8,000 to pay off the negative equity. Figuring that a 3 year old Rio is probably worth about $3500, she must have a loan of $11,500. She must have traded in a few vehicles without any downpayment to arrive to the $20,000 loan 3 years ago. A $20,000 loan from 3 years ago should have about $5,500 on it by now if it were financed for 60 months at 3-5% APR. A $20,000 loan on a $10,000 car?!?!?!?!?!? Don't make the same mistake TWICE!!!! |
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got the following offer in NYC: 2009 CR-V LX Auto $299.00**x 39 months 12k miles a year $0 down is it a good price? I'm worried for the 39 month - that would end the contract in Mar other then Dec which usually have better pricing for the new contracts
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Replying to: BrooklyNYC (Dec 19, 2008 9:03 pm) 2009 CRV LX AUTOMATIC FWD.$258/month Lease requires approved credit; based on 12,000 miles/year, .20/mile excess; Lease based on $0 cash or trade down plus tax & fees. Security deposit wavied. $258 x 36, 62% res.Price excludes taxes, title, and registration fees; prices include all customer rebates, promotions, and incentives to dealer. ************************ December whole monh lease special in MA... Every 2009 Honda CRV LX MSRP $22,965 Buy $21,488 OR Lease $268/month 4x4, Automatic http://www.boch.com/bochhtml/bochhonda/pages/HondaSpecials.aspx Lease requires approved credit; bases on 12,000 mile/year, .15/mile excess, Lease based on ZERO cash or trade down. Security deposit waived. $268x39, 63% res. Price excludes taxes, documentation, title, and registration fees, prices include all customer rebates, promotions, and incentives to dealer. Lease #152942
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Replying to: bigdadi118 (Dec 20, 2008 10:46 am)
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Replying to: sassydog (Dec 27, 2008 8:53 am) |
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