Ontariodriver
Auto Obsessed
 OfflineVehicle: Toyota Echo & a Prius
Location: Ontario
Posts: 941
 
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« on: November 17, 2009, 03:51:36 pm » |
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LOL it is almost time to hand back the Civic. I decided after much thought that I'm not buying out the civic for $9000 plus tax. The dumb thing is that, if i'd opted for Hyundai Elentra even tho that the Elantras are not as good as a Civic or Corolla. At the end of the day with the same amount of payments on the Honda. I would have owned the Elentra out right. I'm not sure now after 3 years I made the right move. I would own a car now even tho it would have been Hyundai Elentra it's not a bad car and certainly as good as GM or Dodge makes. instead I've wasted 14 grand and have nothing to show for it. I think the smart move would have been the Hyundai Elentra. Life is a full of surprise and hindsight if wonderful thing. pity I it comes after the event. 
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« Last Edit: November 17, 2009, 04:02:40 pm by Ontariodriver »
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tpl
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« Reply #1 on: November 17, 2009, 04:03:42 pm » |
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And your point is ? You chose a leased ( = rented) Civic over buying an Elantra. Why you chose to do that only you know. |
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It is a narrow policy to suppose that this country or that is to be marked out as the eternal ally or the perpetual enemy of England. We have no eternal allies, and we have no perpetual enemies. Our interests are eternal and perpetual, and those interests it is our duty to follow.
Lord Palmerston
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vdk
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« Reply #2 on: November 17, 2009, 04:11:20 pm » |
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On the bright side of things you get a new car every 4 years.  goes down with your beloved car? That's fine, you don't have to pay. At least on the Rabbit the buyback is $15,000 and change, it would be dumb to think about buying it as it's not worth that much on the market (ie. if I were to finance the car to begin with, it would have cost me more than the lease). $9000 for a 3 year old Civic sounds like a deal to me. How much are these on the used market? You could buy it out then flip it. I don't get why people think leasing is not owning a car. I got this from a few people, oh you're leasing it's not your car. Okay, but over 4 years it will cost me less to lease than to finance the car. What's the point, do you get extra AirMiles if you own the car? |
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« Last Edit: November 17, 2009, 04:14:57 pm by vdk »
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Ontariodriver
Auto Obsessed
OfflineVehicle: Toyota Echo & a Prius
Location: Ontario
Posts: 941
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« Reply #3 on: November 17, 2009, 04:17:45 pm » |
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And your point is ? You chose a leased ( = rented) Civic over buying an Elantra. Why you chose to do that only you know.
LOL not sure either. I just wanted it off my chest. I think it was more in my mind. I'm snob and I worry about buying car that would have been worth less. I leased the Civic B/C I felt less embarrassed driving. It drove nicer and It was very stylish and I felt it was more reliable and I thought I'd buy it out right. But the stupid move was putting down 6 grand and leasing to own nothing in the end and the failer of my business which i now can't justify spending that amount of money all I have to drive now is old banger van and I could have had alright car and a banger van instead and something to show for 14 grand. $9000 for a 3 year old Civic sounds like a deal to me. How much are these on the used market? You could buy it out then flip it.
It's ok if things are going well. But things are not.  |
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« Last Edit: November 17, 2009, 04:19:52 pm by Ontariodriver »
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Ontariodriver
Auto Obsessed
OfflineVehicle: Toyota Echo & a Prius
Location: Ontario
Posts: 941
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« Reply #4 on: November 17, 2009, 04:22:55 pm » |
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I don't get why people think leasing is not owning a car.
b/c you're really like renting the car and everything that can happens to the car will cost you in the end if you hand it back. |
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« Last Edit: November 17, 2009, 04:25:09 pm by Ontariodriver »
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vdk
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« Reply #5 on: November 17, 2009, 04:26:08 pm » |
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b/c you're really like renting it and everything that can happen to the car will cost you in the end if you hand it back.
Like what? Wear and tear? I take good care of my cars regardless of ownership. You could make some money off of it. $9000 for a 3 year old Civic sounds cheap to me. |
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quadzilla
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« Reply #6 on: November 17, 2009, 04:29:13 pm » |
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Life is a full of surprise and hindsight if wonderful thing. pity I it comes after the event. Just so you know, this is not a " Life is a full of surprise and hindsight" situation. Its called not doing your math ahead of time. Plain in simple. It has a predictable outcome every time. |
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How is it possible that after electricity has traveled through hundreds of miles of power line then hundreds of feet (or yards) of romex in our home, that changing the last three feet of wire with something exotic, expensive (cool looking, and packaged in a pricey box) is going to make a difference?
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Ontariodriver
Auto Obsessed
OfflineVehicle: Toyota Echo & a Prius
Location: Ontario
Posts: 941
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« Reply #7 on: November 17, 2009, 05:02:42 pm » |
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b/c you're really like renting it and everything that can happen to the car will cost you in the end if you hand it back.
Like what? Wear and tear? I take good care of my cars regardless of ownership. You could make some money off of it. $9000 for a 3 year old Civic sounds cheap to me. Well things happen to a car over 3 years. I to look after my cars. But you know it's pick up stone chips, b/c the paint it made of tissue paper. It has got a shopping cart dent. You know things happen. there lies the problem. Also it doesn't have AC either b/c I can't stand it. So I think it's unsaleable. TBH. Life is a full of surprise and hindsight if wonderful thing. pity I it comes after the event. Just so you know, this is not a " Life is a full of surprise and hindsight" situation. Its called not doing your math ahead of time. Plain in simple. It has a predictable outcome every time. The thing is I did. I opted for the Civic. Because of Vanity and I love the style and driving more. The Elantra was better equip too. |
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« Last Edit: November 17, 2009, 05:07:43 pm by Ontariodriver »
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Serniter
Auto Obsessed
OfflineVehicle: 99 Protege 1.8 ES
Gender: 
Location: New Jersey
Posts: 788
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« Reply #8 on: November 17, 2009, 05:20:18 pm » |
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Well, you know what to do the next time you're car shopping. |
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Bats always turn left when exiting a cave.
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tpl
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« Reply #9 on: November 17, 2009, 05:26:32 pm » |
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Well, you know what to do the next time you're car shopping.
yep. Buy a BMW and REALLY pay.   |
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It is a narrow policy to suppose that this country or that is to be marked out as the eternal ally or the perpetual enemy of England. We have no eternal allies, and we have no perpetual enemies. Our interests are eternal and perpetual, and those interests it is our duty to follow.
Lord Palmerston
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ovr50
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« Reply #10 on: November 17, 2009, 05:41:10 pm » |
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I see nothing wrong with the lease you did, EXCEPT that you put $6K into a lease deal. That was your only mistake.
I would buy the Civic out and resell it if you don't want it. But you will still need a car..?? |
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2011 BMW X3 35i Vermillion Red, MSport
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2005 Toyota Highlander in Indigo Ink
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HeliDriver
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« Reply #11 on: November 17, 2009, 06:21:54 pm » |
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How do you put $6,000 down on a Civic and still have a lease payment of $389 a month (14 grand divided by three years)? Either you leased one of those Mugen Civics at full MSRP, or the lease rate was well over 10%. Something doesn't add up.  Oops - just read the original post again. Maybe that 14 grand was the total cost. If that's the case, then the $6,000 up front bought you a lower monthly payment of only $222. Depending on the lease rate, that may not have been such a bad deal. |
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« Last Edit: November 17, 2009, 06:30:49 pm by SiRCivic »
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carcrazy
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« Reply #12 on: November 17, 2009, 06:36:09 pm » |
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How do you put $6,000 down on a Civic and still have a lease payment of $389 a month (14 grand divided by three years)? Either you leased one of those Mugen Civics at full MSRP, or the lease rate was well over 10%. Something doesn't add up. Oops - just read the original post again. Maybe that 14 grand was the total cost. If that's the case, then the $6,000 up front bought you a lower monthly payment of only $222. Depending on the lease rate, that may not have been such a bad deal. Maybe $14K includes the $6K down payment ?! |
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kardood69
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« Reply #13 on: November 17, 2009, 06:58:18 pm » |
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I see nothing wrong with the lease you did, EXCEPT that you put $6K into a lease deal. That was your only mistake.
I would buy the Civic out and resell it if you don't want it. But you will still need a car..??
Is there anything really wrong with putting money down on a lease? Should save interest no? If the car gets totalled, then you might be out, but that didn't happen in this case... or am I missing something? |
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HeliDriver
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« Reply #14 on: November 17, 2009, 07:20:10 pm » |
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Life is a full of surprise and hindsight if wonderful thing. pity I it comes after the event. Just so you know, this is not a " Life is a full of surprise and hindsight" situation. Its called not doing your math ahead of time. Plain in simple. It has a predictable outcome every time. Life isn't always so predictable. The way I see it, three years ago Ontariodriver could afford to buy an Elantra or lease a Civic. He decided to splurge a bit and lease the Civic. I assume that he was hoping the new business would take off, and he would be in a better financial position three years down the road. Foolish? Maybe, but hardly predictable. Who knows, but if the economy hadn't tanked last year, maybe Ontariodriver would be posting today about the new Acura he is leasing. |
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wing
Big Wig
Administrator
OfflineVehicle: '01 S2000 & '05 Titan SE
Gender:
Location: Ottawa, On, Canada
Posts: 17629
If you ain't first ... you're last!
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« Reply #15 on: November 17, 2009, 08:24:52 pm » |
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I see nothing wrong with the lease you did, EXCEPT that you put $6K into a lease deal. That was your only mistake.
I would buy the Civic out and resell it if you don't want it. But you will still need a car..??
Is there anything really wrong with putting money down on a lease? Should save interest no? If the car gets totalled, then you might be out, but that didn't happen in this case... or am I missing something? Depending on the lease rate it doesn't make sense. $6k in the bank can typically get you better return than the interest. |
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kardood69
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« Reply #16 on: November 17, 2009, 09:17:34 pm » |
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Once you're taxed on the meager difference, we're not talking about any real advantage... |
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ovr50
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« Reply #17 on: November 17, 2009, 09:25:31 pm » |
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I see nothing wrong with the lease you did, EXCEPT that you put $6K into a lease deal. That was your only mistake.
I would buy the Civic out and resell it if you don't want it. But you will still need a car..??
Is there anything really wrong with putting money down on a lease? Should save interest no? If the car gets totalled, then you might be out, but that didn't happen in this case... or am I missing something? I have no problem with leasing, and have done so several times. However, if you make a substantial down payment on the lease, and then decide not to buy out the vehicle at the end of the lease, you usually will be worse off than if you just made the higher lease pymt. |
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2011 BMW X3 35i Vermillion Red, MSport
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2005 Toyota Highlander in Indigo Ink
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kardood69
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« Reply #18 on: November 17, 2009, 09:40:28 pm » |
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I see nothing wrong with the lease you did, EXCEPT that you put $6K into a lease deal. That was your only mistake.
I would buy the Civic out and resell it if you don't want it. But you will still need a car..??
Is there anything really wrong with putting money down on a lease? Should save interest no? If the car gets totalled, then you might be out, but that didn't happen in this case... or am I missing something? I have no problem with leasing, and have done so several times. However, if you make a substantial down payment on the lease, and then decide not to buy out the vehicle at the end of the lease, you usually will be worse off than if you just made the higher lease pymt. Can't see how.. |
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kardood69
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« Reply #19 on: November 17, 2009, 09:45:34 pm » |
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LOL it is almost time to hand back the Civic. I decided after much thought that I'm not buying out the civic for $9000 plus tax. The dumb thing is that, if i'd opted for Hyundai Elentra even tho that the Elantras are not as good as a Civic or Corolla. At the end of the day with the same amount of payments on the Honda. I would have owned the Elentra out right. I'm not sure now after 3 years I made the right move. I would own a car now even tho it would have been Hyundai Elentra it's not a bad car and certainly as good as GM or Dodge makes. instead I've wasted 14 grand and have nothing to show for it. I think the smart move would have been the Hyundai Elentra. Life is a full of surprise and hindsight if wonderful thing. pity I it comes after the event. Remember that a civic to elantra comparison is not apples to apples... there is a reason why the civic costs more, and you enjoyed the benefit... You could have rode the bus as well and made elantra owners look like a suckers! Cars are always a loose proposition... |
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