Last post on Oct 23, 2012 at 2:38 PM
You are in the Honda Ridgeline
What is this discussion about?
Honda Ridgeline, Car Leasing, Truck
Jun 06, 2008 (8:26 am)
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.
#319 of 364 Re: Money factors and residuals Carman? [namakan59]
Jun 06, 2008 (8:30 am)
Namakan59, out the door as in after Tax Title and Lic? that would be good as my offer was 23,400 before TTL.
#320 of 364 Re: Money factors and residuals Carman? [hkings]
Jun 06, 2008 (8:33 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.
#321 of 364 Re: Money factors and residuals Carman? [aspesisteve]
by kyfdx@Edmunds HOST
Jun 06, 2008 (10:07 am)
Normally... I would agree wholeheartedly..
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..
#322 of 364 Re: Money factors and residuals Carman? [kyfdx]
Jun 06, 2008 (2:17 pm)
Hey Kyfdx... Thanks for the suggestion. I actually have someone lined up to pay $22K, maybe $23K. Like I said, I moded my truck so it's very attractive and has a nice tech package on it. Of course I wouldn't lease or buy anything until I officially sold it. I'm just debating if I should at all... I owe $9500 on it, and a lease is going to run me about $11-$13K over 3 years then I have nothing. I'm wondering if I should just pay it off, and then at least in 3 years I own something, even if its worth only $10k or so, it's still worth something...
#323 of 364 Re: Money factors and residuals Carman? [hkings]
by kyfdx@Edmunds HOST
Jun 07, 2008 (3:51 am)
Well.. I wont argue against keeping what you already have.. That surely can't hurt..
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!
#324 of 364 Thanks so much for all the advice!
Jun 07, 2008 (10:05 am)
Hey KYFDX (and aspesisteve)
Everyone makes a compelling argument. The other option I have been throwing around is just to keep the truck indefinitely (forever) and when I can afford it and it makes sense, to get a 2nd vehicle just as a daily driver/commuter car. And just use the truck for when I need it... hockey games, weekend trips, etc.
It's a tough call... I'm really up int he air about this one.
#325 of 364 Re: Money factors and residuals Carman? [kyfdx]
Jun 09, 2008 (8:20 am)
the only reason hkings is able to get 22 or 23k for his Nissan is due to all the modificaitons he has done to it. With that said it's difficult to know what he has into it. I would guess he's still taking a big hit in depreciation due to the state of used truck sales.
It's easy to be lured by that new car smell, but buyer remorse can set in before your first oil change. If you have a good running truck in a similar class as the Ridgeline and you're tight on finances, I'd advise you to keep driving what you have.
#326 of 364 Is this lease a good deal?
Jul 14, 2008 (8:35 am)
My local Honda dealer has a deal for a lease on a 2008 Ridgline RTS for $199 a month and $1,000 down for 36 months. Not sure about mileage allowance, probably 10,000 or 12,500. They also have the RTL for $249 a month $1,000 down for 36 months.
What do you think?
#327 of 364 Re: Is this lease a good deal? [mleo]
Jul 15, 2008 (5:45 pm)
There may be a catch hidden somewhere, since the selling price looks too aggressive (5K below invoice) for the RTS. Or, this RL has been sitting in stock for the longest.
I would rather have the dealer quote the RTS with 0 down, then to pay any money upfront. And, ask for more details.