SexyIrene Posted May 16, 2007 Share Posted May 16, 2007 Well I was just wondering how much everyone is paying for their accord lease. Some people have said I am paying too much, others say I got a good deal. So basically I am leasing the 2006 accord coupe ex. I put 5k down at signing (including taxes and all that crap), and my monthly payment is 220, 2 year lease. Good or bad? Link to comment Share on other sites More sharing options...
xxscaxx Posted May 16, 2007 Share Posted May 16, 2007 doesnt seem to shabby to me. then again, i pay 350 a month for my sti lol. Link to comment Share on other sites More sharing options...
CleanGSR Posted May 16, 2007 Share Posted May 16, 2007 Well, let's put it in perspective (and this is why I think leases are a ripoff). You put down $5000, plus 220/month for 2 years so 220 x 24 = 5280 5000 + 5280 = 10,280 10,280 / 24 (months) = 428.33 So for your lease you are paying an equivalent of 428.33/month for 2 years. If you had bought it....financed it for 4-5 years your payments would have been less. Plus the resale value is so good on Honda's that it wouldn't have dropped anywhere near 10grand in value so you could have sold it after 2 years an probably made a few thousand profit. The only way I can see a lease being good is on a dodge or Ford or something that will lose resale value hard and fast. That's my opinion on the lease. Link to comment Share on other sites More sharing options...
Jeffro Posted May 16, 2007 Share Posted May 16, 2007 That doesn't sound bad to me either... But I've never leased, either, so I'm not a good judge. Anything less than $300 for a car bigger than a civic I would probably accept... I pay $400 a month for my Ridgeline... Link to comment Share on other sites More sharing options...
Xeryon Posted May 16, 2007 Share Posted May 16, 2007 Sorry to be the bad guy, but leases are just long term rentals. And plain bad economics. At the end of your two years you will have forked over $10,280 (like hung said) and the day after the lease is over you have not one penny left and no car. (rough estimates) If you bought it (new price of $22,000) at the end of two years (if your payment were the same) you will have paid out the same $10,280 and you would have a vehicle that has a DEALER TRADE value of about $16,000 (more if you sell it yourself). Now evey one knows that interest is front loaded on a loan, but even if your first two years (of a 5 year loan) only nets you a reduction in principal of 1/4 the original value, you are sitting at owing 16500 on the car. So at the end of two years you could walk away from the transaction and only have spent $6500 $10,280 vs $6500? My opinion is that you are paying too much for your lease. Link to comment Share on other sites More sharing options...
xxscaxx Posted May 16, 2007 Share Posted May 16, 2007 yeah, boo to leases. Link to comment Share on other sites More sharing options...
Ben. Posted May 16, 2007 Share Posted May 16, 2007 I'm paying 415 a month for my car, but I'm also financing a lot faster lol. Insurance doesn't help, either damnit. Link to comment Share on other sites More sharing options...
lceah Posted May 17, 2007 Share Posted May 17, 2007 in my opinion, leases are only good for cars that depreciate in value fast or if it's for a short period of time because you have to lease due to life...like if you are moving or... Link to comment Share on other sites More sharing options...
SexyIrene Posted May 17, 2007 Author Share Posted May 17, 2007 Ok... let me just clear the air on this one.. the reason I got a lease on my car is because I like driving new vehicles. I dont have to bother selling the car afterwards and I am not stuck with the same car for too long. Also, my friend just got into a car accident with his Nissan 350z (no fault). Basically, his car was rearended and in that split second lost most of its value. When hes done making his finance payments, hes looking to get rid of it -- most likely for a lot less than he had hoped. Link to comment Share on other sites More sharing options...
compuvision02 Posted May 17, 2007 Share Posted May 17, 2007 I think you are getting a good deal. Hell, I tried getting a lease for a 2007 Civic Si, $380 a month with $2000 down for two years. If I wanted to buy, payments were about the same, but for 5 years. Link to comment Share on other sites More sharing options...
Xeryon Posted May 17, 2007 Share Posted May 17, 2007 Yea, but with my plan you can do that and save 4k every two years. Just trying to throw my crapty opinion out there. There are much better ways of doing things then giving away all your money to other people. Don't ask for my actual opinion on car loans either, unless you want a lot more voicing of strong biased opinions. My opinions come from my experiences. At one time I had 60k in cc and car loan debt, but was only making 25k a year. Two years and a crap-ton of work and I'm down to 20k and own all of my cars outright. Just trying to steer people away from the poor choices I have made. Life is much more enjoyable without having to choose if you are going to eat this week or pay you car payment. Link to comment Share on other sites More sharing options...
Mobius_01 Posted May 28, 2007 Share Posted May 28, 2007 I'm paying $250/month for 39 months and I put no money down. Link to comment Share on other sites More sharing options...
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