Used car buying help - Civic vs Lancer, financing?

[dreamwalker]

Hello gentlemen,

ttt

[downloader]

civic 2009 .9% 60 months

[win-star]

In general driving a certain car is a personal preference. I have personally driven the both the 2008 Lancer and a 2007 Civic both being the base model Auto trans.


this is my opinion (so don't said i am providing wrong info., etc.):

I prefer the Lancer because i think it's a bit bigger than the civic but wasn't fuel efficient as the civic. The lancer has a bit better pick up and better on the turns ( maybe the CIVIC SI is better than the lancer, never driven an SI, so i can't say anything about it). The Lancer has a more sportier look to it. The ride I find on the Lancer more smother than the Civic.


I would say test drive both and see what you think. Also if you are keeping the car for a longer time, I'd say the civic for it's long life on the road.

Just Wondering why not a corolla or Huyndai Sonata?

[coriolis]

I figure I'll ask every question I come across about buying a used car in this thread and someone will reply (eventually), so what's the deal with 'accident repair vehicles'? I find them cheaper than everything else, but is that because insurance spikes up?

Plus the possibility that if its in an accident again, it'll just fold in half.

[tdu]

I can answer one of your questions. If you get the bank loan, you can pay it off however you want. So yes, if you sold the vehicle before the loan term is up you could use it to 'close' the loan.

But with a lot of the dealerships financing is open ended now anyway. EG I just bought a new Hyundai, and the loan is actually through my own bank. But at a lower rate then my bank would have gave me on the loan! And it's open ended so I can pay it off or close it when I want.

There are some benefits to buying used from a dealer. I know both Honda and Hyundai are both good about the cars they carry on their lots. They provide all the information there is on the car. And in a lot of cases those cars were bought at that dealer, serviced by that dealer, traded in on a new car at that dealer. I am personally more comforted by that than buying private.

As for accident damaged vehicles, that is a pretty obvious one. You have no idea who repaired the damage or if it was repaired properly unless the records of the repairs happen to exist. There are obvious reasons to approach those vehicles with some hesitation.

Just to point it out, if you have anything you are trading you could likely get a new car with the deals out there right now and still have payments that are under $300 for a 60 month term. The incentives + the financing rates are crazy out there right now.

[magnodrome]

FYI, my cousin just financed a 2009 Civic Sports from Roadsport Honda for $320/month for 72 months (thats a long financing terms in my opinion).

The price of the car is about $24500 charges and tax in, but if you want to know the present value calculation, the total amount you will be paying is around $26000.

I have seen 2008 Lancer GTS for sale for about $17K which is pretty good in my opinion - given the fact that new costs around $26K tax in.

[tdu]

FYI, my cousin just financed a 2009 Civic Sports from Roadsport Honda for $320/month for 72 months (thats a long financing terms in my opinion).

The price of the car is about $24500 charges and tax in, but if you want to know the present value calculation, the total amount you will be paying is around $26000.

I have seen 2008 Lancer GTS for sale for about $17K which is pretty good in my opinion - given the fact that new costs around $26K tax in.

There is also a pretty big price gap between the Civic sport and the mid and base model too right? If I remember correctly, it's around a $5000 difference.

When I was shopping I believe I looked at an 09' Civic Sedan briefly which I think is what you wanted (4 door). With a $5000 down payment (or my trade in my case), I remember the monthly payments being under $300 for a 60 month finance term. That .9% makes a difference.

Again, just shooting it out there. With the deals around it's well worth checking into new if you are looking at an 07 anyway. Especially with something like a Honda, where the 07 is still going to be pretty pricey.

[vivroy]

Which lancer are you planning to buy?(DE,SE,GT or GTS)

I cant help you regarding your financing options but I can tell you about Lancer.
I am current owener of 2009 Lancer GTS which is 2.4 L and last month I went on a long trip in it around (1400 round trip)and I got around 14 to 15 KM/L(35 MPG)it was with 4 adults and packed trunk.It is very good on highway,I like its seating position,its very comfortable,has enough:cheesygri power for passing and its R/F sound system is amazing.:D Also its A/C is much powerful than of Civics.Bluetooth,sunroof and leather seats are added bonus.18 inch rims(but very bad in snowy condition best get a set of winter tires.)So if you can get 2008 gts in same price range of 2006/07 civic I'd say get a lancer.

I am little biased towards mitsu but there are also many mitsu heaters out there. Also if are are buying a dark color Lancer try to get it with 3M films cause its paint is not like any GM cars.I think honda,toyota and mitsu paints comes in same category.

Vivroy

[magnodrome]

By the way it is for $0 down - for the 09 Civic Sports (mid level).

If the dealer is willing to finance at even 1.9% on used car - is still a good deal pending on the price you purchase on.

[tdu]

Financing is much higher for used vehicles. You won't get any of the incentives or financing deals available buying used. Just something to add to the decision process when balancing which is a better option.

Did you talk to a HONDA dealer about a used Honda?

[Branflakes]

I read this whole thread. So heres my 2 cents

-The prime rate from the bank is 2.5%...I'm just going to assume you dont know that you dont GET the prime, you'll get prime plus like 5%...
-You wont get a discount from the dealer on a used car with 0%..etc. They have thousands of new vehicles sitting everywhere from parking lots to old abandoned airports across the country. They dont have the same of used cars..
-You buy a $15000 car and finance, that car turns into a $19000 car very quickly. In this economy, and especially this market, buying new is the most sensible way to go.
-Honda quality has deminished alot in the last 6 or so years, Mitsu has improved. But Honda resale is still strong, some experts dont see that staying for too long tho....something to think about
-I'm no GM fanboy, actually never owned one, but you can get a cobalt/g5 for just under $19000 otd w/ 0%, free maintenance, xm/onstar...not to mention gas mileage is just as good as honda. Just something to remember.

[scouzer]

I haven't talked to a HONDA dealer yet, but I doubt they'll offer me the new car financing interest rate, although it's something I'll definitely have to check out.

I'm thinking of just buying private, though -- the 14% taxes on these used cars really add up.. and on private, I can save this 2-3 grand.

Honda certified used vehicles often have cheaper financing rates than you could get from the bank. I've seen Civics @ 4.9% for 48 months, for example.

You'd have to find out the current rate.

[tdu]

I haven't talked to a HONDA dealer yet, but I doubt they'll offer me the new car financing interest rate, although it's something I'll definitely have to check out.

I'm thinking of just buying private, though -- the 14% taxes on these used cars really add up.. and on private, I can save this 2-3 grand.

I don't know about the financing, I was more referring to getting a good quality vehicle. EG I know some of the dealers standards for what they carry used on their lots in my town. I trust the vehicles.

[tdu]

I read this whole thread. So heres my 2 cents

-The prime rate from the bank is 2.5%...I'm just going to assume you dont know that you dont GET the prime, you'll get prime plus like 5%...
-You wont get a discount from the dealer on a used car with 0%..etc. They have thousands of new vehicles sitting everywhere from parking lots to old abandoned airports across the country. They dont have the same of used cars..
-You buy a $15000 car and finance, that car turns into a $19000 car very quickly. In this economy, and especially this market, buying new is the most sensible way to go.
-Honda quality has deminished alot in the last 6 or so years, Mitsu has improved. But Honda resale is still strong, some experts dont see that staying for too long tho....something to think about
-I'm no GM fanboy, actually never owned one, but you can get a cobalt/g5 for just under $19000 otd w/ 0%, free maintenance, xm/onstar...not to mention gas mileage is just as good as honda. Just something to remember.

Just to add to the options (which there are many),

I have owned both Honda (new Civic, 2000) and Hyundai cars (2003 Elantra, 2009 Accent). I would take the 2 current Hyundai's I have owned over the Honda any time. And I would definitely take the customer service which is superior in every way. The Elantra is a great car, and the same size/price range as you are looking at.

[tdu]

Just 2 points, there are plenty of great comparable vehicles out there you can get into for $300 or less a month on a 60 month term.

As pointed out in other posts, you are also going to be looking at more like 7-9% interest on your $15,000 car loan vs. possibly 0% financing on a new car.

If what you are looking at is something with a ton of features, than ya you might not get in at under $300 a month. But if you are flexible in the make and model of car you look at, you could be under or at that amount no problem.

If you are specifically set on a feature packed Honda, then you are going to pay more for sure. Used or new. If that is what you are set on, go for it. Ya gotta buy what you like.

[coriolis]

Ok, well I've been doing some more research.

The Mazda 3/Mazda 6 and Pontiac G6 (both 2006 and up models) appeal to me as well. What do you guys think of these cars?

TIA

For $15k all in, you can probably find a 2005 model for the MZ3 hatch, or a 2005 MZ3 sedan, probably off lease with 70k~ mileage.