Looking to get/lease a new car

[geewizjohn]

So I'm looking to get/lease a new car.

My current car sucks in the winter:
-it's small and light
-the engine is an import and I'm pretty sure it wasn't tuned properly, so it gives me tonnes of trouble when it's cold
-car sucks on gas

I'm not looking for a really nice car or anything, just something that I wouldn't be embarrassed to drive. (i.e. Out of the question: Ford Focus, Honda Fit, Yaris, Kia's, Hyundai Accent, etc)


I'd preferrably like to lease something for <$300/month

I'm looking at the Civic or City Jetta.

Thoughts?

other options/routes/cars?


Thanks

[JordanAndrew]

What kind of downpayment are you looking into?
Leasing a car with $300 is pretty realistic but you gotta factor in the insurance rate on it as well. If you're still fairly a young new driver, expect your insurance to be more than your car payments.

With that in mind, if you still think you can afford $300/month for a car, I would suggest getting possibly a mazda 3 or a civic.

have you looked into pre-owned newer vehicles? They run absolutely fine, the payments would be lower and you still get to drive a reliable car.

I would also look into getting financing through a bank instead of through the dealership.

[Redlyne_mr2]

Originally posted by JordanAndrew


have you looked into pre-owned newer vehicles? They run absolutely fine, the payments would be lower and you still get to drive a reliable car.

I would also look into getting financing through a bank instead of through the dealership.
If all he is concerned about is payment then why would he look at financing a used car? It would make much more sense for him to lease a new one since it would have warranty, possible service plans etc. For 300 month he wouldnt be getting a very nice used car.

The bank is also the worst place ever to finance a car... use a captive finance company from the dealership that way you're getting the best rate possible in the market as well as possible incentives that come with leasing a car.

[Destinova403]

I agree with the idea that you should try and buy a used car... its always better to own a car than to lease... if you can get a 10 grand loan from a bank... you can get a pretty decent used car and drive that for a while... just my oppinion :dunno:

[JordanEG6]

Try leasing Jeep Wrangler brand new, I like them, they're inexpensive and they hold their value, and they are great for trps, winter, group outtings etc.

[RUQUIKR]

Just keep in mind buying preowned has less to no warranty. Also the payments are usually very close. When you purchase pre owned the year of the car effects the length of the term and comes with a higher interest rate then a lease.

[mikestang]

unless you're going to lease that vehicle for the full term and stay within your KM and not damage it at all... its worth it to lease... other than that - you'll get raped in fees when you return it.. and if you're not happy - you won't beable to get rid of it.. if you return it to the dealership be ready to hear "you need to pay us to take it back".

I tried returning my truck back to the dealership 8 months after I got it, since I wanted to get a mortgage.. they told me without even looking at it, they would want atleast $10,000 to take it back. and this is paying already $8,000 less than sticker when I got it.

It averages out though once you've had it for 2+ years... anything before that and you'll get raped. FINANCE new.

[geewizjohn]

Thanks for the responses so far.

$300/month would be the amount that I want to spend on the car, so insurance wouldn't be a factor here.

Here's my situation, maybe that will help narrow it down.
I am about to graduate in May, and just want something to semi-nice to drive for the next two years or so.
I figure at $300/mth, that should only be ~$7200 that I'm throwing away.

The reason I'm not really looking into leasing vs financing is because:
a) the payments are significantly higher
b) though I haven't crunched the numbers, I'm not sure about the value of fincancing over leasing, since the depreciation of vehicles is so significant.


Civic seems doable, $300/month will get the 3rd level coupe, at 3.9%, no down, over 60months.

Lancer was pretty gross though, 9.1% on the lease.


I think Honda also has a graduate incentive program where they give you $750 or something, so I'm probably also going to look into that.

[mikestang]

If you think you'll follow the terms of the lease and not want to sell the vehicle, then leasing is the best way to go...

If you thnk you'll go over your mileage big time, want to get out of the lease early - then you should finance...

I have 3 dents, a bent stepping bar and 15,000 over my KMs now on my lease... it's my truck for the rest of my life haha.

[reno97637]

Lease a domestic vehicle. A friend of mine is leasing a bone stock Cobalt for less than $300 a month.

[RUQUIKR]

Originally posted by reno97637
Lease a domestic vehicle. A friend of mine is leasing a bone stock Cobalt for less than $300 a month.

Definetly true, also GM is doing the wish and win promotion which will get you anywere from $1000- $10000 off your vehicle and we have a gradutaute program that will pay your first 2 payments.

[mark4091]

Cobalt.

[Redlyne_mr2]

Originally posted by mikestang
unless you're going to lease that vehicle for the full term and stay within your KM and not damage it at all... its worth it to lease... other than that - you'll get raped in fees when you return it.. and if you're not happy - you won't beable to get rid of it.. if you return it to the dealership be ready to hear &quot;you need to pay us to take it back&quot;.

I tried returning my truck back to the dealership 8 months after I got it, since I wanted to get a mortgage.. they told me without even looking at it, they would want atleast $10,000 to take it back. and this is paying already $8,000 less than sticker when I got it.

It averages out though once you've had it for 2+ years... anything before that and you'll get raped. FINANCE new.
Ummm.. of course you cant just return your car after youve bought it, youre going to be so upside down that its going to cost you a fortune to get out of it wether its a lease or a finance.

As long as you take care of your vehicle and arent stupid enough to damage it then there is nothing wrong with a lease. If you think the mileage allowance wont work for you then buy mileage at the beginning of the term, it's cheaper. 24K/year is a lot of mileage though for most people.

When you return a vehicle at the end of the lease you dont have to pay any fees as long as the car isnt trashed and youre within the allowed mileage. If you're reckless and irresponsible then stay away from a lease otherwise for the average person theyre great. To finance a depreciating asset is retarded unless you have a decent amount of equity in the unit right off the bat.

[Aleks]

Originally posted by Destinova403
I agree with the idea that you should try and buy a used car... its always better to own a car than to lease... if you can get a 10 grand loan from a bank... you can get a pretty decent used car and drive that for a while... just my oppinion :dunno:

Its not always better to own than lease.

For example right now if you had a lease on say BMW your residual would be set. Canadian $ goes up, influx of US cars lowers the value of Canadian cars, your car is now worth less than the residual, just give it back. IF you finance/own it you're stuck with a lower value...ie selling for less while you owe more.

[modded46]

If you are interested.. This car is still available.. The lease is up at the end of Feb and then you have the option to re-lease or just hand over the keys.. an option to buy out the car at the end of the lease would also be available..

It's a great car, really good on gas and HEATED SEATS! for the winter..

If you're interested please feel free to PM me.. and we can work something out..

http://forums.beyond.ca/showthread.php?s=&threadid=184384