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
#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.
#328 of 364 Re: Is this lease a good deal? [pcantore]
Jul 17, 2008 (11:16 am)
I just leased a RTS for $214 mo total with taxes for 36mo with $1000 out of pocket. Great deal I thought.
#329 of 364 RTS Lease - Cuppy1
Jul 17, 2008 (11:25 am)
Hey Cuppy.... sounds like a great deal! $214 includes taxes every month? How many miles per year do you get? Where do you live? WHat dealer? Did you get any quotes on RTL's?
All info is truly appreciated!
#330 of 364 Re: RTS Lease - Cuppy1 [hkings]
Jul 18, 2008 (5:46 am)
Yep, taxes included. I've been leasing cars since 1998 and this is by far the best lease deal I've ever seen. I was actually looking at the RT that was advertised for $239/mo plus tax with $1999. due at signing and I couldn't believe it when they said they had a special on the RTS for $199. I live in PA and the dealer is Bobby Rahal Honda in Mechanicsburg PA. It's 12,000 miles a year. I tried to get 10,000 miles because I don't drive much but they could only do12.
#331 of 364 Re: RTS Lease - Cuppy1 [cuppy1]
Jul 18, 2008 (4:27 pm)
Cuppy1 - are you the "candyman" on the ROC forum? The deals sound so similar. Hope others get a deal like you found.
#332 of 364 Re: RTS Lease - Cuppy1 [sparkland]
Jul 19, 2008 (5:19 am)
Yep, thats me.