investment and automobile should not be used in
the same sentence.

 

As Pops used to say:

a)'You really save money buying used.'
-- or --
b)'You buy other peoples problems when you buy used.'

can you achieve a) without achieving b)
....not always!

Dont buy a used car where a single unattached woman was the primary driver,.......they tend not to check the oil and run it till the idiot lights come on. 70% chance there an
idiot at this point and dont understand the idiot light.
If the car survives this...then you become the next happy
owner.


Dont buy a used car from a young male 'beater type'
i.e. has beat the car from day 1 to get his performance
thrills (residual clues: NOS seat covers, chrome accessories, etc)

If you buy from a Dealer then you wont have a clue
as to who the previous owner was.

Sometimes in addition to having a mechanic check the
car out....knowing and reading the previous owners and
what type they are is part of the buying process.
I've checked car from private parties where I ran into
the man or woman described above and just walked
away!

Ideally you want to buy a Used Vehicle from a middle aged Dumbass who paid too much for scheduled maintenance at the local dealership to include simple oil changes , and was too afraid to take it anywhere else.


If you want a Honda to last 10+ years sometimes
you have to buy new and see to it that the maintenance
is done yourself.

 

:werd:

 

You might want to consider stretching to a used '04. The '03 was the first year of the 7th gen, and had quite a few "new design" issues. The most serious was brake problems, but there were also a lot of little squeak and rattle issues.

It is important to note that the certified used car coverage is drivetrain only, and will not cover structural or body hardware problems (squeaks and rattles, etc.) Buying a 2004 would give you roughly 12 months of manufacturer's bumper to bumper warranty to sort out any surprises. Also, you can buy an '04 from a private seller and save thousands, because you will still have warranty left to fix any hidden problems.

If you wait a couple of months until the "refreshed" '06 is released, the '04's will drop in price a little too....

 

Have you considered leasing an '05 EX, or even an '06 when they are introduced?

Watch for low interest rate ads - local Honda dealer(s) in Atlanta were doing 1.5 % financing a couple weeks ago; not sure if it is/was a national, regional, or local promo. Typicially one can get the same effective interest rate on a lease as on a purchase loan. That's what I did 3 1/2 yrs ago when we leased an I4 Accord EX coupe. Negotiated a rock bottom price and then got a super lease thru American Honda (less than $500. at signing, no disposition fee, and a low residual at end of lease). Residual (what I could buy it for at end of lease term ) was $12k and change. Leased for 39 months/15,000 miles per year for less than $260. per month plus local sales tax. Sales tax varies by state, and most states require that you pay the tax rate they charge for auto purchase (not necessarily the same as other taxed items) on the amount of the monthly payment and it's added to the base monthly payment each month. If one moves to another state, the tax rate in that state will then apply. A few states will charge all the tax up front, rather than only collect it monthly. A call to your Honda dealer will clarify this for your particular state in which you reside.

Looking at the above #s, I can purchase our '02 EX coupe for $12,000 today; a good deal considering what they are reselling for used. Also, we intended to do this when we leased, and consequently we have maintained this leased car as one we will own for a long time. On the other hand, purchasing a lease turn-in (even if certified by Honda) doesn't guarantee that it was serviced correctly or that it wasn't driven by the examples described in Beeline's post above. In fairness to most Honda dealers, they do a decent job of checking them out before they decide to certify a car, as it's an expensive charge they incur for bringing it up to snuff, and for the warranty that they purchase from Honda for the certification.

Keep in mind that payment amounts and residuals go hand in hand; the sum of the payments for the term of the lease (less any interest or financing charge that is included in the payment when it's quoted to you) plus the residual amount due at the end of the lease (if it's purchased at the end of that lease - purchase option), equals the negotiated sales price. During the year the lease residual rate will change: typically the residual amount will be highest at the model year introduction. Assuming that the interest rate and the sales price are constant, then one should get a lower payment at the model year introduction, and conversely, at the end of the model year, the residual will be lower and the payment higher.

Never lease a used car - stupidest thing you can do.

Never enter into an open-ended lease (where the residual value is not calculated on the market value at the end of the lease until that lease is concluded; in other words, you will not know what the residual is until 3-4 yrs out, or whatever the term of the lease was. . .) Such leases are illegal in most/all states now, but some sneaky lease companies (incl. Toyota's leasing arm in the SouthEast was labeling some of their leasing product other than an open-ended lease, but, in fact it was) You only want a closed-end lease (where the residual amount is agreed to before you sign anything).

Do not lease from anyone other than from the manufacturer's leasing company (ie - American Honda) btw - they've been super professional and 100% upfront to deal with. . .

That's a simplistic overview of new car leasing. If you have a salesperson that you are comfortable dealing with, pursue this discussion further. and btw, not all car sales persons are schmucks. lol

 

'certified' used through the manufacturer not the dealer.. make sure they tell u upfront.. some places advertise 'certified used' tack on the big ole fee and its thru them not the manufacturer and u can get screwed.

 

New. Personally I would never buy a used Honda as I feel their resale value is inflated. Yes, they are good, reliable cars, (I'm on my 7th Honda) but the fact is they are no better than the Toyotas, Nissans and Subaru I've owned in terms of reliability. When I look at what the used EXs are going for they are at least $2000 over what they're really worth. If you buy used... I have one word for you... LOWBALL!!

 

if it is used the engine is most likely already broke in

 

...then don't pay that $2000. There are so many used Accords on the market that you can pick and choose until you find the one you want. You lose so much money driving the car off the lot, plus tax, it's ridiculous unless you have the money.

 

I agree