New CR-Z or Old civic?

[cudvig]

Because this whole crapola about .9% interest is not .9 for me. It is more like 3-5-6 percent. Depending on where I go. Why would I take out a loan, worsen my credit, pay 300+ a month, and then who knows in 3 years if that car will be worth the same amount as the loan. Then try and buy a house, oh wait my credit sucks, back to square one.

You guys need to start thinking, leases arent a bunch of crap. Certain situations determine the need for them. I personally think "renting" a car is awesome. I don't have to deal with ANY repair bill, and in 3 years I get a new car. Hmm....

We can go more into detail about why I don't want a loan. Trust me it is not because I do not make enough or anything of that sense at all.

Yes elantras are good cars, but how well was that 48k mile car taken care of? Compared to a car with 0 miles on it. I can then only blame myself and not wonder, why shit broke, oh wait I won't have to repair anything just bring it to honda and away they go, while I drive away in a brand new accord/civic/whatever they give me as a loaner.

It is not like I am going beyond my means at all. I am not going out and buying a corvette or something that gets terrible gas mileage. I am getting a cheaper reliable car that has ALL the bells and whistles I want (HIDs, nicer stereo, and heated mirrors) and I don't have to get aftermarket parts and replace things. They are just there. If they break, honda fixes them.

-Colin

[Matt D.]

You're failing to see the big picture, the end game. It's not about the $300 a month, it's about the entire sum of money you will be paying for this car and what you'll have to your name when you're done forking over the money.

If you really truly think that getting a loan and making your payments in full and on time for however many months the loan is for will ruin your credit then may the lord have mercy on your soul.

Originally Posted by cudvig

I am getting a cheaper reliable car that has ALL the bells and whistles I want (HIDs, nicer stereo, and heated mirrors) and I don't have to get aftermarket parts and replace things. They are just there. If they break, honda fixes them.

Cheaper is relative. You want a nice new car with all the gadgets, but you need a cheap, reliable car with good mileage. It's unfortunate that all you're doing is talking yourself into pissing your money away.

[slowbubblecar]

Originally Posted by Matt D.

If you really truly think that getting a loan and making your payments in full and on time for however many months the loan is for will ruin your credit then may the lord have mercy on your soul.

Apparently he doesn't know that auto leases go on your credit report as well... They take your credit rating into consideration when leasing as well.

[Kracka]

So many people fail to see beyond the monthly payment and think about the long-term. It's no wonder why the majority of Americans are in such poor financial shape

[Matt D.]

Originally Posted by Kracka

So many people fail to see beyond the monthly payment and think about the long-term. It's no wonder why the majority of Americans are living the American dream.

Fixed that for you.

[cudvig]

I realize it will go on my credit report, but once I return the car on lease it will then go off, Correct?

I checked into insurance and it is 97 a month or just over 600 for 6 months for my miata and the CRZ.

[slowbubblecar]

Originally Posted by cudvig

I realize it will go on my credit report, but once I return the car on lease it will then go off, Correct?

I checked into insurance and it is 97 a month or just over 600 for 6 months for my miata and the CRZ.

The payment will go off your credit report, but the history of your payments will stay just like a loan would.

I would get your insurance quote in writing for the honda. My original quote was less than it came out to be. Not sure if it related to the model or what, but I also have many cars in my name and haven't had any accidents the past 9.5 years of driving.

[Halon]

Originally Posted by cudvig

Why would I take out a loan, worsen my credit, pay 300+ a month, and then who knows in 3 years if that car will be worth the same amount as the loan. Then try and buy a house, oh wait my credit sucks, back to square one.

Originally Posted by cudvig

I realize it will go on my credit report, but once I return the car on lease it will then go off, Correct?

Are you under the impression that a loan hurts your credit rating? Unless you plan on being late on your payments constantly, an auto loan will help you BUILD credit if you are responsible and make your payments on time. Simple really...

[Kracka]

Originally Posted by Halon

Are you under the impression that a loan hurts your credit rating? Unless you plan on being late on your payments constantly, an auto loan will help you BUILD credit if you are responsible and make your payments on time. Simple really...

Correct. As long as you make your payments on time and you haven't over-extended yourself a loan on your credit report will do nothing but help. Think of your credit as eBay's feedback rating system...every time you do any sort of financial transaction that's tied to your SS# your credit score can go up or down. Make payments on time and live within your means and it'll go up, skip payments, take out more loans than you can afford, etc. and it will go down.

Both my wife and I have credit scores in the high 790's which is very rare for someone in their mid/late 20's. We've each had a few car loans and credit cards, then the typical apartment leases, nothing fancy, but we've both been very diligent about living within our means and making payments on-time our entire lives. I got into a little credit card debt my sophomore year of college but I always paid my bill on time and at the very least paid double the minimum payment required.

[cudvig]

I just feel like if the civic somehow breaks I am going to be SOL.

I am not putting any money down on this car so if it gets totalled or anything I am still
good in that aspect. I also really don't want to deal with selling a car. I absolutely hate it!
I have an extra thousand dollars to play with each month after all my bills are paid and money that goes into my IRA I have a well established blanket so if I lose my job I can still afford things a year out. I am not some dumb kid who wants a new car. I just need to sell my shell and civic and I will be fine. Just too many cars.

I will look into taking out a loan for the car. I do understand that I am paying more than what the car depreciates. I'm playing 11k for a 22k dollar car and it should be worth about 68% after 3 years from now.

Just want the least possible payment for a brand new car that's all.

-Colin

[A//// Guy]

If the civic breaks, you can rent a car for like 16 dollars a day or less. Do that for a week while you fix whatever breaks. Those things are cake to work on and parts are cheap. If the motor goes, use that 2k you saved putting money down on this new gay car and get another beater civic.

[Halon]

The point everyone is trying to get across to you, is if you lease this car, once the lease is over, you will have forked over all this money, and will have NOTHING to your name. You seem to have blinders on, and are focused just on monthly payments. Think beyond month to month, and think where you will be in 3 years. You will be out 11k, and out a car. You will now need to get a vehicle, you will nothing to sell/trade-in, you will be "back at square one" as you put it earlier. Where as if you chose the car loan path, and bought a used car that had similar payment plan and what-not, after 3 years you'd be out 11k, but you'd still have a car.

Me personally, I hate any form of car payment. So if I was in your shoes, and had a working Civic and a working Miata, I would drive those, and put away that 300/month in savings for a 2 years, and then have $7k, and go out and buy a $7k car cash.

[Matt D.]

Originally Posted by Halon

Me personally, I hate any form of car payment. So if I was in your shoes, and had a working Civic and a working Miata, I would drive those, and put away that 300/month in savings for a 2 years, and then have $7k, and go out and buy a $7k car cash.

This is exactly what most of us are trying to get across here. It's not about spending month to month but about spending as a whole.

[A//// Guy]

[cudvig]

There are also more variables you guys aren't realizing.

Maybe 300 dollars a month is what I think is a reasonable
price for good gas mileage and a car that if breaks I dont have to worry about.
I am not putting any money down and it makes me happy to know that
my car is newer and won't break. Basically my time is more important than 300 dollars a month...

-Colin

[Halon]

Originally Posted by cudvig

Maybe 300 dollars a month is what I think is a reasonable
price...
Basically my time is more important than 300 dollars a month...

-Colin

You can lead a horse to water, but you can't make it drink.

If you can't remove your living month by month blinders, then nothing we say or have said will ever make sense to you. Good luck in your endeavors.

Originally Posted by Kracka

So many people fail to see beyond the monthly payment and think about the long-term.

Originally Posted by Matt D.

This is exactly what most of us are trying to get across here. It's not about spending month to month but about spending as a whole.

Originally Posted by Halon

You seem to have blinders on, and are focused just on monthly payments. Think beyond month to month, and think where you will be in 3 years.

Originally Posted by Matt D.

You're failing to see the big picture, the end game. It's not about the $300 a month, it's about the entire sum of money you will be paying for this car and what you'll have to your name when you're done forking over the money.

[A//// Guy]

I dont even know why this thread was posted.

[Kracka]

Originally Posted by A//// Guy

I dont even know why this thread was posted.

I guessing leasing an econobox hybrid makes him feel special and this was his way of attempted bragging? He obviously already had his mind made up and didn't want to listen to anyone's advice. Pretty much backfired on him though, now everyone just thinks he's a financial fool.

[goodhart]

Originally Posted by Kracka

I guessing leasing an econobox hybrid makes him feel special?

But it's so unique!!!

[A//// Guy]

Theres already one of these in my apartments garage, didnt even notice it till last night because it looks like any other honda. haha