Sale price $31,645 ($700 under MSRP with Costco member discount).
Sorry if this is the wrong subforum etc, new to this site and to leasing, I’ve always paid cash for used cars before. It seems crazy to pay $500/mo for a compact car, but I’m struggling to find anything remotely desirable for much less in metro Detroit, and also to find anything to really complain about here – money factor is 0.00239, which seems to be on the low end these days, and the other Honda dealers I’ve talked with either want over MSRP or won’t give quotes without an in-person meeting.
I’m flexible on other models if anyone can suggest a better deal – prefer Japanese makes but open-minded, except I’m led to believe it’s impossible/outrageous to insure Korean cars right now in Michigan (and my current policy with Progressive rejects them entirely).
Remember, your monthly cost of repaying a car loan isn’t the payment amount, just the interest portion.
The principal portion goes to equity in the vehicle.
You save a chunk of money on shorter terms because 1) more of each payment goes to principal, 2) interest accrues at a lower interest rate, 3) the interest accrues on a smaller balance every month.
So you save three ways plus you own the car in just 2-4 years, so no payments at all after that. And it’s a low-risk car to own long-term.
The lease you were offered is just a non-starter. $18,000+ to lease a car with a sale price of $31k? No one here would take that.
If you want a lower monthly payment, you’ll have to choose a less expensive car or one with a lower APR. Or both. Honda has 3.9% on other trims of the Civic.
@Sea_Wolfe Not the same bodystyle obviously but Escape, Murano, Titan, Tucson and Santa Fe. You can find more by googling the lowest APR by brand
I’m in the market right now, and need something quickly. Cost (cheapest) is the most important, right now, so this helps to narrow my search down a bit.
I am in a Kia Forte right now (vacation rental). Getting in and out of it is quite a task for me, at my height and size. Once I’m in, it’s perfectly fine. But I’m going to have to strike that (and most cars) off my list as well. I will look at the Taos as well. Tx
