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Pickups Honda Ridgeline Honda Ridgeline Lease Questions
353 messages, Last post on Aug 25, 2009 at 3:15 AM
You are in the Honda Ridgeline Forum. Your Host is kcram
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Replying to: hkings (Jun 05, 2008 12:32 pm)
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Replying to: namakan59 (Jun 06, 2008 5:01 am) I have someone all lined up willing to pay $22K for my 05 Frontier now, and he REALLY wants it bad... could get $23K maybe. I made a lot of custom mods to it, so thats why... put almost $5000 extra into truck over the past 4 years. What should I do? |
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Replying to: hkings (Jun 05, 2008 12:32 pm) if you can flip the Nissan, move into that lease plan on the Ridgeline and erase your credit card debt, which I would guess is at some crazy high interest rate then I would advise you to do it. Another reason I like the lease plan is because of gas prices. These trucks with their current EPA rated gas milege are becoming dinasours. As much as I love the Ridgeline, the gas milege is nothing to brag about. As soon as a truck comes out with a better system (hybrid?), your truck becomes harder to sell. The lease takes the worry out of resale.
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Replying to: aspesisteve (Jun 06, 2008 7:36 am)
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hkings, I'm on the fence here with lease vs. buy. It's a topic that has been long discussed on these boards. It depends alot on the idividual. The biggest factor that would sway me to lease is how quickly do I anticipate turning over the vehicle assuming the lease is as competitive as the buy price. If you think you might have that car for a "long" time (at least 5 years), then buying might be the way to go. Some would say: buy the house - it appreciates most of the time; lease the vehicle because it only depreciates. it's a debatable topic that can go on forever. |
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Replying to: namakan59 (Jun 06, 2008 5:01 am) Thanks Victor |
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Replying to: hkings (Jun 06, 2008 8:07 am) I forgot to say. The wisest thing would be to stay with the truck you have and pay off your debt. If you're half way into an amortized loan and you bail on it, you've just paid off most of the interest and very little principle. You're building equity in your truck now at a much faster rate than with the first half of your loan.
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Replying to: aspesisteve (Jun 06, 2008 8:33 am) But, if you can get $22K for an '05 Nissan Frontier, you should grab it...  Paying off your loan and your credit cards would be a great thing.. However, I would hold off on leasing that Ridgeline, until you are positive that the Nissan is gone.. regards, kyfdx
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Replying to: kyfdx (Jun 06, 2008 10:07 am)
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Replying to: hkings (Jun 06, 2008 2:17 pm) But.. strictly from a math standpoint.. It will cost $11K-$13K to drive the Honda over the next 3 years.. That is depreciation and finance charges on your lease.. How much will it cost to drive the Frontier? Don't think about the payments... think about depreciation.. How much will it sell for in three more years? $10K? $13K? Even though that isn't money that you pay out, it is a real cost.. you'll lose probably as much as the lease payments on the Ridgeline. Remember.. even a car that is paid for still has depreciation costs.. Also, if you sell the car, you'll pay off your current loan.. no more interest there... and, the credit card debt will be paid off.. Granted, you have little interest being charged there for the next six months, but at some point, those debts have to be paid as well.. In three years, you will have to get another car... but, you won't have any credit card debt, and maybe more in the bank, because you haven't had to make the credit card payments over three years.. As nice as you say the Frontier is... $22K is a lot of money... If gas costs keep rising, the value may fall more quickly than you think.. At least your depreciation cost on the Ridgeline is locked in by the lease.. Good luck, either way! kyfdx
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