well I believe I managed to fit my entire question in the title.
so, what do you think ?
What kind of Accord? Stripped down? That almost seems like too good a deal. Tell me that’s not the you-called-on-the-phone quote?
Moved to In My Humble Opinion
Gfactor, General Questions Moderator
I got a similar lease deal on a new '03 Accord when they came out - $199/month for 39 months, 12K/year mileage, something like $2200 down once you included taxes. The actual monthly payment was about $223 with taxes and such. I bought it and sold it myself when the lease was up; the residual was about $8500, I think, and I sold it for $10,000. Yours sounds like a better offer, but it’s not surprising as the 2007 Accord is the last of the current generation and the next-gen Accord should be out fairly soon. The actual down payment and monthly payments with taxes and such will probably be closer to my figures, but that’s still a better deal than I got at the time with the mileage, and that was four years ago. I’d take it.
Edited to add: Mine was not the stripped-down DX Accord, but the mid-level LX with keyless entry, A/C and such, but no navigation, nice wheels or leather.
Considering that at the end of the 36 months you’d be out $8200 with nothing to show for it, I’d say bad deal.
Depending on your credit rating, you should be able to get a car loan for around $300 a month or so, depending on how much you borrow of course. A loan of $15000 at 7.99% (fairly high from what I’ve seen) for 60 months would run you $304.07 a month. If you can get into a credit union, their rates tend to be much lower. My hubby and I just financed a car this morning in fact and got 6.49%.
Good luck!
That’s what I thought at first.
But it looks like a close to base model Accord runs about $20,000.
With a 3-year loan at 6.5% you end up out of pocket $22,067.
So you end up paying $13,867 more than she did but you have the car.
Is a 3-year old Accord with 45K miles on it worth $14K?
This would be a standard 4 door LX.
My transunion score is 724 and my fico is 683.
Leasing does make sense i think. Restricted mileage and responsability for the state of the car and the absence of “something to show for it” at the end are offset by having a new car slightly outside your normal pricerange (with the advantages and disadvantages involved)… When talking about shortlived humans, a devaluating asset and the advantages of new, better tech and tax deduction (?), leasing does make sense, at least in theory.
I’ll consider specific alternatives though, if you have any concrete data to support your suggestion. Keep in mind that I need the vehicle to depreciate slowly and that I do not want to pay more than $1000 down and $2500/month.
I’m planning on stopping at the dealership in 4 hours so they can have a look at my 88 accord lx with 80k miles on it.( the source of the $1000 in fact )
I got that same deal back in 2004, except I think we may have put a lil more down. Great car, great service, and if leases are for you, it’s not a bad option. Plus, as others have said, usually the car (Hondas, at least) are worth more than the buy out at the end of the lease so you can resell the car.
And it was the midrange Honda- it had power locks, electric seats and windows, etc. and so forth. For an extra $50 a month or something you can get the fancy one with leather and nav. Well, that’s how it was when I got mine.
Mine was smashed 4 months after I got it though due to no fault of my own. The car was totaled in the wreck, but I was fine. So A+ for the safety, at least in my case.
Woops! I meant $240/month + $1000 down !
The $199/month payment requires $2400 down.
Wait, you have an 88 Accord with 80K miles and the dealer is giving you $1000 for it? Heck, you should be able to sell it for more than that. Do you just not want the trouble?
If it’s in good condition, I’ll give you $1300 for it. 
A lease is almost always a worse deal than buying the car. If you just need a car for a couple of years and will then be moving to Manhattan or London where you wont need a car, or your mom is going to get a new car in a couple of years and give you hers as a gift, go for it. But otherwise you are paying $8200 to give a car back to the people you borrowed it from. And during that time all the normal fuel costs/repair costs/upkeep/insurance/etc will need to be accounted for as well.
Here’s a good article on leasing from my local credit union. It can make sense in some cases (like if you always want a new car and don’t mind always having payments) but you need to research it carefully (a lot of leases have mileage caps). If you’re the type (like me) who’d rather have a completely paid off car, a lease isn’t a good idea.
Sure thing, come to south Florida to test drive it
I didn’t think i’d get much more for it. Maybe i should list it on craigslist for $1500.
I disagree. I leased my 2003 Honda Civic with $1500 down and monthly payment of $186. All my lease payments went towards the “cost” of the car and after 4 years I was able to purchase my car for $7000. I purchased the car and was able to sell it for $10500.
Had I purchased the car outright from the start, I’m sure my monthly payments would have been substantially higher.
Don’t think I won’t! That’s normally how I buy all my cars: I find them on the internet, and then fly out and drive them back. Last car I bought from Minneapolis, the one before that from Cleveland (I’m in Colorado). Florida is pretty far, though.