GOT my 1st NEW CAR!!!!!
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Yeah, that seems high. What is your sales tax rate? And are there any other "fees" they are rolling into the payment?
lease vs finance
this is the first time i'm experiencing a lease, or even buying a new car.
This is how it works out, yes, on the 42 month lease, i end up shelling out
$20,680 (w/tax included). the residual "buy back" value of the car after 42 months is $16000 + tax. so the total "buy back" value is $17,380.
In conclusion the total spent, if i lease then "buy back" is $20,680 + $17,380 = $38,060.
As for financing it, I got a quote at 4.9% for 60 months. Payment per month is $598 with $3700 down. the total i would spend at the end of the 60 months is $39,580.
So, all in all, its about the same. just less money per month with a lease, and no worries about selling the car at the end.
Please tell me if i did something wrong in the calculations, or if you know a place with a better deal, i'm in the NYC area. Thanks guys!
by the way, i'm ready to buy asap. thanks.
this is the first time i'm experiencing a lease, or even buying a new car.
This is how it works out, yes, on the 42 month lease, i end up shelling out
$20,680 (w/tax included). the residual "buy back" value of the car after 42 months is $16000 + tax. so the total "buy back" value is $17,380.
In conclusion the total spent, if i lease then "buy back" is $20,680 + $17,380 = $38,060.
As for financing it, I got a quote at 4.9% for 60 months. Payment per month is $598 with $3700 down. the total i would spend at the end of the 60 months is $39,580.
So, all in all, its about the same. just less money per month with a lease, and no worries about selling the car at the end.
Please tell me if i did something wrong in the calculations, or if you know a place with a better deal, i'm in the NYC area. Thanks guys!
by the way, i'm ready to buy asap. thanks.
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30 Posts
Something doesn't add up here..... 4.9% for 60 months with a payment of $598 means you are financing approx $31,800. Plus the $3,700 down means they are selling you the vehicle for $35,500. The MSRP of a 2005 TSX 6 speed with Navi is $29,560, therefore it looks like you are paying FULL MSRP, PLUS AN ADDITIONAL $5,940 in taxes and fees. I don't know sales tax rates in NY, but that seems awfully high to me.spyguy said:
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8,663 Posts
:woot: congrats!
changed my mind
ok guys,
i decided to finance instead of lease. I got a great rate, 4.59% for 60 months. My monthly payments are $481.
Saturday is the pick up date.
Any advice on breaking it in?
Anybody ever install an autostarter on a 6 speed?
ok guys,
i decided to finance instead of lease. I got a great rate, 4.59% for 60 months. My monthly payments are $481.
Saturday is the pick up date.
Any advice on breaking it in?
Anybody ever install an autostarter on a 6 speed?
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8,663 Posts
breaking it in: bring the RPMs up slowly... no hard accelerations... basically take it slow for the first 600 miles...
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8,663 Posts
and congrats! :woot:
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634 Posts
Best decision you've made in your life so far. At the end of those payments you'll actually own the car, not $10,000 more in baloon payment. And at 5 years old the car should have plenty of life in it - it's just becoming cost-effective to own! Once you pay it off drive it another couple of years at least, and keep paying that car payment into a separate savings account. 3 years down the road you'll have a substantial down payment saved up.spyguy said:
Hey thats a great idea, after I finish the car payments, continue making payments, but to a savings account. I like that idea. Thanks!
Since its cold out now, I can't wax the car myself. Do you think its worth sending it to a detail shop, and getting it waxed once I get the car?
Since its cold out now, I can't wax the car myself. Do you think its worth sending it to a detail shop, and getting it waxed once I get the car?
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