:goodjob:

 

Congrats, sweet car.

 

Thanks guys!!!

For the record, I sold my Accord Coupe to my mom for $5,000 even. Actually $1,500 ::coughcoughsalestaxcoughcough:: but yeah. KBB was like $6300 so even with the slipping transmission (that just WON'T go down!) she loves the shit out of the car and whatever works for her y'know. She's coming from a 96 Mercury Tracer. My mom and dad are upper-middleclashish but they don't live a lavish life as far as cars and houses. My dad likes to keep his debt to income ratio fairly low. He drives a 95 F-150 with 170,000 original miles on the engine (5AT rebuilt at 132ish)


Anyways. Here's how it stacked up:

Purchasing the car with 8,000 down:

60mths - $330
66mths - $315
72mths - $299

Leasing the car with 6,250 down using a 15K/mpy limit (pffh..):

36mths - $176 (My dad and the dealer talked me into Road Hazard and Acid Etching which made it $198. If someone steals my car and it comes back totalled or just doesn't come back at all they give me $5,000 AFTER my insurance pays the car off)


Insurance is $233/mth for full coverage on a $500 deductable with a few options such as roadside, free towing, rental car, etc. I have 1 speeding ticket on my record from March 04 (3 total, but 2 were back in 2002 and don't count anymore)

 

Oh and by the time I refinance I bet I qualify for like a 1.0% APR or something lol.

Cheers to 21 year olds who can manage their money and don't let their parents pay for their cars.

 

I'm aginst leasing, I would have financed personally. but the car looks sweet, and you plan on buying it after the lease is over anyway. I would have gotten a slightly used teg with 30-40K on the odometer.

 

Kent, have you figured out how much you'll have to pay a month when you take out a loan to pay off the rest of the car in 3 years? I'm just interested at the numbers...I have a chart somewhere I took a day to make last year that details my income (assuming I stay at the same job and same college) and budget for the next 3 years and so far it's been pretty accurate. In 2 summers I should have only about $4000 in loans and around $8000 saved, which I plan to put down on an '02 S2000 if my Accord is still kicking or something with FWD/AWD (RSX-S or S4) if it's not. Yes, us young people can manage finances just fine

 

Well, $14,000 / 36 = like 361 or something. It's fairly high.

In the end, a lease probably was NOT the best way to go about this, but I didn't want to walk home empty handed, you know?

I really haven't figured anything up, but let's say I have to refinance half of it (7K)

7,000 / 24 = $291, so we could assume with the BS finance charges and all that it's going to be slightly more than $300 for 2 years after the lease is up.

That's not WONDERFUL, but I didn't get bent over either.

 

Good sh!t homey. I bet driving is twice as much fun now.

 

Leasing is horrible. Any finance person will tell you. I being one of those. You loose a ton of money in the long run, and it messes with your cars residuale value, especially when you go to 'buy' at the end, they really get ya up the a** there. And if something happens, you're basically up a creek without a paddle.

But congrats SWEET car!

 

I heard that the etching of the glass stuff is useless since you can buy a ebay kit to do that and just report it with the local police.